Ailing supply chain management software maker i2 Technologies managed to turn a profit in its latest quarter, although its revenue is sagging after a series of quarterly losses.
The Dallas-based company Thursday reported second-quarter income of US$1 million, up from a loss of $936.5 million in the same quarter of 2002. Revenue totaled $122 million, down from $162 million in the year-ago quarter. Software license fees represented $17 million, down from $19 million in the prior year.
I2 recently completed a crucial reaudit of its finances for the past several years, which accounted for $9 million in fees of the total $119 million in costs for the quarter.
The quarterly profit is a bit of good news in what has been a relatively dismal year for once high-flying i2, which has seen a delisting from the Nasdaq stock exchange, a major restructuring and a U.S. Securities and Exchange Commission investigation.
"We have focused heavily in improving i2's operations," Sanjiv Sidhu, i2's chairman and CEO, said in a statement." As a result, I believe that our products, services and operational organization are well-equipped to meet the challenges of the marketplace. We enter the second half of 2003 energized by the opportunities before us."