ANGOSS Software Corp. announces third quarter results.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Ontario--(BUSINESS WIRE)--Oct. 30, 1995--ANGOSS Software (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :ANC ANC abbr. African National Congress ANC African National Congress: South African political movement instrumental in bringing an end to apartheid ANC n abbr (= ) Revenues for the three months ended August 31, 1995 were $969,380 compared to $1,476,916 for the same period last year. The reduced revenue does not reflect a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. trend but rather the effect of working capital constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. which existed prior to the closing of a Special Warrants Offering on August 30, 1995. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the offering were $6,112,068. As a consequence of the Company's restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). efforts, operating costs operating costs npl → gastos mpl operacionales are down significantly in the third quarter of 1995 - $1,368,109 as compared to 1994 - $2,031,436. The net loss for the third quarter of 1995 - $398,728 improved over a loss in the similar period of 1994 - $558,463. The net loss for the first nine months of fiscal 1995 was $1,867,672 compared to a net loss of $2,738,452 on revenues of $3,460,427 (1994 - $4,506,237). The loss in 1995 included provision for contract terminations Defense procurement: the cessation or cancellation, in whole or in part, of work under a prime contract or a subcontract thereunder for the convenience of, or at the option of, the government, or due to failure of the contractor to perform in accordance with the terms of the contract (default). and bad debts of $1,495,000. For comparative purposes, the 1994 Financial Statements have been restated to reflect changes made at year end (November November: see month. 30, 1994). The ANGOSS products provide quality solutions for a number of the fastest growing high technology market segments, including decision support/business intelligence, data warehousing See data warehouse. data warehousing - data warehouse , and client server markets. Sales and marketing efforts continue to be focused on large transactions along with finalizing strategic agreements which will better position the Company for the future. To this end, the Company has signed several major agreements including a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. licensing agreement with AT&T Global informations Solutions, a world-wide marketing agreement with Tandem Computers (company) Tandem Computers - A US computer manufacturer. Quarterly sales $544M, profits $49M (Aug 1994). of Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of Limited and a licensing agreement with Cognos (Cognos Inc., Ottawa, Ontario, www.cognos.com) A leading business intelligence software company specializing in application development and 4GL tools. Founded in 1969 as a consulting firm, its PowerHouse 4GL was introduced in the late 1970s for midrange systems. Incorporated. On August 30, 1995, the company completed a Special Warrants Offering of 10,837,000 Special Warrants exercisable into Common Shares of the Company. The Special Warrants were sold at $0.60 each. Net proceeds of the Offering, after deducting the Agents' commission, was $6,112,068. For comparative purposes, the 1994 Financial Statements have been restated to reflect changes made at year end (November 30, 1994). The ANGOSS products provide quality solutions for a number of the fastest growing high technology market segments, including decision support/business Intelligence, data warehousing, and client server markets. The impact of marketing and sales efforts to effectively address these markets through strategic partnerships should be seen in fiscal 1996. On behalf of the board (SIGNED) Lynne Lynne may refer to: In places:
-0- To our shareholders: We are pleased to report operating results for the third quarter ended August 31, 1995. Revenues for the three months ended August 31, 1995 were $969,380 compared to $1,476,916 for the same period last year. The reduced revenue does not reflect a long-term trend but rather the effect of working capital constraints on sales and marketing activities. Sales and marketing efforts continue to be focused on large transactions along with finalizing strategic agreements which will better position the Company for the future. To this end, the Company has signed several major Agreements including a North American licensing agreement with AT&T Global Information Solutions, a world-wide marketing agreement with Tandem Computers of Canada Limited and a licensing agreement with Cognos Incorporated. As a consequence of the Company's restructuring efforts, operating costs are down significantly in the third quarter of 1995 $1,368,108 as compared to 1994 $2,031,436. The net loss for the third quarter of 1995 - $398.728 improved over a loss in the similar period of 1994 - $558,463. The net loss for the first nine months of fiscal 1995 was $1,867,672 compared to a net loss of $2,738,452 in 1994 on revenues of $3,460,427 (1994 - $4,506,237). The loss in 1995 includes provision for contract terminations and bad debts of $1,495,000 (1994 - $68,642). -0- THIRD QUARTER INTERIM REPORT AUGUST 1995 ANGOSS Software Corporation Consolidated Statement of Income and Retained Earnings (Unaudited, $ Canadian) For the period ended August 31, 1995
Three Months
1995 1994
$ $
REVENUES 969,380 1,476,916 Costs & expenses Cost of goods sale 138,728 645,735 Salaries & Benefits 407,043 584,838 Administration & general 483,961 433,604 Sales & marketing 20,561 162,209 Research & Development 59,879 74,435 Depreciation & Amortization Amortization of deferred development 18,107 Other 257,936 112,508 ----------------------------------------------------------------- Total costs & Expenses 1,386,108 2,031,436 _________________________________________________________________ Income(loss) before taxes (398,728) (554,520)
Provision for(recovery of)
taxes:
Current (161,398) 190,176
Deferred 161,398 (186,233)
_________________________________________________________________
3,943
Net Income(Loss)
Retained earnings(deficit), beginning of period (5,737,619) 165,737 Share issue costs, net of taxes (304,886) (2,854) _________________________________________________________________ Retained earnings(deficit), end of period (6,441,233) (395,580) Basic earnings(loss) per share (0.0174) (0.0304) Fully diluted earnings(loss) per share (0.0174) (0.0304)
Nine Months
1995 1994
$ $
_________________________________________________________________
REVENUES 3,460,427 4,506,237
Cost & Expenses Cost of goods sold 518,012 1,472,883 Salaries & Benefits 1,468,001 1,850,877 Administration & general 2,180,019 1,217,153 Sales & marketing 295,176 1,375,291 Research & development 178,993 175,524 Depreciation & Amortization Amortization of deferred development 72,259 Other 687,898 316,254 _________________________________________________________________ Total costs & other Expenses 5,328,099 6,480,241 _________________________________________________________________ Income(loss) before taxes (1,867,672) (1,974,004) Provision for(recovery of) taxes: Current (119,000) 782,631 Deferred 119,000 (18,183) _________________________________________________________________ Net Income(Loss) (1,867,672) (2,738,452) Retained earnings(deficit), beginning of period (4,256,743) (2,378,012) Share issue costs, net of taxes (316,818) (35,140) _________________________________________________________________ Retained earnings(deficit), end of period (6,441,233) (395,580) Basic earnings(loss) per share (0.0839) (0.1513) Fully diluted earnings(loss) per share (0.0839) (0.1513)
Three Months Nine Months
1995 1994 1995 1994
$ $ $ $
OPERATING ACTIVITIES
Net Income (398,728) (558,463) (1,867,672) (2,738,452)
Add (deduct) items not
affecting cash
Deferred income
taxes (252,293) (160,554) (252,293) (18,182)
Depreciation &
Amortization 257,936 130,615 687,898 388,513
Deferred foreign
exchange 60,760 52,462 95,484 (130,462)
(332,325) (535,940) (1,336,583) (2,498,583)
Net change in
non-cash working
capital balances 789,032 (5,040,757) 486,680 351,473
Cash provided by
(used in) operating
activities 456,707 (5,576,697) (849,903) (2,147,110)
FINANCING ACTIVITIES Royalties payable on software acquired (89,323) 4,959,956 (464,992) 4,959,956 Issuances of shares, net 6,197,315 297,146 7,685,383 823,337 Issuance of note - - 300,000 - Obligations under capital lease (8,897) 92,312 (25,833) 144,252 Cash provided by (used in financing activities) 6,099,095 5,349,414 74,94,558 5,927,545
INVESTING ACTIVITIES
Acquisition of software
products - - - (5,958,001)
Net proceeds on
sale of software - - - 1,785,456
License agreement - - - (662,000)
Purchase of fixed asset (4,455) (59,940) (11,793) (316,877)
Deferred development
cost, net of tax
credits - (8,879) - (61,378)
Incorporation costs - (198) - (6,928)
Cash provided by
(used in) investing
activities (4,455) (69,017) (11,793) (5,219,728)
Net increase (decrease)
in cash during
the period 6,551,347 (296,300) 6,632,862 (1,439,293)
Cash and short-term
investments, beginning
of period (130,895) 236,005 (212,410) 1,378,998
Cash and short-term
investments, end of
period 6,420,452 (60,295) 6,420,452 (60,295)
Represented by
Cash 6,420,452 112,480 6,420,452 112,480
Bank indebtedness - (172,775) - (172,775)
6,420,452 (60,295) 6,420,452 (60,295)
ANGOSS Software Corporation Consolidated Balance Sheet (Unaudited, $ Canadian) As at August 31, 1995
1995 1994
$ $
ASSETS Current Cash & short-term investments 6,420,452 112,480 Note receivable 19,000 Accounts receivable 821,149 2,120,668 Inventory 100,788 100,494 Prepaid expenses 64,583 62,459 Accrued Interest receivable 245,519 _________________________________________________________________ Total current assets 7,406,972 2,660,620 Promissory note receivable 4,172,545 8,022,545 License agreements, net 926,589 1,132,505 Acquired software products, net 2,148,159 211,456 Capital assets, net 301,040 470,333 Deferred development costs, net 138,975 Deferred foreign exchange loss 40,141 130,462 Organization expenses, net 6,799 Goodwill, net 76,500 _________________________________________________________________ Total assets 14,995,446 12,850,195 LIABILITIES AND SHAREHOLDERS' EQUITY Current Bank indebtedness 172,775 Loan payable 158,000 Current portion of notes payable 460,000 Accounts payable & accrued liabilities 1,658,908 934,492 Accrued royalties payable 334,333 538,660 Royalties payable on software acquired 671,500 719,828 Income taxes payable 639,531 688,485 Unearned revenue 152,561 67,118 Obligations under capital lease 36,686 33,891 Deferred income taxes 829,708 1,000,000 _________________________________________________________________ Total current liabilities 4,943,227 4,155,249 Long-term accrued liabilities 159,276 159,276 Royalties payable on software acquired 3,838,295 4,240,128 Obligations under capital lease 71,675 110,361 Deferred income taxes _________________________________________________________________ Total liabilities 9,012,473 8,822,832 Shareholders' equity Share capital 12,424,206 4,422,943 Retained earnings (deficit) (6,441,233) (395,580) _________________________________________________________________ Total shareholders' equity 5,982,973 4,027,363 _________________________________________________________________ Total liabilities & shareholders' equity 14,995,446 12,850,195 CONTACT: ANGOSS Software Corp. Lon J.E. Vining Vining is the name of several places in the United States:
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