Logility Reports Fourth Quarter and Fiscal Year 2002 Results
Results Deliver 48% Increase of Sequential License Fees and Fifth Consecutive Quarter of Profitability
ATLANTA (June 03, 2002) – Logility, Inc. (Nasdaq: LGTY), a leading supplier of business-to-business collaborative commerce solutions to optimize the supply chain, today announced financial results for the fourth quarter and twelve months ended April 30, 2002, with license fee revenues for the fourth quarter of $2.5 million, a 48% increase from the previous quarter ended January 31, 2002.
For the fourth quarter, the Company reported net income of approximately $541,000 or earnings per diluted share of $0.04 compared to net income of approximately $467,000 or earnings per diluted share of $0.04 for the same period in the prior year. The fourth quarter total revenues of $7.1 million were a 13% decrease over the same period last year. This consisted of software license fees of $2.5 million, a 2% decrease from the same period in the prior year; services and other revenues of $1.8 million, a 39% decrease from the same period a year ago; and maintenance revenues of $2.9 million, a 7% improvement over the same period last year.
Total revenues for the twelve months ended April 30, 2002, were $29.4 million, a 4% increase from the comparable period last year. Software license fees for the twelve months ended April 30, 2002 were $8.4 million, a 2% decrease from the comparable period last year. Services and other revenues were $9.7 million, up 6% from the same period last year. Maintenance revenues were $11.3 million, an 8% improvement over the same period last year. For the twelve months ended April 30, 2002, the Company reported net income of $2.1 million or earnings per diluted share of $0.16 compared to a net loss of $5.7 million or a loss per share of $0.43 for the same period in the prior year. The prior year period included a restructuring charge of $476,000 or $0.04 per share.
“We are pleased with our revenue growth, solid operating performance and continued profitability during fiscal year 2002,” said J. Michael Edenfield, Logility President and Chief Executive Officer. “Despite a global business environment that remains challenging, we are confident that Logility is well positioned for the future. Logility’s industry-leading collaborative supply chain management solutions, deep domain expertise, strong customer base, and ability to deliver rapid results for our customers combined with our continued financial strength provide a solid platform upon which to continue Logility’s success.”
The overall financial condition of the Company remains strong with cash and investments of approximately $23.1 million and no debt. The Company’s cash and investment position increased sequentially this quarter by approximately $1.3 million, as compared to its quarter ended January 31, 2001 and increased $2.4 million from the end of fiscal year 2001. The Company’s shareholder equity increased approximately $2.0 million during fiscal year 2002 to $28.9 million. During the fourth quarter, the Company purchased approximately 15,000 shares on the open market under the authorized stock buyback program.
Highlights for the fourth quarter of fiscal year 2002 include:
* Notable new and existing customers placing orders with Logility in the
fourth quarter include Dow Chemical, Inc, Huhtamaki (UK) Limited,
L’Oreal Consumer Products Division of L’Oreal USA Sales, Inc., Mills
Pride, Pfizer, Inc., Pharmacia Corporation, Tiffany & Co., and W. M.
Barr & Company, Inc.
* Logility gained increasing momentum for collaborative commerce with the
addition of four customers — Huhtamaki, L’Oreal, Mills Pride and
Pfizer — leveraging collaborative planning for comprehensive sales and
operations planning and greater visibility of market demand with key
trading partners.
* Logility announced that Parisian, a department store chain owned and
operated by Saks Incorporated, improved in-stock levels for basic
replenishment merchandise by incorporating Logility Voyager
Solutions(TM) as an integral part of their comprehensive inventory
management strategy. Parisian has been very pleased with their
improvements in service levels for basic replenishment items. During
the fall 2001 season Parisian experienced a 9% improvement in the
weekly average number of in-stock replenishment items while exceeding
inventory turnover objectives for this merchandise.
* Hosted the Logility Connections 2002 Focus on Supply Chain Value
Webcast Series. For eight consecutive weeks, the Connections 2002
interactive Webcast Series explored business issues and technology
solutions that drive measurable results. Logility’s webcast series
offered insights into the latest developments in supply chain
optimization and B2B collaborative commerce through the expertise and
insight of successful customers including: BeMusic, Continental Tires
North America, Dal-Tile Corporation, Heineken USA, Porsche Cars North
America, Potlatch Corporation, Sara Lee Hanes Printables, The Coca-Cola
Company, and The HoneyBaked Ham Company. To listen to a replay of
these webcasts go to www.logility.com/news/conn2002.html.
* To accelerate the adoption of Collaborative Planning, Forecasting and
Replenishment (CPFR(R)), Logility and the Drummond Group Inc., a
worldwide leader in interoperability testing for eBusiness software,
announced the first round of CPFR interoperability testing, sponsored
by the Uniform Code Council (www.uc-council.org ). The
interoperability test will use the EAN.UCC CPFR XML standard schemas
and will offer users a set of commercially available interoperable
products, which support a collaborative process for trading partners
across supply chains.
Source: Logility
