King of Prussia, Pennsylvania-based Sedona Corporation, a provider of Customer Relationship Management solutions for small and mid-size financial services organizations, has announced year end operating results for fiscal year 2004.
Revenues reported for the fiscal year ended December 31, 2004 were $1,087,000 versus $1,522,000 reported in 2003. Fourth quarter 2004 revenues increased to $183,000 versus $135,000 one year ago.
Gross profit increased in fiscal year 2004 to $660,000 versus $644,000 reported in 2003. For the fourth quarter of 2004, gross profit also increased to $132,000 compared to a loss of $94,000 in the same quarter one year ago. Research and development costs increased in 2004 to $1,102,000 compared to $878,000 reported in 2003.
In 2004, Sedona lowered its operating expenses to $3,196,000 compared to $3,341,000 reported in 2003. The company reported a 31% decrease in its net loss for 2004 of $2,922,000 compared to $4,212,000 one year ago. In the fourth quarter 2004, net loss was $908,000 or 37% lower than the $1,440,000 reported in 2003.
Net loss applicable to common stockholders decreased to $3,221,000, or ($0.04) per share, compared to $4,227,000, or ($0.08) per share, reported for fiscal year 2003. Net loss applicable to shareholders also decreased for the fourth quarter 2004, reporting a loss of $975,000, compared to $1,228,000, in the same period in 2003.
As of December 31, 2004, the company reported a revenue backlog of $517,000, substantially all of which is expected to be recognized as revenue in 2005. Revenue backlog consists of unfulfilled purchase orders and service contracts, as well as deferred revenues for maintenance agreements, which are recognized ratably over the life of the contract.
In fiscal year 2004, Sedona expanded its indirect sales distribution channel within Fiserv, Inc., with the announcements of the SMS turnkey marketing solution by GalaxyPlus Credit Union System and the CRM strategy and marketing solution by the Fiserv ITI Northeast Data Center, both offerings based on the company's Intarsia CRM technology. The company also announced that EastPoint Technologies signed a reseller agreement to market and sell Intarsia to community banks, finance companies, and farm credit banks located throughout the United States.
Sedona will hold a conference call on April 7, 2005 at 4:15 p.m. EST, for interested investors, analysts, and portfolio managers. The call will contain a presentation by Marco Emrich, President and CEO of Sedona, as well as CFO Anita Primo. The presentation will be followed by a question and answer period.
David Sims is contributing editor and CRM Alert columnist for TMCnet.
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