Infinium reports financial results for the second quarter

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Revenues recorded were $22.4 million, compared to $28.9 million in the second quarter of fiscal 1999, exclusive of products previously discontinued as announced during the fourth quarter of fiscal year 1999. Revenues were $22.6 million, versus $31.4 million, including the results related to products previously discontinued as announced in the fourth quarter of fiscal year 1999.

The quarterly loss of $2.2 million or $0.17 per share, is exclusive of the results related to products previously discontinued as announced in the fourth quarter of fiscal year 1999. The quarterly loss of $3.2 million or $0.25 per share, is inclusive of the results related to products previously discontinued as announced in the fourth quarter of fiscal year 1999.

The loss is attributable to the Company's increasing focus on its new web applications for the AS/400, new application service provider, and customer relationship management lines of business.

Software license fees were up more than 21 per cent over the first quarter of fiscal year 2000. Software license fees for the second quarter were $4.6 million versus $7.7 million for the same quarter of the prior year, excluding the results related to products previously discontinued as announced in the fourth quarter of fiscal year 1999.

Software license fees were $4.6 million versus $9.2 million for the same quarter of the prior year, including the results related to products previously discontinued as announced in the fourth quarter of fiscal year 1999.

Consulting and maintenance revenues were $17.9 million, compared to $21.3 million in the second quarter of 1999, excluding the results related to products previously discontinued as announced in the fourth quarter of fiscal year 1999. Consulting and maintenance revenues were $18.0 million versus $22.1 million for the same quarter of the prior year, including the results related to products previously discontinued as announced in the fourth quarter of fiscal year 1999.

During the second quarter of fiscal year 2000, Infinium did not repurchase any stock under the Stock Repurchase Program announced in the fourth quarter of fiscal year 1999.

“As planned, we focused our resources during the second quarter on the launch of our new application service provider business and our entry into the customer relationship management market,” said Bob Pemberton, chief executive officer of Infinium.

“I am pleased that we are executing against our plan and experiencing significant customer acceptance for these new offerings. We expect that our ASP and CRM lines of business will contribute considerable revenue in the future.”

As part of Infinium's long-term growth strategy to leverage emerging market opportunities, the company was realigned into individual operating units to focus on delivering Internet business solutions and services to customers.

Infinium completed the acquisition of Dexton Information Systems, BV. Through the Dexton acquisition, Infinium customers are offered an end-to-end solution that tightly integrates web-based customer relationship management strategies with traditional enterprise business solutions and ASP offerings. Through the acquisition, Infinium also secured a significant customer base including Heineken Germany, Kuhne and Nagel, and Sara Lee/DE, among others, and a substantial European presence.

Infinium opened its ASP East Coast Enterprise Solution Hosting Center, one of the largest, full-featured data center facilities in the United States. Infinium ASP is the first and only single source, fully accountable application service provider available today.

Viking Freight Inc., a wholly-owned subsidiary of FedEx Corp.; Hard Rock Hotel and Casino; and Rehabilitation Hospital of the Pacific selected ASP to provide their organizations with management, support and access to their web-based enterprise business solutions via the Infinium ASP Enterprise Solution Hosting Center.

Infinium won four Product Excellence Awards from AS/400 Technology magazine for its software products in the following areas: Accounting/Business/Financial, Human Resource/Payroll, Distribution-Wholesale/Retail, and Manufacturing.

Infinium elected technology industry-veteran and venture capitalist Fred L. Luconi, and MIT Sloan School of Management professor and international best-selling technology management author Michael Cusumano to its board of directors.

Infinium offers Web- and server-based financial, human resources, supply management, process manufacturing and business intelligence solutions, services, support and deployment options that enable the virtual enterprise and empower people to work.

Infinium has more than 2,000 customers world-wide representing a variety of industries including process manufacturing and discrete manufacturing, gaming and hospitality, healthcare, retail, distribution, transportation, and business and professional services.

Founded in 1981, Infinium has offices worldwide and is headquartered in Hyannis, Massachusetts.

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