Artemis Announces Fourth Quarter 2003 Financial Results.Business Editors NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif.--(BUSINESS WIRE)--March 3, 2004 Artemis Artemis (är`təmĭs), in Greek religion and mythology, Olympian goddess, daughter of Zeus and Leto and twin sister of Apollo. Artemis' early worship, especially at Ephesus, identified her as an earth goddess, similar to Astarte. International Solutions Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMSI AMSI Australian Mathematical Sciences Institute AMSI Ambient Surround Imaging AMSI Atlantic Merchant Shipping Instructions AMSI Ameritech Message Signal Interface ), one of the leading providers of enterprise portfolio and project management software solutions, today reported its financial results for the fourth quarter and the fiscal year ended December December: see month. 31, 2003. Artemis reported $14.0 million in total revenue for the fourth quarter of 2003, compared with $19.5 million for the fourth quarter of 2002. 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.
See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). reported net loss for the quarter ended December 31, 2003, was $(1.6) million, or $(0.16) per common share, compared to net income of $0.6 million, or $0.06 per common share for the comparable 2002 period. Total revenue for fiscal year 2003 was $57.3 million, compared with $68.7 million in fiscal year 2002. Revenue for the portfolio management software, Artemis 7, increased to $4.1 million, up 146%, from $1.7 million in 2002. Services revenue declined to $27.4 million, down 27.6%, from $37.9 million in 2002, in part due to the completion of certain large software implementations in early 2003. EBITDA was $(2.3) million for fiscal 2003, compared with an EBITDA of $2.9 million for fiscal year 2002. US GAAP reported net loss for the year ended December 31, 2003 was $(7.9) million, or $(0.79) per common share, compared with a net loss of $(3.9) million, or $(0.40) per common share in 2002. "Our portfolio management solutions, targeted to key vertical markets, continue to show good growth with a solid pipeline for Artemis 7," stated Patrick Ternier, the recently appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. president & 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 Artemis International. "The increased demand for portfolio management software, together with the consistent execution of our sales strategy throughout the regions we cover, will strengthen our top-line performance. Additionally, the 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. of our cost structure will help move Artemis back into operating profitability during 2004." About Artemis International Solutions Corporation Artemis International Solutions Corporation (OTCBB:AMSI) is one of the world's leading providers of investment planning and control solutions that help organizations execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution strategy through effective portfolio and project management. Artemis has refined 30 years experience into a suite of solutions and packaged consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" that address the specific needs of both industry and the public sector including, IT management, new product development, program management, fleet and asset management, outage out·age n. 1. A quantity or portion of something lacking after delivery or storage. 2. A temporary suspension of operation, especially of electric power. management and detailed project management. With a global network covering 44 countries, Artemis is helping thousands of organizations to improve their business performance through better alignment Alignment is the adjustment of an object in relation with other objects, or a static orientation of some object or set of objects in relation to others.
Forward Looking Statements "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This press release contains or may contain 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. such as statements regarding the Company's growth and profitability, growth strategy, liquidity and access to public markets, 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. reduction and trends in the industry in which the Company operates. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements or for prospective events that may have a retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a effect.
ARTEMIS INTERNATIONAL SOLUTIONS CORPORATION AND SUBSIDIARIES
Consolidated Financial Highlights
(Unaudited)
Three Months Ended December 31,
------------------------------------------
Percent Percent
of Total of Total
2003 Revenues 2002 Revenues
---- -------- ---- --------
(in thousands, except per share data)
Statement of Operations Data:
Revenue:
Software $3,140 23% $5,533 28%
Support 3,815 27% 3,748 19%
Services 7,006 50% 10,265 53%
13,961 100% 19,545 100%
Cost of revenue:
Software 169 1% 349 2%
Support 1,228 9% 1,625 8%
Services 4,944 35% 6,604 34%
6,341 45% 8,578 44%
Gross margin 7,620 55% 10,967 56%
Operating expenses:
Selling and marketing 3,728 27% 3,836 20%
Research and development 2,006 14% 1,907 10%
General and administrative 2,805 20% 4,180 21%
Amortization expense 1,030 7% 1,029 5%
9,569 68% 10,952 56%
Operating (loss) income (1,949) -14% 15 0%
Net interest expense 107 1% 187 1%
Other (income), net (295) -3% (705) -4%
(188) -2% (518) -3%
(Loss) income
before income taxes (1,761) -13% 533 3%
Income tax
(benefit) expense (156) -1% (21) 0%
Net (loss) income $(1,605) -11% $554 3%
Basic and diluted
(loss) earnings
per common share $(0.16) $0.06
Weighted average
common shares used in
computing basic
and diluted loss
per common share 9,965 9,965
Reconciliation of Net (loss)
income to EBITDA:
Net (loss) income $(1,605) $554
Depreciation and
Amortization 1,262 1,557
Interest, net 107 187
Income taxes (156) (21)
EBITDA (1) $(392) $2,277
Twelve Months Ended December 31,
------------------------------------------
Percent Percent
of Total of Total
2003 Revenues 2002 Revenues
---- -------- ---- --------
(in thousands, except per share data)
Statement of Operations Data:
Revenue:
Software $13,286 23% $15,070 22%
Support 16,568 29% 15,690 23%
Services 27,437 48% 37,904 55%
57,291 100% 68,664 100%
Cost of revenue:
Software 677 1% 1,734 3%
Support 5,102 9% 6,389 9%
Services 20,250 35% 24,587 36%
26,029 45% 32,710 48%
Gross margin 31,262 55% 35,954 52%
Operating expenses:
Selling and marketing 15,942 28% 12,544 18%
Research and development 8,152 14% 7,868 12%
General and
administrative 11,142 20% 15,122 22%
Amortization expense 4,118 7% 4,166 6%
39,354 69% 39,700 58%
Operating (loss) income (8,092) -14% (3,746) -5%
Net interest expense 192 0% 194 0%
Other (income), net (692) -1% (472) -1%
(500) -1% (278) 0%
(Loss) income before
income taxes (7,592) -13% (3,468) -5%
Income tax (benefit)
expense 299 1% 480 1%
Net (loss) income $(7,891) -14% $(3,948) -6%
Basic and diluted
(loss) earnings per
common share $(0.79) $(0.40)
Weighted average common
shares used in
computing basic
and diluted loss
per common share 9,965 9,965
Reconciliation of Net (loss)
income to EBITDA:
Net (loss) income $(7,891) $(3,948)
Depreciation and
Amortization 5,077 6,213
Interest, net 192 194
Income taxes 299 480
EBITDA (1) $(2,323) $2,939
(1) Represents net income (loss) before depreciation and
amortization, interest income and expense and income tax expense.
EBITDA is not indicative of cash provided or used by operating
activities and may differ from comparable information provided by
other companies, EBITDA should not be considered in isolation, as
an alternative to, or more meaningful than measures of financial
performance determined in accordance with accounting principles
generally accepted in the United States. EBITDA is commonly used
in the industry and is presented because Artemis believes it
provides relevant and useful information to investors. Investors
could use such a measure to analyze and compare companies on the
basis of current period operating performance. Artemis utilizes
and has disclosed EBITDA to provide additional information with
respect to its ability to meet future capital expenditures and
working capital requirements, to incur indebtedness if necessary,
and to fund continued growth.
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