GNSM .72/.82...all these guys do is make money. $1.62m for the year or $.23 per sh. The 4th qtr just about caught up in rev...my guess is that rev will show increases this year as long lead cycles produce more orders. $5.4m swing from loss to profits. 6.5m outstanding:
(COMTEX) B: Gensym Releases Fourth Quarter and Year-End Results; Earnings
B: Gensym Releases Fourth Quarter and Year-End Results; Earnings Conference Call
BURLINGTON, Mass., Mar 20, 2003 (BUSINESS WIRE) -- Gensym Corporation (OTC
Bulletin Board: GNSM), a leading provider of software and services for expert
operations management, today announced revenues of $4,578,000 and net income of
$464,000, or $0.07 per diluted share, for the quarter ended December 31, 2002.
For the corresponding quarter of 2001, Gensym had revenue of $4,767,000 and net
income of $2,329,000, or $0.34 per diluted share, which included a gain of
$2,094,000 ($0.32 per diluted share) from the sale of its NetCure business.
For the year ended December 31, 2002, Gensym had revenues of $17,451,000 and net
income of $1,644,000, or $0.23 per diluted share. In 2001, the company had
revenues of $20,181,000 and a net loss of $3,749,000, or $0.57 per share.
Management will hold a conference call on Monday, March 24 at 5:00 p.m. EST to
discuss its financial results for the quarter and year ended December 31, 2002.
Individuals who wish to participate should call 888-632-5950 (U.S./Canada only)
or 713-481-1320 (international). A replay of the call will be available through
Friday, March 28 at 877-519-4471 (U.S./Canada) or 973-341-3080 (international).
The telephone replay access code is 3825364.
"We are quite pleased with what we achieved in 2002 despite the difficult
economic conditions, which impacted almost all software companies adversely,"
said Lowell Hawkinson, Gensym's chairman, president and CEO.
"A large part of our success in 2002 was due to the effect of the cost cutting
measures we introduced as part of the turnaround effort in 2001. The current
cost structure contains sufficient capacity to support immediate future growth,
so we have now turned our attention to rebuilding our revenue streams. We have
strengthened both the quality and quantity of our sales management and sales
force in recent months, but due to the complex nature of our products and long
sales cycles, we don't expect to see the full impact of these investments until
2004."
Mr. Hawkinson went on to say, "Much of our business in 2002 came from the
existing customer base, which continues to remain loyal to our G2 product line.
We won important new business from leading companies in all of the major markets
in which we compete. Now, however, with our strengthened sales resources, we are
increasingly focused on new customer acquisition, concentrating on those markets
where we are already established and where we have the domain expertise to
provide value-add solutions through our software products and professional
services.
"On the technology front, we have made significant progress in updating our
products to take advantage of industry standard technologies. Version 7.0 of our
core G2 platform, which is scheduled for release in March, 2003, offers new
customer-driven features, including a Microsoft Windows(R) user interface and
support of XML. This major product release significantly enhances the ease with
which G2-based solutions can be scaled up and distributed throughout enterprises
within manufacturing, communications, transportation, aerospace, and government.
In addition, users building products on G2 can leverage G2 7.0's enhancements to
create reasoning-technology solutions that are readily deployed through Web
browsers and Web services."
Mr. Hawkinson continued, "In light of the uncertainty that currently prevails in
both the economic and geopolitical arenas, we do not plan to provide any revenue
or earnings guidance regarding future periods. We will continue to make modest
and prudent investments in our technology and sales capabilities until we have a
clearer view of the environment in which we will have to conduct our business.
In the meantime, we have grown our cash balance to almost $4,000,000 and have
only a minimal amount of debt, which will allow us to expand our business
appropriately when market conditions improve."
About Gensym Corporation
Gensym Corporation (www.gensym.com) is a provider of software products and
services that enable organizations to automate aspects of their operations that
have historically required the direct attention of human experts. Gensym's
product and service offerings are all based on or relate to Gensym's flagship
product G2, which can emulate the reasoning of human experts as they assess,
diagnose, and respond to unusual operating situations or as they seek to
optimize operations.
With G2, organizations in manufacturing, communications, transportation,
aerospace, and government maximize the performance and availability of their
operations. For example, Fortune 1000 manufacturers such as Alcan, ExxonMobil,
DuPont, El Paso, Hitachi, Lafarge, Eli Lilly, and Seagate use G2 to help
operators detect problems early and to provide advice that avoids
off-specification production and unexpected shutdowns. Manufacturers and
government agencies use G2 to optimize their supply chain and logistics
operations, while communications companies such as AT&T, Ericsson Wireless, and
Nokia use G2 to troubleshoot network faults so that network availability and
service levels are maximized. Gensym has numerous partners who can help meet the
specific needs of customers. Gensym and its partners deliver a range of
services, including training, software support, application consulting and
complete solutions. Through partners and through its direct sales force, Gensym
serves customers worldwide.
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