Michael McCloskey, CEO of FrontRange, said: "The results of the quarter reflect the progress we have made in reshaping FrontRange into a leading provider of service management, CRM, and voice applications. During the quarter, we have grown license revenues by 29%, operating profit by more than 50% and total revenues by 13% over the prior year.
Our HEAT(R) and GoldMine(R) products continue to attract customers at a rapid clip, and our product and geographic expansions are providing future opportunities for growth." "I am very pleased with our 29% increase in license revenues over the prior year. License revenue growth is one of the most important measures of the health of a software company, and is a strong indication of the value we are delivering to our customers. Customers continue to be excited about our product roadmap enhancements, and the number of new products that we will be bringing to market during the next few quarters. Our commitment to the customer, combined with our stronger focus on going to market through our channel partners, has bolstered our ability to maintain and improve license sales,"
McCloskey stated. "Our business model performance continues to be strong, as evidenced by a 50% increase in operating income and a 65% increase in research and development. This increase in R&D is helping us to deliver new products and enhancements to market, as well as provide localized products for international markets," stated McCloskey.
He added: "We continue to make progress on our product delivery plans, as evidenced by our new HEAT 8.3 release, which offers significant new functionality as well as full integration to our new ITIL modules. This approach allows our customers to retain the investment they have made, while providing significant additional functionality based on best practices." "We're also pleased to announce our new platform and ITSM application," continued McCloskey. "This new product is based upon the ITIL framework, and is being well received by our customers. Although only recently released late in our quarter, we have already won significant contracts from both current and new customers."
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