printChannel.com Announces Results for First Quarter of 2002
Press release from the issuing company
Company Exceeds Revised Financial Targets, Sets All-time High in Transaction Processing
SAN FRANCISCO, CA, April 3, 2002-printChannel.com, the leading vendor of Web-based print procurement solutions, outperformed revised financial targets for the first quarter of 2002. For Q1, the company was +4 percent in revenue, and 8 percent below target in projected expenses. In addition, the company reported its cash position at the end of the quarter was 11 percent above target, and net profit was 10 percent above target.
"I am very pleased with our first quarter financial performance, and with the results from tough structural changes we implemented in February," states Oliver Pflug, CEO of printChannel.com. "Our business continues to grow, and we have positioned the company on more solid ground financially," he added. "I am particularly pleased with the progress in our UK sales and support operation, which achieved cash flow break-even last quarter. We have had zero staff turnover since the reorganization in February, our print i/o development and launch plans are on track, and we are working on several new initiatives for existing and future printChannel customers. It is a testimony to the printChannel spirit and vision for Internet enabled commercial print to see our employees rise to the occasion and to observe the newly-found energy, dedication and focus among all of our teams."
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