announced results for the fourth quarter and full year ended December 31, 2003.
Q4 revenues were $17.9 million and full year revenues were $65.5 million,
compared with $16.2 million and $62.4 million, respectively, in 2002. In 2003,
Q4 net income was $3.7 million, or $0.28 diluted earnings per share, and full
year net income was $11.8 million, or $0.89 diluted earnings per share. Fourth
quarter 2002 net income was $2.6 million, or $0.20 diluted earnings per share,
and full year net income was $7.3 million, or $0.53 diluted earnings per share.
Included in 2002âs net income was a $1.0 million after-tax IPR&D write-off
related to the acquisition of Real-Time, USA, Inc. ($1.7 million pre-tax).
Bill Stone, SS&Câs President and CEO, said, "The strength of our management
team, outstanding execution of our business plan and steadfast focus on our
goals have helped us produce these strong results. We increased profits during
each quarter of 2003, grew revenues every quarter over the preceding one,
consistently kept our operating costs in check and broadened our market position and client base."
Stone continued, "In Q4, we hit another record high with our operating income at $6.0 million, up 31% from the record high of $4.6 million reached in Q3 â03 and up 50% over Q4 â02. Operating income for the year 2003 was $18.4 million, up 65% from $11.1 million in 2002. We continued to improve our recurring revenues with solid gains in outsourcing revenues. In Q4, outsourcing revenues were $3.6 million, a 21% increase over the $3.0 million posted in Q4 of 2002."
"SS&C has exceptional financial strength," said Stone. "We ended the year with
a strong balance sheet, with $52.4 million in cash and marketable securities,
and no debt. For the year, 2003 operating cash flow was $23.7 million, an
increase of $8.2 million, or 53% over 2002."