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ServiceWare Technologies Announces Third Quarter ResultsEDISON, N.J.--(BUSINESS WIRE)--Nov. 13, 2002--(Nasdaq:SVCW - News) Revenues Level With 2001 While Expenses Significantly Reduced and $2.5 Million Credit Facility Recently Secured ServiceWare Technologies, Inc. (Nasdaq:SVCW - News), a leading provider of enterprise knowledge management solutions, today announced financial results for the third quarter ending September 30, 2002. The Company reported third quarter revenues level with the third quarter of 2001 totaling $2.2 million. The net loss for the third quarter of 2002 was reduced to $2.2 million, or $0.09 per share, compared with a net loss of $6.9 million, or $0.29 per share for the third quarter of 2001. "Operating with a dramatically reduced expense base, we maintained revenue equal to the third quarter of 2001, enhanced our product offering with the release of eService Suite 4.5, accelerated our product development with the acquisition of InfoImage's Portal Technology, and demonstrated our confidence in our product by investing in sales and marketing. In the quarter we doubled our quota-carrying sales headcount and bolstered our inside sales and lead generating operations," stated Kent Heyman, CEO of ServiceWare. Highlights Released new product version, eService Suite 4.5 Completed asset acquisition of InfoImage's portal technology Added 4 new customers, Green Mountain Energy, Scientific Atlanta, C3i and Saudi Aramco Attained 11 follow-on sales from existing customers, including Reuters, EDS, McKesson HBOC, Made2Manage, NCS Pearson, CNH, and Connect Austria Reduced operating expenses to $2.9 million in Q3'02 from $8.6 million in Q3'01 Reduced YTD operating expenses as of Q3'02 to $8.1 million from $29.2 million as of Q3'01 Reduced YTD net loss from continuing operations as of Q3'02 to $4.6 million from $30.5 million as of Q3'01 Doubled quota-carrying sales representatives Recently secured $2.5 million credit facility with Comerica Bank 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 calling 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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