CLEVELAND--(BUSINESS WIRE)--Jan. 2, 2003--Foundation Software,
developer of the #1 Accounting Software for Labor-Intensive
Contractors, is pleased to announce strong fourth quarter earnings,
closing 2002 as one of the most profitable in the company's 18-year
history
This phenomenal growth is extremely positive, given various
economic reports sighting a slowed growth in the construction sector.
The Dodge Index recorded Construction Contract Value down this year
for both Non-residential Building and Non-building Construction
compared to 2001. Similarly, ENR reported that many private building
markets are close to, if not in, recession while the unemployment rate
for blue and white-collar construction workers rose to 9.5% in
comparison to 6.4% in 2000.
Matt Baumgartner, President of Foundation Software, attributes
Foundation Software's success to several key factors, including:
| -- | A customer-focused methodology, which assists construction customers to increase productivity and improve the financial management of their jobs |
| -- | An unwavering commitment to continuous improvement, with a substantial investment in product enhancement and R&D efforts |
| -- | A seasoned sales force, who all have an in-depth knowledge of the system, a thorough understanding of construction and awareness of what is needed to help contractors run their businesses efficiently. |
| -- | And finally, a powerful, technologically-current and easy-to-use construction accounting system designed for the labor-intensive construction contractor |
Mr. Baumgartner continued: "FOUNDATION for Windows primary
strength is its ability to give owners up-to-the-minute information on
their jobs. Knowing why jobs are making or losing money is critical,
especially during slower times. The benefits of an accounting system
that can produce positive results are well worth the initial
investment."
Foundation Software's high earnings and increased demand for their
accounting system resulted in the opening of two regional sales
offices during 2002. As a part of their continued expansion,
Foundation Software plans to add several regional satellite sales
offices in 2003.
About Foundation Software, Inc.(R) - Since 1985, Foundation
Software has assisted thousands of labor-intensive construction
contractors with their accounting and financial software management
needs. FOUNDATION(R) for Windows(R) is a 32-bit Windows construction
accounting For information, visit us online at
www.foundationsoft.com
or call (800) 246-0800.
The #1 Accounting Software for Labor-Intensive Contractors.(TM)
CONTACT: Foundation Software
Erica Leroux, 800/246-0800 ext 202
Email Contact
or
Tracie Kuczkowski, 800/246-0800 ext 222
Email Contact