Skokie, Ill. -- April 5, 2000 -- Forsythe Technology has announced that it achieved record earnings and revenues during 1999. It was the company's 29th consecutive year of profitability, as it achieved its highest levels of employment, shareholders' equity, lease originations and assets. These results were accomplished despite disappointing results in October and November, the result of Y2K lockdowns.
Revenues grew 20% to $536 million and after-tax earnings increased 7% to $25 million. The company's technology infrastructure provider, Forsythe Solutions Group, continued its position as an industry leader -- as Hewlett-Packard's leading e-solutions provider for the 4th consecutive year, EMC's leading storage solution provider, Sun Microsystems's 1st national systems partner and a Cisco Systems Partner-Gold Certified.
Forsythe's technology financing subsidiary, Forsythe McArthur Associates, Inc., achieved record lease originations with $315 million in new leases, a 14% increase over 1998.
"The incredible growth of e-commerce continues to drive America's technology appetite," said Richard A. Forsythe, chairman and president of Forsythe Technology, Inc. "As our 2,000+ customers increasingly implemented e-business solutions, their needs for additional server, storage and network infrastructure continued to grow."
Joining the e-commerce initiative, Forsythe is expanding its internal OrderPRO order processing system to provide for e-commerce offerings during 2000. Further, it redeployed its server/network/storage remote monitoring service into a new wholly-owned subsidiary named Nuclio ... which specializes in helping customers improve the availability (uptime) of their technology infrastructure, including business-to-business e-commerce websites. The company is providing additional resources to Nuclio and expects significant growth in this subsidiary.
Forsythe employs over 400 people in 28 cities throughout the United States.
