Full-year revenue totaled $20.6 million as compared to $21.5 million for the full-year period of 2002. Gross profit for the three-month and twelve month periods ended December 31, 2003 totaled $2.6 million and $13.1 million, respectively. This resulted in a gross margin for the three-month period of 59% as compared to 61% for the prior-year period, while on a full-year basis, the Companys gross margin increased to 63% as compared to 61% for the twelve months of 2002. Net loss for the three-month and twelve month periods ended December 31, 2003 was $873,000, or $0.02 per share, and $1.6 million, or $0.03 per share, respectively. These net loss results compare to $200,000, or less than $0.01 per share, and $8.6 million, or $0.18 per share, for the comparable year-ago periods. Cash and investments as of December 31, 2003 totaled $7.6 million, compared to $5.7 million as of year-end 2002. The yearend balance includes approximately $3.1 million of net proceeds from a July warrant exercise. With incremental customer de-conversions and migrations expected during the first-half of 2004, coupled with timing uncertainties surrounding current pipeline opportunities, the Company is providing updated 2004 full-year revenue guidance consistent with FY2003 results. However, based on the Companys improved net loss performance during FY2003, the Company remains focused on reaching net income profitability for FY2004.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now