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CENTRINITY REPORTS REVENUE FOR FOURTH QUARTER AND FISCAL YEAR ENDED SEPTEMBER 30, 2001
Richmond Hill, ON, CANADA - October 3, 2001 - Centrinity Inc. (CTI: TSE), which develops and markets FirstClass Collaborative Groupware and Unified Communication technologies, today announced that revenue for the fourth quarter is approximately $4.3 million, 19 percent higher than the same quarter last year and 5 percent higher than the third quarter of Fiscal 2001. Revenue for the year ended September 30, 2001 is approximately $17 million representing growth of approximately 45 percent over the fiscal year ended September 30, 2000. All figures in this press release for fiscal 2001 are unaudited and in Canadian dollars unless otherwise indicated. The year over year comparisons reflect the restatement of fiscal 2000 revenues to exclude interest income.
The company expects that the loss for the fourth quarter will be approximately $11.5 million for the quarter and $44.0 million for the fiscal year ended September 30, 2001. The fourth quarter loss includes a foreign currency gain of approximately $1.0 million and expenses not considered representative of on-going operations primarily relating to restructuring. Cash on hand at September 30 was approximately $20.0 million and higher than expected as a result of foreign exchange gains, cost reductions that have been initiated over the previous quarter, funds provided by leasing and a tax refund.
As posted on Centrinity's corporate web site, the company sends out its sincere condolences to all of those around the world affected by the tragic events of September 11, 2001. These events have had and may continue to have a major impact on the world's economic markets. Centrinity comments that 4th quarter results would have been better if these events had not occurred as approximately 40 percent of Centrinity's revenue comes from U.S.-based customers, some of whom have rightfully delayed decisions relating to information technology expenditures.
"The next quarter may continue to be negatively impacted by the events of September 11," said Myles McGovern, president and CEO, Centrinity Inc. "We continue to monitor the effect on the environments in which we operate."
"Centrinity was pleased that its FirstClass Collaborative Groupware was able to help Alaska Airlines in sharing their new security standards during the September 11, events," added Mr. McGovern. Most recently in the September 25 edition of Information Week, Alaska Airlines stated that Centrinity's FirstClass technology enabled "the airline (to) build online workspaces that security people could use to share information and distribute security bulletins. While the government's security rules evolved... the software made it possible to ensure everyone knew where the best information was at any given moment."
Currently the company is working closely with two major Canadian service provider customers for the official launch of their Unified Messaging service to customers this month.
Growth in revenues of Centrinity's Collaborative Groupware and Unified Communications offerings is planned to be 45 percent for Fiscal 2002. Centrinity has taken action to reduce its year over year expenses by at least $20.0 million for fiscal 2002. The Company has built a plan within its current cash resources such that if achieved, it anticipates cash on hand of at least $6.0 million at the close of its fiscal year 2002.
Mr. McGovern and Jane Mowat Chief Financial Officer will host a conference call on Thursday October 4, 2001 at 11 a.m. (EST) to briefly comment on the company's fourth quarter and fiscal year ended September 30, 2001 results. In addition, they will also comment on continuing strategy for fiscal year 2002. Details of the call will be available on the company's web site: go to "Investors" on the Centrinity web site at www.centrinity.com.
Centrinity will release its year end audited financial results on or about November 15th, 2001.
About Centrinity Inc.
Centrinity is a leading provider of unified communications and collaborative software solutions to telecommunications and data service providers, enterprises and learning organizations. Our award-winning software solutions are designed to enhance productivity and efficiency by simplifying and facilitating the management of communications and information among individuals and groups. Centrinity is listed under the symbol "CTI" on the Toronto Stock Exchange. Website: www.centrinity.com.
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For more information please contact:
Margaret Williamson
Manager, Corporate Communications
Tel: 905.762.6234
This release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the company currently foresees.
FirstClass is a registered trademark of a Centrinity Inc. subsidiary used under license. Centrinity and the Centrinity logo are trademarks of Centrinity Inc. All other trademarks are the property of their respective owners.
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