FILENET REPORTS RECORD REVENUE AND NET INCOME FOR THE FOURTH QUARTER AND YEAR ENDED DEC. 31, 1991
FILENET REPORTS RECORD REVENUE AND NET INCOME FOR THE FOURTH QUARTER
AND YEAR ENDED DEC. 31, 1991
COSTA MESA, Calif., Feb. 13 /PRNewswire/ -- FileNet Corporation (NASDAQ-NMS: FILE), today reported revenue and net income for the fourth quarter and year ended Dec. 31, 1991. Revenues for the year were a record $122.5 million, a 19 percent increase from the $102.9 million reported in 1990. Net income was $8.1 million, or $0.75 per share, compared with $3.8 million, or $0.37 per share, in 1990.
For the three months ended Dec. 31, 1991, revenue increased 25 percent to $37.0 million compared with $29.6 million reported in 1990's fourth quarter. Net income was $3.3 million, or $0.30 per share compared with $0.8 million, or $0.08 per share in 1990. The final results for the quarter were approximately the same as the estimated results announced on Jan. 9, 1992.
"As I indicated in our January press release, we were very satisfied with our results for the quarter and for the year overall,'' stated Ted Smith, president and CEO. "We now have an installed base of 500 systems at 350 customers who are benefiting from the cost savings and improved customer service generated from imaging. The capabilities of our product line, particularly WorkFlo software, and the strength and experience of our sales and customer support teams continue to be the key factors in our success here and in the European market.
"Our financial strength is also a very positive factor with cash and marketable securities of $32.8 million, total assets of $103.8 million and no significant long term debt."
FileNet Corporation manufactures and markets a family of integrated image and data processing systems that use optical disk technology and WorkFlo(R) software to electronically capture, store, transmit and manage document-images, data and text for paper-intensive organizations. Headquartered in Costa Mesa, FileNet markets its products directly to end users through the company's sales offices in the United States, Canada, France, Germany and the United Kingdom. FileNet systems are sold in 30 other countries by Ing. C. Olivetti & C., S.p.A.; Toyo Officemation Inc., a Mitsui company; and various distributors.
For additional information on FileNet Corp. via FAX, no cost -- dial 1-800-PRO-INFO, code 065.
/CONTACT: Mark St. Clare, vice president-finance of FileNet, 714-966-3577, or Lise Needham of the Financial Relations Board, 415-986-1591, for FileNet/
(FILE) CO: FileNet Corporation ST: California IN: CPR SU: ERN AH -- NY080 -- 9867 02/13/92 15:26 EST