FileNet posts gains in revenue, income

FileNet (Nasdaq: FILE) reports Q2 '98 revenue of $80.4 million, up 29% from Q2 '97 and up 9% from Q1 '98. Net income of $4.6 million compares with Q1 '98 income of $2.5 million and Q1 '97 loss of $4.3 million after restructuring charges. For the first six months of the year, revenue is up 40% from the first six months of 1997; a $7.2 million income compares with a $9 million loss over the same period. During the quarter, FileNet shipped Version 2.0 of its Panagon IDM suite, as well as its Visual WorkFlo Version 3.0, Panagon Capture, and Panagon Report Manager. Panagon IDM also received DoD compliance for records management applications, and was purchased by 170 new customers in Q2 '98. FileNet has grown its installed base by 58% over the past six quarters.