TYLER TECHNOLOGIES REPORTS STRONG SECOND QUARTER 2002 EARNINGS
Net Income More Than Triples to $1.3 Million
|
Dallas, Texas, August 2, 2002 -- Dallas-based Tyler Technologies, Inc. (NYSE: TYL) today reported earnings for the quarter ended June 30, 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 June 30, 2002 increased 8% to $33.3 million from $31.0 million in the quarter ended June 30, 2001. For the second quarter of 2002, EBITDA, or earnings from continuing operations before interest, income taxes, depreciation, amortization and recovery of acquisition costs previously expensed, increased 28% to $4.2 million, or $0.08 per diluted share, from $3.3 million, or $0.07 per diluted share, for the second quarter of 2001.
Income from continuing operations before income taxes for the quarter ended June 30, 2002 increased to $2.1 million, compared to $745,000 in the same quarter of 2001. Net income for the second quarter of 2002 grew to $1.3 million, or $0.03 per share, from $371,000, or $0.01 per share, for the second quarter of 2001.
For the six months ended June 30, 2002, revenues from continuing operations increased 6% to $62.0 million from $58.2 million in 2001. Income from continuing operations before income taxes for the first half of 2002 was $3.0 million, compared to a pretax loss of $112,000 in the first half of 2001. Net income for the six months ended June 30, 2002 was $1.9 million, or $0.04 per share, compared to a net loss of $157,000, or $0.00 per share, for the six months ended June 30, 2001.
EBITDA for the six months ended June 30, 2002 was $7.2 million, or $0.14 per share, an increase of 41% compared to EBITDA of $5.1 million, or $0.11 per share, for the same period of 2001.
“The results in the second quarter of 2002 were solid and reflect continued progress toward the achievement of our objectives,” commented John M. Yeaman, Tyler’s President and Chief Executive Officer. “Each of our major revenue lines showed growth over the second quarter of last year, paced by increases in recurring maintenance revenues and software license revenues. The continued growth in software license revenues, and in particular those related to our proprietary software, is a key indicator of our competitive position in the marketplace and the long-term strength of our company. Total software license revenues in the second quarter increased 12% over the prior year, and revenues from our proprietary software products, as opposed to third-party software, were up 25% for the quarter and 36% for the first six months of the year.”
“The leverage in our operating results is evident in our increasing profitability,” continued Mr. Yeaman. “This quarter was the seventh consecutive quarter of year-over-year improvement in Tyler’s operating results. For the second quarter, our gross profit margin was two percentage points higher than last year at 35%, resulting in a 16% increase in gross profit. Our net income more than tripled compared to the same quarter of last year, and our earnings per share of $0.03 were in line with expectations. Tyler’s cash flow for the quarter was solid, with $4.7 million of cash generated from operations and a June 30, 2002 cash balance of $10.1 million.”
Mr. Yeaman added, “Our outlook for the second half of the year remains positive and we expect to see further improvement in our results. The pipeline of new business continues to be solid across our product lines. With continued enhancements to our core products, complemented by new products such as Odyssey, our next-generation court case management system, we feel very good about our competitive position in the local government technology market. Tyler is enjoying success with our strategies of geographic expansion into territories outside of our traditional areas of concentration, coupled with an increased presence with larger governments. We recently signed the first contract for Odyssey, an $11 million contract with the State of Minnesota, and our prospect list continues to grow.”
“We expect to continue to show significant year-over-year improvement in operating results in the last two quarters of 2002,” noted Mr. Yeaman. “Our earnings guidance remains unchanged, with expected earnings per share from continuing operations for the year 2002 of $0.12 to $0.13 and expected EBITDA of $17- $19 million. Our outlook is for year-over-year revenue growth in the second half of 2002 in the 20% range, which is consistent with our longer-term growth target. Tyler’s expected revenue growth for the full year 2002 is approximately 14%, or 16% excluding hardware revenues.”
Tyler Technologies has scheduled a conference call for today at 10:30 a.m. Central Time, to discuss the Company’s second 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 and services for local governments. Tyler partners with clients to make local government more accessible to the public, more responsive to needs of citizens, and more efficient in its operations. 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.
|
Aug 02, 2002 |
|