Angoss Releases 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 -- Changes were made to the headers of both the "Income Statement Information" and "Selected Cash Flow Information" tables. All references to May 31st were removed. The column headers should have stated for the "Three Months Ended and YTD See Year-to-date. YTD See year to date (YTD). - Nine Months for the periods ending August 31, 2004 and 2003," instead of "Three Months Ended and YTD - Nine Months for the periods ending May 31, 2004 and May 31, 2003." The corrected release reads: ANGOSS RELEASES THIRD QUARTER RESULTS North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. , European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. and Partner Revenue Growth Reported Angoss Software Corporation (Angoss) (TSX-V:ANC ANC abbr. African National Congress ANC African National Congress: South African political movement instrumental in bringing an end to apartheid ANC n abbr (= ) today announced unaudited results for the third quarter and nine months ending August 31, 2004, reporting a 56% increase in year-over-year quarterly revenues, 19% year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenue growth, and improved operating and bottom line profitability. Angoss posted third quarter 2004 revenues of $1,662,026, compared with third quarter 2003 revenues of $1,065,174. 2004 year-to-date revenues were $4,441,651 up from 2003 year-to-date revenues of $3,720,227. Third quarter 2004 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. was $242,655, compared with an 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 $63,185 during the third quarter of 2003. The improvement resulted from increased North American sales, continued European growth, and operating cost reductions resulting from the Company's second quarter realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of personnel to focus on sales growth and expansion of its services organization in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . Net income in the third quarter was $87,711, a significant
improvement over the $100,445 third quarter 2003 loss, despite
year-over-year weakness of the US Dollar.
The 2004 year-to-date operating loss was $197,266, improving from the loss of $439,921 reported at the end of the second quarter. The Company reported an operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $34,938 for the corresponding 2003 nine-month period. 2004 year-to-date net loss was $567,191 compared with a net loss of $227,664 for the corresponding 2003 nine-month period. The 2004 nine-month operating and net loss results reflect first quarter 2004 North American revenue results, as well as 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). costs ($125,646) and financing related expenses ($212,618) not present in 2003. "Angoss is a recognized global leader in delivering predictive analytics Predictive analytics encompasses a variety of techniques from statistics and data mining that process current and historical data in order to make “predictions” about future events. solutions to organizations so they can increase the value of their customer relationships by unlocking actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. insight from their business data" commented Angoss President Eric ERIC Educational Research Information Clearinghouse ERIC Educational Resources Information Center ERIC ERISA Industry Committee ERIC Epidemiologic Research and Information Center (Durham, NC) Apps. "We made good progress during the third quarter in expanding our higher value solutions sales funnel, and by adding to our signed contracts pipeline to support revenue growth in future quarters. We expect these initiatives to continue through the fourth quarter and into the 2005 fiscal year." Third Quarter Highlights North American and European Sales Growth North American third quarter sales grew 61% over prior year results and for the nine months ended August 31, 2004 are up 12%. European third quarter sales grew 26% over prior year results and for the nine months ended August 31, 2004 are up 43%. Continued Expansion of KnowledgeSTUDIO(R) Enterprise Sales During the third quarter Angoss completed follow-on fol·low-on adj. Following as a related or consequent aspect or development: "Such contracts involve follow-on sales of maintenance services" Christian Science Monitor. deployments at two major North American 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. organizations. With analyst deployments now in excess of 200 Angoss KnowledgeSTUDIO(R) seats at some of the world's largest financial services organizations, Angoss believes it has the most extensive installed base of advanced predictive analytics tools users in the North American financial services industry, with additional identified growth opportunities being actively pursued. Key differentiators driving client selection of Angoss over traditional tools continue to be rapid deployment, ease-of-use, rich functionality for both business users and advanced analysts, performance and scalability How much a system can be expanded. See scalable. scalability - How well a solution to some problem will work when the size of the problem increases. For example, a central server of some kind with ten clients may perform adequately but with a thousand clients it , commitment to open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced , and demonstrable de·mon·stra·ble adj. 1. Capable of being demonstrated or proved: demonstrable truths. 2. Obvious or apparent: demonstrable lies. return on investment. Growth In Predictive Analytics Solutions Contracts Pipeline During the third quarter Angoss continued to make progress in its predictive analytics solutions business which delivers end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. predictive analytics capability to clients combining the capabilities of Angoss KnowledgeSTUDIO(R) and Mining Manager(R) software applications and the focused expertise of the Angoss expert services organization. Angoss signed contracts providing for delivery of the initial phase of Angoss predictive analytics solutions with two leading North American retailers. Angoss was also selected by a leading North American disability insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. as a preferred vendor for final negotiation of agreements to implement a multiphase Mul´ti`phase a. 1. (Elec.) Having many phases; Adj. 1. multiphase - of an electrical system that uses or generates two or more alternating voltages of the same frequency but differing in phase angle analytics program to support improved claims and payments analysis. Angoss Europe highlights included providing solution delivery to support a global financial services organization's bid for a multi-billion dollar financial assets Financial assets Claims on real assets. portfolio. Expansion of Packaged Industry Vertical Solutions Angoss continues to expand its predictive analytics solutions offerings for targeted industry vertical requirements. These solutions combine Angoss software, industry specific templates and implementation services in solutions that can be delivered to end customers directly and on Angoss partner platforms. They significantly accelerate client time to value in deploying and using predictive analytics capabilities by addressing the complexity challenges of traditional data mining methodologies and tools. Three such examples currently being demonstrated by Angoss to clients are Angoss FundGuard(TM), Angoss Credit Risk Analytics(TM), and Angoss Claims & Payments Analytics(TM). Although packaged industry solutions for predictive analytics is an early stage market opportunity, Angoss expects an increasing percentage of both industry and company revenues to be derived from packaged industry solutions in future, and continues to invest sales, services and development resources in these higher value, longer sales cycle opportunities, primarily in the financial services and communications industries communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. . Partner Revenue Growth and Expansion Plans Angoss partnerships with leading global enterprise software and services vendors are integral to our success. Partner revenue increased 50% during the third quarter of 2004 compared to the third quarter of 2003. Year-to-date revenues from partners are up 104%. The third quarter saw the completion of solution training modules for partners allowing them to further increase the penetration of Angoss products and related implementation services within their client base. We also continue to increase the visibility of Angoss predictive analytics capability within partner organizations, and expand Angoss support for partner implementations incorporating Angoss software and services. Angoss expects to continue to expand revenues derived through current partner channels and to expand its partnership relationships with new offerings during fiscal 2005. Growth In Operating Expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. Supports Sales and Services Expansion Operating expenses were $1,411,112 for the third quarter 2004 compared to $1,124,319 for third quarter 2003, but down 13% from the second quarter. Year-to-date operating expenses of $4,566,272 (2003: $3,662,370) reflect variable sales compensation costs, expansion of the Company's expert services organizations in North America and Europe, and first half external consultancy costs associated with realigning the Company's business. The Company currently expects fourth quarter operating expenses to be consistent with third quarter results. Options 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 stock exchange requirements, and as disclosed in the Company's Management Information Circular Information Circular A document sent to shareholders outlining important matters to be discussed at the annual shareholders' meeting. Notes: Sent along with a proxy, the information circular may cover matters such as the election of the Board of Directors, possible dated March 5, 2004, the Company confirms the grant during the third quarter of 112,500 options to non-executive directors A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. of the Company at an exercise price of $0.13 per common share. Such options vest over one year. Under the Company's management compensation plan described in the Circular, the Company has also granted options exercisable for up to a total of 750,000 common shares at $0.13 to three officers of the Company. The vesting Vesting The process by which employees accrue non-forfeitable rights over employer contributions that are made to the employee's qualified retirement plan account. Notes: of such management options is linked to the achievement by the Company of specified revenue thresholds for the fiscal 2004 year. Results Summary Unaudited preliminary results for the three and nine months ended August 31, 2004 and corresponding 2003 results are as follows:
ANGOSS Software Corporation
Income Statement Information
(unaudited, stated in Canadian dollars)
For the period ended, August 31
Three Months ended YTD - Nine Months
-------------------------------------------------
2004 2003 2004 2003
Revenues $1,662,026 $1,065,174 $4,411,651 $3,720,227
-------------------------------------------------
Gross margin 1,653,767 1,061,134 4,369,006 3,697,308
Operating Expenses
General and
administration 329,265 280,743 1,130,059 997,402
Sales and marketing 840,472 551,502 2,462,505 1,781,639
Research and
development, net 241,375 292,074 973,708 883,329
-------------------------------------------------
1,411,112 1,124,319 4,566,272 3,662,370
-------------------------------------------------
Loss before the
following 242,655 (63,185) (197,266) 34,938
Other income - - 24,066 26,345
Special charges (12,157) - (125,646) -
Amortization of capital
assets (23,864) (23,185) (63,489) (51,582)
Amortization of deferred
charges (25,058) - (91,648) -
Dividend expense (40,470) - (120,970) -
Foreign exchange gain
(loss) (53,395) (14,075) 7,762 (237,365)
Financing fees and
related interest - - - -
-------------------------------------------------
Income (loss) before
income taxes 87,711 (100,445) (567,191) (227,664)
Recovery (provision) for
future income taxes - - - -
-------------------------------------------------
Net income $87,711 $(100,445) $(567,191) $(227,664)
-------------------------------------------------
-------------------------------------------------
Basic and diluted
loss per share $0.00 $0.00 $(0.01) $(0.01)
-------------------------------------------------
-------------------------------------------------
Weighted average number
of shares outstanding
Basic 39,244,179 38,632,803 39,191,314 38,545,983
Diluted 39,244,179 38,632,803 39,191,314 38,545,983
Angoss Software Corporation
Selected Cash Flow Information
(unaudited, stated in Canadian dollars)
For the period ended, August 31
Three Months ended YTD - Nine Months
-------------------------------------------------
2004 2003 2004 2003
Cash (used in) provided
by operating
activities $(213,287) $(356,867) $(593,688) $193,323
Cash used in investing
activities (26,885) (17,319) (128,836) (89,487)
Cash provided by financing
activities 11,250 139,429 20,281 253,564
Net decrease) increase in
cash during the period (228,922) (234,757) (702,243) 357,400
Selected Balance Sheet Information August 31, November 30,
(unaudited, stated in Canadian dollars) 2004 2003
Cash and cash equivalents $2,559,016 $3,261,259
Accounts receivable 1,324,303 1,418,134
Prepaid expenses 47,179 77,285
------------------------------
Total current assets 3,930,498 4,756,678
Other assets 258,594 206,111
Total assets $4,189,092 $4,962,789
------------------------------
Accounts payable and accrued liabilities $347,151 $254,602
Current portion of deferred revenue 1,153,871 1,450,929
Current portion of repayable contribution 94,530 47,265
Other 33,132 13,801
Liabilities of discontinued operations
------------------------------
Total current liabilities 1,628,684 1,766,597
------------------------------
Future tax liabilities 125,000 125,000
Repayable contribution agreement 152,070 199,335
Deferred revenue 72,152 287,501
Class A Preferred shares, Series1 2,070,009 1,991,225
------------------------------
Total liabilities 4,047,915 4,369,658
Total shareholders' equity 141,177 593,131
------------------------------
Liabilities and shareholders' equity $4,189,092 $4,962,789
------------------------------
Angoss Software empowers people to make "Better Business Decisions. Every Day."(TM) Most of the world's leading financial services, telecom, life sciences, and retail organizations use Angoss predictive analytics software and services to grow revenues, while reducing risk and cost. Angoss helps our clients utilize business data to discover the key drivers of behavior, predict future trends and events, and act with confidence by making results actionable. Angoss combines powerful market proven software with focused industry services expertise in the deployment, integration and use of predictive analytics in enterprise environments. Our differentiators include broad user acceptance, a commitment to open standards, rich functionality, rapid deployment, exceptional ease-of-use and affordability. Headquartered in Toronto Canada, Angoss has offices in the UK and Australia and partners with the world's leading enterprise software and services vendors. For more information, visit www.angoss.com. This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: the risk that the sale of our products and services involves a long sales cycle; the risk that the economic environment and business conditions will remain difficult to predict; the risk of competition in our target markets; the risk that we may not respond adequately to evolving technologies; the risk that we or our customers may have difficulties in introducing our products or services; the risk that we will encounter difficulties in continuing to offer services; the risk that we will encounter difficulties in integrating the operations of acquired companies with our own; the risks of conducting our operations in a variety of international locations; the risk that we may need to record future write-downs of assets arising from our investments in other companies; the risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the costs that we may incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. as a result of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. against us; and other risks described in our filings with securities regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , including our annual reports, interim financial statements and similar disclosure documents. ANGOSS Software does not undertake any obligation to update this forward-looking information after the date of its initial publication, except as required under applicable law. Note: The Toronto Venture Exchange has neither approved nor disapproved the above information. |
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