SEDONA Corporation Reports First Quarter 1999 Results
LIMERICK, Pa.--(BUSINESS WIRE)--May 15, 1999--SEDONA Corporation (NASDAQ: SDNA), today reported first quarter revenues were $593,000, as compared to $1,211,000 reported for the first quarter last year. The loss for the quarter was $1,729,000 or $0.08 per share as compared to a loss of $2,933,000 or $0.16 per share for the same quarter last year. The Company indicated that the first quarter revenue shortfall can be attributed, in part, to an overall industry slowdown in sales of large format scanners, which had been the primary source of the Company's revenue in the past.
Larry Osterwise, President and CEO of SEDONA, indicated that, "As I said in an earlier release, I am disappointed with the Company's first quarter revenues, but I am not at all disappointed with the progress we are making toward fulfilling our strategy and plan to rapidly make the transition from a seller of large format scanners to a provider of business geo-intelligence solutions and imaging software products and services."
Mr. Osterwise continued, "We are making real progress in selected application areas and with several strategic partners, including Oracle Corporation, Acxiom Corporation, Information Advantage, and Sun Microsystems. Many of these efforts are progressing further and faster than earlier anticipated. We are particularly pleased with the quality of market response to Acxiom's Solvitur CIMS product offering which includes our Sedona SpatialVision as a key part of its implementation." |
