BakBone Software Announces Third Quarter Financial Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--Feb. 22, 2001 Officials Cite Increased Traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. With Market-Leading Storage Manufacturers, First-to-Market Technology and Substantial Quarter-to-Quarter Sales Growth BakBone Software  This article about a company does not make it clear whether the subject meets the Wikipedia criteria for . , Inc. (OTCBB OTCBBSee OTC Bulletin Board (OTCBB). :BKBOF)(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, today announced financial and operational results for the company's third quarter and eight months ended December December: see month. 31, 2000. Company officials cited the achievement of three strategic objectives for the three-month period, including: - Substantial quarter-to-quarter growth in reported revenues, with licensing and service revenues up by more than 33 per cent and 20 per cent, respectively, from the previous quarter; - Strategic business alliances formed with leading hardware manufacturers in the data storage industry; and - Completion of work on new, "first to market" versions of the company's backup/restore and near-line archival software. BakBone Software reported consolidated revenues of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $2.3 million for the third quarter, an increase of more than 31 per cent over revenues from the company's second quarter. The gross margin on revenues improved to CDN$2.0 million for the same period, an increase of approximately 32 per cent over the previous period. The net loss for the period was CDN$9.9 million, or CDN$0.26 per share. For the eight-month period ended December 31, 2000, revenues were CDN$4.9 million, with a net loss of CDN$22.8 million, or CDN$0.67 per share. BakBone officials noted that operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. as a percentage of revenues narrowed as sales of NetVault(TM), the company's enterprise-grade backup and restore software, commenced in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . They also noted that the build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. of the company's global sales and support infrastructure is largely completed, and that BakBone is now in position to rapidly meet its sales objectives. "The third quarter of our fiscal year was marked by our growing acceptance and validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. among data storage industry leaders," said BakBone's Chief Executive Officer. "They recognize our unique value proposition, and BakBone is engaging these industry leaders as strategic business partners. This achievement is the most tangible evidence of our making substantial progress in our path to profitability, and rewarding our shareholders for their faith in us. I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in pleased to say we continue to move firmly in that direction." Cerqueira stated that BakBone achieved North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. licensing revenues of CDN$805,000 in the third quarter, almost twice as much as the previous two quarters combined. In addition, licensing revenues of NetVault were CDN$1.1 million for the third quarter, representing 49 per cent of NetVault's year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. product revenues. BakBone Software executives will discuss these results during a conference call today (Thursday Thursday: see week. , February February: see month. 22, 2001) at 4:30 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. , following the close of the Toronto and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of financial markets. Investors can access the call by dialing 800.633.8410. A recording of the conference call will be available for the next seven days; North American investors may access the recording by dialing 800.633.8284, access code 18060462. International investors may access the recording by dialing 858.812.6440. During the third quarter of its fiscal year, BakBone Software highlighted the achievement of the following strategic and operational milestones: - Training of more than 900 salespeople from its North American network of channel sales partners. These channel sales partners are a cornerstone of BakBone's North American sales strategy. - Beta launch of the latest version of its NetVault backup/restore software, commercially released in January 2001. NetVault now supports the widest range of data storage options, ranging from direct-attach to network-attached storage (NAS), and ultimately to storage area networks (SANs). NetVault's point-and-click ease of use, powerful performance and speed to market enabling technology has earned it consistent praise from users, industry analysts and trade magazine reviewers. Leading companies worldwide use NetVault to backup and restore the information critical to the success of their businesses. - Completion and release of the new version of BakBone's MagnaVault(TM) software for UNIX-based near-line optical data storage systems. MagnaVault is the leader in its segment, with users including dozens of Fortune 100 companies as well as U.S. Federal government agencies and departments. - Product certifications with a number of leaders in the data storage industry, resulting in strategic partnerships announced subsequent to the end of last quarter. Among those companies announced to date as strategic partners are StorageTek (NYSE: STK), Network Appliance (NASDAQ: NTAP), Exabyte Corporation (NASDAQ: EXBT), Spectra Logic Corporation and others. These agreements are consistent with BakBone's strategy to establish partnerships to increase both the acceptance of the company's storage management software solutions and revenues. Cerqueira concluded, "The foundation is now in place to rapidly expand our global sales channels, to develop leading-edge storage management software solutions, and ultimately to sell our products, but we refuse to standstill standstill /stand·still/ (stand´stil?) cessation of activity, as of the heart (cardiac s.) or chest (respiratory s.) . stand·still n. Complete cessation of activity or progress. . We will continue to establish strategic partnerships, announcing agreements that we expect to firmly anchor BakBone Software as a leader in the data storage industry." About BakBone Software, Inc. BakBone Software(TM) (TSE: BKB, OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BKBOF) is an international storage management software company that develops and globally distributes industry-leading storage management solutions to the open systems markets, providing data protection and management solutions scalable from workgroup to enterprise that will grow with a company's needs. BakBone's core products include nearline optical and archival, as well as tape backup Using magnetic tape for storing duplicate copies of hard disk files. Users can add an internal or external tape drive to their desktop computers for backup purposes, and files are typically copied to the tapes using a backup utility that updates on a periodic schedule. and restore software for a full suite of storage management solutions to the corporate data center. BakBone's corporate headquarters is located at 10145 Pacific Heights Boulevard, 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 TSE 300 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 858-450-9009, e-mail sales@bakbone.com, or access BakBone's web site at www.bakbone.com. 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. This news release contains 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. reflecting management's current forecast of certain aspects of the company's future. It is based on current information that we have assessed, but which by its nature is dynamic and subject to rapid and even abrupt changes. Forward-looking statements may include statements by BakBone Software regarding: - Growth projections for the company, including revenues and net income - The projected rollout of upgraded versions of our products. BakBone's actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with our business, including, but not limited to:
- Our dependence on projected purchases by our major customers
- Our ability to establish and maintain contractual arrangements
with storage-centric value-added resellers ("channel partners")
- Competition in all aspects of our business
- Changes in product or service profit margins due to pricing
changes driven by variations in customer demand, competition,
or unforeseen factors
- The effect of general economic, credit and capital market
conditions on our business
- Our failure to compete or successfully operate planned
expansion projects.
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 (www.sedar.com). 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. BakBone Software, the BakBone logo, and NetVault are all trademarks or registered trademarks of BakBone Software, Inc., 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 in other countries. All other brands, products or service names are or may be trademarks or service marks of, and used to identify, products or services of their respective owners.
BAKBONE SOFTWARE INCORPORATED
CONSOLIDATED STATEMENTS OF LOSS AND DEFICIT
(Unaudited)
Three months Eight months
ended ended
December 31, December 31,
2000 2000
---- ----
REVENUES $ 2,294,631 $ 4,905,453
COST OF REVENUES 337,541 741,791
------- -------
GROSS MARGIN 1,957,090 4,163,662
OPERATING EXPENSES 10,796,408 24,339,736
---------- ----------
OPERATING LOSS BEFORE UNDERNOTED (8,839,318) (20,176,074)
Interest income, net 91,357 599,575
Amortization of goodwill (1,415,245) (3,411,236)
Other expense, net 24,325 (38,389)
Minority interest 249,856 212,982
------- -------
NET LOSS (9,889,025) (22,813,142)
DEFICIT, BEGINNING OF PERIOD (14,238,277) (1,314,160)
------------ -----------
DEFICIT, END OF PERIOD $ (24,127,302) $ (24,127,302)
============ ============
LOSS PER SHARE $ (0.26) $ (0.67)
WEIGHTED AVERAGE COMMON SHARES 37,526,806 34,110,767
BAKBONE SOFTWARE INCORPORATED
CONSOLIDATED BALANCE SHEETS
December 31, April 30,
2000 2000
---- ----
(unaudited) (audited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 5,915,182 $ 30,687,388
Accounts receivable 1,442,914 1,088,286
Other current assets 707,844 468,811
------- -------
Total current assets 8,065,940 32,244,485
Capital assets, net 5,865,759 801,677
Goodwill, net 13,286,686 4,129,020
Other non-current assets 850,777 141,244
------- -------
TOTAL $ 28,069,162 $ 37,316,426
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 2,549,150 $ 1,145,144
Deferred revenue 476,640 420,557
Accrued liabilities 1,479,354 1,322,006
--------- ---------
Total current liabilities 4,505,144 2,887,707
--------- ---------
Long-term debt 1,002,794 -
---------
Minority interest (13,018) -
--------
SHAREHOLDERS' EQUITY:
Share capital 46,727,730 87,243
Special warrants - 35,630,000
Accumulated deficit (24,127,302) (1,314,160)
Cumulative exchange adjustment (26,186) 25,636
-------- ------
Total shareholders' equity 22,574,242 34,428,719
---------- ----------
TOTAL $ 28,069,162 $ 37,316,426
============ ============
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