LOD, Israel, February 20 /PRNewswire-FirstCall/ -- FutureIT Inc. (FITI.OB), a leading provider of software solutions for the automated and effective management of Microsoft SQL servers, today announced its preliminary financial results for the fourth quarter of 2008.
Based on unaudited fourth quarter 2008 financial information, FutureIT expects to report revenue of approximately $130,000 in the quarter ended December 31, 2008, compared to approximately $122,000 for the same period in 2007. This is primarily as a result of increased sales in Israel. Estimated revenue for 2008 is $624,000, compared to $232,000 for fiscal 2007.
"Although the global economic crisis impacted our revenue during the fourth quarter, we are pleased by the increase in sales over fiscal 2007," said Shmuel Bachar, chairman and CEO of the company. "FutureIT's results for 2008 reflect the fundamental strength of our business model," continued Bachar. "Our performance benefited from the strategies we've implemented during the past six months, demonstrating EZManage SQL's potential and value in today's market, while we have continued keeping a close watch on expenses and on the bottom line."
Mr. Michael Shtarkman, Director of National Sales said "The Israeli market continues to respond very positively to EZManage SQL and shows strong indicators of additional growth in 2009. During the past year the number of licenses sold has more than doubled from 360 licenses sold in 2007 to 724 licenses sold in 2008. Sales to major Israeli customers like Excellence Nessuah, the Herzliya Interdisciplinary Center, McCann Erickson, and R.H. Electronics, all entities with stringent requirements and who performed extensive due diligence, are important milestones for FutureIT", says Shtarkman. He continued, "FutureIT's new disaster recovery plan, or DRP, provides a disaster recovery solution based on automatic backup and restore, and allows the user to perform an automatic and continuous database copy between different servers. The inclusion of the DRP in the backup and restore module makes it particularly attractive to companies that did not previously have a disaster recovery plan, and will allow them to save considerable expense in the event of an actual disaster."
About FutureIT
FutureIT is engaged in the development, marketing, sale and support of software products that provide easy-to-use comprehensive database management, backup and monitoring solutions for both small and medium sized enterprises, or SMEs, and larger enterprises, running different Microsoft Structured Query Language, or SQL servers, versions 2000, 2005 and 2008, as well as Microsoft SQL Server Desktop Engine, or MSDE and SQL Express.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Certain statements contained in this press release are "forward-looking statements" within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements contained herein. The Company undertakes no obligation to publicly release updates to these forward-looking statements made to reflect new events or circumstances after the date hereof. Neither the Company nor its agents assume responsibility for the accuracy and completeness of the forward-looking statements.
Contacts:
FutureIT, Inc.,
CEO,
Shmuel Bachar, +972-8-925-8070,
Shmuelb@futureitsoft.com .
Marketing, PR and IR Manager,
Sherry Kagan Segal, +972-8-925-8156,
sherryks@futureitsoft.com .
