Omega Research Announces Record Revenues And 51% Increase In Net Income For The First Quarter Of 1999;Reports 17th Consecutive Profitable Quarter
April 20, 1999 04:17 PM
MIAMI--(BUSINESS WIRE)--April 20, 1999--Omega Research, Inc. OMGA today reported revenues and earnings for the first quarter ended March 31, 1999.
Net revenues for the first quarter of 1999 were a record $9.4 million, a 34% increase when compared to the $7.0 million in net revenues for the same period in the prior year, and a 34% increase when compared to the $7.1 million in net revenues for the 1998 fourth quarter. Net income for the first quarter of 1999 increased to $1.2 million, a 51% increase when compared to the $802,000 of net income for the same period in the prior year and a 905% increase when compared to the $120,500 of net income for the 1998 fourth quarter. Net earnings per share (on a fully diluted basis) for the first quarter of 1999 increased to $0.05, compared to $0.04 for the same period in the prior year and $.01 for the 1998 fourth quarter.
Ralph Cruz, Co-Chief Executive Officer of Omega Research, said "We are pleased with the impact that the release of our 2000i line of products had during the month of March. We believe that the investment we have made in the development of 2000i will reap many rewards."
"From a financial perspective, we had a strong quarter" added Salomon Sredni, Vice President of Operations and Chief Financial Officer. "Upgrade revenue, in particular, was strong. We upgraded approximately 3,900 customers, despite having not yet made a direct marketing campaign to our existing customer base. In addition, our balance sheet reflects deferral of more than $1 million in revenue and what we believe are conservative reserves for both returns and bad debt." |
