Vastera posts 10% revenue growth

By SiliconIndia   |   Friday, 25 April 2003, 07:00 Hrs
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DULLES: Vastera, Inc. (Nasdaq:VAST) posted total revenues of $20.9 million, up 10% over last year and up 6% sequentially. Managed Services revenues for the first quarter were $13.6 million, up 25% over last year and up 11% sequentially.

The Company's reported net loss for the first quarter was $878,000, or a loss of $0.02 per share. This compares to a net loss of $2.2 million, or a loss of $0.06 per share in the same quarter last year. Pro forma earnings for the quarter were $323,000, or $0.01 per share, compared to a pro forma loss of $789,000, or $0.02 per share in the same quarter last year. Pro forma earnings exclude amortization, stock-based compensation and income taxes. A reconciliation of pro forma earnings to U.S. GAAP is contained in the financial information tables that follow. In the first quarter, the Company also generated $1.4 million of earnings before interest, taxes, depreciation and amortization (EBITDA), excluding stock-based compensation. The company ended the quarter with $55.5 million of cash and cash equivalents and short-term investments.

Vastera closed 19 deals in the quarter, 15 with new clients and 4 with existing clients. Of the 19 deals, 10 were software/Managed Services and 9 were Trade Management Consulting. Deals signed in this quarter included NEMAK, Kyocera-Wireless, Johnson Controls, Arrow, and BAX Global.

"In the midst of a challenging geopolitical and economic environment we delivered another solid quarter and our third in a row of sequential growth," said Mark Ferrer, President and CEO of Vastera. "The macro trade environment continues to put more information management demands on large multi-nationals which our solutions can help them meet. We remain optimistic about the long-term prospects for our business, therefore, we continue to make strategic investments that will position us well when the overall spending environment improves."

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