MANHATTAN ASSOCIATES SAYS 2002 NET INCOME ROSE 56%

MANHATTAN ASSOCIATES SAYS 2002 NET INCOME ROSE 56%

   Manhattan Associates, an Atlanta-based provider of supply chain execution services, said its adjusted net income increased 56 percent in 2002 to $25.8 million in 2002

   Revenue was $175.7 million. Core revenue, excluding hardware resales, increased 13 percent over 2001.

   Manhattan Associates said it acquired “certain Logistics.com assets from Internet Capital Group for a one-time cash payment of approximately $21.1 million,” adding 86 employees in the Boston area and 70 customers.

   For the fourth quarter of 2002, Manhattan Associates said it had net income increased 16 percent to $7 million.

   Revenue from services increased 8 percent in the quarter to $27.6 million. Software license fees improved 17 percent to $10.6 million.