4th Quarter 2007 Revenue Guidance Increased to Range of 8-12%
$17 Million in New Contracts since September 1st
NEW YORK--(BUSINESS WIRE)--Zanett, Inc. (NasdaqCM: ZANE) consulting firm serving Fortune 500 corporations, mid-market companies, and highly classified federal agencies involved in Homeland Defense and Homeland Security, today announced it was raising 2007 Q4 revenue guidance to a range of 8-12% above 4th quarter 2006, up from previous guidance of 4-9%. Fourth quarter 2007 revenue is expected to be between $12 million and $12.5 million, up from $11.1 million in the same quarter in 2006.
On reviewing our November data point, and with clear visibility through December, we are confident about our revised guidance,? said Dennis Harkins, Chief Financial Officer of Zanett. ?In September, we completed our 9-month comprehensive re-org plan, and during the last three months, we have closed approximately $17 million in new deals on the commercial side. These are the long-awaited fruits of our labor.
Some of the representative contracts the company has closed since September 1st include:
- $3.1 million with a US furniture manufacturer.
- $2.8 million with an international specialty metals manufacturer.
- $1.3 million for two projects for a leading US pharmaceutical company.
Our commercial segment has never been stronger,Harkins added. ?The implementation of our revised business model will have a tremendous impact on our bottom line next year, and we should see the benefits of our recent operational realignment beginning in the current quarter.
Claudio Guazzoni, Chief Executive Officer of Zanett, said, ?Our sales team is positioned to deliver aggressive revenue growth and profitability in 2008. Our continued focus on managed service contracts, supplemented by the continued development of our government program, will help us achieve this goal. We are thrilled with the progress we have made in the fourth quarter, and we look forward to building this momentum as we begin the New Year.
About Zanett, Inc.
Zanett is an information technology company that provides customized, mission-critical IT solutions to Fortune 500 corporations, mid-market companies, and classified government agencies involved in Homeland Defense and Homeland Security. The company operates in two segments, Government Solutions and Commercial Solutions.
Zanett's Government Solutions segment specializes in providing advanced software and satellite engineering services with domain area expertise in the realm of classified geospatial data exploitation and representation as well as IT infrastructure related to Homeland Defense and Homeland Security.
The Commercial Solutions segment provides Management Consulting services and delivers custom business solutions that integrate and implement Oracle's full suite of product offerings - Oracle, JD Edwards, PeopleSoft, Seibel, together with associated Oracle Fusion technologies. A wide range of delivery expertise is provided to clients, including Managed Services, Enterprise Applications, Business Intelligence, Web and Portal Development, and Middleware Technologies. Zanett also provides full infrastructure and application hosting, utilizing local and international resources, remote and onsite DBA support, all on a 24x7 basis.
Zanett currently employs over 234 people nationwide, is headquartered in New York City, and operates out of 9 offices (Atlanta, Boston, Cincinnati, Denver, Detroit, Indianapolis, Jacksonville, New York City and the Philippines). For more information, please visit http://www.zanett.com/.
Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as ``forward-looking statements'' within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause Zanett, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Zanett currently is considering, but in reality may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
Circumstances do change, and if and when the landscape changes, Zanett shall endeavor to remain as flexible as possible, and adjust its strategy accordingly. Zanett, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The abovementioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect Zanett, Inc., see Zanett, Inc.'s filing with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for the fiscal year ended December 31, 2006 and its Quarterly Report on Form 10-Q for the quarter ended June 30th 2007 and March 31st 2007.
Neither Zanett, Inc. nor Zanett Oracle Solutions is a part of, a division of, nor a subsidiary of, nor in any other manner connected with, Oracle Corporation, and no implication is made what-so-ever to suggest as such.
For Further Information, Contact:
RedChip Companies, Inc.
500 Winderley Place, Suite 100, Orlando, FL 32751, (800) 733-2447,
Fax: (407) 644-0758, info@redchip.com
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