Keynote posts narrower loss

By siliconindia   |   Thursday, 24 July 2003, 07:00 Hrs
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SAN MATEO, CA: Keynote Systems Inc. (Nasdaq:KEYN), a provider of Web performance management services, on Tuesday posted a narrower third quarter loss.

The company's revenue for the third quarter of fiscal year 2003 was $9.4 million, which represented a 1% decrease from the preceding quarter and was flat compared to the corresponding quarter in fiscal year 2002.

The net loss was $1.3 million, or 6 cents per share, compared with a net loss of $2.1 million, or 9 cents per share, for the preceding quarter, and a net loss of $2.5 million, or 9 cents per share, for the corresponding quarter a year ago.

“Our focus on strict expense controls is reflected in our sixth consecutive quarter of positive cash flow from operations and the $1.5 million of free cash flow that we generated this quarter. In this last quarter alone, we reduced the net loss by 40% and we continue to implement the cost reduction initiatives necessary to achieve our goal of bottom line breakeven GAAP results assuming no growth in revenue in our fiscal fourth quarter," said Umang Gupta, chairman and CEO of Keynote.

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