Indus International Inc. (Nasdaq: IINT) cut losses and increased revenues in its most recent quarter and also has a new chief executive officer.

Greg Dukat, president and chief operating officer of Indus, will now also serve as CEO, effective Feb. 1. Dukat succeeds Thomas Madison, who has served as CEO and will remain as chairman, a position he has held since December 2001.

“Over the past 18 months, Indus has taken the necessary steps to restructure the company, and Greg has been a leader of this effort,” Madison said. “Greg’s initiatives have included the development of a more defined and clear vision for Indus’ software and service solutions, adding several new customer wins and playing an integral role in two acquisitions.”

For the third quarter, Indus reported a net loss of $3.2 million on $34.4 million in revenue in the third quarter, compared with a net loss of $5.9 million on $27.2 million in revenue in the third quarter of 2003. Loss per share was 6 cents, compared with a loss per share of 17 cents in 2003.

“We met our guidance objectives and made good progress towards our short-term goal of completing the turnaround and achieving profitability in the March 2004 quarter,” said Madison. “In addition, during the December quarter, we made key strategic decisions relative to our Service Delivery Management strategy aimed at sustaining both revenue growth and profitability beyond the March 2004 quarter.”

Madison said Indus recently implemented strategic initiatives aimed at turning around the company’s performance. These included strengthening the board and management team, streamlining its product offerings and lowering operating costs.

At the same time, Atlanta-based Indus recently completed the acquisition and integration of a new commercial business unit and, last week, acquired Wishbone Systems, a New Jersey service delivery management business, for $6.65 million in cash.

“With Greg’s leadership, Indus is ready to move into the next phase of strategic development,” Madison said, “a growth phase that we anticipate will position Indus as the core and main driver in the Service Delivery Management area.”

Indus: www.indus.com