After two years of losses, Siebel Systems pulled itself back into the black in 2004 even as its revenue continued to decline, the company said Thursday as it released its 2004 financial results.
Siebel's revenue for the year ended Dec. 31 totaled US$1.34 billion, a slight drop from the US$1.35 billion it generated in 2003. However, the company's net income for the year rose to US$110.7 million, after posting annual losses in 2002 and 2003.
Siebel's fourth-quarter results showed year-over-year growth in both revenue and income. Siebel Chief Executive Officer Mike Lawrie praised in a statement the quarter as the first in more than three years in which Siebel showed growth over the same period in the previous year. Revenue rose 7 percent to US$392.4 million, and net income for the quarter rose 32 percent, to US$53.8 million.