FileNet Sees Sharp Increase in Q4 Earnings
FileNet (Costa Mesa, CA, Nasdaq: FILE) announces Q4 '97 financial results. Revenue of $76.4 million compares with $65 million in Q3 '96 and $72.6 million in Q4 '96. Net income of $5.9 million represents an increase of 227% from Q3 '97, and an 84% jump from Q4 '96. For the year, FileNet reports revenue of $251.4 million and a net loss of $5.5 million, compared with 1996 figures of $268.9 million and a net loss of $2.6 million. Nine deals each worth more than $1 million were signed during the quarter. "Our overall results for the fourth quarter were a result of record performance in our domestic operation combined with a solid performance internationally," according to chairman and CEO Ted Smith. During the quarter FileNet received a Mindshare Award from Delphi Group (Boston) for its presence in the workflow market, and unveiled the Panagon document management, imaging and workflow product suite.