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InfoVista Announces Q2 FY2003 Financial Results; Cost Control Measures Improve Bottom-Line; Two New Initiatives to Fuel Growth.

Article Excerpt
Business Editors

PARIS & NEW YORK--(BUSINESS WIRE)--Jan. 24, 2003

InfoVista (NASDAQ: IVTA - Nouveau Marche: 7667), a global provider of intelligent performance management software solutions, today announced financial results for the quarter ended December 31, 2002.

Total revenue for the quarter was sequentially unchanged at (EUR)6.6 million. Adjusted net loss stood at (EUR)1.8 million, or (EUR)0.10 per share. This is an improvement from the adjusted net loss of (EUR)2.5 million for the previous quarter.

"Despite a sequential increase in our European license revenues and strong growth in Asia, total revenues for the quarter fell below our expectations," commented Alain Tingaud, Chairman and CEO of InfoVista. "However, a number of initiatives we've undertaken as part of our Renaissance Plan have begun to pay off. At the same time, we have embarked upon two important strategic projects that will help us drive the future growth of the Company. They will help us foster and accelerate product development, which will in turn ensure quicker market penetration."

Financial Highlights

-- Total revenue of (EUR)6.6 million. -- Adjusted net loss of (EUR)1.8 million, with adjusted loss per share of (EUR)0.10. -- Net loss of (EUR)2.8 million, with net loss per share of (EUR)0.15. -- As of December 31, 2002, DSO stood at 90 days, down significantly from 105 days sequentially. -- Cash and marketable securities were (EUR)49.3 million, or (EUR)2.6 per outstanding share as of December 31, 2002. -- As of December 21, 2002, the Company's balance sheet is completely debt-free. -- As of December 31, 2002, a total of 18,826,466 InfoVista shares were outstanding. -- As of December 31, 2002, InfoVista had a total of 197 employees, compared to 206 employees as of September 30, 2002.

Strong Growth in Asia

InfoVista's total number of customers increased to 547. 88% of total revenues were from returning customers such as Telefonica, T-Data and France Telecom.

Continuing the trend from the first quarter, Asian revenues increased 24 % over the previous quarter, and 57 % over the same period last year. Americas and...