Hummingbird in tune for 2003

Hummingbird in tune for 2003

Hummingbird's headquarters in Canada reported a successful first quarter to 2003 and the local branch office is exceeding sales for the quarter by 25 per cent.

Ending the quarter on December 31, 2002, Hummingbird announced sales for the quarter were at US$44.1 million. The chairman and CEO of the company believes this is due to their existing customers adopting the new Hummingbird EnterpriseT solution, including those migrating to the new system from the DOCS solution.

Adjusted income for the quarter has increased to $5.1 million, up from $4.9 million for the same quarter of last year. Net income for the quarter was a very healthy $2.0 million, when compared to the net loss of $5.7 million for the same quarter in the previous year.

Hummingbird's cash position also looks healthy, despite having to buy back shares. Including short term investments, Hummingbird had $119.7 million. It had to buy back 317,800 shares at a cost of $6.4 million during the last quarter of 2002.

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