BakBone Software Announces Third 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)--Feb. 4, 2003 BakBone Software  This article about a company does not make it clear whether the subject meets the Wikipedia criteria for . (TM) (OTCBB OTCBBSee OTC Bulletin Board (OTCBB). :BKBOF)(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :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 third fiscal quarter ended December December: see month. 31, 2002. BakBone reported consolidated revenues of US$4.9 million for the third quarter, an increase of 72 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 third quarter were US$6.1 million, an increase of 27 percent from the same period last year, which includes US$415,000 in special charges associated with the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of the MagnaVault product offering. Excluding special charges, operating expenses for the third quarter totaled US$5.7 million, an increase of 18 percent from the same period last fiscal year. Net loss for the third quarter was US$2.2 million, or US$0.04 per share, compared to US$3.2 million, or US$0.08 per share, for the same period last fiscal year. On a pro-forma basis, when excluding any effects of special charges, impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of goodwill and amortization of goodwill, net loss for the third quarter was US$1.3 million, or US$0.02, compared to US$2.3 million, or US$0.05 for the same period last fiscal year. "I am pleased to see yet another quarter of growth in all regions worldwide," said Keith Keith may refer to: People with the given name Keith:
1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations EBITDA." The company will discuss the quarterly results during an investors' conference call to be held Tuesday Tuesday: see week. , February February: see month. 4, 2003 at 4:30 pm Eastern Standard Time. Interested parties may participate in the call by dialing 1-800-240-5318, and requesting the "BakBone Quarterly Conference Call." About BakBone Software, Inc. BakBone Software (OTCBB:BKBOF)(TSX: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 backup/restore and near-line archival software suites provide scalable data protection from the workgroup 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, 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 Over the Counter Bulletin Board as well as on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . 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 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. (including but not limited to express or implied statements concerning BakBone's strength of pipelines, EBITDA breakeven and revenue growth) that involve risk and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. 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 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 and Accumulated Deficit
(U.S. dollars in thousands, except per share and share data)
(Unaudited)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2002 2001 2002 2001
Revenues $4,932 2,869 12,586 6,776
Cost of revenues 405 324 1,116 918
Gross profit 4,527 2,545 11,470 5,858
Operating expenses:
Sales and marketing 3,025 2,596 9,057 8,136
Research and
development 1,233 1,107 3,817 3,221
General and
administrative
(excluding $0, $0,
$326 and $0 of
stock-based
compensation) 1,407 1,091 4,206 4,152
Stock-based
compensation - - 326 -
Special charges 415 - 415 -
Total operating
expenses 6,080 4,794 17,821 15,509
Operating loss (1,553) (2,249) (6,351) (9,651)
Interest expense, net (38) (60) (99) (74)
Amortization of goodwill - (933) - (2,796)
Impairment of goodwill (442) - (442) -
Foreign exchange (loss)
gain, net (29) (14) (35) 15
Other (expense) income,
net (89) 4 (137) 72
Minority interest - 42 - 100
Net loss (2,151) (3,210) (7,064) (12,334)
Accumulated deficit,
beginning of period (46,292) (31,712) (41,379) (22,588)
Accumulated deficit, end
of period $(48,443) (34,922) (48,443) (34,922)
Net loss per share --
basic and diluted $(0.04) (0.08) (0.14) (0.32)
Weighted-average common
shares 52,559,757 41,653,669 51,657,060 38,630,681
BAKBONE SOFTWARE INCORPORATED
Consolidated Balance Sheets
(U.S. dollars in thousands, except share data)
December 31, March 31,
Assets 2002 2002
(Unaudited) (Audited)
Current assets:
Cash and cash equivalents $2,065 5,502
Restricted cash - 804
Accounts receivable, net 4,923 3,289
Share subscription receivable 640 -
Other assets 638 588
Total current assets 8,266 10,183
Capital assets, net 2,413 2,762
Goodwill, net 4,445 4,784
Other assets 579 567
Total assets $15,703 18,296
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $889 645
Accrued liabilities 2,554 2,001
Deferred revenue 2,127 1,297
Current portion of notes payable 1,763 -
Current portion of capital lease
obligations 148 201
Total current liabilities 7,481 4,144
Capital lease obligations, excluding current
portion 52 54
Notes payable, excluding current portion - 1,950
Other liabilities 60 -
Total liabilities 7,593 6,148
Shareholders' equity:
Share capital 57,346 51,861
Share capital to be issued - 2,877
Share capital held by subsidiary (66) (66)
Accumulated deficit (48,443) (41,379)
Cumulative exchange adjustment (727) (1,145)
Total shareholders' equity 8,110 12,148
Total liabilities and shareholders'
equity $15,703 18,296
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