Appiant Technologies Announces Profit for Q1 Fiscal Year 2002.Business Editors/High-Tech Writers PLEASANTON, Calif.--(BUSINESS WIRE)--Feb. 14, 2001 Appiant Technologies, Inc. (Nasdaq:APPS APPS Applications APPS Automated Package Processing System (US Postal Service) APPS Act to Prevent Pollution from Ships APPS Asian Pacific Psychological Services APPS analytical photogrammetric positioning system ), a leader in unified communications The real time redirection of a voice, text or e-mail message to the device closest to the intended recipient at any given time. For example, voice calls to desk phones could be routed to the user's cellphone when required. and unified information, today announced a profit for first quarter ended December 2001. Net income for the quarter was $204,000. 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. for first quarter was $1.2 million and Earnings Before Interest, Taxes, Depreciation and Amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Key Financials Operating profits for the first quarter ended December 31, 2001 were $1.2 million versus a loss of $3.6 million for the same quarter the previous year. First quarter net income totaled $204,000 or $0.01 per fully-diluted share compared with a net loss of $4.0 million or $0.92 per share fully-diluted in the same period the previous year. Revenues for the first quarter ended December 31, 2001 were $3.4 million, compared with $6.1 million for the same period the previous year, representing a decrease of 45% due to the de-emphasis of our legacy businesses as we focus on our new inUnison product. EBITDA for the first quarter showed profit of $2.4 million, or $0.14 per fully-diluted share, versus an EBITDA loss of $3.0 million, or $0.24 per share for the same period the previous year. New VoIP Data Center Completed to Support Growth Appiant built a completely new, state-of-the-art, VoIP (Voice-over Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. ) data center to support the growing demand for its inUnison Unified Communication Service. The new Data Center empowers the inUnison service with improved voice quality across the board -- for real time calling, conference calling, and messaging. Additionally, the new Data Center increases the system's capacity to support anticipated inUnison service demand and enables Appiant to meet its current demand for a toll-free solution with expanded North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. coverage. All activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. inUnison accounts were successfully migrated to the new Data Center. Appiant has designed the data center to support cost effective growth and has deployed the network infrastructure, procedures, policies and secured partners to accelerate new subscriber enrollment. "We are pleased to announce that we met market expectations and delivered a profitable first quarter on operations, EBITDA earnings, as well as bottom line net profit," said Doug Zorn, 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. of Appiant Technologies, Inc. "Q2 will be an investment quarter for Appiant, as we are expecting non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) for new capital financing to support the growth of the inUnison services. Nonetheless, management remains optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about returning to profitability in the third and fourth quarters and expects a profitable year, excluding these non-cash financing expenses. We have all the necessary procedures, policies and partners in place and are positioned to support significant growth with our dynamic inUnison unified communication service." About Appiant Technologies, Inc. Appiant Technologies, Inc., (Nasdaq:APPS), is a leading Unified Communications and Unified Information (UC/UI) software development company, delivering next generation UC/UI applications. Its inUnison(TM) portal enables Service Providers, and Enterprises to offer tools to manage all telephone, email, voice mail, facsimile, and notification needs in real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. anywhere, anytime and in a highly personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. manner using virtually any communication device such as a PC, PDA (Personal Digital Assistant) A handheld computer for managing contacts, appointments and tasks. It typically includes a name and address database, calendar, to-do list and note taker, which are the functions in a personal information manager (see PIM). , telephone, or cellular phone. Appiant's enabling technologies include a speech recognition engine that provides seamless access to its inUnison distributed portal architecture, allowing information integration from multiple sources. Appiant is a member of the Cisco New World Ecosystem partner program and has been designated a Cisco Powered Network member. Appiant is headquartered in Pleasanton, Calif., and has offices throughout the 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 abroad. More information available at http://www.appiant.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. that involve risks and uncertainties concerning Appiant's expected financial performance (as described without limitation in the business outlook and quotations from management in this press release), as well as Appiant's strategic and operational plans. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, the slower spending environment for communication services; the actual increases in demand by customers for Appiant's services; general economic conditions; the ability to adjust to changes in personnel, including management changes; and the dependence on third parties for technology, content and distribution. All information set forth in this release is as of February 14, 2002, and Appiant undertakes no duty to update this information. More information about potential factors that could affect the company's business and financial results is included in the company's 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. for the fiscal year ended September 30, 2001 including (without limitation) under the captions, "Risk Factors" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations," which are on file with the Securities and Exchange Commission (the "SEC") and available at the SEC's website at www.sec.gov. Additional information will also be set forth in those sections in Appiant's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended December 31, 2001 which will be filed with the SEC in the near future. Note to Editors: inUnison(TM) is a trademark of Appiant Technologies.
APPIANT TECHNOLOGIES INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
For the Three Months Ended Dec 31,
2001 2000
Total revenues $ 3,383 $ 6,115
Operating income (loss) $ 1,221 $ (3,614)
Net income (loss) from operations $ 204 $ (3,981)
Basic and diluted net Income (loss)
applicable to Common Stock $ 204 $(11,607)
Basic net income (loss)
per common share $ 0.01 $ (0.92)
Diluted net income (loss)
per common share $ 0.01 $ (0.92)
Basic shares outstanding 15,983 12,576
Diluted shares outstanding 17,414 12,576
Supplemental information:
Net Income (Loss) from operations $ 204 $ (3,981)
Income taxes 24 115
Interest income (28) (108)
Interest expense 1,196 464
Other expense, net (173) (104)
Depreciation & amortization 1,140 636
--------- ----------
EBITDA $ 2,363 $ (2,978)
========= ==========
Basic EBITDA per common share $ 0.15 $ (0.24)
Diluted EBITDA per common share $ 0.14 $ (0.24)
UNAUDITED SELECTED BALANCE SHEET DATA
Dec. 31, Sept. 30,
2001 2001
Cash and cash equivalents $ 1,790 $ 3,496
Current assets $ 5,973 $ 6,133
Total assets $ 39,344 $ 40,366
Current liabilities $ 28,628 $ 28,015
Stockholders' equity $ 13,326 $ 11,587
Tangible net worth $ 4,111 $ 2,329
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