For the fourth quarter of 2002, the company is reporting a net income of $1.5 million or $0.13 per share on revenue of $17.7 million compared to a net income of $714,000 or $0.06 per diluted share on revenue of $15.4 million. For all of 2002, the company is reporting net income of $1.76 million or $0.15 per diluted share on revenue of $61.9 million compared to a net income of $1.85 million or $0.16 per diluted share on revenue of $59.9 million during 2001.

Timberline's President and CEO Curtis Peltz says he likes the results and believes the company is gaining "real traction" in its markets following the initial release in August of Timberline Office, its enterprise suite for construction and real estate firms. Having said that, the company believes the ongoing uncertainty related to the economic recovery in the U.S. caused many companies in the construction and real estate industries to postpone their technology purchasing decisions in 2002.

Looking forward, the company believes that postponement is continuing into 2003. Nonetheless, if the U.S. economy and construction spending remains at or near its current level, Timberline expects its software license revenue will increase in 2003 over 2002. Indeed, the company expects 2003 earnings to be in the range of $0.25 to $0.30 per diluted share, the majority of which will be earned in the second half of the year.