USTI - DALLAS, May 15, 2003 (BUSINESS WIRE) --
United Systems Technology, Inc. (OTC:USTI) announced today that revenues for the quarter ended March 31, 2003 were $916,051, as compared to revenues of $876,231 for the same period in 2002. The Company had net income of $109,070 for the quarter ended March 31, 2003 as compared to net income of $175,881 during the comparable quarter in 2002.
The Company continued to increase its revenue during 2003 through internal and external growth. The Company has completed the development of several new software products, which enhances the competitiveness of its comprehensive software offering. These products are marketed under the asyst(R) brand name, were developed as Windows applications to 'look and work like Microsoft Office,'and include a Fund Accounting product line, a Utility Billing product line, a General Government product line and a Public Safety product line. The Fund Accounting product line includes General Ledger, Budget XLence, Report XLence, Accounts Payable, Accounts Receivable, Purchase Orders, Cash Receipts, Payroll and Fixed Assets modules. The Utility Billing product line includes Utility Billing, Service Orders, Meter Reader Interface, Bank Drafts and Budget Billing modules. The General Government product line includes Master and Land Directories, Business and Animal Licenses, Code Enforcement, Building Permits and Property Tax modules. The Public Safety product line includes Master Name Index, Calls for Service, Offense Reports, Citations, State Interface, Computer Aided Dispatch, Jail Management, Alarm Billing and UCR Reports modules. The Company is currently developing additional modules for its asyst(R) product line to add to its existing asyst(R) offerings including an asyst(R) for Powersports product line. The asyst(R) for Powersports product line will include the core asyst(R) accounting modules and will have the additional functionality of point of sale, inventory, repair orders, finance and insurance and fiche interface. The Company believes its asyst(R) product line will continue to offer its current and prospective customers an attractive software solution, both from a financial and functionality standpoint.
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