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Prophet 21, Inc., Yardley, PA, reported a 40 percent increase in net income in its second quarter of fiscal 2002 over the same period in the prior year. Revenues for the second quarter of fiscal 2002 were $10.5 million, compared to $11.1 million reported during the same quarter in fiscal 2001. Net income for the quarter was $405,000 as compared to $289,000 during the same period a year ago.
Revenues for the six months ended December 31, 2001 reached $21.1 million, as compared to $19.3 million for the same period a year ago. Net income for the six months ended December 31, 2001 was $643,000 as compared to a loss of $1.2 million for the same period a year ago.
"Prophet 21's strong performance in the second quarter is attributed to our focus on earnings growth, cash generation, and the continuing market demand for the company's leading enterprise software offerings, Internet trading network, and supporting professional services," stated Chuck Boyle, president and CEO. "Our competitive position continues to strengthen as Prophet 21's CommerceCenter enterprise software drives revenue and Trading Partner Connect, an industry leading Internet trading network, increases membership," Boyle added.
"Key initiatives such as sales/marketing execution, Web-based support, full utilization of consulting resources, control of operating expenses, and investments in product development all have contributed to improved results," continued Boyle. "In this quarter, we launched an updated version of Trading Partner Connect and began beta testing enhanced versions of CommerceCenter and Acclaim," he added.
Boyle went on to highlight the company's strong balance sheet with cash and marketable securities growing to $17 million and no long-term debt.