Baltimore Technologies Reports Record Q3 Revenues.Business Editors BOSTON--(BUSINESS WIRE)--Nov. 8, 2000 (Nasdaq:BALT BALT bronchus-associated lymphoid tissue. BALT Bronchiole-associated lymphoid tissue, see MALT ) Revenues Increase 215% Over Previous Year; Strategic Acquisitions Open Up New Markets and Enhance Competitive Position Baltimore Technologies Baltimore Technologies was an internet security firm founded in 1976 by Michael Purser. It was acquired in 1996 by a team financed by Dermot Desmond and led by Fran Rooney, who became CEO. plc (NASDAQ:BALT)(London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. :BLM BLM n abbr (US) (= Bureau of Land Management) → les domaines ), a global leader in e-security solutions, today announced its record third quarter results for the period ending September September: see month. 30, 2000. Total revenue for the third quarter was US$29.7 million (Stg(pound)20.1 million)*, a 215% increase compared to the same period last year and a 24% increase over Q2 2000. Commenting on the results, Mr. Fran Rooney Fran Rooney (born 1956 in Dublin, Ireland) is one of Ireland's best known businessmen. Fran Rooney grew up in Ringsend and started his career in the Irish Government sector with various roles in the Postal, Telecoms and Civil Aviation sectors. , Chief Executive Officer of Baltimore Technologies, said: "This has been another very successful quarter for Baltimore Technologies. Strong revenue growth across all areas of our business, key customer wins and the announcement of strategic acquisitions of Content Technologies and Nevex Software Technologies underline underline an animal's ventral profile; the shape of the belly when viewed from the side, e.g. pendulous, pot-belly, tucked up, gaunt. the continuing momentum in our business." "We have also recently announced key customer successes such as ANZ ANZ Australia and New Zealand ANZ Australia and New Zealand Banking Group Limited ANZ Air New Zealand (NZ national airline) Bank and First Data Corporation (FDC FDC - Floppy Disk Controller ) along with a strategic arrangement with Cable and Wireless in the ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). space to provide a range of e-security services. Other examples of our progress in emerging sectors include developing security for the Palm Operating System operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. , the agreement that Motorola (Motorola, Inc., Schaumburg, IL, www.motorola.com) A leading manufacturer of semiconductor devices, electronics, telecommunications and satellite systems. Founded in Chicago in 1928 by Paul V. will embed em·bed also im·bed v. em·bed·ded, em·bed·ding, em·beds v.tr. 1. To fix firmly in a surrounding mass: embed a post in concrete; fossils embedded in shale. root certificates generated by Baltimore Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. on their phones, and providing the security solution for Open Interactive, the digital TV service of BSkyB BSkyB British Sky Broadcasting ," added Mr Rooney Rooney can refer to:
During the third quarter, license revenue increased by 28% to US$15.2 million (Stg(pound)10.3 million), compared to US$11.9 million (Stg(pound)8.0 million) in Q2 2000 and has grown to 51% of total revenue. This represents an increase of 282% over the corresponding quarter last year, when license revenue accounted for 42% of total revenue. License revenue for the year to date of US$34.7 million (Stg(pound)23.5 million) has increased by 384% compared to the same period last year. Gross margin for Q3 has increased to 66% compared to 64% for Q2 2000 and has been principally driven by the increasing software license revenue mix. Loss before interest, tax, depreciation and amortization ("LBITDA") for the third quarter was US$10.3 million (Stg(pound)7.0 million) compared to LBITDA in Q2 2000 of US$6.5 million (Stg(pound)4.4 million). Underlying LBITDA (excluding share option charges for UK based employees) was US$8.4 million (Stg(pound)5.7 million) in Q3 against US$7.3 million (Stg(pound)4.9 million) for Q2 2000. The Company has reduced its losses pre-amortization and stock compensation charges to 28% of revenues, compared to 80% of revenues in Q3 1999, reflecting the continued focus on generating increasing returns on investment whilst maximizing its top line growth objectives. During the period the Company continued its strategy to invest in Sales and Marketing, Research and Development and Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , with headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. increasing to 846 in the period (Q2 2000: 740) compared to 468 for the corresponding quarter last year. Q3 Highlights: Acquisitions The acquisition of Content Technologies Limited, which was announced in Q3 and has closed since the quarter end, adds secure content management to Baltimore's e-security technology portfolio. Content management and security is becoming increasingly critical to all organizations as they look to open their systems to the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . The acquisition of Content adds over 6,000 customers and 6 million seats to Baltimore's customer base. Since the quarter end, Baltimore acquired Nevex Software Technologies Inc, a leading developer of next generation access control and authorization The right or permission to use a system resource; the process of granting access. See access control. products. Nevex's products provide a unique architecture to provide resource discovery and access control for web and application security. With this e-security portfolio, Baltimore can now provide customers with a unified policy management infrastructure, an essential platform on which to build and secure their e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. strategy. Expanded range of technologies and solutions During the period, Baltimore launched KeyTools, a new family of e-security products that enables developers to easily integrate advanced security into applications. Baltimore can now further exploit this rapidly growing market and, with the expiration EXPIRATION. Cessation; end. As, the expiration of, a lease, of a contract, or statute. 2. In general, the expiration of a contract puts an end to all the engagements of the parties, except to those which arise from the non- fulfillment of obligations created of the RSA (1) (Rural Service Area) See MSA. (2) (Rivest-Shamir-Adleman) A highly secure cryptography method by RSA Security, Inc., Bedford, MA (www.rsa.com), a division of EMC Corporation since 2006. It uses a two-part key. patent, can offer its complete range of developer products 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. . Customers of Baltimore KeyTools include Iona Technologies IONA Technologies, NASDAQ: IONA, began life as a campus company in Trinity College, Dublin and was founded by Chris Horn, Annrai O'Toole, Colin Newman and Seán Baker.[1][2] IONA maintains headquarter offices in Dublin, Boston and Tokyo. and Critical Path. Telepathy telepathy, supposed communication between two persons without recourse to the senses. The word was formulated in 1882 by Frederic William Henry Myers, English poet, essayist, and a leading founder of the Society for Psychical Research in London. WST WST In currencies, this is the abbreviation for the Samoan Tala. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. version 1.2, the worlds first WAP (1) (Wireless Access Point) See access point. (2) (Wireless Application Protocol) A standard for providing cellular phones, pagers and other handheld devices with secure access to e-mail and text-based Web pages. security toolkit An integrated set of software routines or utilities (tools) that are used to develop and maintain applications and databases. There are toolkits for developing almost anything. See tool, developer's toolkit, library, class library and CASE. that enables client authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. for mobile commerce was launched in the quarter. Baltimore also developed wireless Public Key Infrastructure (PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of ) security solutions for Palm OS, enabling the development of secure consumer and enterprise applications for Personal Digital Assistants (PDAs) and other handheld devices. Since the period end, Baltimore announced a strategic relationship with Motorola, to embed Telepathy digital certificates on Motorola mobile phones. In PKI, UniCERT v3.1.2 became the first PKI System in the world to gain ITSEC See NCSC. E3 certification. ITSEC is a recognized global standard for the measurement of security products. UniCERT also won best E-Commerce Product at the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. E-Commerce Association Awards and received Best Buy in PC Magazine's review of PKI products. Baltimore's Application Service Provider (ASP) initiative enables service providers to offer a broad range of services including secure PKI hosting, secure VPN (Virtual Private Network) A private network that is configured within a public network (a carrier's network or the Internet) in order to take advantage of the economies of scale and management facilities of large networks. , secure web access and content filtering See Web filtering and parental control software. . Through the use of Baltimore's e-security technology, ASPs can now build digital certificate and security functionality into their existing e-service applications. During the period, Baltimore closed a significant deal with Cable and Wireless to provide the e-security technology for their range of application and service offerings. Expanded customer base Baltimore continued to experience success in the finance and government sectors, with major deals secured with ANZ Bank, First Data Corporation, eCharge, Telstra and the Ministry of Defence in the UK. In the emerging digital TV network space Baltimore's e-security toolkits were chosen by Open Interactive ("Open"), the digital TV service of British Sky Broadcasting British Sky Broadcasting (BSkyB — formerly two companies, Sky Television and BSB) is a company that operates Sky Digital, a subscription television service in the UK and the Republic of Ireland. It produces TV content, and owns several TV channels. network. Baltimore and FutureTV, the interactive television company, also announced an agreement to develop next generation secure e-commerce solutions for digital TV network operators and content providers looking to deploy new services such as e-music and Video on Demand (VOD See video-on-demand. VoD - video on demand ). Global e-Security 2000 Baltimore Technologies held its second annual convention in the US in September. The Convention, was a sell out success attracting over 1000 attendees from around the world to hear 100 industry leading speakers and see solutions from more than 50 e-security vendors. Global e-Security 2000 was supported by eleven industry leading sponsors including EDS (Electronic Data Systems, Plano, TX, www.eds.com) Founded in 1962 by H. Ross Perot (independent candidate for the President of the U.S. in 1992), EDS is the largest outsourcing and data processing services organization in the country. , Hewlett-Packard, Motorola, Compaq, Gemplus, Intel, Secure Computing For the general concept, see . Secure Computing Corporation, or SCC, is a public company (NASDAQ: SCUR) that develops and sells computer security products, such as:
Further commenting on the results, Fran Rooney said, "The past year has seen significant growth in our revenues, customer base and e-security solution offerings. Integration of our recent acquisitions is already well underway and we look forward to launching exciting new products that will continue to drive revenue growth into the future. As the provider of the essential security platform on which companies can secure their e-business systems, we are extremely well positioned to build on Baltimore's success to date." *Note: The figures quoted in the above announcement do not include financials from the recently acquired Content Technologies Ltd. and Nevex Software Technologies Inc as these acquisitions were completed after the period end. THE REPORTING CURRENCY Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. OF THE COMPANY IS POUNDS STERLING; RESULTS HAVE BEEN TRANSLATED FOR THE CONVENIENCE OF THE READER AT A RATE OF (pound)1 = US$1.4785 About Baltimore Technologies Baltimore Technologies develops and markets security products and services to enable companies to develop trusted, secure systems for e-business, the Internet and mobile commerce. Its products include a wide range of Public Key Infrastructure (PKI) products and services, wireless e-security solutions, cryptographic cryp·tog·ra·phy n. 1. The process or skill of communicating in or deciphering secret writings or ciphers. 2. Secret writing. cryp tool-kits, access control & authorization, content security (MIMESweeper products) security applications and hardware cryptographic devices. Baltimore's global professional services organization offers a wide variety of consulting, training and deployment support to its customers worldwide. Baltimore Technologies markets and sells its solutions worldwide directly and through the TrustedWorld channel program. TrustedWorld includes many of the world's leading technology companies and a wide variety of global, regional and local business alliance partners. Baltimore Technologies employs over 1000 people worldwide and operates from over 30 cities, with headquarters in Dublin, Ireland; London, UK; Boston, USA and Sydney, Australia. Baltimore Technologies plc is a public company with dual listings on NASDAQ (BALT) and the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. (BLM). For further information and press releases on Baltimore Technologies, please visit http://www.baltimore.com. Baltimore Technologies, Telepathy, KeySteps, TrustedWorld, PKIWorld and Baltimore product names including UniCERT, UniCERT Options, MailSecure, KeyTools, SolutionsPlus, SureWare, MIMEsweeper are all trademarks of Baltimore Technologies plc and Content Technologies Limited. All other trademarks are the property of their respective owners. Certain statements that are not historical facts including certain statements made over the course of this document may be forward-looking in nature. Such 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. involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance and achievements of the Company to be materially different from any future results, performance or achievements implied by such forward-looking statements.
Unaudited interim condensed consolidated profit and loss accounts
3 months to 3 months to 9 months to 9 months to
30 Sept 2000 30 Sept 1999 30 Sept 2000 30 Sept 1999
(pound)000 (pound)000 (pound)000 (pound)000
----------- ---------- ---------- ----------
Revenue
Existing
operations 14,798 6,368 35,191 16,175
Acquisitions 5,288 - 10,599 -
Revenue from
continuing
Operations 20,086 6,368 45,790 16,175
Cost of sales (6,905) (2,195) (15,838) (6,359)
Gross profit 13,181 4,173 29,952 9,816
Administrative
expenses (33,247) (12,721) (75,518) (34,544)
----------- ------------ ----------- ------------
----------------------------------------------------------------------
Operating loss
Existing
operations (5,710) (8,548) (18,014) (24,728)
Acquisi-
tions (14,356) - (27,552) -
----------------------------------------------------------------------
Operating loss from continuing
operations (20,066) (8,548) (45,566) (24,728)
Share of loss of associated
undertaking - - (291) -
Interest receivable
and similar
income 2,306 132 7,602 477
Interest payable
and similar
charges (593) (72) (757) (228)
___________ ____________ ___________ ________
Loss on ordinary activities before
taxation (18,353) (8,488) (39,012) (24,479)
Tax on loss on
ordinary
activities (57) (6) (536) 8
Loss for the
financial
period (18,410) (8,494) (39,548) (24,471)
Minority
interest 1,073 - 1,551 -
----------- ------------ ----------- -----------
Loss for the period retained for
equity
shareholders (17,337) (8,494) (37,997) (24,471)
---------- ------------ ----------- -----------
Loss per share Pence Pence Pence Pence
Basic (4.5) (2.8) (10.0) (8.6)
----------- ------------ ------------ -----------
All activities relate to continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . Unaudited interim condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated profit and loss accounts
3 months to 3 months to 9 months to 9 months to
30 Sept 2000 30 Sept 1999 30 Sept 2000 30 Sept 1999
$000 $000 $000 $000
----------- ---------- ---------- ----------
Revenue
Existing
operations 21,879 9,415 52,030 23,915
Acquisitions 7,818 - 15,671 -
---------- ------------ ----------- -----------
Revenue from continuing
Operations 29,697 9,415 67,701 23,915
Cost of sales (10,209) (3,245) (23,416) (9,402)
Gross profit 19,488 6,170 44,285 14,513
Administrative
expenses (49,156) (18,808) (111,654) (51,073)
----------- ------------ ----------- -----------
----------------------------------------------------------------------
Operating loss
Existing
operations (8,442) (12,638) (26,634) (36,560)
Acquisitions (21,226) - (40,735) -
----------- ----------- ----------- -----------
----------------------------------------------------------------------
Operating loss from continuing
operations (29,668) (12,638) (67,369) (36,560)
Share of loss of associated
undertaking - - (430) -
Interest receivable
and similar
income 3,409 195 11,240 705
Interest payable
and similar
charges (877) (106) (1,119) (337)
----------- ------------ ----------- -----------
Loss on ordinary activities before
taxation (27,136) (12,549) (57,678) (36,192)
Tax on loss on
ordinary
activities (84) (9) (792) 12
----------- ------------ ----------- -----------
Loss for the
financial period (27,220) (12,558) (58,470) (36,180)
Minority interest 1,586 - 2,293 -
----------- ------------ ----------- -----------
Loss for the period retained for
equity
shareholders (25,634) (12,558) (56,177) (36,180)
----------- ------------ ----------- -----------
Loss per share Cents Cents Cents Cents
Basic (6.7) (4.1) (14.8) (12.7)
----------- ------------ ----------- -----------
All activities relate to continuing operations. Translated for convenience of the reader at the rate of (pound)1 = $1.4785.
Unaudited interim condensed consolidated balance sheets
Audited
30 September 2000 31 December 1999
(pound)000 (pound)000
------------- -------------
Fixed assets
Intangible assets 126,893 45,953
Tangible assets 14,108 6,510
Investments 1,000 999
------------ ----------
142,001 53,462
Current assets
Stocks 845 870
Debtors 31,588 10,452
Cash at bank and in hand 93,072 102,272
------------ ------------
125,505 113,594
Creditors: amounts falling due
within one year (27,137) (13,414)
------------ ------------
Net current assets 98,368 100,180
------------ ------------
Total assets less current
liabilities 240,369 153,642
Creditors (including convertible debt):
amounts falling due after more than
one year (3,118) (5,778)
Minority interests (16,286) -
------------ ------------
Net assets 220,965 147,864
------------ ------------
Capital and reserves
Called up share capital 406 377
Share premium 292,517 134,809
Merger reserve 144,602 49,508
Other reserve 777 -
Profit and loss account (217,337) (36,830)
------------ ------------
Shareholders' funds - equity 220,965 147,864
------------ ------------
All activities relate to continuing operations
Unaudited interim condensed consolidated balance sheets
Audited
30 September 2000 31 December 1999
$000 $000
------------- -------------
Fixed assets
Intangible assets 187,611 67,942
Tangible assets 20,859 9,625
Investments 1,478 1,477
------------ ------------
209,948 79,044
Current assets
Stocks 1,249 1,286
Debtors 46,703 15,454
Cash at bank and in hand 137,607 151,209
------------ ------------
185,559 167,949
Creditors: amounts falling due
within one year (40,122) (19,833)
------------ ------------
Net current assets 145,437 148,116
------------ ------------
Total assets less current liabilities 355,385 227,160
Creditors (including convertible debt):
amounts falling due after more than one
year (4,610) (8,543)
Minority interests (24,079) -
------------ ------------
Net assets 326,696 218,617
------------ ------------
Capital and reserves
Called up share capital 600 557
Share premium 432,486 199,315
Merger reserve 213,794 73,198
Other reserve 1,149 -
Profit and loss account (321,333) (54,453)
------------ ------------
Shareholders' funds - equity 326,696 218,617
------------ ------------
All activities relate to continuing operations. Translated for convenience of the reader at the rate of (pound)1 = $1.4785. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion