Total revenues for the quarter grew to $45.7 million compared with $41.6 million for the second quarter of the prior year, an increase of 10%. Pro forma net income for the second quarter was slightly above break-even or $0.00 per diluted share, compared with income of $3.5 million or $0.15 per diluted share for the comparable quarter. Pro forma net income is adjusted for the pre-tax effects of amortization of goodwill The Company reported a net loss for the second quarter of $3.6 million or $0.16 per share after inclusion of amortization of goodwill, compared with net income of $2.4 million or $0.10 per diluted share for the comparable quarter last year.
Total revenues for the demand-side business segment, which include revenues from the Company’s MAXIMO product line, were $41.1 million, up from $33.4 million for the comparable quarter, an increase of 23%. Software license revenue for this business segment was $15.4 million, up 23% sequentially and 33% from the comparable quarter last year.
Total revenues for the supply-side business segment, which include revenues from the Company’s MRO.COM suite of hosted solutions, were $4.6 million, up from $4.4 million in the previous quarter and down from $8.2 million for the comparable quarter, reflecting in part the Company’s shift to an ASP subscription model.
The balance sheet for the period ended March 31, 2001 contained $36.9 million in cash and marketable securities and no long-term debt. Deferred revenue increased to $22.2 million, and days sales outstanding improved from 93 to 92 days, meeting the Company’s internal target.
I am very pleased with the solid performance of our business this quarter, commented Chip Drapeau, president and CEO, MRO Software. Our solutions are providing concrete value to asset intensive companies and their suppliers. On the MAXIMO side, we saw strong adoption of our MAXIMO industry solutions in the utility, oil and gas and discrete manufacturing market sectors. We are also starting to see traction in the aircraft maintenance market, as evidenced by this quarter’s win at a major regional carrier. On the supply-side, our next generation of hosted supplier enablement technology will quickly and affordably provide industrial distributors and manufacturers with an easy path to conduct business with their customers over the Internet. As a result of this progress, we remain on track to achieve our goals for the year.
SOURCE: COMPANY PRESS RELEASE
