SAN DIEGO, July 27, 2005 (PRIMEZONE) -- Sagient Research Systems (OTCBB:SRYS), a leading publisher of independent research for financial services companies and institutional investors, today announced its second quarter 2005 financial results.
For the second quarter of 2005, Sagient reported Revenues of $828,777, a 25% increase over the $660,623 recorded in the second quarter of 2004. Sagient reported second quarter 2005 Operating Income of $87,346, compared with an Operating Loss of ($200,937) in the second quarter of 2004. Sagient also reported second quarter 2005 Net Income of $36,848 compared with a Net Loss of ($276,618) in the second quarter of 2004 and Net Income of $20,667 in the first quarter of 2005.
Other Second Quarter 2005 Financial and Operational Highlights:
-- Deferred Revenue, which is revenue from booked research
subscription orders that Sagient will recognize in future
periods, increased 34% from the second quarter 2004 to
$1.27 million.
-- Sagient added nine new subscription clients for its
proprietary research services in the second quarter.
-- Sagient recorded a 93% renewal rate for existing subscribers
to its proprietary research services in the second quarter,
an all-time best for the Company.
"After a record first quarter, we are very pleased to report an even more robust second quarter," said Brian M. Overstreet, president and CEO. "The second quarter was highlighted by a more than 75% increase in Net Income over the first quarter of 2005. That achievement was made possible from our exceptionally strong renewals and the addition of nine new subscription clients during the quarter. In the first half of 2005, we added 24 new subscription clients for our proprietary products. We believe that these numbers speak volumes about the quality of the research services we are providing and the value we continue to deliver to our institutional client base."
About Sagient Research Systems
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.