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ServiceWare Technologies Announces Second Quarter ResultsImproves Cash Position and Achieves EBITDA Positive ResultsPRINCETON, N.J.--(BUSINESS WIRE)--Aug. 7, 2002--ServiceWare Technologies, Inc. (Nasdaq:SVCW - News), a leading provider of enterprise knowledge management solutions, today announced financial results for the second quarter 2002.The Company reported $2.9 million in revenues for the second quarter of 2002, compared to $2.6 million for the first quarter of 2002. The net loss for the second quarter of 2002 was $842,000, or $0.04 per share, compared with a net loss of $1.5 million, or $0.06 per share for the first quarter of 2002. "Overall, I am pleased with our second quarter results. We achieved revenue growth over Q1, we met our EPS goals, and we are once again EBITDA positive," stated Kent Heyman, CEO of ServiceWare. "During the second quarter, we completed the $3.25 million dollar financing that we previously announced. With this capital, we now believe we have the necessary resources in place to fund the expansion of the business for the next year." Second Quarter Highlights Revenue growth of 15% over first quarter 2002 Reduced operating expenses to $2.5 million in Q2'02 from $9.2 million in Q2'01 Achieved positive EBITDA of $67,000 Completed $3.25 Million dollar financing as previously announced Appointed David Wainwright, Vice President of North American Sales Added 2 new Fortune 500 customers Attained 18 follow-on sales from existing customers About ServiceWare Technologies ServiceWare is a leading provider of Web-based knowledge management solutions for customer service and support. ServiceWare's eService Suite(TM) software empowers organizations to deliver superior service while reducing support costs. Powered by MindSync(TM), a patented self-learning search technology, eService Suite enables businesses to develop and manage a repository of knowledge to effectively answer inquiries over the Web and in the call center. More than 200 leading organizations have implemented ServiceWare software including H&R Block, AT&T Wireless, Cingular Wireless, Northeast Utilities, Reuters, Stream International, and QUALCOMM. Learn more today by visiting www.serviceware.com or call 1.800.572.5748. eService Suite and MindSync are trademarks of ServiceWare Technologies, Inc. All other trademarks are properties of their respective owners. Statements in this press release that are not historical facts, including those statements that refer to ServiceWare's fully funded expansion plan for the next year, plans, prospects, expectations, strategies, intentions, hopes and beliefs, are forward-looking statements. These forward-looking statements are based on information available to ServiceWare today, and ServiceWare assumes no obligation to update these statements as circumstances change. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, without limitation, risks related to ServiceWare's eService software strategy, fluctuations in customer demand, use of the Web as a delivery vehicle for customer support solutions, risks resulting from new product introductions and customer acceptance of new products, rapid technological change, risks associated with competition, continued growth in the use of the Internet, ServiceWare's ability to retain and increase revenue from existing customers and to execute agreements with new customers, and ServiceWare's ability to attract and retain qualified personnel. Risk factors are described in more detail in ServiceWare's filings with the Securities and Exchange Commission. Editorial Contact: Jessica Jordan ServiceWare Technologies (412) 826 –1014 x 1413 jjordan@serviceware.com top of page |
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