$0.02 Net Income per Share in First Quarter
30 April 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 first quarter ended March 31, 2002.
Total revenues for the first quarter of 2002 were .1 million, compared with .6 million for the first quarter of 2001. First-quarter net income was 3,000, or .02 per diluted share, compared with net income of 5,000, or .01 per diluted share, for the first quarter of 2001.
"We are pleased to announce that first-quarter results mark the fifth consecutive quarter of profitability," said Frank Richardson, chief executive officer of Elevon. "This was accomplished in an economic environment that continues to be challenging and during a period of transition for the company."
License revenues for the first quarter of 2002 were .2 million, compared with .8 million for the first quarter of 2001. Consulting revenues were .3 million, compared with .1 million for the first quarter of 2001. Maintenance revenues were .6 million, compared with .8 million for the year-earlier quarter.
Cash and investment balances at March 31, 2002 were .7 million, compared with .0 million at December 31, 2001, and the company has no outstanding debt.
"In a very competitive marketplace, our customers have continued to invest in our collaborative commerce solutions," said Richardson. "During the first quarter of 2002, we signed a number of license agreements, including a license agreement with Liverpool Victoria, a leading mutual insurance company in the United Kingdom, for our Elevon suite of products in competitive environments against traditional ERP vendors such as Oracle, JD Edwards and SAP. Additionally, our integration of the QSP intellectual property, which we now call "Elevon 5", has moved forward largely as we planned. During the quarter we added a new Elevon 5 customer, secured a number of customer up-grades to the latest Elevon 5 release, and signed a license and maintenance agreement with Netstore plc, an ASP service provider offering Elevon 5 solutions to approximately 30 companies."
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Note to Editors: For a set of the Financial Figures that accompanies this release, please contact Susan Morgan or Clare Frost. This information can be sent to you either as a Word document or fax, please let us know which you prefer.
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 providing e-business solutions to Global 2000 organizations. After working extensively with these leading organizations, 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
Elevon Press Release: Announces 1st Quarter 2002 Financial Results 4
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