AvantGo Reports Fourth Quarter and Fiscal Year 2002 Financial Results.Business Editors HAYWARD Hayward, city (1990 pop. 111,498), Alameda co., W Calif.; settled 1851, inc. 1876. It is an important commercial and distribution center for farm products. Manufactures include wire, plastics, metal and paper products, textiles, machinery, and motor vehicles. , Calif.--(BUSINESS WIRE)--Jan. 29, 2003 AvantGo AvantGo is a Web page / file synchronization service for personal digital assistants (PDAs) and smartphones. The system consists of browser client software running on the PDA, a synchronization server, and (optionally) an Internet-connected PC to transfer Web pages into the PDA. , Inc. (Nasdaq:AVGO), a leading provider of mobile enterprise software, today reported financial results for the fourth quarter and year ended December December: see month. 31, 2002. For the fourth quarter, the Company posted revenues of $5.3 million and a net loss of $737,000 or $0.02 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . This compares to revenues of $5.3 million and a net loss of $8.2 million or $0.24 per share, reported in the fourth quarter of 2001. Net loss for the fourth quarter of 2002 includes $113,000 in amortization of stock-based compensation and $448,000 of expenses related to the proposed merger with 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. . Excluding these charges, the Company reported a net loss of $176,000 for the fourth quarter of 2002. At December 31, 2002, the Company had $29.5 million in cash and investments. For the fiscal year ended December 31, 2002, the Company reported revenues of $19.9 million and a net loss of $16.3 million, or $0.46 per share. This compares to revenues of $24.0 million and a net loss of $56.2 million, or $1.71 per share, in 2001. "Our fourth quarter financial results were within our range of expectations," commented David Pratt David Pratt is the name of several people:
About AvantGo AvantGo, Inc. (Nasdaq:AVGO) is a leading provider of mobile enterprise software. AvantGo delivers mobile customer relationship management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) solutions that unlock the return on investment of popular CRM/SFA systems by driving adoption, and mobile data collection solutions that improve field productivity and data accuracy. AvantGo's mobile solutions, which are built on the company's award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" enterprise mobile software platform, can be deployed within an enterprise or delivered through the hosted My AvantGo(R) service, which has more than seven million registered users. Currently, AvantGo's customers comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise 38 of the Fortune 100, and include McKesson McKesson Corporation (NYSE: MCK) is a large United States-based corporation specializing in the distribution of health care systems, medical supplies and pharmaceutical products. Corporation, Ford Motor Company, Cisco, FedEx and CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. . Additional Information In connection with the merger, AvantGo publicly filed a definitive proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. and has filed and will file other relevant documents concerning the transaction with the Securities and Exchange Commission (SEC). STOCKHOLDERS OF AVANTGO ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and security holders can obtain free copies of the definitive proxy statement and other documents by contacting Investor Relations Investor relations The process by which the corporation communicates with its investors. , AvantGo, 25881 Industrial Boulevard boulevard Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle , Hayward, CA 94545 (Telephone: 510/259-4000). In addition, documents filed with the SEC by AvantGo will be available free of charge at the SEC's web site at http://www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . AvantGo began mailing the definitive proxy statement to its stockholders on January January: see month. 28, 2003. Information regarding the identity of the persons who may, under SEC rules, be deemed to be participants in the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of stockholders of AvantGo in connection with the transaction, and their interests in the solicitation, is set forth in the definitive proxy statement that was filed by AvantGo with the SEC on January 24, 2003. 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. : Statements concerning the completion of the acquisition are by nature "forward-looking statements" (within the meaning of 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) that involve a number of uncertainties and risks and cannot be guaranteed. Factors that could cause actual events or results to differ materially include the risk that the merger may not be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. in a timely manner, if at all. Note to Editors: AvantGo and the AvantGo logo are either registered trademarks or trademarks of AvantGo in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. other countries. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
AvantGo, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
Quarter Ended Year Ended
December 31, December 31,
2002 2001 2002 2001
------- -------- --------- ---------
Revenues:
License fees $2,089 $2,616 $10,288 $13,548
Services 3,224 2,715 9,585 10,456
------- -------- --------- ---------
Total revenues 5,313 5,331 19,873 24,004
Costs and expenses:
Cost of license fees 85 176 282 594
Cost of services 892 966 4,219 5,137
Product development 1,353 2,397 7,414 13,250
Sales and marketing 2,659 5,621 16,800 29,362
General and administrative 877 1,153 4,594 8,085
Amortization of goodwill,
intangible assets and
deferred stock compensation 113 1,038 (413) 9,201
Write-off of core
technology -- -- -- 1,981
Restructuring and other
impairment charges -- 2,463 4,450 15,065
Transaction expenses 448 -- 448 --
------- -------- --------- ---------
Total costs and expenses 6,427 13,814 37,794 82,675
------- -------- --------- ---------
Loss from operations (1,114) (8,483) (17,921) (58,671)
Interest and other income, net 377 247 1,654 2,496
------- -------- --------- ---------
Net loss $(737) $(8,236) $(16,267) $(56,175)
======= ======== ========= =========
Basic and diluted net loss
per share $(0.02) $(0.24) $(0.46) $(1.71)
======= ======== ========= =========
Shares used in computing
basic and diluted net loss
per share 35,643 34,492 35,325 32,892
======= ======== ========= =========
Proforma net loss:
Net loss from above $(737) $(8,236) $(16,267) $(56,175)
Add back amortization of
goodwill, intangible assets
and deferred stock
compensation 113 1,038 (413) 9,201
Add back write-off of core
technology -- -- -- 1,981
Add back restructuring and
other impairment charges -- 2,463 4,450 15,065
Add back transaction
expenses 448 -- 448 --
------- -------- --------- ---------
Proforma net loss $(176) $(4,735) $(11,782) $(29,928)
======= ======== ========= =========
Proforma basic and diluted
net loss per share $(0.00) $(0.14) $(0.33) $(0.91)
======= ======== ========= =========
Shares used in computing
proforma basic and diluted
net loss per share 35,643 34,492 35,325 32,892
======= ======== ========= =========
AvantGo, Inc.
Consolidated Balance Sheets
(In thousands)
December 31, December 31,
2002 2001
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $29,529 $43,091
Accounts receivable, net of allowance 2,834 3,236
Prepaid expenses and other current
assets 956 480
------------- -------------
Total current assets 33,319 46,807
Restricted investments 3,400 3,438
Property and equipment, net 4,235 6,890
Other assets 139 344
------------- -------------
Total assets $41,093 $57,479
============= =============
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $937 $1,243
Accrued liabilities 2,743 3,855
Accrued compensation and related
benefits 955 1,693
Deferred revenue 2,678 1,813
------------- -------------
Total current liabilities 7,313 8,604
Accrued restructuring charges, net of
current portion 3,347 2,127
Deferred revenue, net of current portion 227 --
Stockholders' equity:
Common stock 166,101 168,603
Notes receivable from stockholders (502) (502)
Deferred stock compensation (115) (2,752)
Revenue offset relating to warrant
agreements (85) (592)
Accumulated deficit (134,389) (118,122)
Accumulated other comprehensive income
(loss) (804) 113
------------- -------------
Total stockholders' equity 30,206 46,748
------------- -------------
Total liabilities and stockholders'
equity $41,093 $57,479
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