Tyler Technologies Reports Improved First Quarter 2001 Operating Results |
DALLAS, May 9 -- Dallas-based Tyler Technologies, Inc. (NYSE: TYL) today reported improved operating results for the quarter ended March 31, 2001. Tyler's continuing operations provide 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 in the first quarter of 2001 were $27.3 million, reflecting internal growth of 25% from $21.8 million in the first quarter of 2000. Cash earnings from continuing operations, before amortization of all acquisition intangibles, were $733,000, or $0.02 per share, in the first quarter of 2001, compared to a cash loss of $696,000, or $0.02 per share, in the first quarter of 2000.
After amortization of all acquisition intangibles, the loss from continuing operations for the quarter ended March 31, 2001 was $514,000, or $0.01 per share, compared to a loss from continuing operations of $2.3 million, or $0.06 per share, for the quarter ended March 31, 2000.
EBITDA, or earnings from continuing operations before interest, income taxes, and all depreciation and amortization was $1.8 million, or $0.04 per share, in the first quarter of 2001, compared to breakeven EBITDA in the first quarter of 2000.
"Our results for the first quarter of 2001 showed significant improvement and were in line with our expectations," said John M. Yeaman, Tyler's President. "The breadth of our offerings of products and services and the size of our installed customer base enabled us to generate internal growth of 25% over last year's first quarter. In addition, we eliminated nearly all of our senior debt following the sale of our property records business late last year, and reductions in both interest and selling, general and administrative expenses contributed to the improvement in our bottom line results."
Mr. Yeaman added, "Tyler is continuing to invest in product development centered around browser-based, n-tier architecture technologies. Our capital spending for software development was $1.7 million in the quarter ended March 31, 2001. We are making great strides in the development of a new generation of products and look forward to releasing the first of our new applications later this year.
"Prospects for continued improvement in our business during the balance of 2001 are very good," continued Mr. Yeaman. "Our backlog at March 31, 2001 was very healthy at nearly $95 million, 60% higher than our March 31, 2000 backlog of $59 million. We expect each of the next three quarters in 2001 to show sequential improvement, with strong top-line growth and increasing profitability."
Tyler Technologies has scheduled a conference call for Thursday, May 10, at 9:00 a.m. Central Daylight Time, to discuss the Company's first quarter 2001 operating results. The conference call can be accessed on the Company's homepage at http://www.tylertechnologies.com or by visiting http://www.streetevents.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 e-government 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 http://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.
SOURCE: Tyler Technologies, Inc.
CONTACT: Brian K. Miller, Vice President - Finance of Tyler Technologies, Inc., +1-214-547-4000, or bmiller@tylertechnologies.com
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May 09, 2001 |
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