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Flexi Posts Profit
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Business New Haven
9/4/2001
By: BNH
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SHELTON - FlexiInternational Software Inc. (OTCBB: FLXI), a designer, developer and marketer of Internet based financial and accounting software and services, has announced results for the second quarter ended June 30. Revenues were $2.3 million, compared to $2.9 million for the second quarter of 2000. Net income for the second quarter 2001 was $29,000 (0 cents per share), compared to $18,000 (0 cents per share) for the corresponding period of 2000. Second-quarter license fee revenue decreased 48 percent from the comparable period last year and was seven percent below last year's comparable six month period.
During the second quarter the company agreed to a settlement of an existing dispute with a former client, which resulted in Flexi's recording revenue of $566,000 for the period. For the six months ended June 30, the company reported revenues of $5.4 million. compared with revenues of $6.5 million for the same period in 2000. Net income for the six-month period was $126,000 (one cent per share), compared to $35,000 (0 cents per share) for the corresponding period of 2000.
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