AXS-One Reports Net Income For the Quarter Ended December 31, 2001; Road to Profitability Established in Second Half of 2001.Business Editors RUTHERFORD Rutherford (rŭth`ərfərd), borough (1990 pop. 17,790), Bergen co., NE N.J., a residential suburb of the New York City–N New Jersey metropolitan area; inc. 1881. Several pre-Revolutionary houses remain there. , N.J.--(BUSINESS WIRE)--Jan. 31, 2002 AXS-One Inc. (AMEX AMEX See: American Stock Exchange : AXO AXO Asianxo (website) AXO Alpha Chi Omega (sorority) AXO Ach So AXO Access Extension Object ) today announced its results for the quarter and year ended December December: see month. 31, 2001. The Company reported fourth quarter revenues of $9.3 million, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $0.8 million, net income of $0.9 million and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share of $0.04; compared to revenues totaling $11.3 million, operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $(1.3) million, net loss of $(1.2) million and diluted net loss per share of $(0.05) for the comparable period in 2000. For the year ending December 31, 2001, the Company reported revenues of $40.0 million, operating loss of $(4.1) million, net loss of $(4.7) million and diluted net loss per share of $(0.19), compared to revenues in 2000 of $48.8 million, operating loss of $(0.2) million, net loss of $(0.3) million and diluted net loss per share of $(0.01). Reflected in the results of the year ended December 31, 2001 are 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). and other costs of $0.8 million, which includes a reduction of $140,000 in these costs for the three months ended December 31, 2001. The results for the quarter and year ended December 31, 2001 reflect a state tax benefit from the sale of New Jersey net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. of approximately $256,000 compared to $304,000 in 2000. Revenues and operating results of the Polish subsidiary sold in September September: see month. 2001 which have been included in the Company's operating results through the date of sale were as follows (in thousands):
Results of Subsidiary Sold During 2001
Three Months Ended Year Ended
December 31, December 31,
2000 2001 2000 2001
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License fees $ 60 $ - $ 570 $ 205
Services 388 - 1,452 1,208
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Total revenues 448 - 2,022 1,413
Operating expenses 761 - 2,674 1,745
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Operating loss $ (313) $ - $ (652) $ (332)
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Commenting on the results, Chief Executive Officer John Rade John Rade, (born August 31, 1960, in Ceres, California) was a linebacker in the NFL from 1983 to 1991. noted, "During the first half of 2001, AXS-One recognized that the economy was weak and took concerted actions during the second quarter to return the Company to profitability by bringing expenses in line with anticipated revenue. The effort paid off and I'm pleased to report that for the second half of 2001, the Company had a net profit of $1.4 million and generated $1.8 million of cash flow from operating activities. Services revenue decreased compared to last year due to several external factors such as the terrorist attacks and clients extending their holiday leave at the end of the year. " Rade continued, "We look forward to 2002 as the acceptance of our new e-Cellerator(TM) solutions remains strong and our economy begins to emerge from the recession." About AXS-One Inc. AXS-One (AMEX: AXO) is a provider of e-Business solutions for global 2000 companies, professional service organizations (PSOs) and financial managers. AXS-One, formerly known as Computron Software, Inc., has implemented high-volume, scalable and secure business solutions for hundreds of customers across the globe. AXS-One has approximately 300 employees in offices worldwide, including Asia, Australia, Canada, United Kingdom, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. . AXS-One was founded in 1978, and is based in Rutherford, New Jersey Rutherford is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 18,110. Rutherford was formed as a borough by an Act of the New Jersey Legislature on September 21, 1881, from portions of Union Township, . For further information on AXS-One, visit the AXS-One web site at http://www.AXS-One.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such statements are only predictions and actual events or results may differ materially. All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the company's documents and reports filed from time to time with the Securities and Exchange Commission. AXS-One, "Access Tomorrow Today", e-Cellerator, AXSPoint, AXS AXS Access AXS Anomalous X-Ray Scattering AXS Alpha Chi Sigma AXS Alpha X-Ray Spectrometer AXS Activex Script Desk and Tivity are trademarks of, and TransAXS is a registered trademark of, AXS-One Inc., in the U.S. All other company and product names are trademarks or registered trademarks of their respective companies.
AXS-One Inc.
Consolidated Statements Of Operations
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
----------------------- -----------------------
2000 2001 2000 2001
----------- ----------- ----------- -----------
(Unaudited)
Revenues:
License fees $ 1,639 $ 1,407 $ 8,765 $ 5,421
Services 9,637 7,775 40,011 34,056
Other - related
parties - 126 - 542
----------- ----------- ----------- -----------
Total revenues 11,276 9,308 48,776 40,019
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Operating expenses:
Cost of license
fees 224 298 1,245 1,355
Cost of services 5,194 3,445 21,005 17,177
Sales and marketing 2,951 1,741 10,546 9,504
Research and
development 1,751 1,691 6,926 7,029
General and
administrative 2,461 1,447 9,242 8,303
Restructuring costs - (140) - 797
----------- ----------- ----------- -----------
Total operating
expenses 12,581 8,482 48,964 44,165
----------- ----------- ----------- -----------
Operating income
(loss) (1,305) 826 (188) (4,146)
----------- ----------- ----------- -----------
Other income
(expense):
Interest income 15 10 71 109
Interest expense (126) (103) (423) (456)
Equity in earnings
(losses) in joint
ventures - 55 - (121)
Other expense (58) (109) (63) (223)
----------- ----------- ----------- -----------
Other expense,
net (169) (147) (415) (691)
----------- ----------- ----------- -----------
Income (loss) before
income tax benefit,
net (1,474) 679 (603) (4,837)
Income tax benefit,
net 304 212 304 182
----------- ----------- ----------- -----------
Net income (loss) $ (1,170) $ 891 $ (299) $ (4,655)
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Basic and diluted net
income (loss) per
common share $ (0.05) $ 0.04 $ (0.01) $ (0.19)
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Weighted average
basic common shares
outstanding 24,785 24,785 24,624 24,785
=========== =========== =========== ===========
Weighted average
diluted common
shares outstanding 24,785 24,908 24,624 24,785
=========== =========== =========== ===========
The unaudited financial information included in this document is intended only as summary provided for your convenience, and should be read in conjunction with the complete consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of the Company (including the Notes thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. , which set forth important information) contained in its Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and 10-Q filed by the Company with the U.S. Securities and Exchange Commission (SEC). Such reports are available on the public EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. electronic filing system maintained by the SEC. This press release contains forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. All forward-looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the Company's documents and reports filed from time to time with the Securities and Exchange Commission. |
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