Aladdin Systems Holdings Inc., parent company of StuffIt maker Aladdin Systems Inc., today announced its financial results for 2002. The company posted net income of $618,475, or $0.06 per basic and diluted share. That’s compared to a $1.1 million loss posted for 2001. Aladdin said that its net revenue for the year totalled $7.5 million, slightly less than its 2001 results of $7.6 million
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Net revenues for the fourth financial quarter of 2002 totalled about $2.4 million, according to Aladdin, up 24 percent from the previous quarter. Total net income for the quarter was $337,855.
Aladdin CEO Jonathan Kahn attributed his company’s return to profitability to strong fiscal control coupled with good consumer response to Aladdin’s new products. “In addition to our traditional business we were able to fund the launch of Aladdin Enterprise Solutions in October 2002 to add a new dimension to our company,” he added.
Aladdin Enterprise Solutions (AES) is the result of Aladdin’s acquisition of Erevu Inc. last October. The group designs and deploys software-based management solutions for distributed networks.
Wins for Aladdin in Q4 2002 included Ten for X, StuffIt X, and key partnerships with companies including Iomega and Move2Mac maker Detto Technologies Inc.
Kahn noted that Aladdin is cautious about the overall economic forecast for 2003. “We are excited about the potential AES has to offer the enterprise market and in 2003 we expect both operating companies to leverage each other’s technology and channels,” said Kahn.