E-manufacturing engineering software solution provider,
(Nasdaq:TCNO) announced on Monday its financial results for the first quarter of 2001, showing revenues of $22.2 million, compared to $23.8 million for the same period last year.
The company's operating loss for the quarter was $3.4 million, compared to operating income of $3.2 million for the first quarter of 2000. Net loss for the first quarter was $3.5 million, or $0.34 per diluted share, compared to net income of $3.4 million, or $0.30 per diluted share, for the same period last year.
The Company ended the quarter with $58.2 million in cash, cash equivalents and short-term investments.
"We are encouraged by our progress this quarter," said the firm's President and CEO Harel Beit-On. "Today, we are reporting another quarter with sequential revenue growth, positive operating cash flow and reduced operating losses. We remain committed to return to profitability by the second half of this year and have made additional reductions in our operating expenses. These reductions are evident in this quarter's results; the full effect of our cost-reduction program will be reflected in the following quarters," Beit-On said.
He added that although the firm had experienced a downturn in its electronics business due to the weak market conditions in the U.S., several orders had come in from companies such as Celestica,
(NYSE:SI) and Teradyne.
Beit-On said that Tecnomatix also received an order from the multi-billion dollar Chinese telecommunication firm Huawei Technologies.