Business applications vendor J.D. Edwards & Co. appears to be staying on its turnaround course, with growth in revenue and a profit in the third quarter -- a stark contrast to most of its rivals, which face shrinking cash flow.
The software company Wednesday reported net income of US$9 million, compared with a loss of $186 million in the prior year. Pro forma operating income was $14 million, up from a loss of $8 million year over year. Additionally, revenue grew 9% to $229 million, from $209 million in the same quarter of 2001.
J.D. Edwards' management views the results as a sign of the once-troubled company's revitalization.
"Our Q3 results validate that the turnaround of J.D. Edwards continues to build momentum," said Bob Dutkowsky, the company's president and CEO, in a statement.
"Our revenue and profitability exceeded expectations and grew sequentially as well as year over year. We also further strengthened our balance sheet and increased our cash position. While we still have further opportunity to improve, the company's turnaround is well under way."
During the quarter, the company also announced upgrades to its enterprise resource planning suite, now called J.D. Edwards 5.