FileNet posts preliminary Q3 '97 financial results

FileNet (Nasdaq: FILE) (Costa Mesa, CA, http://www.filenet.com) has announced preliminary Q3 '97 financial results. Revenue of approximately $65 million compares with $64.6 million in revenue for Q2 '97 and $64.6 million in Q3 '96. Net income of approximately $1.8 million compares with $0.5 million in Q2 '97 and $3.4 million in Q3 '96. "We continue to be well-positioned from a product and sales resource standpoint to benefit from the forecasted growth in the marketplace," said CEO Ted Smith. Though FileNet "has yet to return to normal levels of performance," Brean Murray (http://www.bmur.com), a New York City-based investment bank, has raised projections for FileNet's 1998 revenue from $279.1 million to $282.1 million. FileNet will post final results on October 24.