RKN 0.63% 79.5¢ reckon limited

update of earnings for 2003

  1. 254 Posts.
    Will the strength in price continue tomorrow???


    HOMEX - Sydney

    As outlined in the Chairman's address at the Annual General Meeting
    held last month, during 2003 Reckon has been focused on consolidating
    the turnaround in performance achieved in 2002.

    In particular, this improvement in the performance of the Company is
    being driven by:

    * The release of new versions of existing products;
    * Offering new products and services to our customers;
    * Educating the accountant market about the benefits of our products
    and services;
    * Targeting small businesses as they embrace business for the first
    * Increasing the product offering to medium sized businesses; and
    * The ability to concurrently release the same version of major
    products developed by Intuit as are sold in the US and Canada.

    In addition to the above, Reckon has continued to improve the
    efficiency of its operations and reduce product and administration
    costs generally.

    Reckon continues to be confident that these initiatives will have a
    positive impact on the company's performance for the six months to 30
    June 2003. The Company advises that, based on internal management
    accounts, it expects the net profit after tax for the six months
    ending 30 June 2003 to be in the order of $2.2m-$2.4m. This compares
    with the actual net profit after tax for the corresponding period
    last year of $0.245 million (excluding a $1.002 million one off
    adjustment due to a change in accounting policy a reported net
    profit after tax of $1.247 million).

    Also as flagged in the Chairman's AGM address, the Company advises
    that it is on track to release the following during the second half
    of the year:

    * A new version of Payroll Premier, the most widely used stand-alone
    payroll solution in Australia.
    * Version 6 of QuickPOS, our point of sale solution that has been
    developed and designed specifically for small to medium-sized
    * CashBook 2004.
    * QuickBooks Enterprise Solutions, a new product designed specially
    for medium-sized enterprises of between 20 and 150 employees.

    For further information, please contact:

    Clive Rabie
    Reckon Limited
    (02) 9577 5946
    [email protected]
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