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News >> Technology >>
Selectica posts $6.6M Q4 revenues
By siliconindia
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Friday, 02 May 2003, 19:30 IST
SAN JOSE: Selectica Inc. (Nasdaq:SLTC), a provider of Interactive Selling Systems (ISS) for e-Business fourth quarter revenues of $6.6 million. Selectica attributed the sequential decline to the non completion of deliverables on a large customer project by the end of the quarter.
The loss for the fourth quarter was $6.4 million or $0.21 per share compared to a loss of $6.8 million or $.20 per share for the fourth quarter of the prior fiscal year. For the fiscal year ending March 31, 2003, revenues decreased approximately 25% to $35.6 million from $47.2 million compared to the prior fiscal year. The net loss for fiscal 2003 was $29.7 million or $.92 per share compared to a net loss of $26.4 million or $.75 per share for the prior fiscal year. The company was cash flow positive in the fourth quarter due to one significant customer payment with cash and investments totaling approximately $122 million at quarter-end.
Sanjay Mittal, Chairman and CEO of Selectica said, "We are obviously disappointed by our results for the fourth quarter which were negatively impacted by the failure to complete all deliverables on one large contract, though we subsequently met the requirements. Overall the project is in good shape and the revenue will be recognized in future quarters." Our most significant problem continues to be the economy and the worst market for enterprise software in memory. Looking to the future, we have excellent products, great customers like Cisco, Dell, GEMS and IBM and a strong balance sheet."
Dr. Mittal also commented on the recent appointment of Pat McCarthy to head the company's worldwide sales organization: "We are very excited to welcome a sales executive of the caliber of Pat McCarthy to Selectica. He has great industry experience and a proven track record of building excellent sales teams and bringing in deals."
"I am joining Selectica at an extraordinary moment in the company's history, there is no company better positioned or qualified to lead the industry," said McCarthy.