Thursday, February 14, 2002 11:46:31 AM
Earnings up by 382%!
THURSDAY , FEBRUARY 14, 2002 09:40 AM
SEATTLE, Feb 14, 2002 (BUSINESS WIRE) --
E-City Software Inc. (OTCBB:ECTY) today reported financial results for its fiscal third quarter ended December 31, 2001.
E-City is a developer of interactive maps for cities around the world. Its customers include governments, defense and aerospace companies, telecommunications companies and the travel and tourism industry.
Revenues were $1,600,000 during the nine months ended December 31, 2001 as compared to $600,000 during the nine months ended December 31, 2000, representing an increase of 166% for the period.
Revenue increased as a result of the completion of an additional five interactive city guides under the Cityscape software development agreement, the completion of the city of Munich for E-City's German distributor and the licensing of the company's cartoDISPATCH product.
E-City's net earnings for the nine month period ending December 31, 2001 were $604,928 or $0.06 per share, as compared with $125,600 or $0.01 per share for the nine month period ending December 31, 2000, representing an increase of 382% for the period.
Revenues were $500,000 during the three months ended December 31, 2001 as compared to $200,000 during the three months ended December 31, 2000. E-City's net earnings for the three month period ending December 31, 2001 were $193,720 or $0.02 per share, as compared to $22,501 or $0.00 per share for the three month period ending December 31, 2000.
"Traditionally, the third quarter is a relatively slow period in our industry. In spite of this, we were able to deliver strong results," said Anis Jessa, Chief Executive Officer and Chairman at E-City. "We are looking forward to the US launch of our municipal product this month at the ESRI International Business Partner Conference in Palm Springs. We already have completed municipal sales in this quarter during the pre-launch period and I am confident that our fiscal year end earnings will meet our projections."
Third Quarter Fiscal 2001 Highlights
-- E-City adds airline sales veteran Michael Daly, director of
sales for Get There, a Sabre company, to the board of advisors
-- E-City completes AirPortal maps for nation's top 50 airports
-- E-City enters homeland defense market, co-sponsoring and
featuring its products at world's largest military training
and simulation show
-- E-City adds wireless industry representation to board of
directors
-- E-City launches and makes first sale of its cartoDISPATCH
product
-- E-City product appears on Tech TV broadcast
CEO Anis Jessa concluded, "Our revenues to date have been achieved during the product development phase, with very little resources spent on sales and marketing. We are pleased to begin intense marketing of our products and believe the results of these efforts will add significantly to revenues. We believe that with our planned product initiatives in wireless handheld technology, homeland defense and vehicle navigation, the next 12 months will be a period of exceptional growth for us."
E-City Software, Inc. (OTCBB:ECTY) is a developer of interactive maps for cities around the world. E-City sells its products to customers on the basis of both annual licensing fees and revenue share arrangements. E-City distributes its products directly to its customers, through arrangements with strategic partners and through its network of distributors and value added resellers.
For more information about E-City Software or its products, please visit our website at www.ecitysoftware.com.
NOTE: Information contained in this press release, other than historical information, should be considered forward-looking in nature and is subject to various risks or uncertainties and assumptions. The risks and uncertainties include, but are not limited to the impact of competitive products and pricing, product demand and market acceptance, reliance on key strategic alliances, fluctuations in operating results, the potential unavailability of financing sources and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. E-City Software assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such forward-looking statements. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
CONTACT: E-City Software, Inc.
Anis Jessa, 206/624-8070
or
Brokers & Analysts Contact:
Columbia Financial Group
888/301-6271
URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.
Sara
THURSDAY , FEBRUARY 14, 2002 09:40 AM
SEATTLE, Feb 14, 2002 (BUSINESS WIRE) --
E-City Software Inc. (OTCBB:ECTY) today reported financial results for its fiscal third quarter ended December 31, 2001.
E-City is a developer of interactive maps for cities around the world. Its customers include governments, defense and aerospace companies, telecommunications companies and the travel and tourism industry.
Revenues were $1,600,000 during the nine months ended December 31, 2001 as compared to $600,000 during the nine months ended December 31, 2000, representing an increase of 166% for the period.
Revenue increased as a result of the completion of an additional five interactive city guides under the Cityscape software development agreement, the completion of the city of Munich for E-City's German distributor and the licensing of the company's cartoDISPATCH product.
E-City's net earnings for the nine month period ending December 31, 2001 were $604,928 or $0.06 per share, as compared with $125,600 or $0.01 per share for the nine month period ending December 31, 2000, representing an increase of 382% for the period.
Revenues were $500,000 during the three months ended December 31, 2001 as compared to $200,000 during the three months ended December 31, 2000. E-City's net earnings for the three month period ending December 31, 2001 were $193,720 or $0.02 per share, as compared to $22,501 or $0.00 per share for the three month period ending December 31, 2000.
"Traditionally, the third quarter is a relatively slow period in our industry. In spite of this, we were able to deliver strong results," said Anis Jessa, Chief Executive Officer and Chairman at E-City. "We are looking forward to the US launch of our municipal product this month at the ESRI International Business Partner Conference in Palm Springs. We already have completed municipal sales in this quarter during the pre-launch period and I am confident that our fiscal year end earnings will meet our projections."
Third Quarter Fiscal 2001 Highlights
-- E-City adds airline sales veteran Michael Daly, director of
sales for Get There, a Sabre company, to the board of advisors
-- E-City completes AirPortal maps for nation's top 50 airports
-- E-City enters homeland defense market, co-sponsoring and
featuring its products at world's largest military training
and simulation show
-- E-City adds wireless industry representation to board of
directors
-- E-City launches and makes first sale of its cartoDISPATCH
product
-- E-City product appears on Tech TV broadcast
CEO Anis Jessa concluded, "Our revenues to date have been achieved during the product development phase, with very little resources spent on sales and marketing. We are pleased to begin intense marketing of our products and believe the results of these efforts will add significantly to revenues. We believe that with our planned product initiatives in wireless handheld technology, homeland defense and vehicle navigation, the next 12 months will be a period of exceptional growth for us."
E-City Software, Inc. (OTCBB:ECTY) is a developer of interactive maps for cities around the world. E-City sells its products to customers on the basis of both annual licensing fees and revenue share arrangements. E-City distributes its products directly to its customers, through arrangements with strategic partners and through its network of distributors and value added resellers.
For more information about E-City Software or its products, please visit our website at www.ecitysoftware.com.
NOTE: Information contained in this press release, other than historical information, should be considered forward-looking in nature and is subject to various risks or uncertainties and assumptions. The risks and uncertainties include, but are not limited to the impact of competitive products and pricing, product demand and market acceptance, reliance on key strategic alliances, fluctuations in operating results, the potential unavailability of financing sources and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. E-City Software assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such forward-looking statements. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
CONTACT: E-City Software, Inc.
Anis Jessa, 206/624-8070
or
Brokers & Analysts Contact:
Columbia Financial Group
888/301-6271
URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.
Sara
Sara
"I never give them hell. I just tell the truth and they think it's hell." - Harry Truman
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