Ardent Software Announces Record Profit; Results Driven by Continued Revenue Growth of Data Warehouse and Database Products.WESTBORO Westboro can refer to: Places
ARDT After Receipt of Downtime ARDT Age Replacement during Delay Time ) today announced record earnings for the second quarter ended June June: see month. 30, 1998. 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 second quarter of 1998 were $0.18, compared to $0.07 for the same quarter of 1997. Revenue for the quarter was $29,237,000, compared to $27,712,000 for the same quarter last year. 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. for the second quarter of 1998 was $4,711,000 and net income was $2,968,000, compared to $1,970,000 and $943,000, respectively, in the second quarter of 1997. For the six months ended June 30, 1998, diluted earnings per share were $0.29 (excluding a previously reported merger-related charge of $14,895,000), compared to $0.03 for the same period of 1997. Revenue was $54,947,000, compared to $51,506,000 for the first six months of 1997. Operating income was $7,238,000 and net income was $4,682,000 (both exclude the charge described above) compared to $1,891,000 and $408,000, respectively, for the same period in 1997. "We are pleased to report another quarter of continued growth in our data warehouse business," said Peter Gyenes, 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 (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. "Revenue for this part of our business grew 232% year-over-year and 40% from the previous quarter. Our channels are successful and expanding, and during the quarter we added 44 blue chip end-users." "Our highly-profitable database business also continues to expand," continued Mr. Gyenes. "This reflects the success of our reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. channel that sells packaged applications based on 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. technology. Our resellers, along with our significant base of end-users, are also adopting our application development tools. In addition, we continue to invest in object technology for the future of our database business, and we are encouraged by indications that this strategy is being well received." The Company's financial condition remained strong with cash of $19,434,000 and 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 o utstanding (DSO See CSO. ) improved to 68 days from 74 days in the previous quarter. 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 36 percent of total company revenue. Other Quarter Highlights During the second quarter of 1998 Ardent Software made several significant announcements. In May, the Company announced that Sybase (Sybase Inc., Dublin, CA, www.sybase.com) A software company founded in 1984 that specializes in enterprise infrastructure and integration of platforms, databases and applications. , Inc. has integrated Ardent's DataStage A data extraction and transformation program for Windows NT/2000 servers that is used to pull data from legacy databases, flat files and relational databases and convert them into data marts and data warehouses. (R) extraction and transformation tool into their Warehouse Studio data warehouse platform. The Company also announced the signing of a worldwide reseller agreement with Compaq/Digital Equipment. In June, Ardent announced the acquisition of Dovetail dovetail (dov´tāl), n a widened or fanned-out portion of a prepared cavity, usually established deliberately to increase the retention and resistance form. Software and their patented meta data management technology. About Ardent Software Ardent Software is a data management company with a range of software products, including database systems and data warehouse development tools. Its products include the O2 System(R), a high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" object database management system; DataStage(R), a data warehouse development tool; and 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 for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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 December: see month. 31, 1997. Actual results may differ materially from management's expectations. -0-
Ardent Software, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 29, June 30, June 29,
1998 1997 1998 1997
Revenue:
Software $17,460 $16,193 $32,252 $29,494
Services and other 11,777 11,519 22,695 22,012
Total revenue 29,237 27,712 54,947 51,506
Costs and expenses:
Cost of software 1,884 1,881 3,555 3,953
Cost of services and other 5,597 6,336 10,952 12,283
Selling and marketing 9,924 10,014 19,213 19,252
Product development 4,543 4,214 8,783 7,889
General and administrative 2,578 3,297 5,206 6,238
Merger costs - - 14,895 -
Total costs and expenses 24,526 25,742 62,604 49,615
Income (loss) from operations 4,711 1,970 (7,657) 1,891
Other income (expense) - net (76) (432) 78 (949)
Income (loss) before
provision for income taxes 4,635 1,538 (7,579) 942
Provision (benefit) for
income taxes 1,667 595 (1,190) 534
Net income (loss) $2,968 $ 943 $(6,389) $ 408
Basic income (loss) per
common share $0.20 $ 0.07 $(0.44) $0.03
Basic shares used in
calculation 14,618 13,570 14,412 13,713
Diluted income (loss) per
common share $ 0.18 $ 0.07 $(0.44) $ 0.03
Diluted shares used in
calculation 16,753 14,251 14,412 14,211
Basic income per common share
excluding non-recurring item $ 0.20 $ 0.07 $ 0.32 $ 0.03
Basic shares used for
computation 14,618 13,570 14,412 13,713
Diluted income per common
share excluding non-recurring
item $ 0.18 $ 0.07 $ 0.29 $ 0.03
Diluted shares used for
computation 16,753 14,251 16,142 14,211
Ardent Software, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands)
ASSETS June 30, March 31, Dec. 31,
1998 1998 1997
Current assets:
Cash and equivalents $19,434 $15,526 $24,155
Accounts receivable - net 20,345 20,711 21,161
Prepaid expenses, deferred
income taxes and other
current assets 8,575 8,600 7,546
Total current assets 48,354 44,837 52,862
Property and equipment - net 6,345 6,408 15,916
Long-term assets:
Intangible assets - net 9,866 9,798 10,616
Other long-term assets 10,166 10,125 8,020
Total long-term assets 20,032 19,923 18,636
Total assets $74,731 $71,168 $87,414
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit $ - $ - $ 7,357
Accounts payable 5,082 4,608 4,995
Accrued expenses and other
current liabilities 18,800 15,799 14,103
Accrued merger and
restructuring costs 4,063 6,142 1,068
Deferred revenue 16,922 16,246 13,248
Total current liabilities 44,867 42,795 40,771
Long-term liabilities:
Non-current debt and other
long-term liabilities 6,758 9,720 21,190
Stockholders' equity 26,062 21,609 28,409
Cost of treasury stock (2,956) (2,956) (2,956)
Total stockholders' equity 23,106 18,653 25,453
Total liabilities and
stockholders' equity $74,731 $71,168 $87,414
-0- CONTACT: Ardent Software, Inc. Morgen-Walke Associates Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by F. Kane Jolinda Taylor, Lisa Livens Chief Financial Officer (617) 747-3600 (508) 366-3888 Media: Richard Dukas (212) 850-5600 |
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