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Datastream Systems, Inc. Greenville, SC, reported total revenues for the second quarter of 2002 were $22.8 million, representing a slight decrease from second quarter 2001 total revenues of $23.0 million.
Sequentially, second quarter 2002 total revenues increased 5.6% from first quarter 2002 revenues of $21.6 million. Total software license revenues were $6.8 million for the second quarter of 2002, representing a 4.6% increase from second quarter 2001 total software license revenues of $6.5 million and a 17% increase from first quarter 2002 total software license revenues of $5.8 million.
Net income for the second quarter 2002 was $372,290, an improvement over the second quarter 2001 net loss of $1.7 million, and an increase from the net loss of $29,295 in the first quarter of 2002. Pro forma loss, which excludes the effects of amortization of goodwill and severance costs, was $475,562, or $(0.02) in the second quarter of 2001. No such costs were incurred for the second quarter of 2002.
Larry Blackwell, Datastream's CEO commented, "We are pleased with the solid execution and steady progress of our efforts in the second quarter. We are particularly encouraged by the significant improvements in profitability and cash which were driven primarily by a very strong market response to our flagship product, Datastream 7i."
The company's cash and cash equivalents totaled $31.0 million at June 30, 2002, an increase of 17% from $26.5 million at March 31, 2002 and a 65% increase from $18.8 million at June 30, 2001. Days Sales Outstanding, or DSOs, were at 73 days for the second quarter 2002, an increase of two days over the same quarter in 2001 and an improvement of two days over the first quarter 2002. For the second quarter 2002, net cash provided by operating activities was approximately $4.4 million, representing the seventh consecutive quarter of positive operating cash flow.
Datastream 7i license sales grew to $3.8 million in the second quarter 2002, representing a 62% increase in license revenue for this product class from the same quarter 2001 and a 39% increase from the first quarter 2002. For the second quarter 2002, Datastream 7i license revenue represented 56% of the company's license revenue mix, up from 35% of the license revenue mix from this product class for the same quarter of 2001. Datastream 7i total revenue grew to $10.4 million for the second quarter 2002, representing a 41% increase in total revenue from this product class from the same quarter of 2001 and a 6% increase from the first quarter 2002. For the second quarter 2002, Datastream 7i total revenue represented 46% of the company's total revenue mix, up from 32% of the total revenue mix from this product class for the same quarter of 2001.