FileNet Corporation (Nasdaq: FILE), the leading provider of Enterprise Content Management (ECM) solutions, announced its financial results for its fourth quarter and year ended December 31, 2002.
Total revenues for the fourth quarter of 2002 were $89.4 million compared to total revenues of $86.7 million for the same period in 2001 and $83.1 million for the third quarter of 2002. Software revenues for the fourth quarter of 2002 were $36.4 million compared to $30.6 million for the same period in 2001 and $30.5 million for the third quarter of 2002. Net income was $3.8 million in the fourth quarter of 2002, compared to net income of $1.9 million in the fourth quarter of 2001 and $1.4 million in the third quarter of 2002. Earnings per basic and diluted share were $0.11 and $0.10, respectively, for the fourth quarter of 2002 compared to earnings per basic and diluted share of $0.05 for the fourth quarter of 2001 and $0.04 for the third quarter of 2002.
For the year ended December 31, 2002, total revenues were $347.0 million, compared to revenues of $334.6 million reported for the year ended December 31, 2001. Software revenues for 2002 were $132.5 million, compared to software revenues of $119.0 million reported for 2001. For 2002, net income was $8.3 million, compared to net loss of $16.6 million reported for 2001. For fiscal year 2002, earnings per basic and diluted share were $0.23, compared to a loss per basic and diluted share of $0.47 for fiscal year 2001.
As of December 31, 2002, FileNet had cash and investments of $185.2 million, up from $176.3 million at September 30, 2002. The company has no long-term debt.
"We are very pleased with our accomplishments given the tough economic environment. We grew our software revenue during the fourth quarter by 19 percent, both sequentially and year-over-year, and remained profitable during each quarter of 2002. By our estimates, we grew market share 3 percent during 2002, and now lead the ECM industry with 18.7 percent, " said Lee Roberts, chairman and CEO of FileNet. "Our continued investment in Enterprise Content Management technology has allowed us to expand our product offering, culminating in the introduction of our fully integrated FileNet P8 architecture. With our strong financials and new ECM platform, we believe we are well positioned to extend our leading market share position."