Tyler Technologies Reports Profit for Second Quarter 2001 |
DALLAS, Aug 9, 2001 -- Dallas-based Tyler Technologies, Inc. (NYSE: TYL) today reported a net profit for the quarter ended June 30, 2001, marking the second consecutive quarter of significantly improved results. 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 second quarter of 2001 rose to $31.0 million from $21.7 million in the second quarter of 2000. Pretax income from continuing operations was $745,000 for the three months ended June 30, 2001, compared with a pretax loss of $3.7 million in the prior year. Income from continuing operations for the quarter ended June 30, 2001 was $372,000, or $0.01 per diluted share, compared to a loss from continuing operations of $2.6 million, or $0.06 per share, for the quarter ended June 30, 2000.
EBITDA, or earnings from continuing operations before interest, income taxes, depreciation and amortization and recovery of acquisition costs previously expensed, was $3.3 million, or $0.07 per diluted share, in the second quarter of 2001, compared to near-breakeven EBITDA in the second quarter of 2000 and EBITDA of $1.8 million in the first quarter of 2001.
"We are extremely pleased to report a return to profitability with continued improved performance in the second quarter," said John M. Yeaman, Tyler's President. "Consolidated results exceeded our expectations and operating results from all of our business units met or exceeded plan. Our year-over-year internal growth of 43% was paced by particularly strong appraisal services revenues, but also included a healthy 21% increase in software license revenues. Reductions in selling, general and administrative expenses and interest expense also contributed to the continuation of the significant turnaround from results in 2000," added Mr. Yeaman.
For the six months ended June 30, 2001, revenues from continuing operations increased 34% to $58.2 million from $43.5 million in 2000. The loss from continuing operations before income taxes for the first half of 2001 was $112,000, compared with a pretax loss of $7.0 million in the first half of 2000. The loss from continuing operations for the six months ended June 30, 2001 was $142,000, or $0.00 per share, compared to a loss from continuing operations of $5.0 million, or $0.12 per share, for the six months ended June 30, 2000.
EBITDA for the six months ended June 30, 2001 was $5.1 million, or $0.11 per diluted share, compared to near-breakeven EBITDA for the same period of 2000.
"Our outlook for the balance of 2001 remains very positive," noted Mr. Yeaman. "We expect results in the second half of the year to improve from those for the first six months of the year, with continued strong year-over-year revenue growth in excess of 20%. Our backlog at June 30, 2001 was $86.5 million, up 34% from our backlog of $64.4 million at June 30, 2000. In addition, we are continuing to see a high level of proposal activity for new business in our markets."
Mr. Yeaman continued, "Our cash flow from continuing operations and strong balance sheet have enabled Tyler to continue to invest in the development of new products, including new applications utilizing browser-based, n-tier architecture technologies. We expect to release the first of these new applications later this year. Our capital spending this year for software development totaled $1.5 million and $3.2 million, respectively, in the three and six month periods ended June 30."
Tyler Technologies has scheduled a conference call for today at 10:30 a.m. Central Daylight Time, to discuss the Company's second quarter 2001 earnings. 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 |
Aug 09, 2001 |
|