Revenue for the quarter ended September 30 was $14.273 million, an increase of 10% from $13.023 million generated during the same quarter a year ago. Net income decreased 84% from the same quarter a year ago to $119,000 or $0.01 per diluted share. In the third quarter of last year, net income was $782,000 or $.06 per diluted share.
Through the first nine months, Timberline's net income decreased to $1.137 million or $.10 per diluted share on revenue of $42.7 million compared to net income of $2.319 million or $.18 per diluted share on revenue of $37.5 million through the first nine months of 2000.
"For the first time this year, quarterly software revenue did not exceed last year's quarterly amount, as the tragic events on September 11 and the economic slowdown impacted our ability to close business," said Curtis Peltz, Timberline's President and Chief Executive Officer. "Our earnings were lower as a result of this and our continuing investment in our strategy to extend our market dominance."
Service fees increased 23% to a record quarterly amount of $8,457,000 in the third quarter of 2001 from $6,900,000 for the same quarter a year ago. Software license revenue decreased 5% to $5,661,000 in the third quarter of 2001 from $5,978,000 in 2000.
The Company's Board of Directors declared the regular quarterly cash dividend of $.04 per share payable November 16, 2001 to shareholders of record on November 2, 2001.
For the fourth quarter this year, absent any further decline in the economy that will negatively impact software purchases for the remainder of this year, Timberline expects earnings per share for the fourth quarter to meet or slightly exceed the amount reported in the same period last year.
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