Platinum Software Posts Increased Revenue, Earnings

ERP application provider Platinum Software (Irvine, CA) reports Q2 '98 revenue of $21.7 million, a 52% increase over Q2 '97. A net income of $2 million compares with a Q2 '97 net loss of $0.6 million. License fees accounted for 54% of total revenue; consulting and professional services accounted for 26% of total revenue. An $800,000 transaction cost related to the acquisition of

FocusSoft (Louisville, KY) negatively impacted Q2 '98 results. "FocusSoft was a keystone acquisition for Platinum Software," said president and CEO George Klaus, as it combined FocusSoft's manufacturing and distribution applications with Platinum's SQL accounting application. FocusSoft is now Platinum's Manufacturing Software division. Klaus attributes "record setting performance of our core financial applications, along with our re-positioning" as the key factors to achieving record revenue and profit.