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SEEC's release of third quarter earnings on January 15,1998 is a watershed event in the short history of this phenomenal and rapidly growing y2k, euro-conversion and enterprise solution company. I believe it is time, therefore, to move the discussion of this company's fortunes from the IPO Board to the Software Board where other leading y2k stocks are discussed. The relevant part of SEEC's News Release follows: << SEEC, Inc. Announces Record Earnings and Revenues in Third Quarter PITTSBURGH, Jan. 15 /PRNewswire/ -- SEEC, Inc. (Nasdaq: SEEC - news) today announced record revenues of $3,454,000 for the third quarter of fiscal 1998, an increase of 384% over revenues of $713,000 in the same quarter last year, and an increase of more than $1 million over the second quarter of fiscal 1998. Revenues for the first nine months of fiscal 1998 increased by 357%, to $8,243,000, from $1,803,000 for the same period last year. Revenue growth was driven by software license and maintenance fees, which increased by 615% and 708% for the third quarter and first nine months of fiscal 1998, respectively, over the same periods last year. Net income for the third quarter of fiscal 1998 was $672,000 or $0.13 per share, compared to a net loss of $(45,000) or $(0.02) per share for the third quarter of fiscal 1997. Net income for the first nine months of fiscal 1998 was $1,548,000 or $0.29 per share, compared to a net loss of $(13,000) or $(0.01) per share for the same period last year. Earnings per share amounts are calculated on diluted shares of 5,336,000 and 5,312,000 for the third quarter and first nine months of fiscal 1998, respectively, and 2,636,000 for both the third quarter and first nine months of fiscal 1997. Ravi Koka, SEEC's president and chief executive officer, stated, ''As more of SEEC's clients and solution partners move toward the latter phases of the year 2000 process, we are seeing an increased demand for our renovation and testing technology. We expect that these trends will intensify through calendar 1998, as many companies in the U.S. and Europe, and the Federal and state governments, finally begin to attack the year 2000 problem in earnest. With SEEC's accurate year 2000 solution, the Company is well-positioned to capitalize on the coming opportunities, through direct sales to end-users and government agencies in the U.S. and Europe, and through our partnerships with third-party service providers serving both domestic and international markets.'' Gross margin percentages improved to 73% for both the third quarter and the first nine months of fiscal 1998, compared to 50% and 51% in the same periods of fiscal 1997, due to the growth in software license and maintenance fee revenues. These revenues, which produce higher gross margins than professional services revenues, comprised in excess of 80% of total revenues in the fiscal 1998 periods, compared to 55% and 47% in the third quarter and first nine months of fiscal 1997, respectively. >> Comments anyone? | ||||||||||||||
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