Meridian Project Systems Releases Audited 2003 Financial Results
Record Revenue Tops Off Year Full of Achievements and Customer Wins
FOLSOM, Calif., May 26 /PRNewswire-FirstCall/ -- Meridian Project Systems(R), provider of enterprise software solutions for managing large real estate, construction, corporate infrastructure and other capital-intensive initiatives, announces its audited financial results for 2003. Meridian finished the calendar year with over $22 million in revenue, a 40% increase from the previous year. These strong results are attributed to Meridian's unique portfolio of software solutions, which included many new product and service offerings. Early in 2003, Meridian unveiled Prolog(R) LT designed specifically for mid-sized construction companies. Prolog LT manages costs, documents and daily construction activities in one easy-to-use and powerful project management system. Additional product news was made when Meridian released version 7.0 of Prolog Manager and Prolog Website, the AEC industry standards for construction companies with over $250 million in volume*. In August, Meridian released Prolog Scheduler 3.0, a new version of its web-based collaborative scheduling tool. ProjectTalk(R), Meridian's project management ASP solution for the AEC market, has achieved major success since its introduction in 2000. In 2003, growth in ProjectTalk memberships exceeded 63% and revenues grew by 57%. Meridian was recognized as a leading product innovator by Constructech Magazine, receiving its Constructech Hottest Technology Company 2003 designation. The Hottest Technology award highlights the best of the best among vendors today that have not only demonstrated solid revenue growth, but have also landed some very impressive customers along the way. The 2003 Constructech National Construction Technology Survey also revealed that Prolog Manager is the leading project management solution in the industry, capturing 25.3% market share. Last October at its 10th Annual User Conference, Meridian released Proliance(R), a new paradigm for managing projects, programs and organizational processes across global and large national companies. As a third-generation Internet technology platform, Proliance combines world-class project and portfolio management capabilities with business process and performance management technology. Meridian announced notable client wins on the Proliance platform, including Trammell Crow Company, Skanska USA Building Inc., and Gilbane Building Company. Proliance is the first enterprise class software solution for organizations looking to optimize the entire lifecycle of large real estate, construction and capital-intensive projects and programs. Many Proliance customers attribute their selection to the Proliance platform that fully leverages Web services and XML technology. Built on the Microsoft .NET application framework, the Proliance platform provides a powerful foundation that includes workflow automation, security, file management, reporting and communication tools. Proliance's built-in workflow automates business processes for every function within an organization, reducing the time and effort to process information, and enabling the implementation of best practices company-wide. Meridian finished off 2003 by announcing the availability of its new Technical Assistance Center (TAC) dedicated to its large-scale, enterprise clients. The Technical Assistance Center provides advanced technical resources for successful client implementation and usage of Meridian solutions. The TAC service and the recently launched MPS University (a set of comprehensive training solutions) illustrate that Meridian offers a complete package of both software solutions and professional service offerings to its clients. This combination of modern products and complete services allowed Meridian to end 2003 with more than $20 million of contracted backlog. These results are attributed to the company's continued focus on its AEC client base that represents approximately fifty percent of McGraw-Hill Construction's ENR magazine Top 400 Contractors list. Success was also fueled by the company's early wins in the Fortune 1000 segment. "We are very pleased with our growth over last year. Meridian finished 2003 on strong footing, which shows in our financial results and our product accomplishments," said Jim Olsen, chief executive officer of Meridian. "We released Proliance in the third quarter, and realized $12 million in sales for the fourth quarter. Demand is strong across all our product brands. "It has become clear that customers place a high value on using a leading technology platform for managing their capital infrastructure assets, whether those assets are manufacturing facilities, retail outlets or transportation systems. Meridian's product investments are paying off, as evidenced by our customer and market share wins, and we continue to work hard in 2004 to extend this success in our key operating regions in North America, EMEA and Asia-Pacific," finished Olsen. About Meridian Meridian Project Systems provides enterprise software solutions to industries managing large real estate, construction, corporate infrastructure and other capital-intensive initiatives. Meridian solutions are used by more than 8,500 of today's leading business enterprises, government agencies, and engineering and construction firms to effectively improve top line revenue growth while reducing their capital construction costs. Meridian uniquely provides both self-hosted software and hosted ASP-based solutions, and ranks as the market share leader in project management software and collaboration software used by construction companies with over $250 million in revenue*. Meridian has an impressive track record of revenue growth over its 11-year history, and has been listed two years consecutively as an Inc 500 Fastest Growing Company (based on a 5-year track record of revenue growth). Meridian is headquartered in Folsom, Calif., with additional offices in Duesseldorf, Germany; Vancouver, British Columbia; and Sydney, Australia. For more information, call Meridian at 1-800-850-2660, or go to www.mps.com. *Statistics excerpted from CFMA's 2002 Information Technology Survey for the Construction Industry, fourth edition with the permission of the Construction Financial Management Association, Princeton, NJ, 609-452-8000.
SOURCE Meridian Project Systems
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