ATLANTA — December 20, 2004 —
Inovis, a leading provider of business-to-business solutions and services, announced today its financial results for the third quarter ended September 30, 2004.
The Company reported total revenues of $22.1 million for the third quarter and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of $7.7 million, or 35% of total revenues for the quarter.
For nine months, Inovis recorded total revenues of $66.7 million and EBITDA of $20.7 million, representing 31% of revenues for the period.
“We are very pleased with Inovis’ strong performance in 2004,” said Jim Schaper, chairman and CEO of Inovis. “Our solid performance gives Inovis’ 17,000 customers confidence that they can continue to rely on us to invest in and deliver mission-critical solutions and services for many years to come. Additionally, we have been very pleased with the adoption of our new and existing products and services, resulting in record new customer wins in 2004."
Recent Company accomplishments include:
Continuing Strategic Activity — Inovis completed the acquisition of QRS Corporation on November 15th, 2004. The QRS acquisition brings approximately 10,000 customers and a strong recurring revenue model to Inovis, resulting in combined revenues of almost $200 million, more than 20,000 customers and over 600 employees.
Growing Customer Relationships — Leading organizations continue to choose Inovis applications to increase profits and optimize their supply chains. In the third quarter 2004, Inovis signed over 450 contracts with companies across its target verticals, including the retail, pharmaceutical, automotive and high tech industries. The Company also successfully completed a series of North American customer forums, with over 160 companies attending.
Expanding Executive Team — During the third quarter, Inovis named Steve Zapata as senior vice president for global sales. With more than 14 years of e-commerce experience, Mr. Zapata has a successful track record in e-commerce management, holding key positions at companies including IBM, GE, GXS, TIE Commerce, DNS Commerce and Cyclone Commerce.
Building Market Leadership — Inovis’ efforts to augment its position in the market are being recognized in a myriad of ways. In the third quarter, Inovis was named a “Top Performing UCC Solution Partner,” based on its high rate of successful UCCnet Data Pool Services implementations. More recently, IndustryWeek recognized Inovis with a “Notable Innovation” citation, and InfoWorld awarded Inovis customer, Morgan Foods, for its use of BizManager™ to efficiently achieve compliance with trading partner mandates.
“One of our objectives for 2004 was to strengthen the company’s financial performance and balance sheet while investing in and expanding our product and solution offerings,” said Ken Williams, vice president of finance for Inovis. “Our results for the quarter and year-to-date clearly demonstrate that we are well on our way to achieving that objective.”
About Inovis
Inovis is a leading provider of business to business solutions for global trading relationships. With more than 20 years of experience, Inovis enables collaborative business processes and solves the complete B2B integration challenge for more than 20,000 customers and their trading partners. The company’s comprehensive line of B2B software and managed services help companies speed transaction flows, synchronize product information and improve supply chain processes. For more information, visit www.inovis.com.
