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PlanGraphics Reports First-Quarter Results; Conference Call Scheduled Frankfort, Ky., February 18, 2003PlanGraphics, Inc. (OTC BB: PGRA), a designer and integrator of e-government solutions and spatially enabled information systems and data warehouses, reported a net loss of $291,257, on revenue of $1,649,639 for the quarter ended December 31, 2002, as compared with net income of $37,934 on $2,120,218 a year prior. Revenue for the current quarter, down $470,579, or 22 percent from the prior year, continued to be constrained by several contracts for the companys geographic information systems (GIS) solutions held in abeyance by key local government customers pending receipt of federal funding and resolution of changes in clients administrative policies and procedures. The first quarter loss was less than one cent per share, based on 98,214,418 weighted average shares outstanding versus net income of less than one cent on 64,228,797 weighted average shares outstanding a year ago. Total operating costs and expenses for the quarter decreased by $99,693, or 5 percent, to $1,881,175 for the quarter resulting in an operating loss of $231,536 versus operating income of $139,350 in the prior year. The Company decreased direct contract costs by $180,554, or 16 percent, responding to the delayed work. In addition, interest expenses decreased $50,930 or 45 percent from the prior year. At the same time, the Company retained key technical staff, continued its increased levels of marketing and selling and placed additional effort on developing new proprietary tools and service offerings. PlanGraphics President and CEO, John Antenucci, noted, Several delayed contracts have now been awarded, and we have been instructed to proceed. We are moving confidently forward. With the recent finalization of the $15.4 million contract with the City of New York and the interest we are experiencing in our emergency management systems design capabilities, we expect a profitable performance for 2003. PlanGraphics has scheduled an investors conference call on Wednesday, February 19, 2003, at 3 p.m. Eastern Time. Contact Fred Beisser via email at FBeisser@PlanGraphics.com or telephone (720) 851-0716 for the call-in number. An audio Web cast of the conference call will be available later that day on the Internet and may be accessed at www.PlanGraphics.com where it will be available for 30 days. About PlanGraphics, Inc. PlanGraphics, founded in 1979, is a full life-cycle systems integration and implementation firm providing a broad range of services in the design and implementation of information technology in the public and commercial sectors. PlanGraphics experience with spatial information systems and e-services capabilities provides a critical discriminator among other IT consulting and integration firms. PlanGraphics is headquartered in Frankfort, Kentucky, and has regional offices in Maryland, Colorado, California, Rhode Island, and New York. On the Internet: www.plangraphics.com The foregoing contains forward-looking statements that are subject to contingencies and uncertainties. Such forward-looking statements are not guarantees of future performance, and are based on numerous assumptions about future transactions or results that may differ materially from anticipated events, transactions or results indicated and are included in the safe harbor provided by the Private Securities Litigation Reform Act of 1995. End CONTACT: Fred Beisser, Senior Vice President - Finance; Tel: (720) 851-0716 or email: FBeisser@PlanGraphics.com Copyright 2003 PlanGraphics, Inc. |