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Press ReleaseSource: FlexiInternational Software, Inc.
FlexiInternational Software Announces Profit for Fourth Quarter and Full Year 2002
Friday January 31, 8:31 am ET
Eleventh--Out of the Last Twelve--Profitable Quarter
SHELTON, Conn.--(BUSINESS WIRE)--Jan. 31, 2003--FlexiInternational Software, Inc. ("Flexi") (OTCBB:FLXI - News), a leading designer, developer and marketer of Internet based financial and accounting software and services, today announced its results for the fourth quarter and year ended December 31, 2002.
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Financial Results
For the fourth quarter 2002, revenues were $1.6 million compared to revenues of $2.2 million for the fourth quarter 2001. Net income for the fourth quarter 2002 was $350,000 or $0.02 per share, compared to $178,000 or $0.01 per share for the corresponding period of 2001. Net income for the fourth quarter 2002 includes an income tax benefit in the amount of $330,000 associated with a deferred tax asset generated by net operating losses from prior years.
Fourth quarter software license revenue decreased 68% from the comparable period last year and was 71% below last year, which included about $1,000,000 of one-time revenue related to an arbitration settlement with a reseller.
For the year ended December 31, 2002, the Company reported revenues of $7.5 million compared with revenues of $9.5 million for 2001. Net income for 2002 was $1.3 million or $0.07 per share, compared to a loss of $1.4 million or $0.08 per share for 2001. Net income for the year ended December 31, 2002 includes an income tax benefit in the amount of $330,000 associated with a deferred tax asset generated by net operating losses from prior years.
Comments From Management
"We are pleased to report our eleventh--out of the last twelve--profitable quarter as well as profitability for the entire year of 2002. Equally important, we exceeded our targets for 2002 in revenue and net income. 2003 will be a challenging year as we will try to grow our new license revenue in a still soft technology market. While we continue to believe in the long-term viability of the accounting outsourcing business and while we are encouraged with the progress we are making in signing outsourcing partners, this business will not impact significantly near term license revenue growth. Therefore, we plan to focus much of our efforts in 2003 on signing software partners, which will either resell our standard financial software or include FlexiFinancials as part of their own industry specific solution. We have two such partners, McKesson and Fiserve, which have been selling FlexiFinancials successfully for years as part of their total solution in the healthcare and insurance industry respectively. We believe there are other industry vendors which could benefit from reselling FlexiFinancials as part of their solution," said Stefan R. Bothe, Chairman and Chief Executive Officer of FlexiInternational Software, Inc. "We also regret to announce that one of our long time directors, A. David Tory, resigned effective December 31, 2002 due to the increased risks associated with being a director of a public company. David served on our Board for over four years and was a welcome source of advice and guidance."



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