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Geoscience software and services provider Paradigm Geophysical (NASDAQ:PGEO) today released its operating results for the third quarter.

Quarterly revenue grew 24% from the corresponding quarter to $17.8 million, the company says.

It netted 1 cent per share, compared with 5 cents in the parallel, though. Cash-flow per share also dwindled, to 15 cents compared with 19 cents for the same quarter of 2000.

Earnings per share for the first nine months of the year did improve, though, to 12 cents compared with 9 cents for the parallel months of 2000, the company pointed out.

Company chairman and chief executive Eldad Weiss said that some clients had held back software orders, but the company achieved overall growth compared with the same period of last year.

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Service revenues climbed 50% over the parallel quarter to $6.6 million.

The company expects its fourth-quarter revenues to hold steady against the third quarter, said Weiss, with a slight improvement in year-end software sales.

He said the company expects Q4 revenues to be about $19 million, with EPS ranging from $0.06 to $0.08 for the quarter. Total revenue for 2001 could reach $73 million, 15% growth over 2000, he said.

Further ahead, he expects demand for services to grow in 2002 and 2003 while demand for products will stay at 2001 levels.

For 2002, the company anticipates some revenue growth against 2001, and EPS of $0.33 to $0.42.