RedPrairie Again Achieves Record Results as Second Quarter License Revenue Soars 85 Percent; Leading Supply Chain Execution Provider Reports Continued Growth and Profitability
WAUKESHA, Wis.--July 25, 2003--RedPrairie Corporation, a leading provider of real-time, end-to-end logistics solutions, today announced results for its second fiscal quarter, ended June 30, that included increases in license revenue of 85 percent over the prior year quarter and 27 percent over the prior sequential quarter. Operating income was up 7.9 percent over the prior sequential quarter, and earnings before interest, taxes, depreciation and amortization (EBITDA) were over 21 percent of sales, consistent with the prior year quarter and the prior sequential quarter. Total revenue for the quarter was $19.0 million.RedPrairie continues to add new customers and sites among the world's largest companies, such as Sears, Roebuck & Co., ConAgra, Hershey Foods and Pepsi, as well as for leading mid-market companies like TJX Companies, Nice-Pak Products, First Quality Enterprises, Kaplan Early Learning Company, Elk Corporation and L&M Optical Disc, LLC. RedPrairie also added its first India-based customer, Sonata.
John Jazwiec, RedPrairie Company Leader comments, "We continue to surge ahead despite the uncertainties of the illusory economic recovery. Our substantial growth in license revenue, coming on the heels of our 81 percent growth in this same category in the first quarter, and coupled with our continued strong profitability, demonstrates RedPrairie's leadership role in the supply chain execution market. We are the market choice in all of our key verticals and a growing number of new markets because of our dedication to helping customers achieve measurable results with our logistics solutions."
Second quarter financial highlights include:
-- Increased license revenue 85 percent over prior year quarter and 27 percent over prior sequential quarter
-- Increased gross profit by 5.4 percent over the prior year quarter and 11.1 percent over the prior sequential quarter
-- Operating income of $3.8 million, up 7.9 percent over the prior sequential quarter
-- Earnings before interest, taxes, depreciation and amortization (EBITDA) of over 21 percent of sales, consistent with the prior year quarter and prior sequential quarter
-- Total revenue for the quarter of $19.0 million
-- Generated cash flow before financing of $1.8 million
Other highlights for the second quarter include:
-- Provided a new level of business intelligence for logistics management with the introduction of DLx(R) Dashboard, a real-time supply chain information portal
-- Streamlined shipment loading and increased distribution center throughput with the introduction of Dock Door Scheduler, a constraint-based optimization technology that coordinates distribution center work with transportation arrival and departure schedules
-- Expanded productivity management capabilities with the release of DLx(R) CompTrak, a new advanced labor tracking and reporting module that includes payroll calculation capabilities for incentive pay and other labor requirements.
-- Added to its lead in WMS functionality with the inclusion of voice picking, event management and enhanced inventory control within its core DLx(R) Warehouse product
-- RedPrairie enhanced its ability to build strong, cross-functional customer relationships and drive enterprise-wide logistics savings by organizing the company for single point of contact across the entire product suite
RedPrairie's continued strong performance has resulted in achievement of its sixth consecutive profitable quarter and recognition as a market leader on many analyst and media top performer lists.
About RedPrairie Corporation
RedPrairie has successfully delivered superior logistics results to the world's premier companies for more than 27 years, by driving out more logistics costs than anyone in the industry. RedPrairie's integrated suite of supply chain execution solutions (DigitaLogistix(R)), is comprised of 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) to ensure customer 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 1.877.733.7724, or access www.RedPrairie.com.
DigitaLogistix and DLx are registered trademarks of RedPrairie Corporation.
(C) 2003 RedPrairie Corporation. All Rights Reserved.