TRADITION SOFTWARE shows positive growth in 2009 despite economic downturn
PRESS RELEASE
TRADITION SOFTWARE, the leading provider of lien software solutions to the US construction industry, announced its year end results, as the company reported a one percent (1%) drop in overall revenue growth, GAAP Net Income and EBITDA in 2009.
“2009 was a mixed year in terms of revenue growth for our divisions” said Craig Altman, Founder/President of TRADITION SOFTWARE, INC. “Like most software companies, the purchasing of new software was put on hold or eliminated from budgets due to the severe economic realities facing the US construction industry, causing a 25% drop in new software sales for the year. We did gain several new, high profile software customers nationally , including CLP, LEHIGH HANSON, SYMONS BY DAYTON SUPERIOR and UNITED SUBCONTRACOTRORS. Unfortunately, smaller, family owned businesses had a difficult year. Despite some of our customers filing for bankruptcy and closing permanently, our 2009 Annual Subscription revenue was down only 3% compared to 2008. A very positive result was that our TraditionInk.com division had its fourth straight year of double digit growth, with sales revenue up 18.2% for the year.
The main software product for TRADITION SOFTWARE, PreLien2Lien, continued to evolve with updated notices and printing technology added to fourteen (14) states, including CT, DE, IA, ID, MD, ME, ND, NE, NH, NM, NY, RI, SD, and VT. Overall, legal updates were performed on one hundred (100) plus notices, thanks in part to our proactive legal research and active customers who offer direct feedback around the US. “One large customer used PreLien to record and release liens in thirty (30) states last year,” said Craig Altman.
TraditionInk.com continued to show good sales growth in 2009. Close to one hundred (100) new products and categories were added for buyers. Many of these products were for corporate color printers from suppliers like HEWLETT-PACKARD, OKIDATA and XEROX. “Our goal is to continue to new regular corporate buyers who spend on average five hundred ($500) dollars per month on toner. By doing this we not only increase revenue dramatically, but more importantly, profitability for the division.”
The online presence for all divisions was improved. “We upgraded our web server hosting environment in the middle of the year, and saw close to 99.9% uptime for all our sites. Website page load times improved, and the security for users doing transactions was also improved,” said Craig Altman. “Search engine optimization (SEO) was a major focus for the year, with pages redesigned or enhanced to help promote higher rankings with BING, GOOLE and YAHOO.”
Customer Service got a new Manager, Michael Walker, who previously worked fifteen (15) years in customer service, technical support, and training with HEWLETT-PACKARD. His writing experience includes being co-author or contributing writer on four published books.
TRADITION SOFTWARE retired one long term debt obligation and has one remaining. Short term debt was reduced by 13%. A three year repayment plan is in place to retire all current debt completely by 2012.
The company launched on January 4, 2010 a new division, TRADITION NOTICE SERVICES. “Given our expertise in writing legally compliant state lien notices for PreLien2Lien, I felt we could extend our knowledge to new customers – suppliers and tradesmen, prime contractors and subcontractors in construction who need to get paid through the effective use of each states’ lien process without purchasing our PreLien2Lien software solution,” said Craig Altman.
TRADITION SOFTWARE is also going to begin in 2010 Research & Development on a proprietary replacement to Petttit forms. “We feel we can develop a less expensive solution for our customers that offers easy integration with PreLien2Lien, said Craig Altman. Current PreLIen2Lien customers will be given a grace period to exhaust their supply of previously purchased Pettit forms before support for the old forms is eliminated in future versions of the software.
About TRADITION SOFTWARE
TRADITION SOFTWARE, INC. was founded in 2005 by its Founder and President, Craig Altman. TRADITION SOFTWARE offers the industry standard software solution, PreLien2Lien, to contractors and subcontractors in the US construction industry for lien management. TraditionInk.com was formed in 2005 as a new Division, offering businesses and consumers name brand and compatible replacement ink supplies at 10% – 60% less than traditional office supply retailers. Tradition Notice Services was launched in 2009 as a new division, offering contractors and subcontractors in the US construction industry a low cost, professional services solution for lien management.
TRADITION SOFTWARE’s headquarters is in Roseville, CA, just north of the state capital in Sacramento. The company’s mission is to offer superior products with friendly, knowledgeable technical support. We don’t do this because it easy. Our employees do it because it benefits our customers.
Experience the Tradition.