USTI - - United Systems Technology, Inc. Announces 2002 Results
DALLAS--(BUSINESS WIRE)--March 27, 2003--United Systems Technology, Inc. (OTC:USTI) announced today that revenues for the year ended December 31, 2002 were $3,618,907, an increase of 20% from the revenues of $3,014,631 reported for the year ended December 31, 2001. The company had net income of $555,814 in 2002 as compared to net income of $519,391 for the comparable period in 2001, an increase of 7% in 2002 over the comparable reported net income for 2001.
The Company continued to increase its revenue during 2002 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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