RedPrairie Momentum Continues as First Quarter License Revenue Soars 81 Percent
Leading Supply Chain Execution Provider Reports Continued Growth and Fifth Consecutive Profitable Quarter Despite Gulf War and Uncertain Economic Climate
WAUKESHA, Wis.--May 7, 2003-- RedPrairie Corporation, a leading provider of real-time, end-to-end logistics solutions, today announced results for its first fiscal quarter, ended March 31, that included increases in license revenue of 81 percent over the prior year quarter and 47 percent over the prior sequential quarter. Operating income was up 9.3 percent over the prior year quarter and up 68 percent over the prior sequential quarter, and earnings before interest, taxes, depreciation and amortization (EBITDA) of 21 percent, an increase of 5.7 percent over the prior year quarter.
RedPrairie continues to add new customers and sites across its business units. Examples of first quarter wins include Johnson & Johnson, Bear Creek, Bacou-Dalloz, Tyson Foods, Kellogg and Sony.
John Jazwiec, RedPrairie(TM) Company Results Leader comments, "Despite the uncertainties caused by the war in Iraq and a weak economic climate, we continued our strong growth pattern in the first quarter. Significant growth in license revenue again led the way as it did throughout 2002. We are experiencing continued expansion in each of our business units and our pipeline is stronger than ever."
Benefiting from the strength of its end-to-end logistics approach, RedPrairie continues to see solid growth in each of its three business units for distribution, transportation and productivity management, as well as for its enterprise applications for visibility, event management, logistics command and control, performance measurement, and supply chain collaboration.
First quarter financial highlights include:
-- Increased license revenue 81 percent over prior year quarter and 47 percent over prior sequential quarter
-- Increased gross profit by 7.1 percent over the prior year quarter
-- Operating income of $3.5 million, up 9.3 percent over the prior year quarter and 68 percent over the prior sequential quarter
-- Earnings before interest, taxes, depreciation and amortization (EBITDA) of 21 percent, an increase of 5.7 percent over the prior year quarter
-- Total revenue for the quarter of $17.8 million.
-- Generated cash flow before financing of $2.9 million
Other highlights for the first quarter include:
-- Revolutionized transportation planning by introducing the industry`s first real-time optimization engine, COPLEX(TM).
-- Introduced a new technology platform - RedPrairie Agent(TM) - that provides customers unprecedented flexibility to personalize RedPrairie DigitaLogistix(R) solutions to their specific supply chain requirements without custom code
-- Formed an alliance with webplan Corporation to deliver to customers an integrated supply chain planning and execution solution that will improve supply chain performance, drive out costs and result in more consistently executable plans
-- Expanded an alliance with Shippers Commonwealth to provide Application Service Provider (ASP) programs and to serve as a Value-Added Reseller (VAR) in select markets for RedPrairie`s Transportation Management System (TMS).
-- Held its most successful User Conference and Logistics Summit ever with over 300 attendees from across North America, Europe and Mexico.
RedPrairie`s continued strong performance has resulted in achievement of its fifth consecutive profitable quarter and numerous top rankings in supply chain vendor lists.
About RedPrairie Corporation
RedPrairie delivers superior logistics results by driving out more logistics costs than anyone in the industry, and enabling customers to consistently achieve their supply chain objectives. This is accomplished through an integrated suite of supply chain execution solutions (DigitaLogistix(R)) that provide the industry`s leading transportation, productivity, and distribution management capabilities, enhanced with action-oriented components for real-time control and performance measurement. These solutions are deployed through an end-to-end value delivery system (the RedPrairie Approach) that ensures results achievement. RedPrairie delivers measurable results for customers in many markets, including high tech and electronics, consumer goods, food and beverage, third party logistics, retail and wholesale, service parts, and make-to-order manufacturing. Customers include Hewlett-Packard, Procter & Gamble, Nestle, Panasonic, Georgia-Pacific, Eveready, Unilever, Exel, General Electric, Amazon.com, and many others.
For additional information, call 1.888.624-8448, or access www.RedPrairie.com.
RedPrairie is a trademark, and DigitaLogistix and DLx are registered trademarks of RedPrairie Corporation. (C) 2003 RedPrairie Corporation. All Rights Reserved.
Contact:
RedPrairie Corporation
James F. Le Tart
262/317-2281
james.letart@redprairie.com
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