VantagePoint Systems Reports Q3 Profit and 25% Revenue Increase
Friday, August 23, 2002
Vancouver, BC – August 21, 2002 – VantagePoint Systems, Inc., a developer of business management software for the packaging industry, reported another positive quarter for its third quarter ended June 30, 2002. Revenue increased to $2,585,885, which is 25% greater than the prior quarter, Q2. Net income for the quarter was $256,923 after tax, bringing year-to-date net income to $411,060 on year-to-date revenues of $5,583,765. Revenue from both software licenses and professional services gained strength from Q2 to Q3 as VantagePoint delivers on current contracts. Operating expenses increased over the prior quarter from $1,462,451 to $1,958,303 due to the addition of client services personnel and continued investment in sales, marketing, and acquisition-related activities. Jim Hennings, president and chief executive officer at VantagePoint said, "VantagePoint's primary goal for this fiscal year is to gain increased market share and grow revenues through both new contracts and acquisition activities, while at the same time maintaining profitability. To date we have achieved both objectives." Income from Operations and Earnings per Share VantagePoint recorded income from operations for the three months ended June 30, 2002 of $627,582 with a net income after tax of $256,923. Earnings per share for the quarter were $0.02, and are $0.03 for the year to date. VantagePoint completed the acquisition of UK-based Avalon Printing Software, Ltd. during Q3 and Avalon operations have been included in the consolidated reports from June 19, 2002 forward. Milestones Consistent with VantagePoint's strategic plan to provide software solutions to the entire packaging industry and grow its customer base, the Avalon acquisition rounds out VantagePoint offerings with a technically-robust business software offering for high-value retail packaging markets such as folding cartons, flexible packaging, labels, and food & beverage containers. The acquisition provides VantagePoint with immediate presence in the retail packaging sector including a state-of-the-art software offering, a team of experienced industry professionals, and an existing customer base. VantagePoint will market Avalon's software under the new brand "Business VantagePoint for Retail Packaging." Together, VantagePoint and Avalon professionals offer extensive packaging market expertise and software solutions that address the needs of virtually any type of packaging manufacturing company.