Ardent Software Announces First Quarter Earnings Per Share Increase 64%; Data Warehouse Revenue More Than Doubles.WESTBORO Westboro can refer to: Places
Ardent (Ardent Software, Inc., Westboro, MA) A database vendor formed in 1998 as the merger of VMARK Software, Unidata and O2 Technology. Its products included the UniVerse and UniData databases and DataStage data warehouse utility. Software, Inc. (Nasdaq:ARDT ARDT Asset Redeployment Team ARDT After Receipt of Downtime ARDT Age Replacement during Delay Time ), today announced financial results for its first quarter ended March 31, 1999. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the first quarter of 1999 were $0.18, a 64% increase over first quarter 1998 earnings of $0.11 (excluding a non-recurring merger-related charge of $14.9 million, or $(0.77) per share). Revenue for the quarter increased 21% to $31.2 million, up from $25.7 million for the same quarter in 1998. Both operating and net income almost doubled to $4.8 million and $3.3 million, as compared to $2.5 million and $1.7 million, respectively, for the same quarter last year (excluding the non-recurring charge described above). "Ardent got off to a strong start in 1999," said Peter Gyenes, chairman, 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. of Ardent Software. "We achieved, and, in many cases, exceeded our operating goals, while simultaneously integrating Prism Solutions, a merger we announced in late 1998. As announced previously, Prism shareholders will be meeting on April 26th to approve the merger. Excluding non-recurring, merger-related charges, the combination of the two companies will be immediately accretive to earnings." "Ardent's data warehouse business continued to deliver strong results, with 164 percent revenue growth year-over-year and 10 percent growth over the fourth quarter of 1998," continued Mr. Gyenes. "We added 83 new end-user (job) end-user - The person who uses a computer application, as opposed to those who developed or support it. The end-user may or may not know anything about computers, how they work, or what to do if something goes wrong. customers during the quarter, and many existing customers ordered add-on A purchase of additional goods before payment is made for goods already purchased. An add-on may be covered by a clause in an installment payment contract that allows the seller to hold a security interest in the earlier goods until full payment is made on the later goods. licenses, expanding their use of our products. We're we're Contraction of we are. we're we are also pleased with our balanced worldwide performance, strong demand for our service offerings and more partners who embed em·bed also im·bed v. em·bed·ded, em·bed·ding, em·beds v.tr. 1. To fix firmly in a surrounding mass: embed a post in concrete; fossils embedded in shale. DataStage in their analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. solutions." "Ardent's embedded database (1) Database software that is included with an application rather than offered as a separate database management system (see DBMS). Tending to be compact and efficient, an embedded database generally includes fewer features than a full-blown DBMS. and tools business continued to contribute to the Company's revenue and earnings growth," added Mr. Gyenes. "Database and tools revenue grew 10% year-over-year. Our worldwide base of resellers embed Ardent's products in a wide range of operational applications across virtually every vertical market, and are benefiting from continued marketplace demand for packaged solutions. Our resellers' customers and prospects are also responding to new application capabilities that come from having Ardent inside the solution, such as Web OLTP (OnLine Transaction Processing) See transaction processing and OLCP. OLTP - On-Line Transaction Processing and decision support." "Looking ahead," concluded Mr. Gyenes, "we are focusing on leveraging the synergies between Ardent and Prism. Combined, the Company will offer the industry's broadest and most comprehensive data warehousing See data warehouse. data warehousing - data warehouse tools and services across mainframe, UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). , and Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. platforms. Our goal is to increase our market share by vertically selling products to existing customers, adding new customers, both through resellers and our larger direct sales force, and continuing to expand our presence in Europe and Asia, where Prism has long-standing relationships." 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. and G&A decreased year-over-year as the Company continued to benefit from cost efficiencies. Key financial measurements remained strong with cash of $28.7 million as accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ) improved to 64 days in the first quarter of 1999, compared to 74 days in the first quarter of 1998. 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. contributed 41% of the total company revenue. Quarterly Highlights -0-
-- Opened a new subsidiary, Ardent Software K.K., in Tokyo, Japan.
-- Announced OEM agreements with PaySys International, Inc. and
Systems Consulting Company (SCC), who use Ardent's DataStage
extraction, transformation and loading (ETL) tool as a core
component of their analytical applications for the healthcare and
finance industries.
-- Added 2,800 new database customers through its worldwide reseller
channel that supplies packaged applications to numerous vertical
markets.
-- Announced that Siemens Semiconductor Group selected DataStage to
populate and maintain a central corporate data warehouse and
several regional data marts throughout the U.S., Europe and Asia.
-- Announced that MatchLogic, an integrated digital marketing
services innovator and independent subsidiary of Excite, Inc., is
using DataStage as a key component of its Internet advertising
solutions. DataStage enables MatchLogic to provide its clients
with data warehousing for effective branding, customer
acquisition and customer retention over the Internet.
-- Attained extended certification as a PeopleSoft Enterprise
Performance Management solution partner, providing PeopleSoft
customers with the capabilities to efficiently transfer data into
PeopleSoft's Enterprise Warehouse from multiple sources,
including legacy systems, data marts and other PeopleSoft
applications.
-- Joined the Meta Data Coalition, a not-for-profit consortium of 47
vendors and end-users leading the development of industry-wide
standards for meta data exchange.
-0- About Ardent Software Ardent Software is a leading global data management software company. Ardent develops and markets embedded databases and software tools for enterprise-scale applications and data warehouses. Its products include DataStage(R), a data warehouse development tool; UniVerse(R) and UniData(R), extended relational database management systems See DBMS for a shorter list of “typical”, representative database management systems. Open-source software
Statements expressing the beliefs and expectations of management regarding future performance are forward-looking and involve risks and uncertainties, including, but not limited to, quarterly fluctuations in results and other risks. These risks are detailed from time to time in the Company's Securities and Exchange Commission filings, including the Company's Form 10K for the year ended December 31, 1998. Actual results may differ materially from management's expectations. COBOL COBOL: see programming language. COBOL in full Common Business-Oriented Language. High-level computer programming language, one of the first widely used languages and for many years the most popular language in the business community. Direct Connect, DataStage, O2 System, RedBack Red´back` n. 1. (Zool.) The dunlin. , System Builder  This article's grammar usage needs improvement. Please edit this article in accordance with Wikipedia's . , UniData UniVerse and wIntegrate are registered trademarks of
Ardent Software, Inc. Other trademarks and registered trademarks are
property of the respective trademark holders.-0-
Ardent Software, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31, March 31,
1999 1998
Revenue:
Software $ 17,917 $ 14,792
Services and other 13,304 10,918
Total revenue 31,221 25,710
Costs and expenses:
Cost of software 1,079 1,067
Cost of services and
other 6,184 5,355
Selling and marketing 11,896 9,289
Product development 4,301 4,240
General and
administrative 2,121 2,628
Amortization of intangibles
acquired in purchase business 889 604
combinations
Merger costs -- 14,895
Total costs and expenses 26,470 38,078
Income (loss) from operations 4,751 (12,368)
Other income - net 254 154
Income (loss) before provision for
income taxes
5,005 (12,214)
Provision for (benefit from)
income taxes 1,752 (2,857)
Net income (loss) $ 3,253 $ (9,357)
Basic income (loss) per
common share $ 0.21 $ (0.66)
Basic shares used in
calculation 15,789 14,206
Diluted income (loss) per
common share $ 0.18 $ (0.66)
Diluted shares used in
calculation 18,526 14,206
Basic income per common share
excluding non-recurring items $ 0.21 $ 0.12
Basic shares used in computation 15,789 14,206
Diluted income per common share
excluding non-recurring items $ 0.18 $ 0.11
Diluted shares used in computation 18,526 15,532
Ardent Software, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
ASSETS March 31, 1999 Dec. 31, 1998
Current assets:
Cash and equivalents $ 28,676 $ 24,167
Accounts receivable - net 22,019 21,238
Prepaid expenses and other
current assets 6,374 5,062
Deferred income taxes 1,634 1,634
Total current assets 58,703 52,101
Property and equipment - net 6,694 6,587
Long-term assets:
Intangible assets - net 14,370 14,633
Deposits and other
long-term assets 5,246 5,085
Deferred income taxes 4,258 4,398
Total long-term assets 23,874 24,116
Total assets $ 89,271 $ 82,804
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Line of credit $ -- $ --
Accounts payable 4,828 5,476
Accrued expenses and other
current liabilities 15,378 17,390
Accrued merger and restructuring
costs 1,385 2,112
Deferred revenue 17,178 14,036
Total current liabilities 38,769 39,014
Long-term liabilities:
Non-current debt and other
long-term liabilities -- --
Stockholders' equity 53,458 46,746
Cost of treasury stock (2,956) (2,956)
Total stockholders' equity 50,502 43,790
Total liabilities and
stockholders' equity $ 89,271 $ 82,804
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