Epicor’s total revenues for the second quarter were $57.5 million, down from $66.2 million from the previous year. Net loss was $5 million or $0.12 per share, compared with a net income of $395,000 or $0.01 for the same period last year.
On the bright side, the results have improved from the last quarter, due to its newly-released integrated ‘e by Epicor’ suite, including eBackOffice, eFrontOffice and eManufacturing. The company believes that this trend is consistent with the beginning of a rebound in the demand for enterprise applications.
Revenues for the six month period ended June 30, 2000 were $114.1 million. Net loss for the first six months of 2000 was $13.9 million or $0.34 per share.
The company has entered into an agreement for a $30 million senior credit facility with Foothill Capital Corporation, a subsidiary of Wells Fargo. “We anticipate that the company will generate positive cash flow through operations this quarter,” said Lee Kim, chief financial officer. “However, as a measure of prudent fiscal planning, we have secured this alternative financing source from Foothill.”
The company has reduced its on-going costs during the first half of the year. “We improved our gross margins by resizing our consulting group and increasing our utilization rates,” said Rick Roll, COO. “We believe the streamlining of our organization and the reduction of our cost structures over the last several quarters have paid off.”
“We are optimistic about the outlook for the demand for our new products,” said George Klaus, CEO. “We believe the anticipated turnaround is occurring and that the renewed growth for enterprise applications combined with the positive reception of our new integrated CRM and eBusiness components will deliver upside potential for Epicor.”
Epicor is the largest provider of integrated enterprise and eBusiness software solutions exclusively for mid-market companies. Founded in 1984, the company is ranked among the industry’s ten largest enterprise business solutions providers, with more than 30,000 customers worldwide. Epicor is headquartered in Irvine, California.