Actuate Reports First Quarter 2004 Financial Results; Achieves 6% Growth in License Revenues.Business Editors SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--April 29, 2004 Actuate Corporation (Nasdaq:ACTU ACTU Australian Council of Trade Unions ACTU AIDS Clinical Trials Unit (Washington University Medical Center, St. Louis, Missouri) ACTU Association of Catholic Trade Unionists ACTU Australian Capital Territory Union ), the world leader in Enterprise Reporting With the dramatic expansion of information technology, and the desire for increased competitiveness in corporations, there has been an increase in the use of computing power to produce unified reports which join different views of the enterprise in one place. Applications, today announced its financial results for the quarter ended March 31, 2004. Revenues for the first quarter of 2004 were $25.7 million, an increase of $538,000 (2%) compared with the first quarter of 2003. License revenues for the first quarter of 2004 were $11.5 million, an increase of 6% compared with the $10.9 million recorded in the first quarter of 2003. On a GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). basis, Actuate's net loss in the first quarter of 2004 was $377,000, or $0.01 per share, an improvement of 55% compared with a net loss of $836,000, or $0.01 per share, reported for the first quarter of 2003. On a non-GAAP basis, Actuate's net income in the first quarter of 2004 was $581,000, or $0.01 per 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. share. Non-GAAP financial measures discussed in this press release exclude the amortization of intangibles and other costs arising from acquisitions, certain legal and accounting fees, restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. and an adjustment to the tax provision. All of these expenses are included in Actuate's GAAP results. "Actuate was founded ten years ago because we recognized the astonishing a·ston·ish tr.v. as·ton·ished, as·ton·ish·ing, as·ton·ish·es To fill with sudden wonder or amazement. See Synonyms at surprise. 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. growth potential of the Enterprise Reporting market," said Pete Cittadini, Actuate's president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "From the outset, our guiding mission has been to understand the business drivers and meet the technology requirements for Enterprise Reporting better than anyone else. The depth and breadth of our experience boils Boils Definition Boils and carbuncles are bacterial infections of hair follicles and surrounding skin that form pustules (small blister-like swellings containing pus) around the follicle. Boils are sometimes called furuncles. down to one guiding principle: technology solutions that deliver decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from information to enterprise users improve corporate performance only when they are adopted by 100% of those users." Significant Q1 highlights for Actuate included the following: -- Added 80 new customers; -- Recorded a 6% increase in license revenues compared with Q1 2003, the largest year-over-year percentage increase in over two years; -- Signed 57 transactions greater than $100,000, the highest number ever attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. in any first fiscal quarter; -- Recorded one transaction greater than $1.0 million; -- Honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. as "Technology Vendor of the Year" by KeyCorp, one of the largest U.S. bank-based financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. companies; -- Launched our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. Partner Program and recruited over 20 new resellers; -- Delivered initial support for Linux Linux Nonproprietary operating system (OS) for digital computers. In 1991 Linus Torvalds of Finland began asking for volunteer programmers over the Internet to collaborate on the development of a UNIX-like OS for personal computers; the “1. within the Enterprise Reporting Application Platform. During the first quarter of 2004, Actuate closed 80 new customers within its sales channels, including, among others, AON Warranty Services Japan, Biovail Biovail TSX: BVF NYSE: BVF is Canada's largest pharmaceutical company, operating internationally in all aspects of pharmaceutical products. Its major production facility is located in Steinbach, Manitoba. Pharmaceuticals, Capita Group Capita (LSE: CPI) is a British company with its headquarters in London which specialises in business process outsourcing, having clients in central and local government, and in the private sector. In 2006 the company posted a profit before tax of £193. , Electronic Arts, Emcor Group EMCOR Group NYSE: EME is a Fortune 500 company based in Norwalk, Connecticut. This company's businesses include mechanical and electrical construction, energy infrastructure, and facilities services. , Internal Revenue Service, Knights of Columbus Knights of Columbus, American Roman Catholic society for men, founded (1882) at New Haven, Conn. (where its headquarters are still located), by Father Michael J. McGivney. , Kohl's Kohl's Corporation (NYSE: KSS) is an American department store chain headquartered in Menomonee Falls, Wisconsin, a suburb of Milwaukee. The Company currently operates 834 stores in 46 states. Corporation, Kolon, KT Freetel, HCA HCA, n.pr See acid, hydroxycitric. Healthcare, Manulife, Nissan Motor Company, Omnicare Clinical Research, Toyota Financial Services The business known as Toyota Financial Services operates in over thirty countries around the globe and is the wholly owned financial services operation of the Toyota Motor Corporation. , United Overseas Bank and Woori Bank Woori Bank (우리은행) is a bank headquartered in Seoul, Korea. The bank changed its name in 2002, and includes the former Commercial Bank of Korea, Hanil Bank, and Peace Bank. It was known from 1999 through 2002 as Hanvit Bank. . In the first quarter, Actuate received significant repeat orders from American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Bank of Montreal “BMO” redirects here. For the mathematics competition, see British Mathematical Olympiad. Bank of Montreal/Banque de Montréal (TSX: BMO, NYSE: BMO) is Canada's fourth largest bank[1], and is classified as a Domestic Chartered Bank (Schedule I). , Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce TSX: CM NYSE: CM, better known to most customers as CIBC, is one of Canada's major banks. CIBC is classified as a Domestic Chartered Bank (Schedule I). , Charles Schwab Charles Schwab can refer to:
The non-GAAP financial measures discussed in the text of this press release and accompanying non-GAAP supplemental information represent financial measures used by Actuate's management to evaluate the operating performance of the Company and to conduct its business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . Non-GAAP financial measures discussed in this press release exclude the amortization of intangibles and other costs arising from acquisitions, certain legal and accounting fees, restructuring charges and an adjustment to the tax provision. It is management's belief that these items are not indicative of ongoing operations and as a result, non-GAAP financial measures that exclude such items provide additional insight for investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures are not intended to be an alternative to financial measures prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP. Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between the Company's GAAP and non-GAAP financial results is provided in this press release and investors are advised to carefully review and consider this information as well as the GAAP financial results that are disclosed in the Company's SEC filings. Additionally, the non-GAAP reconciliation will be available in the investor relations Investor relations The process by which the corporation communicates with its investors. section of Actuate's website at www.actuate.com. Conference Call Information Actuate will be holding a conference call at 2:00 p.m. Pacific Time, today, April 29, 2004 to discuss first quarter 2004 financial results. The dial-in number for the call is 973-528-0008. The conference call will be simultaneously broadcast live in the Investor Relations section of Actuate's web site at www.actuate.com and will be available as an archived replay at the same location until approximately May 12, 2004. About Actuate Corporation Actuate Corporation is the world leader in Enterprise Reporting Applications that ensure 100% adoption by users. Actuate's Enterprise Reporting Application Platform is the foundation on which Global 9000 organizations (companies with annual revenues greater than $1 billion) and packaged application software vendors develop intuitive, Web portal-like reporting and analytic applications Analytic Applications are a type of business application software, used to measure and improve the performance of business operations. More specifically, Analytic Applications are a type of Business Intelligence solution. that empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems 100% of users with decision-making information. These applications are deployed inside and outside the firewall to improve corporate performance across a range of business functions including financial management, sales, human resource management, and customer self-service. When tested against other business intelligence products, Actuate's Enterprise Reporting Application Platform has been proven to offer industry-leading scalability and the lowest Total Cost of Ownership. Actuate has 2,800 customers globally in a range of industries including financial services, pharmaceuticals, insurance, and distribution services, as well as the government sector. Founded in 1993, Actuate has headquarters in South San Francisco, Calif., and has offices worldwide. Actuate is listed on the NASDAQ exchange under the symbol ACTU. For more information on Actuate, visit the company's Web site at www.actuate.com. The statements contained in this release that are not purely historical are forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding Actuate's expectations, beliefs, hopes, intentions or strategies regarding the future. All 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. in this release are based upon information available to Actuate as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and Actuate disclaims any obligation to update or revise any such forward-looking statements based on changes in expectations or the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or conditions on which such expectations may be based. Actual results could differ materially from Actuate's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, the general spending environment for information technology products and services in general and Enterprise Reporting Application software in particular, quarterly fluctuations in our revenues and other operating results, our ability to expand our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , our ability to successfully compete against current and future competitors, the impact of future acquisitions on the company's financial and/or operating condition, the ability to increase revenues through our indirect channels, general economic and geopolitical ge·o·pol·i·tics n. (used with a sing. verb) 1. The study of the relationship among politics and geography, demography, and economics, especially with respect to the foreign policy of a nation. 2. a. uncertainties and other risk factors that are discussed in Actuate's Securities and Exchange Commission filings, specifically Actuate's 2003 Annual Report 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. filed on March 11, 2004. Note to Editors: Actuate and the Actuate logo are registered trademarks of Actuate Corporation and/or its affiliates in the U.S. and certain other countries. All other brands, names or trademarks mentioned may be trademarks of their respective owners.
ACTUATE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, December 31,
2004 2003
-------------------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 45,868 $45,439
Accounts receivable, net 19,588 20,208
Other current assets 2,658 2,599
-------------------------
Total current assets 68,114 68,246
Property and equipment, net 4,974 5,097
Goodwill and other intangibles 25,860 26,525
Other assets 1,195 1,538
-------------------------
$100,143 $101,406
=========================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,134 $ 2,758
Current portion of restructuring
liabilities 2,517 2,198
Accrued compensation 4,287 4,402
Other accrued liabilities 4,817 4,772
Income taxes payable 1,228 1,241
Deferred revenue 25,556 25,790
-------------------------
Total current liabilities 40,539 41,161
-------------------------
Restructuring liabilities, net of
current portion 14,494 15,064
Stockholders' equity 45,110 45,181
-------------------------
$100,143 $101,406
=========================
ACTUATE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31
-----------------------
2004 2003
-----------------------
Revenues:
License fees $11,477 $10,856
Services 14,191 14,274
-----------------------
Total revenues 25,668 25,130
-----------------------
Costs and expenses:
Cost of license fees 1,100 611
Cost of services 6,089 5,903
Sales and marketing 10,294 11,188
Research and development 5,191 4,569
General and administrative 2,673 3,742
Amortization of other intangibles 282 770
Restructuring charges 586
-----------------------
Total costs and expenses 26,215 26,783
-----------------------
Income (loss) from operations (547) (1,653)
Interest and other income, net 170 159
-----------------------
Income (loss) before income taxes (377) (1,494)
Income taxes benefit (658)
-----------------------
Net income (loss) $ (377) $ (836)
=======================
Basic net income (loss) per share $(0.01) $(0.01)
=======================
Shares used in basic per share calculation 61,358 60,227
=======================
Diluted net income (loss) per share $(0.01) $(0.01)
=======================
Shares used in diluted per share calculation 61,358 60,227
=======================
ACTUATE CORPORATION
NON-GAAP SUPPLEMENTAL INFORMATION
(in thousands, except per share data)
(unaudited)
Three Months Ended
March 31
-----------------------
2004 2003
-----------------------
Supplemental information:
Net income (loss) $(377) $(836)
Add back charges:
Amortization of other intangibles and
costs related to acquisitions 720 996
Certain legal and accounting fees (1) -- 1,685
Restructuring charges 586 --
-----------------------
Total add back charges 1,306 2,681
-----------------------
Adjustment for income taxes (2) (348) (1,103)
-----------------------
Non-GAAP net income $581 $742
=======================
Non-GAAP basic net income per share $0.01 $0.01
=======================
Shares used in basic per share calculation 61,358 60,227
=======================
Non-GAAP diluted net income per share $0.01 $0.01
=======================
Shares used in diluted per share calculation 65,164 60,998
=======================
(1) Legal costs related to the litigation with MicroStrategy,
Incorporated.
(2) The provision for income taxes used in arriving at the non-
GAAP net income for all of the periods presented was computed using an
income tax rate of 37.5%. The amount of provision for income taxes
used in arriving at the non-GAAP net income does not reflect the
actual or future expected provision for income taxes.
ACTUATE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended
March 31
2004 2003
----------------------
Operating activities
Net income (loss) $(377) $(836)
Adjustments to reconcile net loss to
net cash from operating activities:
Amortization of deferred compensation 26
Amortization of other intangibles 665 996
Depreciation 574 843
Changes in operating assets and liabilities:
Accounts receivable 620 2,890
Other current assets (59) 668
Accounts payable (625) 1,301
Accrued compensation (115) (1,026)
Other accrued liabilities 45 656
Income taxes payable (13) (655)
Restructuring liabilities (251) (1,186)
Deferred revenue (234) (366)
----------------------
Net cash provided by operating activities 230 3,311
----------------------
Investing activities
Purchases of property and equipment (451) (479)
Proceeds from maturity of short-term
investments 29,388 12,028
Purchases of short-term investments (13,499) (14,421)
Net change in other assets 343 (187)
----------------------
Net cash used in investing activities 15,781 (3,059)
----------------------
Financing activities
Proceeds from issuance of common stock 426 1,344
----------------------
Net cash provided by financing activities 426 1,344
----------------------
Net decrease in cash and cash equivalents 16,437 1,596
Effect of exchange rate on cash (119) (31)
Cash and cash equivalents at the beginning of
the period 8,950 23,595
----------------------
Cash and cash equivalents at the end of
the period $25,268 $25,160
======================
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