ATLANTA, GA - June 6, 2005 — Inovis, a leading provider of business-to-business solutions and services, announced today its financial results for the first quarter ended March 31, 2005.
The Company reported total revenues of $42.4 million for the first quarter and Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) of $15.8 million, or 37 percent of total revenues for the quarter.
"We are very pleased with Inovis' strong performance in the first quarter of 2005," said Sean Feeney, president and CEO of Inovis. "We are executing on our commitment to deliver results and manage costs while investing for growth and strengthening Inovis' solution offerings, which will help Inovis grow over the long-term."
Additional Company accomplishments in the first quarter of 2005 included:
Expanded Customer Relationships - Leading organizations continue to choose Inovis B2B applications and services to increase profits and optimize their trading community operations. In the first quarter 2005, Inovis signed more than 690 contracts with companies across its target verticals, including the retail, pharmaceutical, automotive and high tech industries.
Completed Product Divestitures Related to the QRS Acquisition - In the first quarter, Inovis divested itself of three products it acquired through the purchase of QRS Corporation that were determined to be outside the Company's core business-to-business technology focus. The three divestitures were: QRS Sourcing™, an enterprise application for global sourcing; QRS Managed EC™, an electronic data interchange (EDI) service bureau service; and QRS Retail Intelligence Services, a people-based retail auditing service.
Extended Agreement with G International - Inovis and G International have entered into an agreement to extend the Data Exchange (DX) EDI VAN reseller agreement that existed between QRS Corporation (which Inovis acquired in November 2004) and IBM. The new agreement, which extends through December 31, 2006, allows Inovis to continue to offer its DX EDI VAN solution as a service to former QRS customers.
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.
