MKS Announces Third Quarter Results for Fiscal 2003
Waterloo ON - February 26, 2003: MKS Inc. (MKS) (TSX:MKX) today announced its financial results for the third quarter of fiscal 2003.
Company Returns to Profitability with Strong Revenue Growth
Waterloo ON - February 26, 2003: MKS Inc. (MKS) (TSX:MKX) today announced its financial results for the third quarter of fiscal 2003. 1
Total revenue for the quarter ended January 31, 2003 was $8.5 million, an increase of $1.4 million or 20 percent from $7.1 million in the quarter ended January 31, 2002 and a 13 percent increase from $7.5 million in the second quarter of fiscal 2003. The Company's earnings were $0.4 million, or $0.01 per share, for the third quarter of fiscal 2003, compared to earnings of $(0.8) million, or $(0.02) per share, in the third quarter of fiscal 2002 and earnings of ($0.2) million, or $(0.01) per share for the second quarter of fiscal 2003.
The Company demonstrated continued growth in its software configuration management (SCM) business segment during the quarter. Third quarter SCM revenues increased to $5.8 million, representing 41 percent growth over SCM revenues of $4.1 million in the third quarter of fiscal 2002 and a 14 percent increase over SCM revenues of $5.1 million in the second quarter of fiscal 2003.
"Our profitability in the third quarter marks a major milestone in our growth," said Philip C. Deck, chairman and chief executive officer of MKS. "The Company's performance continues to be led by strong new licensing of our enterprise SCM products into our existing customer base and within Global 1000 organizations new to MKS technology."
The Company's cash position improved from $4.2 million to $6.2 million during the quarter. MKS re-affirmed its previous revenue guidance for fiscal 2003 revenues of $31-33 million.
Significant Customer Agreements
During the third quarter of fiscal 2003 MKS signed significant agreements with global enterprise customers including BARCO; Biotronik; HSBC; Intel; Merrill Lynch; NCR; Nortel; Pharmacia; Philadelphia Gas Works; Sempra Energy; Start Amadeus; Union Pacific Railroad and Vision Solutions.
Conference Call Details
Interested parties may access the call by dialing (416) 695-9702 or (888) 280-8771. An operator assisted playback of the call will be available for one (1) week from February 26, 2003 to March 5, 2003 and may be accessed by dialing (416) 695-6010 or (877) 605-9299, pin code: 8621.
For details and numbers, click here.
MKS Inc. (MKS) (TSX:MKX) provides award-winning enterprise software configuration management (SCM) and interoperability software solutions enabling Global 1000 companies to better manage and control the complete process of software development. The Company's family of SCM products offers advanced technology with robust workflow, version control, and impact analysis capabilities. Under its widely known MKS Toolkit brand, MKS provides UNIX-Windows co-existence, and system administration that significantly cut development and administrative costs and reduce time to market while enabling enhanced performance. Founded in 1984 with over 10,000 customers worldwide, MKS has built its brand on the foundation of advanced technology, superior quality and extraordinary customer service. More information about MKS can be found at http://www.mks.com, or by calling 1-800-265-2797 (US & Canada), +49-711-351775-0 (Germany), and +44-1483-733900 (United Kingdom).
1 Reported in US dollars under US Generally Accepted Accounting Principles (US GAAP).
MKS, MKS Source Integrity, MKS Integrity Manager, MKS Integrity
Solution, MKS Federated Server and MKS Toolkit are trademarks or registered
trademarks of MKS Inc. All other trademarks mentioned in this release are the
property of their respective owners.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made including those factors detailed from time to time in filings made by the Company with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated or expected. The Company does not intend and does not assume any obligation to update these forward-looking statements.