SPSS Revenues Up, But Earnings Down
Despite a 10 percent revenue increase in Q3, company loses $4.3 million for the quarter.SPSS Inc. enjoyed a 10 percent revenue increase in the third quarter of 2003 from the same period a year ago, but saw profits generated in last years third quarter turn to losses this year. The Chicago-based business intelligence and analytics software developer saw revenues go up to $52.7 million from $47.9 million in last years third quarter. But SPSS lost $4.3 million after a $2.6 million profit last year. The company ended its investment in Illumitek Corp., taking a $4.3 million charge in the process, though it took over Illumiteks nVizn product. SPSS also completed a reorganization of its field sales operations in the quarter, which included a 25 percent reduction in the size of the sales force.
Market research and statistics products led the revenue surge. Revenues for analytical solutions and data warehousing applications fell during the quarter.