WORKFLOW MANAGEMENT, INC. REPORTS ITS THIRD QUARTER
Press release from the issuing company
PALM BEACH, Fla., March 8, 2001 - Workflow Management, Inc. (Nasdaq:WORK), a leading supplier of business printing and supply chain management services, today announced financial results for the third quarter of fiscal year 2001.
Total revenues for the third quarter ended January 31, 2001 increased 4.0% over the second quarter of fiscal 2001 to $155.2 million. Before e-commerce investments, operating income and net income for the quarter were $9.8 million and $3.7 million, respectively, compared to $9.5 million and $3.6 million in the second quarter of this fiscal year. This translates, on a per share basis, before e-commerce investments, to earnings of $0.29 per diluted share for the third quarter, compared to $0.28 per diluted share in the second quarter.
Tom D’Agostino, Sr., Workflow Management's Chairman and Chief Executive Officer, commented, "We are pleased to have met expectations and to have posted modest gains in an overall weak economy. One only needs to look at the headlines on the financial pages over the past few months to see how harsh conditions have become in our industry. Workflow, however, has recently been able to profit from the demise of its competitors by recruiting more seasoned sales professionals and expanding its geographic penetration into the Southwest. I believe that Workflow’s unique combination of old economy manufacturing along with new economy outsourcing and technology will enable us to weather the challenges of these economic conditions and continue to take advantage of the opportunities that arise.”
Mike Schmickle, Workflow Management's Chief Financial Officer, stated, “Despite an obvious slow down in the overall economy, Workflow was able to deliver quarter to quarter improvements in both top and bottom line performance. As we move forward, the Workflow team will continue to focus its efforts on overall reduction of administrative and overhead expense which, we expect, will result in improvements to operating income margins. These efforts should continue to help us ward off the negative effects of the current economic conditions and could provide a springboard for increased performance when the economy rebounds.”
Tom D’Agostino, Jr., Co-President of Workflow Management and CEO of iGetSmart.com, commented, “The iGetSmartTM system continues to receive great interest in the marketplace. I expect that this reception could even improve as the economy forces more companies to look for new and innovative ways to reduce their operating costs without sacrificing quality or quantity of product. I continue to see iGetSmartTM as a tremendous growth driver for all of Workflow.”
The Company further indicated it will conduct a management conference call today, March 8, 2001, at 4:30 p.m. Eastern Standard Time. The dial-in number for the conference call is (800) 289-0494, access code #528927. The call will also be broadcast on the Company web site at www.workflowmanagement.com in the Investor Relations section.
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