Concord, Mass. - January 28, 2002 -- Financial Fusion, Inc. announced today that it has bettered its Q4 forecast revenues and expenses to produce the company's first profitable quarter. Financial Fusion recognized $8.0M of revenue on expenses of slightly less to beat analysts' expectations to breakeven and achieve profitability in Q4.
New customer sales to George Weiss, Brokerage Trading System, New York Mercantile Exchange, California Federal Bank and US Bank, sales to the existing customer base including Bank of New York, partner strategy success with IBM, and expense management all contributed heavily to Q4 profitability. Financial Fusion was also able to leverage channel partners to produce cost- and resource-effective sales and product implementations.
Financial Fusion expects to maintain momentum in new customer attainment with anticipated sales into Tier I & II retail banks in the Americas as well as electronic trading and financial services firms worldwide. Careful resource and project management will be key factors for profitability and expense control in upcoming quarters.
"Financial Fusion is a key component of Sybase's vertical market strategy,"
said John Chen, chairman, president, and CEO, Sybase, Inc. "Despite the
economy, they have proven to be a sustainable business by quickly replacing
market leaders through strong product offerings and a proven track record."
"Financial Fusion's target market of leading financial institutions is
extremely diligent in the financial viability analysis of their technology
providers," said Michon Schenck, president and COO, Financial Fusion Inc.
"Our ability to achieve profitability amidst difficult economic conditions
further validates that Financial Fusion's cross segment strategy sets us
apart from our competitors that only serve niche markets."