Cedar Group Ends Successful Financial Year.Business/Technology Editors HAVERHILL, Mass.--(BUSINESS WIRE)--June 16, 2000 The following excerpts come from announcements issued by Cedar cedar, common name for a number of trees, mostly coniferous evergreens. The true cedars belong to the small genus Cedrus of the family Pinaceae (pine family). Group plc, London, UK, parent company of Cedar Group US, the Haverhill, Massachusetts-based software vendor and application service provider (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ). Best known for its suite of financial applications, Cedar Group US now offers a wide range of Oracle-based enterprise business solutions, including fleet, time, and knowledge management and document imaging and workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. . The Cedar Group plc announcements are available in their entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. on the Cedar Group US web site, www.cedargroupus.com. Cedar Group US is headquartered at 57 Wingate Street, Haverhill, MA 01832, telephone (978) 372-0770. SUMMARY OF CEDAR GROUP PLC FINANCIAL RESULTS Preliminary Results for the year ending March 31, 2000 Revenue 36.3m pound sterling ($54.7m) (23.0m pound sterling ($34.6m) 1999) Operating Profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. 6.3m pound sterling ($9.5m) (3.2m pound sterling ($4.8m) 1999) License revenues increased by 83% Recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. services revenues increased by 120% Maintenance revenues increased by 28% Statement from Mike Harrison Mike Harrison may be:
EXCERPTS FROM CEDAR GROUP PLC CHAIRMAN'S STATEMENT Accompanying Preliminary Results for the Year Ended March 31, 2000 Brian Wilson, chairman, Cedar Group plc Cedar Group has achieved considerable success by selling and implementing software that aims to satisfy business problems requiring a system solution spanning the enterprise. It is now well positioned to exploit the enterprise-computing market where an increasing number of companies have recognized a need to build knowledge based business solutions. This market has been poorly served historically. The Group believes that its investments in product, people, and infrastructure have created the opportunity to build an even more substantial business, initially in both the UK and US, that will significantly increase the value and quality of the Group. The strong performance throughout the year was a result of increased sales of licenses and related services as well as solid contributions from businesses acquired in the second half. The increased focus on the commercial sectors means that, as well as achieving higher overall contract values and better day rates for the consultancy business, the company as a whole is better balanced in terms of its market focus. A solid and sustainable increase in services and maintenance revenues also means that the company is now generating higher quality and recurring revenues to complement license sales. Appropriate control of expenditure has meant that the Group has generated an operating profit of 6.3m pound sterling ($9.5m) its sales of 36.3m pound sterling ($54.7m)... Financial Results The Group's (revenue) of 36.3m pound sterling ($54.7m) (23.0m pound sterling ($34.6m) 1999) was an increase of 58%. License revenues increased by 83%, the recurring services and maintenance revenues increased by 120% and 28% respectively. License revenues now account for 50% of revenues, services and maintenance 47% and other revenues 3%. Operating profit for the year was 6.3m pound sterling ($9.5m) (before NIC (1) (Network Interface Card) See network adapter. See also InterNIC. (2) (New Internet Computer) An earlier Linux-based computer from The New Internet Computer Company (NICC), Palo Alto, CA. provision of 0.5m pound sterling ($0.8) and amortization of goodwill of 1.0m pound sterling ($1.5m)) (1999: 3.2m pound sterling ($4.8m)), representing continued strong organic growth and a six month contribution from the acquisition of PMPL PMPL Peeing My Pants Laughing PMPL Portable Miniature Programming Language Limited and Firman Fir´man n. 1. In Turkey and some other Oriental countries, a decree or mandate issued by the sovereign; a royal order or grant; - generally given for special objects, as to a traveler to insure him protection and assistance. Jack Limited. Profit before tax was 4.8m pound sterling ($7.2m)(after taking account of NIC provision) (1999: 2.8m pound sterling ($4.2m)). Earnings per share of 5.5p ($0.83) compares to last years 5.6p ($0.84) per share after taking account of the National Insurance expense. Without for this expense the Earnings per share would have been 6.3p ($0.95), an increase of 13%... Cedar Group US The acquisition of our American distributor is consistent with our geographic strategy to build a solid position in the UK, and through an established US business create a significant presence throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. from which the world's largest market for the Group's product can be exploited. Cedar US now has a critical mass upon which to build. The recently appointed CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Tom Rump Rump The name given to the group of investors refusing to tender their shares into a corporate action, such as a merger or acquisition. Notes: Should the quantity of rump shares be large enough, a corporate action may be stalled or halted. , has a strong team that is working from four locations to support the distribution activities. With an existing customer base of 150 organizations, Cedar US is currently developing its market with a multi-product offering leveraging the Group's software products and know-how. A number of new customers have been won, including Siemens Power Corporation who purchased Cedar Businessflow, the Group's integrated document management and business process product. Ultea Leasing Inc. who provide vehicle and equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
The partnership established between Recognition Systems plc and Cedar Group also represents an opportunity for accelerated growth into the financial-services sector of the US market. Given the Group's ambition and geographic strategy, the Directors believe it will be necessary to raise its profile with US investors and customers. Consequently one of the activities undertaken this year will be to evaluate the benefits, and possible timing of a US Listing. Outlook Having built a solid business in the UK, the Group intends to extend its distribution capability in both the UK and increasingly the US in pursuit of greater revenue and profit growth. To support this, it will continue to source complementary products and access effective distribution channels. As the market develops, the Group expects to sell and implement an increasing number of integrated solutions, which combines a number of the Group's products. The market opportunity for the information-technology industry to solve enterprisewide business problems is global and significant over the next decade. Cedar Group is now well positioned to take advantage of this opportunity and in order to capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. upon it a new division has been created. Advanced Business Solutions will focus on the areas of data warehousing See data warehouse. data warehousing - data warehouse , image, document management and business process and call centers, often integrated with financial systems. The objective is to improve any business's ability to manage its enterprise knowledge base to enhance Customer Relationship Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ), and other key business processes, through traditional and e-Commerce channels. The market opportunity has been enabled by the introduction of the internet, falling telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. prices and the general development of the information-technology sector itself. These conditions create the opportunity for Cedar; within which its ability to deliver applications using the application service provider (ASP) business model will give competitive advantage over larger and less flexible competitors. As it strives to meet its objectives and longer term ambitions Cedar is dependent upon the continued involvement and development of its people. It is therefore committed to creating opportunities and providing the resources necessary for a successful and rewarding environment. Any trademarks, registered trademarks, and/or service marks contained herein are the property of their respective owners. |
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