TYLER TECHNOLOGIES REPORTS FIRST QUARTER 2002 EARNINGS
EBITDA Increases 63% Over First Quarter 2001
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Dallas, Texas, May 8, 2002 -- Dallas-based Tyler Technologies, Inc. (NYSE: TYL) today reported earnings for the quarter ended March 31, 2002. Tyler provides a broad array of software products and related professional services to meet the information management needs of counties, cities, schools and other local government offices nationwide.
Revenues from continuing operations for the quarter ended March 31, 2002 increased 5% to $28.7 million from $27.3 million in the quarter ended March 31, 2001. For the first quarter of 2002, EBITDA, or earnings from continuing operations before interest, income taxes, depreciation and amortization, increased 63% to $3.0 million, or $0.06 per diluted share, from $1.8 million, or $0.04 per diluted share, for the first quarter of 2001.
Income from continuing operations before income taxes for the quarter ended March 31, 2002 was $917,000, compared with a pretax loss of $857,000 in the same quarter of 2001. Net income for the first quarter of 2002 was $562,000, or $0.01 per share, compared to a net loss of $528,000, or $0.01 per share, for the first quarter of 2001.
“We are pleased to report year-over-year improvement in operating results for the sixth consecutive quarter,” said John M. Yeaman, Tyler’s President and Chief Executive Officer. “The first quarter is historically the least robust period of the year in terms of revenues and profitability for our business, but earnings were in line with expectations and showed significant gains over last year.
“While each of our three major revenue categories – software licenses, professional services and maintenance – grew over the first quarter of 2001, we are particularly pleased with the strength in our software license revenues, which increased 43% to $5.2 million in the first quarter of 2002 from $3.6 million in the first quarter of 2001. As a result, our gross margin increased to 34% from 32% in the same quarter of last year. Our cash flow from operations continues to be solid. We generated $2.2 million of cash from operations during the quarter and increased our cash balances to $7.2 million at March 31, 2002.
“We are looking forward to continued improvement in our results as we move forward through 2002. We are seeing a robust pipeline of new business and we anticipate positive year-over-year earnings comparisons throughout the year, with the second half of the year significantly stronger than the first half. For the year ending December 31, 2002 as a whole, we are targeting revenue growth over 2001 in the 20% range, although that rate may vary somewhat as we continue to change the mix of revenues to increase margins. We continue to expect to have EBITDA of $17- $19 million for 2002, and earnings per share from continuing operations for the year are expected to increase to $0.12-$0.13,” added Mr. Yeaman.
Tyler Technologies has scheduled a conference call for today at 10:30 a.m. Central Time, to discuss the Company’s first quarter 2002 earnings. The conference call can be accessed by visiting the Company’s homepage at http://www.tylertechnologies.com or at http://www.companyboardroom.com. A replay will be available on each of those Web sites following the conference call.
Based in Dallas, Tyler Technologies is a leading provider of end-to-end information management solutions services to local governments. Tyler partners with clients to make local government more accessible to the public, more responsive to needs of citizens, and more efficient. Tyler's client base includes nearly 6,000 local government offices in 49 states, Canada and Puerto Rico. More information about Tyler Technologies can be found on the World Wide Web at www.tylertechnologies.com.
Tyler Technologies, Inc. has included in this press release "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning its business and operations. Tyler Technologies expressly disclaims any obligation to release publicly any updates or revisions to these forward-looking statements to reflect any change in its expectations. These expectations and the related statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to, changes in competition, changes in general economic conditions, changes in the budgets and regulatory environments of the Company's customers, risks associated with the development of new products and the enhancement of existing products, the ability to attract and retain qualified personnel, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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May 08, 2002 |
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