Consolidated revenues for the third quarter were $26.5 million, compared to $25.8 million for the third quarter of 1999. However, the strength of the US dollar diluted third quarter 2000 revenues by $3.3 million from the revenues achieved in local currencies, assuming constant exchange rates. In local currencies, the growth rate in the third quarter was 15.3%, of which 14.2% was provided by acquisitions and 1.1% by the growth of the existing business.
Consolidated net income was $18,000 or $0.00 per share for the third quarter of 2000, compared to net income of $726,000 or $0.06 per share for the same period in 1999. The consolidated net income of $18,000 reflects the deduction of $281,000 of non-recurring expenses. Adjusting for these one-time expenses and the amortization of goodwill, consolidated net income was $723,000 or $0.06 per share for the third quarter of 2000, compared to $0.14 per share for the third quarter of 1999.
Consolidated revenues for the nine months ended September 30, 2000, were $81.0 million, compared to $83.7 million for the same period in 1999. However, the strength of the US dollar diluted nine months ended September 30, 2000 revenues by $7.5 million from revenues achieved in local currencies, assuming constant exchange rates. Consolidated net income for the first nine months ended September 30, 2000 was $837,000 or $0.07 per share, compared to $3.8 million or $0.32 per share for the same period in 1999.
By the end of September 2000, ECsoft’s workforce had increased slightly by 1% to 1,090, up from 1,079 at the end of the second quarter of 2000.
All earnings per share figures are calculated on a diluted basis.
