Timberline's Year-End Numbers Below 2001

BEAVERTON, OR-Timberline Software Corp. said this week it more than doubled its fourth quarter profit in 2002 but that it was not enough to turn 2002 into a better year than 2001. The company also said it expects to double earnings in 2003.

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.