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LINDON, Utah, Feb. 26 /PRNewswire-FirstCall/ -- For the first quarter of fiscal 2003 ended January 31, 2003, The SCO Group (Nasdaq: SCOX) reported a net loss of $724,000, or $0.06 per share, on revenue of $13.5 million, compared to a net loss of $11.0 million, or $0.77 per share, on revenue of $17.9 million for the comparative quarter of the prior year. The Company's current fiscal year ends October 31, 2003.
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"We are pleased with the Company's progress during the past several quarters as we approach profitability," said Darl McBride, president and CEO. "For the first time in the Company's history we generated positive EBITDA (earnings before interest, taxes, depreciation, and amortization)." The Company's EBITDA for the first quarter of fiscal 2003 was $361,000 compared to negative $9.2 million in the comparable period a year ago (which is reconciled to net loss in the attached financial statements).
McBride continued, "Even though a sluggish economy and lower IT spending continues to hamper revenue, we have made significant progress in becoming profitable. Based on the products introduced during the last two quarters and our focus on SCOx and SCOsource, our two new strategic initiatives, we are confident in our future growth opportunities."
"Based on current conditions," added McBride, "we expect that revenue for our second quarter, ending April 30, 2003, will be in the range of $23 million to $25 million. These projections are based on anticipated revenue from our current operating platforms of $13 million to $15 million, and...