ALL FINANCIAL DATA INCLUDED IN THIS PRESS RELEASE IS PRESENTED IN US DOLLARS AND IS NOT AUDITED
DORDRECHT, THE NETHERLANDS – 26 February 2004 – Seagull Software (AEX: SEAGULL), a leading provider of software products for connecting legacy applications to Internet architectures, today announced improvement in revenue and earnings for the third quarter period ended 31 January 2004 (Q3 FY04) as compared to the first two quarters of the financial year. The Company achieved revenues of $6 million for Q3 FY04. This represents a 22 percent increase as compared to first quarter revenues of $4.9 million, and a 25 percent increase as compared to second quarter revenues, which were $4.8 million. The net loss position for the third quarter was $0.5 million, which compares with a net loss of $2.1 million in Q1 and a net loss of $1.9 million in Q2.
“We are very pleased with the way that revenues have picked up in the third quarter,” said Don Addington, Seagull Software CEO and President. “It is premature to say that the IT marketplace has turned around and will show sustained growth, but we have seen a difference in enterprise IT project spending in our third quarter.”
Due to the volatility and uncertainty of the technology market, the Company is not providing estimates of revenue or earnings for future periods.
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Forward Looking Information: All statements in this press release which address operating performance, events or developments that we expect or anticipate will occur in the future, including statements expressing general optimism about future operating results and non-historical information, are forward-looking statements. These forward-looking statements are, and will be, based on management’s then-current views and assumptions regarding future events and operating performance. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not necessarily limited to management’s ability to manage growth, and hire and retain qualified employees; unpredictable customer demand; intense competition; rapid technological change; unpredictable market acceptance of new products; and market instability and/or reduction in software purchasing caused by exceptional circumstances.
About Seagull Software
Seagull Software specializes in powering legacy-aware application development, helping organizations accelerate the delivery of business solutions. Seagull Software’s LegaSuite™ is an integrated software platform for connecting IBM mainframe, ICL, iSeries and UNIX/VT applications to the Web and to other, newer-generations of applications and service-oriented architectures including XML, J2EE, .NET, (X)HTML and Web Services. For more information, visit www.seagullsoftware.com.
Committed to providing the best customer experience, Seagull Software’s technology is in use in more than 8,000 Global 2000, mid-market and public sector organizations worldwide, and by well over 2 million end users. Seagull Software has direct operations in the United States, the Netherlands, England, Ireland, France, Germany and Australia, supplemented by distributors serving approximately 30 additional countries.