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News >> Technology >>
Selectica narrows Q2 net loss to $3.2 M
By siliconindia staff writer
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Thursday, 06 November 2003, 20:30 IST
SAN JOSE: Selectica, Inc., a leading provider of Interactive Selling Systems (ISS) for e-Business, has announced results for the second quarter ending September 30, 2003.
Revenue was $9.9 million in the second quarter of fiscal 2004, compared with $9.4 million for the same period in the previous year. Net loss for the quarter was $3.2 million, or ($0.10) per share, compared with $5.2 million, or ($0.16) per share, in the second quarter of fiscal 2003.
As indicated previously, Selectica is in the process of negotiating the transfer of its software products intended for use in the health insurance market. The Company did not complete the transaction during the second quarter as was indicated as a possibility. The Company anticipates that this transaction will be completed during the current quarter, which, per Generally Accepted Accounting Principles, would accelerate the recognition of revenue for an existing contract.
Stephen Bennion, CFO and Interim CEO of Selectica, said, "We continue to make good progress on the strategic initiatives that will lead to future growth: the development of our sales force; proceeding with successful deployments for influential customers such as GE Medical Systems and IBM; raising market awareness for the value of our technology; and evaluating options to address opportunities within the sizable market for small- and medium-sized businesses. We continue to engage more prospects in the sales process, and we are encouraged by the number of potential deals moving to more advanced stages of the sales cycle. However, the sales cycle continues to be lengthy, which is having a negative impact on our near-term bookings."