Conversion Services International, Inc. Announces First Quarter Results
May 24 2004 - 10:01AM
PR Newswire (US)
Conversion Services International, Inc. Announces First Quarter
Results EAST HANOVER, N.J., May 24 /PRNewswire-FirstCall/ --
Conversion Services International, Inc. (CSI - The Center For Data
Warehousing) (BULLETIN BOARD: CSII.OB) ("CSI"), a leading provider
of management consulting, business intelligence and data
warehousing services and solutions for Global 1000 and other
businesses, announced today its first quarter results for the
quarter ended March 31, 2004. Revenues for the first quarter of
2004 reached a three-year high of $5.3 million, up 53 percent from
the first quarter of 2003. Additionally, revenues for the first
quarter of 2004 increased 39.7 percent from the fourth quarter of
2003. Scott Newman, CSI's President, Chief Executive Officer and
Chairman, reported, "We are very encouraged by the 53% increase in
revenues for the first quarter of 2004 compared to the first
quarter of 2003. Further, March 2004 was our best revenue-producing
month since November 2001. We believe that the soft market for IT
consulting services is behind us and we are excited about our
prospects for the remainder of the year." First Quarter 2004
highlights: -- Merged with a subsidiary of publicly-traded LCS
Group, Inc. and have been operating as a public company since
January 30, 2004; -- Acquired the 10 key employees comprising the
business intelligence consulting division of Software Forces, LLC;
-- Acquired DeLeeuw Associates, LLC, a management consulting firm
specializing in integration, reengineering and project management
for financial services firms. Their associates have significant
experience delivering value in large-scale, fast-paced projects
within all financial services sectors and functional areas. DeLeeuw
Associates has managed and supported some of the largest merger
projects in the history of the financial services industry; --
March 2004 was CSI's largest revenue producing month since November
2001; -- The Company was cash flow positive from operations for the
month of March; -- Added 19 new consulting engagements, the
majority of which were major Business Intelligence initiatives; --
The consulting headcount increased from 87 at the end of the first
quarter of 2003 to 165 at the end of the first quarter of 2004; --
Raised $2 million in equity in April 2004. About Conversion
Services International, Inc. Conversion Services International,
Inc. (CSI - The Center For Data Warehousing) is a leading provider
of a new category of professional services that embraces IT
management consulting, data warehousing, business intelligence
consulting and e-Business solutions. CSI offers an array of
products and services to help companies define, develop and
implement the warehousing and strategic use of both enterprise-wide
and specific categories of strategic data. CSI's current customers
include Verizon Wireless, Morgan Stanley, Pfizer, Goldman Sachs,
Merck and Standard & Poor's. Information about CSI -- The
Center For Data Warehousing can be found on the web at
http://www.csiwhq.com/ or by calling its corporate headquarters at
888-CSI- 5036. Note on Forward-Looking Statements Statements
contained in this press release, which are not historical facts,
are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based largely on current
expectations and are subject to a number of known and unknown
risks, uncertainties and other factors beyond our control that
could cause actual events and results to differ materially from
these statements. These statements are not guarantees of future
performance, and readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date of this release. CSI undertakes no obligation to update
publicly any forward-looking statements. DATASOURCE: Conversion
Services International, Inc. CONTACT: Mitchell Peipert, Vice
President and Chief Financial Officer, of Conversion Services
International, Inc., +1-973-560-9400 ext. 2088, or Web site:
http://www.csiwhq.com/
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