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AUSTIN, Texas, Jan 27, 2004 (BUSINESS WIRE) -- Perficient, Inc. (PRFT) a leading eBusiness solutions provider to Global 3000 companies in the central United States, today reported financial results for the quarter and year ended December 31, 2003.
Financial Highlights
For the fourth quarter ending December 31, 2003:
-- Revenue from services and software was up 34% to $7,476,973
versus $5,585,826 during the fourth quarter of 2002. This
exceeds the fourth quarter 2003 revenue guidance range of $6.0
million to $6.3 million previously provided by the company.
-- Reported net income was $533,844 or $0.03 earnings per share
compared to a net loss of ($679,199) or ($0.08) per share
during the fourth quarter of 2002.
-- Gross margin for services revenue was 45% compared to 43% in
the fourth quarter of 2002. Gross margin for software revenue
was 25%, compared to 7% in the fourth quarter of 2002.
-- EBITDA (a non-GAAP measure) was up to $977,656 versus
($72,693) during the fourth quarter of 2002.
For the year ended December 31, 2003:
-- Revenue from services and software was up 36% to $28,321,481
versus $20,794,476 during 2002.
-- Reported net income was $1,050,032 or $0.07 earnings per share
compared to a net loss of $2,395,044 or ($0.53) per share
during 2002.
-- Gross margin for services revenue was 43% in 2003 and 2002.
Gross margin for software revenue was 19%, compared to 15% in
2002.
-- EBITDA (a non-GAAP measure) was up to $3,382,405 versus
($236,060) during 2002.
"Q4 was a great close to a solid year for Perficient," said Jack McDonald, chairman and chief executive. "We generated a record $978,000 in EBITDA, in what is typically a weak quarter due to seasonality. Our revenue was up 34% over Q4 of 2002, in part due to strong year-end software sales.
"On a full year basis, our revenue grew 36% in 2003 over 2002, a strong performance in a transitional market environment, and we achieved record full-year EBITDA of $3,382,000. During 2003, we opened more than two dozen new accounts, extended relationships with recurring clients, renewed our partnership with IBM and continued to recruit and retain top-notch sales and technical talent. In addition, we repaid $1.5 million in debt during 2003 to close the year with no amounts owed on our line of credit or capital leases."
Other 2003 Highlights
Among other achievements in 2003, Perficient:
-- Added new customer relationships and follow-on projects with
leading companies including: AAA Michigan, Amdocs, Ameren UE,
Anderson Corp, Anheuser-Busch, Bank of America, BIC
Corporation, Boeing, CareMark, Commerce Bancshares, Exelon,
Express-Scripts, GE Capital, KV Pharmaceuticals, Maytag
Corporation, MetLife, Mutual Trust Life, Nestle-Purina,
Paragon Life, Pioneer Seed, Prime Therapeutics, Sheetz,
ShopNBC, State of Kansas, Thrivent Financial Services, Union
Bank of California, and Wells Fargo Mortgage Company.
-- Developed and launched in partnership with IBM vertical portal
solutions for the insurance, health care and franchise-based
retail industries designed to increase efficiencies, reduce
operating costs and strengthen relationships with customers,
employees and business partners.
-- Executed alliance agreements with leading technology companies
including Mainline Information Systems, Bowstreet, Inc. and
Fusion Technologies of India. All three relationships
strengthen Perficient's solution sales and implementation
capabilities and open new revenue opportunities.
-- Was recognized by VARBusiness magazine for the second
consecutive year as a member of the VARBusiness 500, an annual
listing of the top solution providers in the United States by
revenue; and
-- Was ranked #151 in Deloitte & Touche's 2003 Fast500, a listing
of the 500 fastest growing technology companies in North
America, from 1998-2002 and #9 on the 2003 Texas Fast50.
Business Outlook
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.
The company expects its Q1 2004 services and software revenue, net of reimbursed expenses, to be in the range of $6.5 million to $6.9 million, comprised of $6.1 million to $6.5 million in services revenue and $0.4 in software revenue. It is the company's practice to include in its revenue guidance only those software sales actually booked as of the guidance date. The forecast range of services revenue would represent services revenue growth of 6% to 13% over the first quarter of 2003.
Truth is stranger than fiction, because fiction has to make sense
Exactech Cleared by FDA for U.S. Distribution of InterSpace(TM) Pre-formed Antibiotic Cement Bone Spacer
THURSDAY, JANUARY 29, 2004 8:59 AM
- PR Newswire
GAINESVILLE, Fla., Jan 29, 2004 /PRNewswire-FirstCall via COMTEX/ -- Exactech, Inc., (EXAC) announced today that it has received clearance from the U.S. Food and Drug Administration (FDA) for distribution of the only pre-formed cement hip spacer containing antibiotic available in the United States.
The pre-formed InterSpace(TM) hip spacer is a major advancement in treating patients suffering from the complication of infected total hip arthroplasty. Used in two-stage revision hip surgery, it provides an orthopaedic surgeon with a new method for a more effective and efficient surgical procedure in these difficult situations. The spacer allows for consistent and uniform release of antibiotic into the local infected area. It also offers patients the opportunity for improved function after the first stage treatment and better rehabilitation after the definitive second stage operation.
Exactech CEO Bill Petty said, "This new device eliminates costly additional operating time and replaces the inconsistent quality of the intra- operatively hand-fashioned devices currently being used, thus allowing the surgeon to deliver much more effective treatment."
"InterSpace further enhances Exactech's leadership position in providing surgeons with products for treating the entire spectrum of patients with joint disease from the simple to the more complex," said Gary Miller, executive vice president of research and development.
Jody Phillips, chief financial officer, said, "We are pleased to have received FDA clearance for InterSpace this early in the year and expect full product release during the second quarter. The impact of this product was reflected in our prior full year 2004 guidance."
InterSpace is manufactured by Tecres S.p.a., Verona, Italy and distributed in the U.S. exclusively by Exactech.
About Exactech
Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactech's orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States and in more than 25 countries in Europe, Asia, Australia and Latin America. Copies of EXAC press releases, SEC filings, current price quotes and other valuable information for investors may be found on the websites http://www.exac.com and http://www.hawkassociates.com
An investment profile on Exactech may be found on the website www.hawkassociates.com/exactech/profile.htm
Additional information about Exactech, Inc. can be found on the website www.exac.com. An online virtual investor kit containing Exactech press releases, SEC filings, current price quotes, stock charts and other useful information for investors can be found on the Hawk Associates website www.hawkassociates.com Investors may also contact Frank Hawkins or Julie Marshall, Hawk Associates, Inc. at (305) 852-2383. Email: info@hawkassociates.com
Truth is stranger than fiction, because fiction has to make sense
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Truth is stranger than fiction, because fiction has to make sense
why is this forum so dead??
nobody interested in exchange ?
what is the reason for abrupt crash ??