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Crushing the Construction Recession -- 2011 Is Another Record Year in Growth and Earnings for Hard Dollar(March 05, 2012)
SCOTTSDALE, AZ -- (Marketwire) -- 03/05/12 -- Hard Dollar Corporation, the category creator and worldwide leader in Project Cost Management software solutions for capital projects, announced record sales growth, earnings, and customer additions for 2011. This marks the fourth consecutive record year-over-year performance for increasing sales and profitability despite the worst economic period in recent construction history. The Company's Compounded Annual Growth Rate over the past four years was 22%, with significantly increasing profitability.
"Hard Dollar employees, partners, and customers continue to outperform competitors and the general market by a wide margin," stated Doug Nicholas, Hard Dollar President and CEO. "In 2011, our new software license revenue increased 128%. We are growing through market share gain and increased recognition by industry leaders. Hard Dollar continues to prove the profitable impact that Project Cost Management is making for Owners, EPCs, and Contractors involved in major capital projects." Nicholas remarked, "Hard Dollar is living up to its name, as our customers are significantly reducing project costs and driving more hard dollars to their bottom lines."
Other financial highlights for 2011:
- 54% overall revenue growth
- 238% increased operating income
- 26% growth in Professional Services
- $2.5m in backlog license sales entering 2012
- $253,000 in revenue per FTE (placing the Company in the top one third compared against public peers with sales ≤$100 million)
- 29% increase in FTEs
- 11% increase in Channel Partner revenues
- 5% decline in health insurance premiums due to continued wellness initiatives
The Company significantly increased the number of new corporate customers in 2011 including Kiewit Corporation, Freeport McMoRan, Barrick Gold, Veolia Environmental Services, Clark Builders, Japan Canada Oil Sands, M3 Engineering and Technology Corp., and CFJ Nuclear Contractors. The Company is approaching 1,000 corporate customers around the globe. Hard Dollar also expanded its Hard Dollar Authorized Reselling Partner (HARP) program into four new countries in 2011 including South Africa, Vietnam, South Korea, and Nigeria.
About Hard Dollar
Founded in 1989, Hard Dollar Corporation is the category creator and leader for Project Cost Management (PCM) solutions. Over 800 Owner, EPC, and Contractor customers worldwide within infrastructure, mining, oil & gas, STO, power and process industries utilize HD software. Hard Dollar's PCM solution centralizes project cost and productivity -- connecting estimates and budgets, schedule, progress, and forecasting. Customers routinely reduce project costs by 15 percent and increase salary worker productivity up to 300 percent. HD software has been used to construct over $1 trillion in capital projects and is sold and implemented around the globe. For more information, visit www.HardDollar.com or call 800.637.7496.
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