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Witness systems announces record third quarter results; Licence revenue grows 27 per cent over prior year; Cash balance increases to $63 million.

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M2 PRESSWIRE-29 October 2004-WITNESS SYSTEMS: Witness systems announces record third quarter results; Licence revenue grows 27 per cent over prior year; Cash balance increases to $63 million(C)1994-2004 M2 COMMUNICATIONS LTD

RDATE:10292004

Witness Systems (NASDAQ: WITS), a global provider of performance optimisation software and services, has announced financial results for the quarter ended September 30, 2004. Under generally accepted accounting principles (GAAP), third quarter revenue was a record $35.3 million and net income was a record $2.9 million, or $0.11 per share, up from $0.06 per share in the second quarter and a loss of ($0.11) per share in the third quarter of last year. Excluding hardware, third quarter revenue was $34.0 million, compared to $26.9 million in the third quarter of 2003, an increase of 26 per cent. Licence revenue was $12.7 million in the third quarter, an increase of 27 per cent over the same period one year ago. For the first nine months of 2004, total revenue was $102.6 million and GAAP net income was $4.9 million or $0.19 per share, compared to $74.5 million in total revenue and a loss of ($0.84) per share for the same period one year ago, which was impacted by the acquisition of Eyretel in...