Press Release
- Date:
- Tuesday, July 16, 2002
- Contact:
- Mark Funston
- Phone:
- (301) 731-2300
- Email:
- mark_funston@g1.com
Group 1 Software Announces Preliminary Results -
Anticipates Exceeding First Quarter Expectations
Revenue Up Approximately 10%; EPS Projected at $0.11-$0.13 vs. $0.01 Prior Year
Lanham, MD — Group 1 Software (Nasdaq: GSOF) today released preliminary results for its first fiscal quarter ended June 30, 2002. The Company expects to report record first quarter revenue of approximately $23 million, compared with the prior year's first quarter revenue of $20.8 million. Net income available to common stockholders is projected in the range of $0.11 to $0.13, up from $0.01 reported for the prior year's first quarter. Outside analysts' expectations are $0.07 for this year's first quarter.
Group 1's already-sizeable cash position increased strongly during the quarter. After paying approximately $3.2 million related to one of its acquisitions of the past year, cash and short-term investments still rose to $51.5 million ($7.43 per diluted share) at June 30, 2002, up from $47.6 million at March 31, 2002.
“We are certainly pleased with Group 1's strong performance in the quarter, especially given the difficult market conditions,” said Bob Bowen, CEO of Group 1 Software. “Both of our operating segments saw significant increases in license revenues compared with the prior year. Because the difficult market conditions continue, however, we are taking a conservative view toward the rest of the year until we are able to report further quarters of solid financial and market performance. Accordingly, we will not, at this time, be raising our financial guidance for the rest of the fiscal year.”
“I would point out that our strong cash flow and cash balance stand as tangible indications of the validity of our financial statements,” Bowen added.
The Company will release its final results for the quarter on July 31, 2002 and host a conference call at 4:30 p.m. EST.
Group 1 Software (Nasdaq: GSOF) is a leading provider of customer relationship management (CRM)-enabling software solutions for data quality, marketing automation, customer communications management and direct marketing applications. Group 1's software systems and services enable over 2,000 customers worldwide to market smarter by helping them find, reach and keep customers. Founded in 1982 and headquartered in Lanham, Maryland, Group 1's solutions are utilized by leaders in the financial services, banking, retail, telecommunications, utilities, e-commerce, and insurance industries. The company's customer base includes such recognized names as Acxiom, AT&T, Charles Schwab, Entergy, GEICO, L.L. Bean, Wal-Mart and Wells Fargo. For more information about Group 1, visit the company's Web site at http://www.g1.com.