$0.07 Net Income per Share in Fourth Quarter;
$0.10 Net Income per Share for Full-Year 2001
19 February 2002-Walker Interactive Systems, Inc. (OTCBB:WALK), currently doing business as Elevon, Inc., a global provider of advanced business solutions in the areas of collaborative commerce and knowledge management, today announced its financial results for the fourth quarter and year ended December 31, 2001.
Total revenues for the fourth quarter of 2001 were $13.2 million, compared with $10.1 million for the fourth quarter of 2000. Fourth-quarter net income was $1.0 million, or $0.07 per diluted share, compared with a net loss of ($3.4) million, or ($0.23) per diluted share, for the fourth quarter of 2000.
"We are pleased to announce that fourth quarter results marks the fourth consecutive quarter of profitability and a continuing trend of quarter-over-quarter profitability improvement," said Frank Richardson, chief executive officer of Elevon. "This achievement was accomplished in a difficult economic environment and during a period of transition for the company."
License revenues for the fourth quarter of 2001 were $2.2 million, compared with $1.0 million year over year. Consulting revenues were $5.9 million, compared with $3.1 million for the fourth quarter of 2000. Maintenance revenues were $5.1 million, compared with $5.9 million for the year-earlier quarter.
Total revenues for the year ended December 31, 2001 were $49.1 million compared with $51.4 million for the year 2000, which included $3.8 million of revenues from product lines divested during 2000. Net income for the year 2001 was $1.5 million, or $0.10 per diluted share. This compared with a net loss of ($26.7) million, or ($1.84) per diluted share, including $6.7 million of restructuring and impairment charges, for the year 2000.
License revenues for the year ended December 31, 2001 were $8.7 million, compared with $5.1 million for the year 2000. Consulting revenues for the year 2001 were $18.3 million, compared with $19.6 million a year earlier. Maintenance revenues for the year 2001 were $22.1 million, compared with $26.7 million for the year 2000.
Cash and investment balances at December 31, 2001 were $5.0 million, compared with $7.4 million at September 30, 2001, and the company has no outstanding debt.
"The year 2001 was one of transition during which the Company completed its re-invention from providing traditional financial applications, to becoming a leading provider of collaborative solutions for the enterprise. Thus, we have chosen to do business going forward under the name Elevon, a name that is reflective of our business today and our future direction. We will, however, continue our traditional values of superior support for our customers while remaining focused on our cost structure and overall expense control."
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Elevon, Inc. (OTCBB:WALK) headquartered in San Francisco, is a leading provider of advanced business solutions in the areas of collaborative commerce and knowledge management. Over the last three years, Walker Interactive Systems Inc., now doing business as Elevon Inc., has been successful in providing e-business solutions to Global 2000 organisations. After working extensively with these leading organisations, Elevon has identified the need to deliver collaborative solutions that extend beyond the four walls of the enterprise. Elevon calls this Collaborative Synergies. Elevon is elevating collaborative commerce to the next level and elevating a company's performance.
More information about Elevon is available at http://elevon.cc
Copyright (c) 2002 Elevon, Inc. All rights reserved. Elevon is a trademark of Elevon, Inc.
This news release contains forward-looking statements including those related to future profitability, quarterly operating costs and revenue growth. Actual results may differ materially from any forward-looking statements contained in this news release due to a number of factors that could materially and adversely affect the Company's business, financial condition, operating results and stock price. These factors are discussed in the Company's most recent Annual Report to Stockholders, which includes the most recent Annual Report on Form 10-K, and in the Company's quarterly 10-Q reports. The information contained in such discussions should be considered in evaluating the Company's prospects and future financial performance.
For additional information contact:
Tel: 01296 505253
Tel: 01296 505267
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