BakBone Software Announces First Quarter Fiscal 2003 Financial Results.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers SAN DIEGO--(BUSINESS WIRE)--Aug. 1, 2002 BakBone Software  This article about a company does not make it clear whether the subject meets the Wikipedia criteria for . (TM) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ), a global provider of storage management software, announced today financial results for the first fiscal quarter ended June June: see month. 30, 2002. BakBone reported consolidated revenues of US$3.6 million for the first quarter, an increase of 124 percent over the same period in the previous fiscal year. 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. for the first quarter were US$6.1 million, an increase of 12 percent from the same period last year, which includes US$396,000 in stock-based compensation charges associated with the Company's adoption of the new Canadian New Canadian Noun Canad a recent immigrant to Canada accounting standard for stock-based compensation. Excluding stock-based compensation charges, operating expenses for the first quarter totaled US$5.7 million, an increase of 4 percent from the same period last year. Net loss for the first quarter was US$2.9 million, or US$0.06 per share, compared to US$5.0 million, or US$0.14 per share, for the same period last year. "I am extremely pleased by the results we achieved during our first quarter," said Keith Keith may refer to: People with the given name Keith:
The company will discuss the quarterly results during an investors' conference call to be held Thursday Thursday: see week. , August 1, 2002 at 4:30 pm Eastern Standard Time. Interested parties may participate in the call by dialing 1-800-257-7087, and requesting the "BakBone Quarterly Conference Call." About BakBone Software, Inc. BakBone Software (TSE:BKB) is an international storage management software company that develops and globally distributes 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" software solutions to the network storage and open systems markets. BakBone's near-line archival and backup/restore software suites provide scalable data protection from the workgroup Two or more individuals who share files and databases. Local networks (LANs) are designed to provide electronic sharing of data within workgroups. In general, products designed for workgroups support approximately 50 people, whereas departmental devices support several hundred, and to the enterprise. Founded in 2000, BakBone Software's products are used by companies worldwide, and are distributed through a network of OEMs and solution providers. BakBone's corporate headquarters is located at 10145 Pacific Heights Boulevard, Suite 900, San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. 92121. Its stock is listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and is included on the S&P/TSE Composite Index Composite Index A grouping of equities, indexes or other factors combined in a standardized way, providing a useful statistical measure of overall market or sector performance over time. Also known simply as a "composite". , S&P/TSE Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. SmallCap and TSE 200 indices. For more information on BakBone products, call (866) 484-2663, e-mail sales@bakbone.com, or access BakBone's web site at www.bakbone.com. Disclosure and Forward Looking Statements In addition to historical information, this press release includes forward looking statements (including but not limited to express or implied statements concerning BakBone's anticipated revenue growth and maximized shareholder value) that involve risk and uncertainties that could cause actual results to differ materially from those in the 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. . These risks and uncertainties include, but are not limited to: competition in our target markets; potential capital needs; management of future growth and expansion; risk of third party claims of infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. ; protection of proprietary information; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; our ability to hire and retain qualified employees and key management personnel; and risks associated with operations in foreign countries. Our forward-looking statements should be considered in the context of these and other risk factors disclosed in our most recent report filed with the Canadian Securities Administrators Canadian Securities Administrators(CSA) is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets. , which is available on the SEDAR SEDAR System for Electronic Document Analysis and Retrieval SEDAR Southeast Data, Assessment, and Review disclosure system at www.sedar.com 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. those risk factors disclosed in our most recent report filed with 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. Securities and Exchange Commission, which may be found at www.sec.gov/edgar. All future written and oral forward-looking statements made by us or on our behalf are also subject to these factors. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. All brands, products or service names are or may be trademarks, registered trademarks or service marks of, and used to identify, products or services of their respective owners.
BAKBONE SOFTWARE INCORPORATED
Consolidated Statements of Operations
(U.S. dollars in thousands, except per share and share data)
(Unaudited)
Three Months Ended
-------------------------------
June 30, June 30,
2002 2001
-------------------------------
Revenues $ 3,630 1,621
Cost of revenues 321 301
-------------------------------
Gross margin 3,309 1,320
-------------------------------
Operating expenses:
Sales and marketing 3,139 2,782
Research and development 1,241 1,123
General and administrative (excluding
$396 related to stock-based
compensation) 1,368 1,597
Stock-based compensation 396 -
-------------------------------
Total operating expenses 6,144 5,502
-------------------------------
Operating loss (2,835) (4,182)
Interest expense, net (29) (5)
Amortization of goodwill - (930)
Foreign exchange gains, net 9 24
Other (expense) income, net (23) 73
Minority interest - 13
-------------------------------
Net loss $ (2,878) (5,007)
-------------------------------
-------------------------------
Net loss per share - basic
and diluted $ (0.06) (0.14)
-------------------------------
-------------------------------
Weighted average common
shares 50,256,591 35,388,261
-------------------------------
-------------------------------
BAKBONE SOFTWARE INCORPORATED
Consolidated Balance Sheets
(U.S. dollars in thousands, except share data)
June 30, March 31,
Assets 2002 2002
-------------------------------
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $ 4,690 5,502
Restricted cash 804 804
Accounts receivable, net 3,425 3,289
Other assets 627 588
-------------------------------
Total current assets 9,546 10,183
Capital assets, net 2,685 2,762
Goodwill, net 4,985 4,784
Other assets 612 567
-------------------------------
Total assets $ 17,828 18,296
-------------------------------
-------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 828 645
Accrued liabilities 2,111 1,938
Deferred revenue 1,470 1,297
Current portion of capital
lease obligations 190 201
Loans from related parties 70 63
-------------------------------
Total current liabilities 4,669 4,144
Capital lease obligations,
excluding current portion 19 54
Notes payable 1,763 1,950
-------------------------------
Total liabilities 6,451 6,148
-------------------------------
Shareholders' equity:
Share capital 53,532 51,861
Share capital to be issued 2,877 2,877
Share capital held by
subsidiary (66) (66)
Accumulated deficit (44,257) (41,379)
Cumulative exchange
adjustment (709) (1,145)
-------------------------------
Total shareholders' equity 11,377 12,148
-------------------------------
Total liabilities and
shareholders' equity $ 17,828 18,296
-------------------------------
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