Bakbone Software Files Form 20-F With SEC; Announces Fourth Quarter Financial Results.Business Editors SAN DIEGO--(BUSINESS WIRE)--July 13, 2001 Filing Key Element in Move to U.S. Equities Markets; Company Cites Continued Double-Digit Quarterly Revenue Growth BakBone Software  This article about a company does not make it clear whether the subject meets the Wikipedia criteria for . (TM) Incorporated (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 ; OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : BKBOF), a global provider of storage management software, today announced that it has filed its Form 20-F 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 (SEC), as a step toward implementing its move to the U.S. equities markets. "Today's filing with the SEC marks a major step in our corporate evolution. From our inception, we have stated that becoming a reporting entity in the United States has been a key corporate goal," stated Archie Nesbitt, BakBone's board chairman. The Form 20-F allows foreign private issuers to register securities with the SEC pursuant to the Securities Exchange Act of 1934. The SEC may review the Form 20-F before permitting the Form to become effective and, as such, no timeline
Timeline may refer to:
Today's filing comes on the same day that the company filed its financial and operational results for the fourth quarter and eleven months ended March 31, 2001. BakBone 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. $2.6 million for the fourth quarter, an increase of 14% over third quarter revenues. Gross margin on revenues improved to CDN$2.2 million for the fourth quarter, an increase of approximately 11% over the previous quarter. Net loss for the fourth quarter was CDN$9.9 million, or CDN$0.25 per share. For the eleven months ended March 31, 2001, revenues were CDN$7.5 million, with a net loss of CDN$32.7 million, or CDN$0.92 per share. Company officials cited the achievement of four strategic objectives during the fourth quarter, including: -- Sustained quarter-to-quarter growth in revenues of more than 14%, marking continuous quarterly double-digit growth since BakBone was formed last year; -- Agreements and certifications with several leading storage hardware companies, including Network Appliance (NASDAQ: NTAP) and StorageTek (NYSE: STK); -- Realignment of its corporate sales and marketing functions, bringing in two industry veterans to head those divisions; and -- NetVault's certification by the General Services Administration for purchase by U.S. Federal Government agencies. "BakBone demonstrated continued growth throughout its first year, despite the difficult economic climate worldwide," said Keith Rickard, BakBone's newly appointed chief executive officer and president. "The company established a foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European marketplaces, as well as solidified so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. its position in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . We are in position to expand that foothold, ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale sales in our second year, and deliver quantifiable Quantifiable Can be expressed as a number. The results of quantifiable psychological tests can be translated into numerical values, or scores. Mentioned in: Psychological Tests financial results to our shareholders." The company also announced that, in consultation with its newly appointed auditors, KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen LLP LLP - Lower Layer Protocol , it has restated the financial statements of its wholly-owned subsidiary, NetVault Limited, for the year ended December 31, 1999. The restatement Restatement A revision in a company's earlier financial statements. Notes: The need for restating financial figures can result from fraud, misrepresentation, or a simple clerical error. results from a May 1999 contract with a reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. , whereby UK-based NetVault Limited was paid a refundable Refundable Eligible for refunding under the terms of a bond indenture. development fee for software engineering services. Management has reconsidered the appropriateness of recognizing the full amount of the development fee as revenue due to the fact that the development fee was recoverable by the reseller in certain circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . The restatement of these predecessor financial statements did not have a material impact on the consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge of BakBone Software Incorporated. The restatement is described in greater detail in Footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." 2 of the restated NetVault Limited audited financial statements for the years ended December 31, 1999 and 1998; a copy of these financial statements 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. About BakBone Software Incorporated BakBone Software(TM) Incorporated (TSE: BKB, OTC: BKBOF) is an international storage management software company that develops and globally distributes high-performance 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 to the enterprise. Founded in 2000, BakBone'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 TSE 300 Composite, S&P/TSE Canadian 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. 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, without limitation, statements by BakBone Software regarding: -- Growth projections for the company, including revenues and net income; and -- 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 A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. ("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; and -- 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 disclosure system (www.sedar.com) and/or those risk factors disclosed in the current report filed with the United States 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. BakBone Software, the BakBone logo, and NetVault are all trademarks or registered trademarks of BakBone Software, Inc., in the United States 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 Operations and Accumulated
Deficit
(Canadian dollars in thousands, except loss per share)
Three Months Eleven Months
Ended Ended
March 31, 2001 March 31, 2001
-------------- --------------
Revenues $ 2,624 7,529
Cost of revenues 446 1,187
-------------- --------------
Gross margin 2,178 6,342
-------------- --------------
Operating expenses:
Sales and marketing 5,251 17,295
Research and development 1,456 4,439
General and administrative 4,123 13,436
-------------- --------------
Total operating expenses 10,830 35,170
-------------- --------------
Operating loss (8,652) (28,828)
Interest income (expense), net (6) 594
Amortization of intangibles (1,418) (4,829)
Foreign exchange gains, net 8 30
Other income, net 327 267
Minority interest (163) 49
-------------- --------------
Net loss (9,904) (32,717)
Accumulated deficit,
beginning of period (24,127) (1,314)
-------------- --------------
Accumulated deficit,
end of period $ (34,031) (34,031)
============== ==============
Loss per share -
basic and diluted $ (0.25) (0.92)
============== ==============
Weighted average common shares 39,520,793 35,571,845
============== ==============
BAKBONE SOFTWARE INCORPORATED
Consolidated Balance Sheets
(Canadian dollars in thousands)
March 31, April 30,
Assets 2001 2000
------------------------
Current assets:
Cash and cash equivalents $6,012 30,687
Restricted cash 142 -
Accounts receivable 2,214 1,088
Other assets 788 469
------------------------
Total current assets 9,156 32,244
Capital assets, net 5,891 802
Restricted cash 1,230 -
Intangibles, net 12,347 4,129
Other assets 949 141
-------------------------
Total assets $29,573 37,316
=========================
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $2,157 1,145
Accrued liabilities 1,767 943
Deferred revenue 1,058 420
Current portion of capital
lease obligations 302 13
Current portion of notes payable 4,058 -
Loans from related parties 118 366
------------------------
Total current liabilities 9,460 2,887
Capital lease obligations,
excluding current portion 379 -
Notes payable, excluding
current portion 296 -
------------------------
Total liabilities 10,135 2,887
Minority interest 158 -
Shareholders' equity:
Share capital 52,858 87
Share capital held by subsidiary (98) -
Special warrants - 35,630
Cumulative exchange adjustment 551 26
Accumulated deficit (34,031) (1,314)
------------------------
Total shareholders' equity 19,280 34,429
------------------------
Total liabilities and
shareholders' equity $29,573 37,316
========================
For more information:
Media, industry analysts: Investor relations:
Steve Friedberg Raju Wani
610.518.3700 858.450.9009
steve.friedberg@bakbone.com investors@bakbone.com
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