Crystal Systems Solutions, a provider of software products and support services for the modernization of existing information systems and cross platform re-hosting, recorded total revenues of $13.8 million in the fourth quarter of 2002.
The net loss for the fourth quarter of 2002 was $3.5 million compared with a net loss of seven million dollars for the fourth quarter of 2001. Revenues for the year were $36.7 million, compared with $38.4 million in 2001.
The results of the fourth quarter of 2002 were materially impacted by the recent acquisition of Liraz. The company is implementing a reorganization plan that is designed to enhance the capabilities of each business entity, while increasing the overall efficiency of the company. As planned, in order to integrate the company's main business focus, all functions and assets in the organization were evaluated and their utilization was determined according to their expected contribution to the consolidated company.
Crystal Systems Solutions develops and markets software products and solutions that enable clients to manage the IT assets at their disposal, including legacy applications, modern application packages, middleware, and networking technologies. Its products provide cross-platform software renovation, modernization, and IT asset management solutions that are designed to accelerate the process of mission-critical legacy renewal, integration, and maintenance during an application's entire life cycle. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
