TMSSequoia posts big profit gains in 1998

TMSSequoia (Nasdaq: TMSS) reports YE '98 revenue of $7,354,679, compared to 1997 revenue of $5,665,185. Net income of $488,983 represents a 1,023% increase over 1997 income. Services revenue was up 42% over 1997 to $3.0 million. Internet/intranet product revenue increased from $0.6 million to $1.1 million, an 88% gain; Internet/intranet-related product revenue accounted for 26% of all licensing and royalty revenue compared to 17% in 1997. Operating cash flow doubled to $1 million. TMSSequoia plans to release three products in the next quarter (Prizm Image Server, a JAVA intranet product; Scan 'n' Store; and ScanFix TWAIN), and plans to release other products next year addressing the forms processing and Internet/intranet markets.