News

Source: Industrial Distribution online, May 1, 2002

YARDLEY, Pa. - Prophet 21, Inc., a provider of enterprise business technology and service solutions for the durable goods distribution market, announced its financial results for the third quarter of fiscal 2002, reporting a $.32 per share increase in net income over the same period in the prior year, and a $.80 per share increase in net income year-to-date.

Revenues for the third quarter of fiscal 2002 were $10.6 million, compared to $10.7 million reported during the same quarter in fiscal 2001. Net income for the quarter was $839,000, or $.21 per diluted share, as compared to a loss of $420,000, or ($.11) per diluted share, during the same period a year ago.

Revenues for the nine months ended March 31, 2002 reached $31.7 million, as compared to $30.0 million for the same period a year ago. Net income for the nine months ended March 31, 2002 was $1.5 million, or $.37 per diluted share, as compared to a loss of $1.6 million, or ($.43) per diluted share, for the same period a year ago.

"Prophet 21 is pleased with its strong performance," said Chuck Boyle, president and CEO. "In a challenging economy we have increased revenue, dramatically improved profitability, and grown our cash position.

"Financially, Prophet 21 is seeing the results of prior period investments in the development of technologically advanced business enterprise software, a fully operational and active Internet trading network, and professional services that enable our customers to gain the greatest return from their investment in Prophet 21's business technology. Prophet 21's CommerceCenter enterprise software continues to be widely accepted by the marketplace driving revenue and Trading Partner Connect, an industry-leading Internet trading network, continues to increase membership," Boyle added.

"Our investments in our offerings are complemented by improvements in sales and marketing, Web-based support, increased utilization of consulting resources, and control of operating expenses," continued Boyle.

Boyle went on to highlight the Company's strong balance sheet with cash and marketable securities growing to over $21 million and no long-term debt.

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