This good news was presented during the Stockholders’ Meeting held last June 20, 2003. Based on the management’s discussion and analysis of plan of operations, the Company generated total revenues of P103.9 million in 2002 representing a growth of 28% over the P80.9 million revenues recorded in 2001. This represents a 66% revenue growth compared to the 2000 revenues of P62.4 million. License sales continued to provide the highest contribution in 2002 amounting to P56.0 million or 54% of the total revenues during the year, an improvement from the previous year’s contribution of 51%. Consulting revenue likewise grew in 2002 to P31.7 million compared to P25.4 million in 2001 and P30.1 million in 2000 or an increase of 25% and 5%, respectively.

Training however registered a decline of 2% from P13.0 million in 2001 to P12.7 million in 2002. Revenues during the second semester, however, went up significantly to P9.7 million after the Oracle Philippines decided to discontinue offering core technology courses and appointed SQL*Wizard as the only Oracle Approved Education Provider (OAEP) in the Philippines starting July 2002.

The highlights of the Company’s operations in 2002 would essentially consist of the following:

    Sustained market acceptance of the Oracle Partner Program for the Oracle license sales

    Success of the launch of the Phoenix general insurance product

    Turnaround in consulting line of business revenues

    New revenue source from the Business Online