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Prophet 21 announces strong Q1 results

Prophet 21 reports financial growth for the fiscal year

Prophet 21, Inc., Yardley, PA, reported an increase in revenues of $2.7 million for the fiscal year ended Jun. 30, 2002 and an increase in net income of $4.7 million over the prior fiscal year.

Revenues for the fiscal year ended Jun. 30, 2002 were $43.5 million, as compared to $40.8 million for the prior fiscal year. Net income for the fiscal year ended Jun. 30, 2002 was $2.6 million as compared to a loss of $2.2 million for the prior fiscal year.

Revenues for the fourth quarter of fiscal 2002 were $11.8 million, compared to $10.8 million reported during the same quarter in fiscal 2001. Net income for the quarter was $1.1 million as compared to a loss of $0.5 million during the same period a year ago.

"Prophet 21's strong performance in an economy that has challenged many business technology providers is the result of our focus on creating leading products and service offerings that drive bottom line benefit to our customers," said Chuck Boyle, Prophet 21 president and CEO. "In the past 12 months, we have increased revenue, dramatically improved our profitability, and grown our cash position. Financially, Prophet 21 is seeing the results of prior period investments in the development of our Windows-based enterprise software solution, CommerceCenter, and our Internet trading network, Trading Partner Connect," Boyle added.

"Our investments in our offerings are complemented by improvements in sales and marketing, Web-based support, increased utilization of consulting resources, and a more efficient operating structure," continued Boyle, who went on to highlight the Company's strong balance sheet, which reflects cash and marketable securities of approximately $24 million and no long-term debt.

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