Aradyme Reports 755 Percent Increase in Revenue, Improved Second Quarter 2005 Results.OREM, Utah Orem is an incorporated town in the north-central part of the state of Utah in Utah County. It is adjacent to Provo, Lindon, and Vineyard and is about 45 miles south of Salt Lake City. As of the 2000 census, the city had a total population of 84,324. -- Aradyme Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ADYE) today announced second quarter fiscal 2005 revenue of $229,299, compared to prior quarter revenue of $26,800, and prior year second quarter revenue of $2,933. This revenue represents a 755 percent increase over the prior quarter, commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. with the company's commercialization of its advanced data migration solutions. The strong second quarter revenues are attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the successful completion of initial milestone requirements on a portion of the contracts Aradyme has in place. Revenue from these and other signed contracts is expected to continue throughout the year. "We are delighted to announce Aradyme's first quarter of significant revenue and major growth. We enter the current quarter with expectations of continuing significant 2005 quarter-over-quarter revenue growth. Aradyme has emerged from its development stage and entered its commerce phase," said James R. Spencer For other persons of the same name, see James Spencer. James Randolph Spencer was born in Florence, South Carolina in 1949. He attended Clark College in Atlanta, Georgia, and graduated with a Bachelor of Arts Degree in 1971. , chief executive officer of Aradyme. "Sales opportunities continue to increase due to the successful delivery of our data migration services. We are expanding our relationships in several vertical markets and reaffirm re·af·firm tr.v. re·af·firmed, re·af·firm·ing, re·af·firms To affirm or assert again. re our commitment to becoming a prominent player in the data migration space." As a 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. to this announcement, the company plans to issue a letter to shareholders some time in the next several weeks. Highlights Financial highlights from the quarter and six months include: --Secured six additional subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts awards to support federal voter registration Voter registration is the requirement in some democracies for citizens to check in with some central registry before being allowed to vote in elections. An effort to get people to register is known as a voter registration drive. Centralized/compulsory vs. projects in the states of New Jersey, Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. , Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. , Nevada Nevada (nəvăd`ə, –vä–), far western state of the United States. It is bordered by Utah (E), Arizona (SE), California (SW, W), and Oregon and Idaho (N). , New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . --Contracted with major integrators, including Accenture (Accenture, Chicago, IL, www.accenture.com) The world's largest management and technology consulting firm, which was spun off of Arthur Andersen & Co. in 1989 as a separate entity known as Andersen Consulting. LLP LLP - Lower Layer Protocol (NYSE NYSE See: New York Stock Exchange :ACN ACN Accenture (stock symbol) ACN Accenture ACN Australian Company Number ACN Automatic Collision Notification (US DOT) ACN Acetonitrile ACN Anglican Communion Network ), Unisys (NYSE:UIS (graphics, programming) UIS - A VMS graphics programming interface package for VAXstations. ), Covansys (Nasdaq:CVNS CVNS Concert Virtual Network Service CVNS Aircraft Carrier Navigation System CVNS Cardiovascular Neurological Services CVNS Continuous-Valued Number System ) and MAXIMUS Maximus is a name formed from the Latin term for "greatest" or "largest." It is therefore also a common noun, and may refer to any of the following: People in the Ancient World Politicians --Revenue for the second quarter grew to $229.3 thousand compared to revenue of $2.9 thousand for the second quarter of fiscal 2004. --Second quarter revenue of $229.3 thousand increased from revenue of $26.8 thousand for the first quarter of fiscal 2005. --Revenue for the six months ended March 31, 2005 grew over 1,100 percent to $256.1 thousand compared to revenue of $19.9 thousand for the same period last year. --The second quarter net loss of $598.8 thousand, or $0.02 per share was lower than the $813.5 thousand, or $0.03 per share net loss booked in the first quarter of fiscal 2005. Additional Financial Results Total 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. for the quarter were $785.9 thousand, compared to $495.1 thousand in the second quarter of fiscal 2004. The additional operating expenses were necessary to support the contracts awarded to the company since November November: see month. 2004, and to adequately support rapid future growth in its data migration service offerings. Included in 2005 operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. amounts are the costs of staff additions and consultant services to provide technical resources to the company, as well as some expansion of the company's marketing and sales activities to support the commercialization of the company's products and services. Outlook "In 2004, we primarily focused our efforts on cultivating relationships with major industry players and commercializing our technology. Over the last several months, we have begun to reap the rewards of these labors, as demonstrated in the partner relationships we have formed with major industry leaders, the customer contracts we have secured, and the initial revenue we have now realized," said Spencer. "Because our unique and flexible technology allows us to easily adapt and apply our data migration services to other markets, we are now focused on branching out into additional areas within the public and private sectors." About Aradyme Corp. Aradyme Corp. is a next-generation database company that provides the most advanced and innovative data migration solutions and application development available in the marketplace today. These services and solutions are made possible by a suite of exclusive database management tools and a database platform. The company's technology, which is 100 percent dynamic-schema driven, is the result of several breakthroughs the company has made in its underlying database management system (DBMS (DataBase Management System) Software that controls the organization, storage, retrieval, security and integrity of data in a database. It accepts requests from the application and instructs the operating system to transfer the appropriate data. ) technology that enable it to assist customers in overcoming many of the constraints CONSTRAINTS - A language for solving constraints using value inference. ["CONSTRAINTS: A Language for Expressing Almost-Hierarchical Descriptions", G.J. Sussman et al, Artif Intell 14(1):1-39 (Aug 1980)]. and limitations that have plagued the database industry for years. Using Aradyme, customers are able to gain more control over the data in their DBMS and legacy systems; have greater flexibility and utility of both data and database applications; efficiently and accurately solve database-related business problems and realize more cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. solutions; accelerate the deployment of new database management solutions; and better manage and grow their businesses. For more information about Aradyme, call 801-705-5000 or visit the company's Web site at www.aradyme.com. This 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. . Forward-looking statements are not guarantees of future revenues, sales, agreements, events, growth or results. Forward-looking statements are subject to risks and uncertainties outside Aradyme's control. Actual events or results may differ materially from the forward-looking statements. For a discussion of additional contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. and uncertainties to which information respecting future events is subject, see Aradyme's annual report on Form 10-KSB for the fiscal year ended Sept. 30, 2004, and other SEC reports.
ARADYME CORP. AND SUBSIDIARY
Consolidated Balance Sheets
March 31, Sept. 30,
ASSETS 2005 2004
------ ----------- ----------
(Unaudited)
CURRENT ASSETS
Cash $101,324 $265,259
Accounts receivable 162,634 29,260
Prepaid expenses 40,018 66,917
----------- ----------
Total Current Assets 303,976 361,436
----------- ----------
PROPERTY AND EQUIPMENT, NET 93,422 89,212
----------- ----------
OTHER ASSETS
Prepaid license fees 56,162 33,662
Deposits 25,538 4,960
----------- ----------
Total Other Assets 81,700 38,622
----------- ----------
TOTAL ASSETS $479,098 $489,270
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Accounts payable $76,057 $33,779
Accrued expenses 215,760 172,622
Notes payable 104,495 52,500
----------- ----------
Total Current Liabilities 396,312 258,901
----------- ----------
STOCKHOLDERS' EQUITY
Common stock: 50,000,000 shares authorized
of $0.001 par value, 24,429,546 and
23,151,046 shares issued and outstanding,
respectively 24,430 23,151
Additional paid-in capital 5,743,939 4,465,510
Stock subscription receivable (15,000) -
Accumulated deficit (5,670,583) (4,258,292)
----------- ----------
Total Stockholders' Equity 82,786 230,369
----------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $479,098 $489,270
=========== ==========
ARADYME CORP. AND SUBSIDIARY
Consolidated Statements of Operations
(Unaudited)
For the Three Months For the Six Months
Ended March 31, Ended March 31,
----------------------- ------------------------
2005 2004 2005 2004
----------- ----------- ------------ -----------
REVENUES $229,299 $2,933 $256,099 $19,933
OPERATING EXPENSES
Depreciation and
amortization 7,844 12,758 15,923 24,978
Rent 22,159 6,812 37,832 19,082
Contract services 90,447 83,221 321,237 243,649
General and
administrative 665,472 392,295 1,121,079 467,558
----------- ----------- ------------ -----------
Total Operating
Expenses 785,922 495,086 1,496,071 755,267
----------- ----------- ------------ -----------
LOSS FROM
OPERATIONS (556,623) (492,153) (1,239,972) (735,334)
OTHER INCOME
(EXPENSE)
Interest expense (2,313) (25,389) (132,427) (49,580)
Loss on disposal
of assets (39,892) - (39,892) -
----------- ----------- ------------ -----------
Total Other
Income
(Expense) (42,205) (25,389) (172,319) (49,580)
----------- ----------- ------------ -----------
NET LOSS $(598,828) $(517,542) $(1,412,291) $(785,184)
----------- ----------- ------------ -----------
BASIC LOSS PER
SHARE $(0.02) $(0.03) $(0.06) $(0.05)
=========== =========== ============ ===========
WEIGHTED AVERAGE
NUMBER OF SHARES
OUTSTANDING 24,201,063 18,176,653 23,832,510 16,773,858
=========== =========== ============ ===========
ARADYME CORP. AND SUBSIDIARY
Consolidated Statements of Cash Flows
(Unaudited)
For the Six Months Ended
March 31,
------------------------
2005 2004
------------ -----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $(1,412,291) $(785,184)
Adjustments to reconcile net loss to net
cash used by operating activities:
Depreciation and amortization 15,923 24,978
Bad debt - -
Loss on disposal of assets 39,892 -
Warrants and options issued below market
value - 17,425
Common stock issued for services 96,000 16,625
Common stock issued for line of credit 20,000 -
Warrants issued for line of credit 107,787 -
Changes in assets and liabilities:
(Increase) in accounts receivable (133,374) (5,393)
Decrease in prepaids 4,399 75
(Increase) decrease in deposits (20,578) -
Increase (decrease) in accounts payable
and related party payables 42,278 (212,640)
Increase in accrued expenses 119,938 107,476
------------ ----------
Net Cash Used by Operating Activities (1,120,026) (836,638)
------------ ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets (60,024) (14,509)
------------ ----------
Net Cash Used by Investing Activities (60,024) (14,509)
------------ ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable 96,459 80,000
Payments on notes payable (44,464) (15,000)
Payments on related party payable - (15,758)
Common stock issued for cash 964,120 1,963,448
------------ ----------
Net Cash Provided by Financing
Activities 1,016,115 2,012,690
------------ ----------
NET (DECREASE) INCREASE IN CASH (163,935) 1,161,543
CASH AT BEGINNING OF PERIOD 265,259 55,296
------------ ----------
CASH AT END OF PERIOD $101,324 $1,216,839
=========== ===========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion