Excalibur Technologies reports preliminary third quarter results, appoints Patrick C. Condo chief executive officer; leading information retrieval software provider achieves 61% revenue growth, Condo assumes new post following resignation of J.M. Kennedy due to illness.MCLEAN, Va.--(BUSINESS WIRE)--Nov. 17, 1995--Excalibur Technologies Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EXCA EXCA Exchangeable Card Architecture EXCA European Expanded Clay Association (Brussels, Belgium) ) today announced preliminary results for its third quarter ended Oct. 31, 1995. Excalibur reported revenues of $5,007,000, an increase of 61% over the $3,101,000 reported for the third quarter of last year. Excalibur also expects to report net income results between break-even to slightly profitable in the range of $100,000, compared with a net loss of $1,063,000 for the same period last year. In July 1995, the company completed a merger with ConQuest Software Inc. of Columbia, Md. The merger was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . The financial results for all prior periods have been restated to include the results of ConQuest. Excalibur also announced that Patrick C. Condo, president of Excalibur, had been elected to the position of chief executive officer. Condo will succeed J.M. Kennedy. Kennedy will remain a director of Excalibur. Richard M. Crooks, chairman of Excalibur, expressed on behalf of the board and the employees of Excalibur, his gratitude to Kennedy for his efforts over the past four years. Crooks stated that, "we are all heartened by Mikes continuing recovery from his recent illness and wish him the best of luck going forward." Commenting on the third quarter results, Patrick Condo, president and 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. of Excalibur Technologies noted, "I am especially pleased with these positive results so soon after the introduction of our RetrievalWare(TM) family of software components, which integrate the leading edge technologies of Excalibur and ConQuest. Initial sales of RetrievalWare contributed significantly to our success. Clearly, the market embraces our strategic direction, to deliver best-of-class information retrieval information retrieval Recovery of information, especially in a database stored in a computer. Two main approaches are matching words in the query against the database index (keyword searching) and traversing the database using hypertext or hypermedia links. solutions within enterprises and across the Internet, the Internet, the, international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises World Wide Web and other wide area networks." Excalibur Technologies Excalibur Technologies Corp. meets the challenge of information retrieval, empowering end-users with the industry's most complete set of capabilities to find the information they need. Only Excalibur delivers both pattern recognition-based and semantic network (data) semantic network - A graph consisting of nodes that represent physical or conceptual objects and arcs that describe the relationship between the nodes, resulting in something like a data flow diagram. searching, simultaneously leveraging the underlying patterns of digital information, and the actual meaning of words. Excalibur's RetrievalWare provides the first set of tools optimized for creating retrieval solutions for text, images and other forms of digital data. Excalibur was founded in 1980 and is a publicly held corporation trading under NASDAQ (EXCA). Contact Excalibur in 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. at 619/625-7900, in the United Kingdom at 44-1344-893-444, and on the World Wide Web at http://www.xrs.com. -0- Excalibur Technologies Corp. and the Excalibur logo are registered trademarks of Excalibur Technologies Corp. APRP APRP Adaptive Pattern Recognition Processing (Convera) APrP A Priori Probability and RetrievalWare are trademarks of Excalibur Technologies Corp. CONTACT: Excalibur Technologies Corp. Jim Buchanan, 703/790-2110 or SmartIR Inc. Melanie Cissone, 212/486-9734 |
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