PlanGraphics a designer and integrator of e-government solutions and spatially enabled information systems and data warehouses has reported a net loss of $393,120, on revenue of $8.2 million for the fiscal year ended September 30, 2002. The results compare favorably with a net loss of $1,123,602 on $7.6 million revenue, a year earlier. Revenue for the year, which rose $519,540, or 7%, over the prior year, was constrained by several contracts for the company’s geographic information systems (GIS) solutions that were held in abeyance by key local government customers pending receipt of federal funding and resolution of changes in clients’ administrative policies and procedures. The fiscal year 2002 loss equaled one cent per share, based on 64,228,797 weighted average shares outstanding compared to the prior year loss of six cents per share on fewer shares outstanding.
Total operating costs and expenses for the year decreased by $118,356, or 1%, to $8.3 million in 2002 for an operating loss of $103,003 comparing favorably to the prior year operating loss of $740,899 and to the 7% increase in revenue. The Company recorded decreases in total costs and expenses of $289,490 in general and administrative expenses related to investment banking, auditing and accounting and public relations; and a decrease of $409,220 in other operating expenses, mostly from the elimination of $364,000 of goodwill amortization expense and a $50,797 decrease in depreciation. In addition, interest expenses decreased $62,842 or 17% from the prior year.
PlanGraphics president and CEO, John Antenucci, attributed the marked improvement to continued efforts managing and controlling expenses while responding to customer demands. “Our actions are paying off for the company,” he said, “and with our recent $15.4 million award from the City of New York and the interest we are experiencing in our emergency management systems design capabilities, we expect to return to profitable performance in 2003.”
