eLoyalty Reports Results for Fourth Quarter 2003

Tuesday 10 February 2004 00:21 CET | News

eLoyalty Corporation has reported fourth quarter financial results for the period ended December 27, 2003. For the fourth quarter 2003, eLoyalty reported revenue of $15.0 million and a net loss of $4.9 million. The net loss available to common shareholders in the fourth quarter was $0.89 a share.

eLoyaltys fourth quarter 2003 highlights included: Revenue and Clients -- Increasing fourth quarter 2003 revenue 11% sequentially over the third quarter of 2003, -- Increasing the total number of customers to 61 in the fourth quarter, by the addition of nine new customers in sectors as diverse as financial services, health care, airline, consulting and lodging, and -- Maintaining a flat billing rate in Q4 as compared to Q3 -- the first quarter the companys billing rate has not decreased since the first quarter of 2003. Service Lines and Strategic Initiatives -- Growing Managed Services fourth quarter revenues to $2.4 million, a 19% sequential increase in the fourth quarter of 2003 -- on top of the 15% sequential increase in the third quarter of 2003, -- Being selected for two new internet protocol contact center (IPCC) projects in the fourth quarter of 2003, and -- Significantly expanding the companys pipeline for IPCC projects for the first quarter of 2004 and beyond. Expenses and Balance Sheet -- Reducing fourth quarter SG&A expenses by 17% and 30%, compared to the third quarter of 2003 and fourth quarter of 2002, respectively, -- Maintaining strong total net cash balances (total cash, net of debt) of approximately $38 million, -- Reducing DSO to 39 days, a 6 day improvement over the third quarter of 2003 and a 12 day improvement during fiscal 2003, and -- Paying off the $8.6 million debt balance on its line of credit.

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Categories: Payments & Commerce | Payments General
Countries: World
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