-- 92% Increase in Research Revenues. -- 27% Increase in Deferred Revenue. -- 63% Decrease in Net Loss from Continuing Operations.
SAN DIEGO, May 18, 2004 (PRIMEZONE) -- Sagient Research Systems (OTCBB:PCSR), a leading publisher of independent research for the financial services and institutional investment communities, today announced its first quarter 2004 financial results.
For the first quarter of 2004, Sagient reported Research Revenues of $647,119, a 92% increase over the $336,525 recorded in the first quarter of 2003. During the first quarter of 2003, the Company also generated an additional $42,000 from consulting services. Net Loss for the first quarter of 2004 was $356,780, or $0.02 per share, a decrease of 55% from the loss of $787,232, or $0.03 per share, recorded in the first quarter of 2003. Loss from continuing operations in the first quarter of 2004 was $356,780, or $0.02 per share, a decrease of 63% from the loss of $961,348, or $0.04 per share, in the first quarter of 2003.
Sagient also reported positive cash flow of $76,735 during the first quarter, and that deferred revenue at March 31, 2004 increased to $977,614, a 27% increase over the $770,499 balance reported at the end of the first quarter 2003. Deferred revenue is revenue from booked research subscription orders that the Company will recognize in future periods. Increasing deferred revenue represents an increase in subscription sales.
Other First Quarter Highlights:
-- Sagient launched its outsourced trading relationship with Knight
Equity Markets, a unit of Knight Trading. Under the terms of the
relationship, Knight will assign one or more specific sales
traders to take execution orders directly from Sagient's
institutional clients.
-- Sagient expanded its healthcare research coverage to 25 companies
and 815 development stage drugs. Sagient named Dr. Rahul Jasuja
as a new senior healthcare analyst and Dr. Scott Andryski as a
new healthcare analyst.
-- The company announced it had begun to do business as Sagient
Research Systems. The company plans to complete a formal name
and stock symbol change following the company's annual meeting
to be held May 20, 2004.
"We are extremely proud of our first quarter results, and the continued growth and progress that they represent," said Brian M. Overstreet, president and CEO of Sagient Research. "We continue to leverage our development, technology and marketing expertise to solidify our position as a leading provider of independent research. We look forward to continued growth in terms of new research service offerings and new clients, as well as continued improvement in operating results."
About Sagient Research Systems
PCS Research Technology, Inc. d/b/a Sagient Research Systems is a publisher of independent research. We develop, produce, and sell proprietary research products to mutual funds, hedge funds, and investment banks. Our business strategy is to continue to leverage our development, technology, and marketing expertise to solidify our position as a leading provider of independent research to the financial services and institutional investment communities. For more information, please visit the Sagient Research Systems website at www.sagientresearch.com.
Safe Harbor Statement
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.