FileNET Corporation, a leading provider of eProcess Management software solutions, today announced preliminary financial results for its second quarter of 2001 ended June 30, 2001.
During the second quarter 2001, we continued to see a delay in purchasing decisions due to the global economic slowdown and reductions in IT budgets, stated Lee Roberts, FileNET’s chairman and chief executive officer. Despite signs of stabilization in our North American market, we were impacted by weakness in international operations, particularly in Europe, where several significant transactions were delayed or cancelled. Because of reduced IT spending, combined with the current economic downturn, our visibility going forward will continue to be limited.
FileNET continues to have a strong cash position, no debt, an excellent customer base and a strong product line. We will continue to invest in the company’s long-term future, and believe we are well positioned to deal with the global economic slowdown and remain confident about our business and position in the markets we serve. While we will continue to tightly manage our expenses, we do not anticipate any immediate reductions in workforce.
