GeoLearning Announces 130% Revenue Growth for Q3 2004
GeoLearning, Inc., the leading provider of ASP-hosted human capital management and development (HCMD) solutions, announced today that third-quarter revenues for the three months ending September 30, 2004 have increased 130.15% over the same period ended September 30, 2003. The company has also achieved a net profit margin exceeding 13% on revenues during the first nine months of 2004.
GeoLearningâ€™s revenues for the first nine months of 2004 increased more than 96% over the same period a year ago, indicative of the companyâ€™s continued successful penetration in both the government and corporate marketplaces. Net profit year-to-date increased 204% over the first three quarters of 2003.
â€œWe continue to experience tremendous growth and ever-increasing traction for our outsourced learning services management model,â€ said Frank Russell, president and CEO of GeoLearning. â€œWhile more and more clients are opting for three-, four- and even five-year hosted LMS contracts, we are also benefiting from the rapid growth of business process outsourcing. Clients are choosing to outsource selected functions of their learning operations to GeoLearning in an effort to reduce costs, move to a variable rather than fixed cost structure, and better focus on the core of their business.â€
Other third quarter highlights at GeoLearning include:
- Ranked #367 on the 2004 Inc. 500 list of â€œAmericaâ€™s fastest-growing private companies.â€ GeoLearning was credited with 4-year total growth of 402% between 2000 and 2003 for an average annual growth rate of 100.4%.
- BankAtlantic, one of the largest financial institutions headquartered in Florida, signed a five-year license agreement for GeoLearning’s GeoMaestroâ„¢ learning management platform. The company also added U.S. Nuclear Regulatory Commission, State of Washington Department of Health, Ticketmaster, First Niagara Financial Group and TeleTech Holdings as new clients.
- Renewed or expanded existing contracts with U.S. Department of Commerce, NISH, State of Washington Department of Personnel, Dell, PPG Industries, U.S. Department of Housing & Urban Development, U.S. Office of Personnel Management/GoLearn, Costco, VWR International and the Federal Communications Commission.
- Opened new regional sales offices in Boston, MA and Columbus, OH.
GeoLearning is the leading provider of ASP-hosted human capital management and development (HCMD) solutions, having been chosen by more than 350 organizations around the world to manage learning and development. The companyâ€™s GeoMaestroâ„¢ and GeoExpressâ„¢ learning management platforms offer robust registration, tracking and reporting functionality crucial for managing enterprise-wide learning, development and knowledge acquisition. With no hardware or software to install, GeoLearningâ€™s ASP-hosted platforms can be deployed quickly, allowing clients to efficiently manage human capital development, accelerate critical business processes, and drive organizational performance. Additional information is available at www.geolearning.com.