Araccel Audited Report for the Quarter and Year Ended December 31, 2001.Business Editors/Health & Medical Writers HORSHAM Horsham (hôr`shəm), town (1991 pop. 38,356) and district, West Sussex, SE England. Horsham is known primarily for its agricultural and merchandising activities, but it also serves as an engineering center. , Pa.--(BW HealthWire)--Feb. 28, 2002 -- New orders of 14 MSEK were received in January and February 2002, which increases contract backlog to 37 MSEK. -- Araccel's chief financial officer who is based in the US has resigned effective March 15, 2002. A search for a new chief financial officer is ongoing. -11.6 MSEK MSEK Meyer, Suozzi, English & Klein (New York law firm) MSEK Million Swedish Kroner (-5.2 MSEK) and -34.0 MSEK (-23.1 MSEK), respectively. -- New orders of 14 MSEK were received in January and February 2002, which increases contract backlog to 37 MSEK. -- Araccel's chief financial officer who is based in the US has resigned effective March 15, 2002. A search for a new chief financial officer is ongoing. Important events during the fourth quarter -- New orders of 14 MSEK were received in January and February 2002, which increases contract backlog to 37 MSEK. -- Araccel's chief financial officer who is based in the US has resigned effective March 15, 2002. A search for a new chief financial officer is ongoing. Important events since the end of the year -- New orders of 14 MSEK were received in January and February 2002, which increases contract backlog to 37 MSEK. -- Araccel's chief financial officer who is based in the US has resigned effective March 15, 2002. A search for a new chief financial officer is ongoing. Future reporting dates for 2002: May 6, 2002 Quarter ended March 31, 2002 Aug. 22, 2002 Quarter and six months ended June 30, 2002 Nov. 7, 2002 Quarter and nine months ended September 30, 2002 Feb. 28, 2003 Quarter and year ended December 31, 2002 It is anticipated that the annual report for 2001 will be accessible at Araccel's Stockholm Stockholm (stŏk`hôlm'), city (1995 pop. 692,954), capital of Sweden and of Stockholm co., E Sweden, situated where Lake Mälaren flows into the Baltic Sea. office by April 5, 2002. The Annual General Meeting of shareholders is scheduled for May 6, 2002 at the Industrihuset, Storgatan 19, Stockholm at 5 p.m. Araccel AB (publ) Araccel AB is a global biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. information technology company that provides clinical informatics Clinical Informatics is a sub-field of medical informatics. It focuses on computer applications that address medical data (collection, analysis, representation). Clinical informatics is a combination of information science, computer science, and clinical science designed to assist solutions to the pharmaceutical industry to accelerate drug development. The company develops and markets electronic research and development (e-R&D) pharmaceutical software and system solutions that captures clinical data, improves processes and provides metric reports on clinical trial data for enhancing and accelerating drug development. Araccel AB is the market leader in its area and has 15 of the 20 largest pharmaceutical companies on its customer list. Araccel AB has its headquarters in Stockholm, Sweden Sweden, Swed. Sverige, officially Kingdom of Sweden, constitutional monarchy (2005 est. pop. 9,002,000), 173,648 sq mi (449,750 sq km), N Europe, occupying the eastern part of the Scandinavian peninsula. and has operations in the US, UK, and Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. , which operate under the name Araccel. The company has approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 2,700 stockholders and is quoted on the NGM See NetWare Global Messaging. Equity list in Stockholm. Stocks are traded via D. Carnegie Carnegie (kärnĕg`ē, kär`nəgē), borough (1990 pop. 9,278), Allegheny co., SW Pa., an industrial suburb of Pittsburgh; inc. 1894. A steel town, it has coal mines and plants that make chemicals and electrical equipment. AB. REVENUE AND EARNINGS FOR THE THREE MONTHS ENDED DECEMBER December: see month. 31, 2001 The Group Net revenues decreased during the fourth quarter of 2001 by 16% to 23.0 MSEK (27.3 MSEK), of which 71% came from the USA and 29% from 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). . New contract orders net of cancellations during the fourth
quarter of 2001 amounted to -1.3 MSEK as compared to 21.6 MSEK for the
comparable period in 2000.The decline in new contract orders in the fourth quarter 2001 is primarily the result of the cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. of $12.8 MSEK in monitoring services The general surveillance of known air traffic movements by reference to a radar scope presentation or other means, for the purpose of passing advisory information concerning conflicting traffic or providing navigational assistance. to be provided in 2002 as a part of one of the Company's major contracts. The contract order backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. decreased by 53% to 32.7 MSEK at the end of the December 2001 (70.0 MSEK at 12/31/2000). The decline in contract backlog is due to slower sales in 2001 resulting from the transition of the Company to a new diary diary [Lat.,=day], a daily record of events and observations. As distinguished from memoir (an account of events placed in perspective by the author long after they have occurred), the diary derives its impact from its immediacy, requiring each generation of readers , the Araccel Evolution Clinical Digital Assistant, and a new software platform, the Araccel Solutions Platform (`ASPlatform") and the contract cancellation noted above. Cost of services amounted during the quarter to 9.7 MSEK (15.5 MSEK), which resulted in a gross margin of 58% (43%). Sales and marketing costs were 8.6 MSEK (5.6 MSEK), general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. were 8.2 MSEK (9.4 MSEK) and research and development costs were 7.6 MSEK (4.6 MSEK). Included in research and development costs during Q4 2001 are increased personnel and related costs of 3.0 MSEK. Net income (loss) after tax was -11.6 MSEK (-5.2 MSEK), which corresponds to -1.57 SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. per share (-0.71 SEK per share). The increase in the net loss is primarily a result of the 3.1 MSEK increase in sales and marketing costs due to the expansion of the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales force, and the 3.0 MSEK increase in R&D expenses. The increase in R&D expenses are the result of continued development of the ASPlatform and the Company's new electronic diary, the Araccel Evolution Clinical Digital Assistant in 2001. Parent Company Operations in the parent company, Araccel AB (publ) mainly consists group management and assets consist of investments in shares of subsidiary's and intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . Net revenues of the parent company during the fourth quarter were 3.4 MSEK with earnings (loss) after financial net of -3.9 MSEK. The cash position of the parent company was 3.9 MSEK at December 31, 2001(3.8 MSEK at 12/31/2000). REVENUE AND EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2001 The Group Net revenues decreased by 9% during the year ended December 31, 2001 to 95.2 MSEK (104.8 MSEK), of which 56% came from the USA and 44% from Europe. New contract orders net of cancellations during the year ended December 31, 2001 amounted to 55.2 MSEK as compared to 110.2 MSEK for the comparable period in 2000, a decrease of 50%. The contract order backlog decreased by 53% to 32.7 MSEK at the end of the December 2001 (70.0 MSEK at 12/31/2000). The decline in new orders and backlog are due to the transition of the Company to a new diary, the Araccel Evolution Clinical Digital Assistant, and a new software platform, the Araccel Solutions Platform (`ASPlatform") during 2001. Cost of services during the year ended December 31,2001 amounted to 35.9 MSEK (51.3 MSEK), which resulted in a gross margin of 62% (51%). Sales and marketing costs were 27.2 MSEK (22.5 MSEK), general and administrative costs were 33.2 MSEK (26.3 MSEK) and research and development costs were 29.4 MSEK (9.8 MSEK). Included in research and development costs during the year ended December 31, 2001 are increased personnel and related costs of 13.3 MSEK and depreciation of goodwill and software of 6.4 MSEK. Net income (loss) after tax was -34.0 MSEK (-23.1 MSEK), which corresponds to -4.59 SEK per share (-3.98 SEK per share). The net loss for the year ended December 31, 2001 is primarily a result of increased costs of R&D (19.7 MSEK). The net loss in 2000 included a 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). reserve for the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of goodwill and trademarks (6.3 MSEK) and global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. 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. resulting from the Technilogix acquisition in April 2000 (10.1 MSEK). Parent Company Net revenues of the parent company were 14.0 MSEK (17.8 MSEK) with earnings (loss) after tax of -8.4 MSEK (3.2 MSEK). FINANCIAL SITUATION The Company generated operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. from current operations of -1.4 MSEK during the year ended December 31, 2001 (-5.2 MSEK). Total depreciation and amortization expenses for the year ended December 31, 2001 was 19.0 MSEK (20.0 MSEK) and represents non-cash costs. Cash at the end of the period amounted to 17.0 MSEK at December 31, 2001 (25.6 MSEK at December 31, 2000). Solidity so·lid·i·ty n. 1. The condition or property of being solid. 2. Soundness of mind, moral character, or finances. Noun 1. ratio declined to 67.2% (70.7% at 12/31/2000). The number of shares outstanding at the end of December 2001 is 7,397,494 (7,397,494). Investments during the year ended December 31, 2001 declined to 8.0 MSEK (58.9 MSEK) and consisted primarily of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → in 2001. In 2000, investments included the acquisition of the assets of Technilogix and the ASPlatform. PERSONNEL At end of the December 31, 2001, the group employed 81 (94) full time people, all of which are outside of Sweden. The US operations had 53 (66) employees, the UK 16 (16) employees, and the Netherlands 12 (12) employees. NAME CHANGE During the second quarter, MiniDoc AB changed its name to Araccel AB to reflect the evolution of the company to a global biomedical information technology company focused on accelerating drug development through clinical informatics. DIVIDENDS The Board of Directors has decided that no dividends will be declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. for 2001. ACCOUNTING PRINCIPLES This report has been done 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 Accounting Council recommendation RR 20 Interim Reporting. With the exception of what is stated below, the accounting principles are unchanged compared with the latest annual report. Certain reclassifications have been made for comparability between 2001 and 2000. The Accounting Council recommendation RR9:Income Tax means, among other things, that the group account for net operating tax loss carry-forwards if there is a high likelihood that these tax deductions Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. can be utilized against future net taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. . The total amount of tax loss carry-forwards in the group amounts to approximately 175.7 MSEK at December 31, 2001 (144.6 MSEK at 12/31/2000). The main components of the group tax loss carry-forwards are from the parent company, Araccel AB of approximately 91.3 MSEK (82.9 MSEK) (28% income tax rate) and Araccel Corporation, the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of subsidiary, of approximately 84.4 MSEK (61.7 MSEK (35% income tax rate). As it is currently not certain that these tax loss carry-forwards will be utilized, the group has chosen not to account for any future tax benefit from these tax loss carry-forwards. Stockholm, Sweden, February February: see month. 28, 2002 Araccel AB (publ) - organization number 556470-2065 Board of Directors
Araccel AB
Fourth Quarter Twelve Months
Key Financial
Information Summary 2001 2000 2001 2000
----------------------------------------------
Summary of Consolidated
Income Statement
(KSEK):
Net revenues 22,983 27,318 95,231 104,771
Cost of services
and hardware -9,707 -15,521 -35,930 -51,251
----------------------------------------------
Gross Profit 13,276 11,797 59,301 53,520
Sales and marketing -8,650 -5,594 -27,221 -22,507
Research and
development costs -7,576 -4,621 -29,441 -9,788
General and
administrative costs -8,236 -9,369 -33,245 -26,311
Other income & expense 283 137 34 137
----------------------------------------------
Operating profit (loss) -10,902 -7,650 -30,572 -4,949
Group goodwill
amortization -1,015 -1,014 -4,060 -3,059
Items affecting
comparability 0 3,308 0 -14,129
----------------------------------------------
Result before financial
net and tax -11,917 -5,356 -34,632 -22,137
Net finance income
(expense) -69 158 272 -225
----------------------------------------------
Net income (loss)
before tax -11,986 -5,198 -34,360 -22,362
Tax 409 0 409 -708
----------------------------------------------
Net income (loss)
after tax -11,577 -5,198 -33,951 -23,070
----------------------------------------------
Other Information:
Results after tax
per weighted
average shares
outstanding
excluding
outstanding
warrants (SEK) (1.57) (0.71) (4.59) (3.98)
Results after tax
per weighted
average shares
including
outstanding
warrants (SEK) (1.28) (0.58) (3.75) (3.10)
Equity per share
excluding
outstanding
warrants (SEK) 7.44 11.56
Equity per share
including
outstanding
warrants (SEK) 14.38 19.80
Debt ratio 10.0% 6.2%
Profit margin 57.8% 43.2% 62.3% 51.1%
Solidity ratio 67.2% 70.7%
Revenues per
employee during
the past 12
months (KSEK) 1,088 1,435
Shares at period's
end excluding
outstanding warrants 7,397,494 7,397,494 7,397,494 7,397,494
Shares at period's
end including
outstanding warrants 9,047,494 9,047,494 9,047,494 9,047,494
Weighted average of
shares excluding
outstanding warrants 7,397,494 7,339,549 7,397,494 5,795,946
Weighted average of
shares including
outstanding warrants 9,047,494 8,989,549 9,047,494 7,445,946
Cost of services
(% of revenues) 42.2% 56.8% 37.7% 48.9%
Sales and marketing
(% of revenues) 37.6% 20.5% 28.6% 21.5%
Research and development
(% of revenues) 33.0% 16.9% 30.9% 9.3%
General and
administrative
(% of revenues) 35.8% 34.3% 34.9% 25.1%
12/31/2001 12/31/2000
------------------------------
Summary of Consolidated
Balance Sheet (KSEK):
Assets
Software 24,750 31,350
Goodwill 6,193 12,225
Patient diaries 2,287 3,765
Other fixed assets 14,389 10,216
------------------------------
Total fixed assets 47,618 57,556
Other current assets 17,211 37,840
Cash in bank 17,039 25,644
------------------------------
Total current assets 34,250 63,484
------------------------------
Total assets 81,868 121,040
Liabilities and
stockholders' equity:
Stockholders' equity 55,038 85,528
Long-term liabilities 3,542 5,130
Current liabilities 23,288 30,382
------------------------------
Total liabilities and
stockholders' equity 81,868 121,040
Changes in Stockholders' Equity:
Equity at beginning of the period 85,528 17,409
New issues 0 92,100
Currency translation differences 3,461 -911
Current period income (loss) -33,951 -23,070
------------------------------
Stockholders' equity at
end of the period 55,038 85,528
Cash Flow Analysis Summary (KSEK):
Cash flow from the
ongoing operation before
changes in operating capital -14,948 -887
Changes in operating capital 13,535 -4,335
------------------------------
Cash flow from current operations -1,413 -5,222
Cash flow from investments -8,003 -58,922
Cash flow from financing -1,589 88,501
Currency translation differences 2,399 669
------------------------------
Change in cash flow during period -8,606 24,357
Please visit the company's website www.araccel.com. |
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