Optika Reports Record Results
As it prepares for its annual user summit, Optika (Colorado Springs, CO, Nasdaq: OPTK) reports Q4 '97 financial results. Revenue of $6,165,000 compares with Q4 '96 revenue of $5,431,000. A net loss of $289,000, including a one-time charge of $1.2 million, compares with a Q4 '96 net income of $1,627,000, which includes a one-time tax benefit. The $1.2 million charge, including $315,000 charged to sales and marketing expense, stems from the discontinuation of the company's vertical healthcare applications resolved through an October agreement with LanVision (Cincinnati) and the closing of Optika's Boston development facility. For the year, Optika reports revenue of $21,663,000, a 30% increase from YE '96. YE '97 net income of $165,000 compares with YE '96 net income of $1,907,000. Optika added 73 customers during the quarter, according to chairman, president and CEO Mark Ruport, bringing the yearly total of new customers to 315. More than fifty percent of 1997 revenues came from existing customers. These results put Optika ahead of the imaging and COLD pack, according to International Data Corporation (IDC, Framingham, MA) analyst Amie White. "Optika's 30% revenue growth in 1997 exceeded the projected growth of the imaging, COLD and workflow industry as a whole," she said. "This revenue growth, in combination with the strategic alliances and partnerships Optika formed in 1997, positions Optika well for 1998." During the quarter Optika announced its support for Microsoft's (Redmond, WA) SQL server, and appointed Jeanne Logozzo as VP of Marketing.