Artisoft, Inc. Announces Significant Revenue Growth for Second Quarter of Fiscal Year 2002.Business/Technology Editors CAMBRIDGE Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , Mass.--(BUSINESS WIRE)--Jan. 24, 2002 Artisoft, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ASFT ASFT Airport Surface Friction Tester ), developer of the first software-based phone system, today reported its financial results for the second quarter of fiscal year 2002, ended December December: see month. 31, 2001. Excluding the effects of channel inventory rotations, the company experienced revenue growth for the quarter of 107% over the previous quarter. The second quarter results include a large sale related to an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and contract. Excluding this OEM revenue, the growth rate for TeleVantage software was 28% over the previous quarter. For the second quarter, Artisoft reported net revenue of $2.5 million and a net loss of $1.3 million, or $.11 per share. These results compare to net revenue of $1.4 million and a net loss of $2.7 million, or $.32 per share for the first quarter of fiscal year 2002. Gross margins for the second quarter of fiscal year 2002 were 82% compared to 84% in the first quarter of fiscal 2002. The second quarter gross margin includes a charge of $125,000 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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 inventory associated with the company's decision to transition out of distributing hardware components. 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. were $3.4 million in the second quarter compared with $4.0 million in the first quarter. "We are very pleased at the increased acceptance that TeleVantage is receiving in light of the economic climate that the industry has experienced," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Manson Man·son , Sir Patrick 1844-1922. Scottish parasitologist. One of the founders (1899) of the London School of Tropical Medicine, he introduced (1877) the hypothesis that the mosquito is host to the malaria parasite. , Artisoft's 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. . "We will continue to build on the momentum from recent TeleVantage releases and integration with best-of-breed The best product of its type. Organizations often purchase software from different vendors in order to obtain the best-of-breed for each application area; for example, a human resources package from one vendor and an accounting package from another. technology vendors to further establish TeleVantage as the ideal open communications solution for small and medium-sized Me´di`um-sized` a. 1. Having a medium size; as, a medium-sized man s>. Adj. 1. medium-sized - intermediate in size medium-size, moderate-size, moderate-sized businesses." During the second quarter, the company announced the availability of TeleVantage Small Office Edition, a turnkey See turnkey system. bundled solution that enables small businesses to gain access to a sophisticated telephone system at an affordable price. TeleVantage also continued to be honored hon·or n. 1. High respect, as that shown for special merit; esteem: the honor shown to a Nobel laureate. 2. a. Good name; reputation. b. for technical excellence and attract new alliances. TeleVantage received an "Editors Choice" award from Customer Inter@ction Solutions Magazine and "Product of the Year" Award from Communications Solutions Magazine, increasing to its total of over 30 awards. Artisoft announced its collaboration Working together on a project. See collaborative software. with Polycom Polycom is a manufacturer of teleconferencing and videoconferencing equipment. Their best selling teleconferencing range of systems are called Soundstations. History , a leader in voice, video and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. , to offer an advanced IP-PBX solution designed to enable remote and branch office users to seamlessly interact with their TeleVantage phone system at a corporate location using IP technology; and iVoice, a leader in speech recognition technology, to enable callers to automatically connect to TeleVantage users by simply speaking their name. Artisoft will be host a conference call at 4:45 today (ET) to discuss fiscal year 2002 second quarter financial results. The conference call will be broadcast live via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.artisoft.com/corpcalls.html. A recorded replay of the call will be available beginning at 7:45 (ET) today until February 24th, 2002. About Artisoft Artisoft, Inc. (NASDAQ: ASFT) of Cambridge, Mass., is a leading developer of open, software-based telephone systems that bring together voice and data for more powerful and productive communications. Designed specifically for small to midsize businesses, corporate branch offices, and call centers, Artisoft's TeleVantage delivers greater functionality, flexibility and value than proprietary PBXs. Artisoft's innovative software products have received more than 30 industry awards including "Product of the Year," "Best of Show," and "Editors' Choice" by Network Magazine, Communications Solutions Magazine and Customer Inter@action Solutions Magazine. The company distributes its products and services worldwide through a dedicated and growing channel of authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: resellers. For more information, please call 800-914-9985 or visit our website, http://www.artisoft.com. Artisoft and TeleVantage are registered trademarks of Artisoft, Inc. All other company and product names mentioned may be trademarks or registered trademarks of the respective companies with which they are associated. 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. : This release contains forward-looking statements based on current expectations or beliefs, as well as a number of assumptions about future events, and these statements are subject to important facts and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The forward-looking statements in this release address a variety of subjects including, for example, Artisoft's financial results, management's strategies and Artisoft's products and product capabilities and strategic alliances. The following factors, among others, could cause actual results to differ materially from those described in these forward- looking statements: the availability of financing on terms acceptable to the Company or at all, the impact of competitive products and pricing, product demand and market acceptance risks, the presence of competitors with greater financial resources, product development and commercialization risks, capacity and supply 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)]. or difficulties and other factors detailed in the Company's filings with the Securities and Exchange Commission including its quarterly report on Form-10Q filed on November 14, 2001 and it's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on September 28, 2001.
Artisoft, Inc. and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
2001 2000 2001 2000
Net revenue:
Product $2,499 $1,286 $3,897 $2,945
Services -- 736 20 1,298
Total net revenue 2,499 2,022 3,917 4,243
Cost of sales:
Product 451 473 672 972
Services -- 465 12 891
Total cost of sales 451 938 684 1,863
Gross profit:
Product 2,048 813 3,225 1,973
Services -- 272 8 408
Total gross profit 2,048 1,085 3,233 2,381
Operating expenses:
Sales and marketing 1,442 2,724 3,012 5,157
Product development 827 948 1,965 1,784
General and administrative 1,136 1,321 2,383 2,585
Total operating expenses 3,405 4,993 7,360 9,526
Loss from operations (1,357) (3,908) (4,127) (7,145)
Other income, net 67 136 125 325
Net loss (1,290) (3,772) (4,002) (6,820)
Dividend to Series B
preferred stock (387) -- (2,766) --
Loss applicable to
common stock $(1,677) $(3,772) (6,768) $(6,820)
Net loss applicable to
common stock
-Basic and Diluted $(0.11) $(0.24) (0.43) $(0.44)
Weighted average common
shares outstanding
-Basic and Diluted 15,738 15,674 15,731 15,513
Artisoft, Inc. and Subsidiaries
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
December 31, June 30,
2001 2001
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 8,781 $ 5,801
Receivables:
Trade accounts, net of allowances of
$362 and $733 at December, 2001
and June 2001, respectively 1,381 488
Other receivables 7 27
Inventories 93 674
Prepaid expenses 226 500
Total current assets 10,488 7,490
Property and equipment 3,371 3,331
Less accumulated depreciation
and amortization (2,334) (1,943)
Net property and equipment 1,037 1,388
Other assets 254 187
$ 11,779 $ 9,065
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 405 $ 682
Accrued liabilities 1,499 1,424
Deferred revenue 227 168
Total current liabilities 2,131 2,274
Commitments and contingencies -- --
Shareholders' equity:
Preferred stock, $1.00 par value. Authorized
11,433,600 shares; issued 2,800,000 Series B
shares at December 31, 2001 2,800 --
Common stock, $.01 par value. Authorized
50,000,000 shares; issued 29,102,920
shares at December 31, 2001 and
29,051,168 at June 30, 2001 291 291
Additional paid-in capital 106,379 102,318
Accumulated deficit (30,038) (26,034)
Less treasury stock, at cost,
13,320,500 shares at December 31,
2001 and June 30, 2001 (69,784) (69,784)
Net shareholders' equity 9,648 6,791
$ 11,779 $ 9,065
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