Q1 2003 Posts Highest First Quarter Sales in Framework's History and Marks Fourth Straight Quarter of Continued Growth
"We're proud to have either met or exceeded all of our major financial goals for Q1, including sales, operational expenditures, cashburn and cash remaining. It is especially gratifying to have achieved these results during such a challenging economic climate. Framework's continued growth results from providing our customers with compelling and easy-to-implement solutions to their most pressing business concerns coupled with our unyielding commitment to deliver their projects on schedule," said Donald Tomkinson, president and CEO of Framework Technologies. "Customers are clearly responding to our offerings, which enable them to achieve benefits quickly. As we look ahead to 2003, we are dedicated to further satisfying our customers with more solutions that are mapped to their key business objectives and challenges. We're confident that we'll continue to accelerate sales by remaining nimble and responsive to their constantly evolving needs and concerns."
New Products and Personnel Contribute to Successful Q1
Framework largely attributes its success to best-of-breed products added to the ActiveProduct and ActiveAEC solution suites. These milestones were made possible by a highly focused product management and development team and a sales force oriented to diligently identifying and defining a solution that quickly addresses customers' key business problems.
With respect to solution offerings, during Q1 Framework shipped the latest version of its project execution decision support software - ActiveProduct for manufacturers interested in increasing success of new and existing products, and ActiveAEC for Architecture, Engineering and Construction (AEC) companies focused on increasing the success of their construction, facilities and consulting projects. Version 9.0 promotes more informed decision-making, extended user adoption through a more intuitive solution and optimized overall system performance for both manufacturing and AEC companies. Additional enhanced functionality included in this version enables streamlined communication, better control over unplanned events and more simplified, automated processes and administration.
In addition, Framework released ActiveView(TM), a standalone team collaboration module, ideal for speeding data sharing and visualization across extended project teams. ActiveView improves team synchronization for heavy users of various CAD applications.
Regarding personnel activities, during Q1 Framework further bolstered its sales force by appointing two new sales representatives to cover the Dallas and New Jersey territories. The addition of these sales veterans completes Framework's initiative to build a further seasoned sales force, comprised of individuals who have extensive experience in selling enterprise solutions to the company's key audience - top executives.
Record-Breaking Deals and Augmented Deal Size Add Up to Outstanding Sales Performance
A combination of new and existing customers resulted in Framework's growth during Q1. Existing automotive suppliers, aerospace suppliers, pharmaceutical and AEC customers increased the quantity of users and added new modules to take advantage of the solution's usability and capacity to address their key business problems. In terms of new customers, Framework saw the significant adoption of its solution by several companies including the largest deal yet with a pharmaceutical customer. This increased selection by new customers and expansion by existing customers is driven by Framework's ability to offer a focused, cost effective, and easy-to-implement solution.
About Framework Technologies
Framework Technologies is a leader in project execution decision support software, helping companies in the manufacturing and architecture, engineering and construction (AEC) markets focus on the key projects paramount to achieving growth objectives. ActiveProduct, Framework's solution for the manufacturing industry, focuses on the early phase of the product lifecycle, from ideation to market introduction, and helps Fortune 1000 manufacturers like Moen, GE Plastics and Timex introduce the right products at the right time and at the right cost. Framework's offering for the AEC industry, ActiveAEC, is a powerful solution that allows companies such as Best Buy, BorgWarner, KeySpan Services, MACTEC and Modern Continental to successfully manage AEC projects that will drive improved operational efficiency and company profitability. For further details please visit http://www.frametech.com/.
Press Contacts: Rachael Diana Kevin O'Leary Greenough Communications Framework Technologies (617) 275-6549 (781) 270-6554 Email Contact Email Contact
Web site: http://www.frametech.com/