Group 1 Snares Record Revenue for 2003
For the 2003 fiscal year, Group 1 reported record revenue of $104.3 million, a 17 percent increase from $89.4 million the year before.
Total revenue for the quarter from enterprise solutions software and services was $19.8 million, up 19 percent from the prior fourth quarter. Total revenue from DOC1 Customer Communications Management software and services was $9.4 million, a 26 percent increase.
Fourth-quarter license fee revenue increased 53 percent to $14.7 million. License fees in the Enterprise Solutions division rose 46 percent to $10.3 million. License fees in the DOC1 division climbed 70 percent to $4.4 million.
Group 1 CEO Bob Bowen said that the Lanham, MD, company entered the new fiscal year having announced its intent to acquire the key assets of Sagent Technology Inc.
"We are very enthusiastic about this acquisition," he said, "as it will enable us to provide an even more comprehensive array of data quality and data enrichment technologies to the marketplace, and, as well, add the ability to integrate enterprise information from multiple databases."
At a recent meeting, Group 1's board of directors approved the acquisition. Closing is subject to approval by Sagent's shareholders.
Group 1's guidance for the fiscal year ending March 31, 2004, remains unchanged -- excluding the potential effect of the pending Sagent acquisition. It projects revenue growth of 10 percent to 12 percent over fiscal 2003 and net earnings growth of 24 percent to 28 percent.