Cognos Reports Q3 '97 Financial Results

Cognos (Ottawa, Ontario, Nasdaq: COGNF

) announces Q3 '97 results. Revenue of $62.0 million represents a 21% increase from Q3 '96. A net income of $800,000 compares with a $10.8 million net income in Q3 '96. Excluding a $13 million charge associated with the acquisition of Interweave Software (Santa Clara, CA) and a reduction in income tax expense, the net income for the quarter would have been $11.7 million, an 8% increase. "The revenue growth met our expectations and our operating performance also remained right on track," said Cognos president and CEO Ron Zambonini. Product revenue jumped 35% from Q3 '96, to $45 million. During the quarter Cognos signed contracts with Chrysler, Browning-Ferris, Caterpillar, Avon, and AT&T.