President's Letter
I am pleased to report that 1984 has been an outstanding year for Keane. Revenues were $35,861,000, up 62% from $20,875,000 in 1983. The Com-pany's improved performance is the result of programs and plans instituted over the last three years.
Net income for 1984 was $619,000 or 70€ per share, as compared to $232,000 or 270 per share in 1983. This is particularly significant in light of the fact that during 1984 Keane increased its internally-financed expenditures in soft-ware products to approximately $1,879,000, up 61% over 1983. 2
During 1984, Keane's Information Services Division (ISD) experi enced a banner year in professional services with nearly every branch office sur-passing prior revenue and profit records. The primary reason for this is the out standing performance of ISD's sales, management and technical team, whose combined efforts make Keane one of the finest application software companies in the computer industry. During the year, ISD added the Project Manager Development Program (PMDP) to its "value added" project management services which distin-guish it from its competitors, PMDP™ isolates the skills needed to become a superior project manager and provides a system to learn these skills.
KeaMed Hospital Systems increased its revenue significantly dur ing the year. This was due primarily to the sales and implementation of our family of Worry-Free Software™. KeaMed also continued to invest heavily in product devel-opment efforts during 1984. These investments have doubled each year for the past several years and will double once again in 1985. Our technical expertise, coupled with intense marketing of Worry-Free Software™, is positioning KeaMed for contin-ued growth.
The overall success of Keane is being fueled and sustained by the specialized and innovative services of our Human Resources organization. Keane's Staffing & Placement Group and subsidiary search firms recruited hundreds of new Company employees. In order to maintain Keane's reputation for managerial and technical excellence, the Company provided 93% of its employees with training.
In short, 1984 was a terrific year for Keane. We set tough goals for ourselves and surpassed these goals. I am extremely proud of the exceptional efforts made by all Keane employees during 1984 on behalf of our client companies. I am confident in Keane's future, and am looking forward to reporting good results in 1985.
Very truly yours,
John F Keane, President
Annual Report