Elite Announces Major New Contracts; Record-Breaking Quarterly Sales Volume Extends Lead in the Professional Time and Billing Market.
LOS ANGELES--(BUSINESS WIRE)--Jan. 10, 2001
Elite Information Systems Inc., a worldwide leader in practice and financial management systems for professional service firms, today announced fourth-quarter sales of $11.3 million, the largest quarterly sales volume in the company's history.
This record-breaking sales figure represents almost 40 new client contracts, creating a tremendous resurgence in business and a significantly larger backlog than in previous quarters of 2000.
Elite's strong showing during the latter part of 2000 reflected the tremendous success of the company's key strategies for growth -- maintaining its leadership in the legal market, expanding its presence in consulting and accounting firms, broadening its base of European and Canadian businesses, and providing its industry-leading practice management solutions through "e-Connect from Elite," Elite's ASP offering.
These new sales have significantly bolstered Elite's backlog levels. The revenue from these new contracts will not be reflected in fourth-quarter 2000 results, to be announced later this month, but will generally be recorded in 2001.
"Achieving record new sales in a very difficult sales environment was a fantastic achievement," said Chris Poole, chairman and chief executive officer of Elite.
"While the volume of new business is in itself confirmation of Elite's strong competitive position, the variety of new customers is equally important, reflecting not only our continued success in the legal market but our ability to expand our markets into other professional service businesses and other delivery channels such as our ASP offering, e-Connect from Elite.
"Elite has also launched an aggressive new research and development program that will bring a host of innovative new products and services from Elite, Elite.com and Law Manager that will further expand our potential market for Elite's offerings."
Some of Elite's new clients this quarter include Morrison & Foerster of San Francisco; Baker & Daniels of Indianapolis; Navigant Consulting of Oakbrook Terrace, Ill.; Hale and Dorr LLP of Boston; Goodmans of Toronto; and Patton Boggs of Washington, D.C.
"Out of everything Elite offers prospective clients, perhaps most important is the stability and solid experience of a company with minimal turnover and a talented management team," Poole continued. "Elite stands for high quality and high standards, and we're proud of the reputation we've earned. Nothing is more important to us than providing the best products and service possible."
About Elite Information Systems
Elite Information Group Inc. (Nasdaq:ELTE) is an international provider of a comprehensive suite of financial and practice management products, including integrated time and billing, general ledger, accounts payable and matter management products, as well as related consulting services.
Elite's customers include legal and other professional services organizations of all sizes, such as accounting, consulting, public relations, financial services, actuarial, software, security, insurance, market research and systems integration firms, as well as corporations and government agencies.
For more information, visit the company's Web site at http://www.eliteis.com.
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|Date:||Jan 10, 2001|
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