IntraNet Solutions posts Q1 '99 financial results

IntraNet Solutions (Nasdaq: INRS) reports Q1 '99 revenue of $4.2 million, down from $4.5 million in Q1 '98. A net loss of $1.0 million, including a $521,000 charge for discontinued operations, compares with a Q1 '98 net loss of $852,000. Profit margins increased from 25% in Q1 '98 to 33% in Q1 '99. During the quarter IntraNet Solutions sold the last of its discontinued on-demand printing distribution groups, and unveiled a new outsourcing service ­ Intradoc.net ­ for organizations who want to publish and manage documents on the Web using an Intranet Solutions-hosted Web site. New customers signed during the quarter include Ricoh Canada, Viewsonic and TRW's Automotive Division. "Going into the second quarter we have a stronger balance sheet, we've reduced our debt, and our margins are securely anchored by our proprietary software revenues," according to president and CEO Bob Olsen. "We believe that the elimination of our discontinued operations, and continued focus on increasing product sales, will allow us to build upon our previous results."