SAN DIEGO, Oct. 17, 2005 (PRIMEZONE) -- Sagient Research Systems (OTCBB:SRYS), a leading publisher of independent research for financial services companies and institutional investors, today announced its third quarter 2005 financial results.
For the third quarter of 2005, Sagient reported Revenues of $864,167, a 25% increase over the $689,569 recorded in the third quarter of 2004. Sagient reported third quarter 2005 Operating Income of $155,613, compared with an Operating Loss of ($95,008) in the third quarter of 2004. Sagient also reported third quarter 2005 Net Income of $109,084 compared with a Net Loss of ($157,562) in the third quarter of 2004 and Net Income of $36,848 in the second quarter of 2005.
Other Third Quarter 2005 Financial and Operational Highlights:
-- Deferred Revenue, which is revenue from booked research
subscription orders that Sagient will recognize in future
periods, increased 18% from the third quarter 2004 to $1.24
million.
-- Sagient added 7 new subscription clients for its proprietary
research services in the third quarter.
-- Sagient recorded an 82% renewal rate for existing subscribers
to its proprietary research services in the third quarter.
"We are very pleased with our third quarter results," said Brian M. Overstreet, president and CEO. "The third quarter was highlighted by a more than 196% increase in Net Income over the second quarter of 2005. That achievement was made possible from our continued strong renewals and the addition of seven new subscription clients during the quarter. 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."
"Over the course of the past twelve months, we have worked diligently to control our operating expenses and streamline our internal procedures," added Henry Duong, Chief Operating Officer. "These improvements have contributed to the continued expansion in revenue and substantial sequential increases in net income."
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.