Draper-based TenFold Corp. celebrated another quarter of near-record earnings, its net income jumping nearly 500 percent over the same period last year.
For the quarter ending March 31, the e-business software provider reported $31.7 million in revenues. Net income reached $2.1 million, a 473 percent increase over the first quarter 1999. Earnings per share grew from zero to 5 cents.
"We are delighted with the continued acceleration of our business growth," TenFold President and CEO Gary Kennedy said. "We essentially doubled our revenues compared to a year ago and significantly exceeded our operating margin goals for the quarter.
"Even more important, we delivered dramatic profit increases, more than quadrupling net income over last year. We continue to have strong confidence going into the second quarter and the rest of 2000."
During the last quarter, the company's growth strategy included signing a contract with Vertex Data Science Limited, a customer service outsourcing company based in the United Kingdom, to provide billing software. It was the first contract signed by TenFold's new E-Business Group.
Other new partnerships include an alliance with Deloitte Consulting to provide additional exposure of TenFold's software to the insurance industry.
The company also received patent approval for one of its software application tools, Universal Application, which TenFold claims gives it a competitive edge by shortening the application development time.
TenFold completed its initial public offering in May 1999, one of few successful Utah-based IPOs that year. Its stock opened at $17 per share and peaked last month as part of a larger tech-run on the NASDAQ exchange at $76. Thursday, TenFold stock closed up 3.9 percent, at $45 per share.