TMSSequoia posts 10% increase in Q4 ‘97 revenues

TMSSeqoia (Stillwater, OK, http://www.tmsinc.com

) has posted Q4 '97 financial results. Revenue of $1,542,367 are up 10% from Q4 '96. Net income of $16,000 compares with a net income of $29,000 in Q4 '96. For the fiscal year, TMSSequoia posted revenue of $5,665,185 and a net income of $43,541, compared with YE '96 revenue and net income of $5,612,576 and $383,153, respectively. Licensing and royalties revenue for 1997 was $3,553,516, a decrease of 2.1% over the $3,630,970 reported for YE '1996. TMSSequoia currently has over $1.5 million in backlog lined up to provide document conversion services and custom software development projects. "1997 got off to a weak start with a poor first quarter," said chairman and CEO Maxwell Steinhardt, but thanks to a late recovery "we are optimistic about fiscal 1998."