Electronic Processing, Inc. announced that in addition to its normal sales growth, the company recently won two of the largest national bankruptcy trustee accounts shortly after releasing version 4.0 of its TCMS Chapter 7 software product. The two new customer accounts represent approximately $40 million on deposit compared with a typical customer size of between $1 and $2 million. EPI realizes recurring monthly revenue from Chapter 7 bankruptcy trustee clients that includes a percentage of the total funds on deposit.
Tom W. Olofson, Chief Executive Officer, and Christopher E. Olofson, Chief Operating Officer, said, “We were pleased to release TCMS 4.0 on time in March and believe it establishes clear leadership for EPI in the bankruptcy trustee market with unparalleled technologies and new case management functions. Winning these major customer accounts so quickly after market release is a strong indicator of the product’s competitive edge and its ongoing potential in the bankruptcy industry. In each case, EPI’s software will replace an incumbent legacy system of one of our top national competitors. We continue to develop a strong national pipeline — including additional trustee accounts of this size — in all major geographic markets.”
The company recently reported record results for the first quarter ended March 31, 1999 vs. prior year, which included a 35% revenue increase, a 64% net income gain, and net income per diluted share of $.09 vs. $.07. Additionally, national bankruptcy filings reached a record high of 1,442,549 for the calendar year ending December 31, 1998.
EPI develops, markets, licenses and supports proprietary software products for bankruptcy trustees on a national basis.Details