FileNET Corporation (Nasdaq: FILE), the leading provider of Enterprise Content Management (ECM) solutions, announced its financial results for the third quarter ended September 30, 2002.
Total revenues for the third quarter of 2002 were $83.1 million compared to revenues of $80.6 million reported in the same period in 2001 and $88.2 million reported for the second quarter of 2002. Net income was $1.4 million in the third quarter of 2002, compared to a net loss of $2.2 million reported for the third quarter of 2001 and net income of $1.7 million for the second quarter of 2002. Earnings per basic and diluted share were $0.04 for the third quarter of 2002. This compares to a loss per basic and diluted share of $0.06 for the third quarter of 2001 and earnings per basic and diluted share of $0.05 for the second quarter of 2002.
As of September 30, 2002, FileNET had cash and investments of $176.3 million up from $168.7 million at June 30, 2002. The company has no long-term debt.
"Despite the difficult environment, FileNET continues to lead the competition in the ECM space with our ability to preserve profits while investing heavily in our future and generating significant cash flow," said Lee Roberts, chairman and CEO of FileNET. "Our unequalled investment in research and development has enabled us to move closer to executing our strategy for offering the market a unified ECM platform that provides a strong framework for managing and processing content across the enterprise."