Treev achieves profitability in Q3 '98

Treev (Nasdaq: TREV) announces Q3 '98 financial results. Revenue of $5.1 million is up 25% over Q3 '97 revenue. A net loss of $320,000 compares with a Q3 '97 net loss of $2.4 million. An operating income of $17,000 marks the company's return to profitability. Gross profit margin increased from 43% in Q3 '97 to 58%. During the quarter Treev released version 1.0 of its Treev document management software, named Tom Wilson as president and COO, and signed contracts with Nabisco, Provident Savings Bank (Riverside, CA), People's Bank & Trust (Tupelo, MS) and GrandSouth Bank (Simpsonville, SC). "We have hit all the milestones on our agenda this year, and we have high expectations for the fourth quarter,including generating the first profitable quarter in company history," said Treev chairman and CEO Jim Leto.