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FileNet Chief Touts Potential for Doubling Sales by 2001

June 16, 1998|Bloomberg News

FileNet Corp.'s revenue should double to $500 million by 2001, as the Costa Mesa software company expands its services business and adds salespeople, President Lee Roberts said Monday.

The company is aiming for sales growth of 35% a year, said Roberts, who spoke at the NationsBank Montgomery Securities software and Internet conference in Boston. The company had revenue of about $251 million in 1997.

He said operating margins will widen to 15% by the end of fiscal 1999 from a negative 1.94% in 1997, and the company expects to have 250 to 300 salespeople by the end of the year, up from 200.

FileNet makes software that helps companies manage electronic data, such as text and graphics. While the company is adding salespeople it has been cutting costs, Roberts said.

The company's stock, which has almost quadrupled in the past year, was down 25 cents Monday to $25.75.

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