FileNET Corporation announced preliminary financial results for the third quarter ended September 30, 2002.
The company expects to report total revenue between $82 and $83 million versus current First Call consensus of $85.9 million for the third quarter. Software revenue is expected to be approximately $30.0 million. Earnings per share, on a GAAP basis, are expected to be $.02 to $.03 a share versus the current First Call consensus of $.02. Cash and investments at September 30, 2002 are expected to be over $174 million with no long-term debt. DSO’s are expected to be approximately 50 days.
"We continue to face a challenging global business environment with a handful of late quarter customer decisions being delayed or deferred. However, we remain confident about our long-term growth opportunities in the Enterprise Content Management market and intend to continue to invest in these opportunities, stated Lee Roberts, FileNET’s chairman and CEO. "The company continues to demonstrate very strong expense management and tight overall cost controls. Despite the difficult environment, we expect to achieve our projected third quarter earnings estimates and are pleased with the continued traction we are seeing with our new Web Content Management offering."
"Softness in our professional services business, primarily in North America, impacted the third quarter with customers deferring or minimizing projects. Until the current technology spending environment improves, we expect the professional services business to continue to be impacted," added Roberts.
October 16, 2002 Conference Call
Final results are scheduled to be released on October 16, 2002 and will be followed by a conference call at 16:00 p.m. CET that day.
The call will be broadcast live over the Internet. To listen to the live audio Web cast via the Internet, please follow the instructions that will be available on FileNET’s Web site at www.filenet.com.
Alternatively, to listen to the call live, dial 001- 877-356-0535 or 001-706-634-7555. To listen to the replay, dial 001-800-642-1687 or 001-706-645-9291. The conference call ID number is 6007436 for all calls.