Revenue growth would have been 11% excluding the negative effects of foreign exchange. An operating loss of $242,000 was reported in the quarter, compared to operating income of $3,004,000 for the same period last year. Net income for the third quarter was $141,000, or $0.01 per share, compared to $2,194,000, or $0.15 per share, in the same period a year ago.
Revenues for the nine months ended June 30, 2001 increased 21% to $83,627,000 from $69,154,000 for the same period last year. Revenue growth would have been 24% excluding the negative effects of foreign exchange. Operating income for the nine months was $6,622,000 versus $7,073,000 for the same period last year. Net income for the nine months ended June 30, 2001 was $4,976,000, or $0.32 per share, versus $5,229,000, or $0.35 per share, in the same period a year ago.
This quarter revenues fell short of our plan primarily as a result of weakening economic conditions, the reduced level of IT spending in the telecommunications market and a lengthening in new customers’ decision cycles, said Mark Cattini, president and CEO. Nevertheless, we moved forward on a number of important initiatives. We introduced new products and product enhancements on schedule and we made considerable progress in our wireless initiative.
Our existing large enterprise customers continued to invest significantly in MapInfo and we will focus on delivering increased value to those customers, continued Cattini. We will also address the geographies where performance needs improvement and manage even closer the cost side of the business. Our planning assumption is that the economic environment will be difficult for the next several quarters.
SOURCE: COMPANY PRESS RELEASE
