Workgroup Technology posts Q2 '99 financials

Workgroup Technology Corporation (WTC, Nasdaq: WKGP) reports Q2 '99 revenue of just over $2.0 million, up 7% from Q2 '98. A net loss of $2.2 million compares with a Q2 '98 net loss of $1.7 million. Contributing to the net loss was a 28% jump in R&D and a 26% increase in sales and marketing expenses.

WTC plans to enter the knowledge managment market for production environments with the Q1 '99 release of WTC OpCenter, a knowledge-based program management (KPM) software product. "We are enthusiastic about our growth prospects in the KPM market not only because we are the first entrant into that market, but also because there is a real market need to improve product development program visibility in real time and capture best practices," said WTC president and CEO John McDonough.

During the quarter WTC received awards as the seventh fastest growing software company and the 25th fastest growing technology company in New England by Deloitte & Touche LLP and Hale & Dorr LLP. WTC also released an NT version of its CMS product data management software, and signed a reseller agreement with Germany-based Siemens Industrial Products and Technical Services Group