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CONVERSION SERVICES INTERNATIONAL THIRD QUARTER REVENUES RISE 96%
EAST HANOVER, N.J. (November 23, 2004) - Conversion Services International, Inc. (OTCBB: CSII) ("CSI"), a leading provider of strategic consulting, business intelligence and data warehousing services and data management solutions for Global 2000 organizations and other businesses, today announced substantial increases in revenues for the third quarter and nine month period ended September 30, 2004.
Third quarter revenues nearly doubled to $6.9 million from $3.5 million in the same quarter of 2003. For the first nine months of 2004, revenues grew 76% to $18.6 million as compared to the same period in 2003.
Scott Newman, CSI's President, Chief Executive Officer and Chairman, commented, "We are very pleased to report continued strong revenue growth, which was driven by business intelligence initiatives with Global 2000 companies. Additionally, during the quarter, we secured 27 new consulting engagements from Fortune 1000 companies, which bodes well for continued revenue growth. Importantly, our gross margin also improved during the quarter, to 34.9%, up sequentially from 32.7% in the second quarter of 2004. The increase was due to our focus on higher-level projects with more corresponding hourly billing rates and greater gross margins."
Mr. Newman continued, "Since our acquisition of Evoke Software Corporation in late June of this year, Evoke entered into a strategic partnership with Similarity Systems, a leading supplier of business-focused data quality solutions, to integrate and jointly market their products to provide a universal data profiling and data quality solution for business intelligence, data warehouse and systems migration initiatives. Additionally, we were honored that Evoke was named to the DM Review 100, which ranks the top companies in the business intelligence sector as selected by readers of the magazine, many of whom are our customers."
Mr. Newman concluded, "We are optimistic about CSI's long-term prospects as a leader in data warehousing and business intelligence. We look forward to reporting on the Company's development as we continue to pursue organic growth and strategic acquisitions."
CSI's complete financial reports for the third quarter and nine months ended September 30, 2004 are included in the Quarterly Report on Form 10-QSB filed on November 22, 2004 with the Securities and Exchange Commission.
About Conversion Services International, Inc.
A Note on Forward-Looking Statements
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