FLXI - SHELTON, CT, Apr. 23, 2003 (INTERNET WIRE via COMTEX) --
FlexiInternational Software, Inc. ('Flexi') (OTC BB: FLXI), a leading designer, developer and marketer of Internet enabled financial and accounting software and services, today announced its results for the quarter ended March 31, 2003.
Financial Results
For the first quarter 2003, total revenues were $1.8 million compared to total revenues of $2.3 million for the first quarter 2002 which includes $500,000 from the sale of the dodge.com URL to DaimlerChrysler Corporation. Net income for the first quarter 2003 was $334,000 or $0.02 per share, compared to $547,000 or $0.03 per share for the corresponding period of 2002.
First quarter 2003 software license revenue increased 321% from the comparable period last year and included $450,000 of one-time revenue related to an arbitration settlement with a reseller.
Comments from Management
Stefan R. Bothe, Chairman and Chief Executive Officer said, 'We are pleased to report our twelfth -- out of the last thirteen -- profitable quarter. Equally important, we increased our license revenue over prior year's first quarter by 321% and over fourth quarter 2002 by 241%. While 2003 first quarter license revenue included the $450,000 from an arbitration settlement with one of our resellers, new license revenue excluding the one-time settlement increased 51% and 22% respectively. We are pleased with the increased activities from our Flexi Industry Partners in 2003, and we will continue 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 solutions. We are also pleased to report that our arbitration with our reseller McKesson has been settled and that our partnership shows renewed strength and improved communication at all levels.'
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