BindView Announces First Quarter Results; Q1 2001 Revenues Increase Year-over-Year; Company Continues its Leadership Position in Vulnerability Assessment Market.Business/Technology Editors HOUSTON--(BUSINESS WIRE)--May 3, 2001 BindView Now part of Symantec Corporation, BindView Development Corporation (NASDAQ: BVEW) was founded in 1990 by Eric Pulaski - who remained as Chairman of the Board and Chief Executive Officer up until the acquisition by Symantec in December 2005. Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BVEW BVEW Binary View ), a leading provider of IT administration and security management solutions, today announced results for its first quarter ended March 31, 2001. The company reported revenue growth consistent with its recently announced revised financial plan. Total revenues for the quarter grew 6 percent to $17 million compared with revenues of $16 million in the corresponding period in 2000. Excluding non-recurring costs, the net loss for the quarter was $3.9 million, or $0.07 per share, compared with $1.7 million, or $0.03 per share, reported in the corresponding period in 2000. License revenue for the quarter was $9.7 million, with service revenue at $7.3 million. This compares to license revenue of $10.1 million and service revenue of $5.9 million in the same period last year. The slight decrease in license revenues is primarily due to a geographic restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the sales force to thoroughly penetrate the emerging accounts market and drive operational efficiencies. The company anticipates that licensing revenues from this sector will increase throughout the rest of the year as a result of its geographic focus initiative. "We are pleased to report that we achieved year-over-year revenue growth despite the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the economy," said Richard P. Gardner, president and chief executive officer of BindView. "We are on target with the plan we outlined in March and believe that the cost cutting measures implemented in the first quarter along with the appointment of Edward Pierce Pierce may refer to: Places
Milestones Achieved in the Quarter In the first quarter of 2001, BindView achieved many corporate milestones and was rewarded by increased market acceptance: -- Financial achievements included an average transaction size increase of 13 percent from the same quarter last year. As a result of the company's strong asset management, DSO's decreased sequentially by nine days to 73 days. -- The company's cash position remains strong. The cash, cash equivalents, short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investments decrease from $59.5 million to $55.1 million due to the buy back of 1.6 million shares of BindView stock for a total of $5.8 million. Deferred revenue increased by over $1 million from $11.5 million to $12.5 million. -- Product achievements included the shipment of Version 7, the next generation of the bv-Control product family, with a new release of the bv-Control for Novell NDS eDirectory See eDirectory. product. Further strengthening the viability of the company's enterprise-wide security offerings, the bv- Control product family's cross-platform reach was expanded with the introduction of the bv-Control for Unix and bv-Control for OS/400 solutions. -- As a result of the BindView RAZOR team efforts, the company delivered protection against threats from the largest series of criminal attacks on 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. sites as well as widely publicized pub·li·cize tr.v. pub·li·cized, pub·li·ciz·ing, pub·li·ciz·es To give publicity to. Adj. 1. publicized - made known; especially made widely known publicised BIND (1) To link subroutines in a program. Applications are often built with the help of many standard routines or object classes from a library, and large programs may be built as several program modules. Binding links all the pieces together. vulnerabilities. This further advanced the company's credibility in the security management space. The first quarter marked a period in which relationships with existing partners were strengthened and new ones were formed. Most significantly, BindView was the first security vendor to be named by Microsoft as a Gold Certified See certification. Partner and BindView's bv-Control for Novell NetWare (operating system, networking) Novell NetWare - Novell, Inc.'s proprietary networking operating system for the IBM PC. NetWare uses the IPX/SPX, NetBEUI or TCP/IP network protocols. It supports MS-DOS, Microsoft Windows, OS/2, Macintosh and Unix clients. and NDS See eDirectory. NDS - Netware Directory Services solution received the Novell's "YES, Tested & Approved" Software Certification. Novell began offering BindView's security management solutions through their consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" and Compaq Global Services and BindView partnered to deliver the industry's first live real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. Windows 2000 Migration demonstration. In addition, IKON aligned with BindView to deliver security management solutions to its customers. Company Emphasizes Commitment to Vulnerability Assessment A Department of Defense, command, or unit-level evaluation (assessment) to determine the vulnerability of a terrorist attack against an installation, unit, exercise, port, ship, residence, facility, or other site. Market "IDC has identified BindView as the leader in the vulnerability assessment market, which is growing at a compound annual growth rate of 32 percent," Gardner continued. "BindView plans on maintaining its leadership position in this market by applying our core technology into new and untapped market opportunities. Over the next several months, we will be delivering vulnerability assessment solutions for databases, ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. applications and various vertical markets, including the health industry. Assuming no further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in the economy, we remain comfortable with the guidance of $23 million in revenues for the second quarter." Scheduled Conference BindView has scheduled a conference call today at 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT to discuss details of the first quarter's results. Anyone interested should call (800) 210-9006, code 577652#. A Webcast also will be provided live on BindView's Website at http://www.bindview.com/investors/1Qearncall.cfm. The conference will be available for replay at (888) 203-1112, passcode 852631. This replay will be available from 9:00 p.m. EDT on May 3 to 7:00 p.m. EDT on May 11. About BindView Corporation BindView, the leader in the vulnerability assessment market, provides software solutions which enhance business performance by helping to ensure the integrity of the IT infrastructure. BindView's comprehensive software offerings secure and simplify the management and administration of network operating systems An operating system that is designed for network use. Normally, it is a complete operating system with file, task and job management; however, with some earlier products, it was a separate component that ran under the OS; for example, LAN Server required OS/2, and LANtastic required DOS. , directories and related applications. By enabling corporate IT professionals to effectively leverage their existing technologies, BindView's award-winning products play a critical role in achieving business goals. More than 10 million licenses of BindView's solutions have been shipped worldwide to approximately 5,000 companies, including more than 75 of the Fortune 100 and 24 of the largest 25 U.S. banks. Contact BindView via e-mail at info@bindview.com or visit BindView's World Wide Web site at http//www.bindview.com. BindView can also be reached at (800) 749-8439 or at (713) 561-4000. 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. : Statements in this news release not based on historical fact are "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results could differ materially because of factors such as, for example, the risks associated with competition within the network management software industry, with rapid technological change, and with BindView's development of and the market's acceptance of new products. Other such factors include the risk factors and other matters described from time to time in BindView's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filings, Form 10-Q Form 10-Q See 10-Q. filings, and other periodic filings with the Securities and Exchange Commission. Editors Note : BindView product names used in this document are trademarks, which may be registered in one or more jurisdictions, of BindView. The names of products of other companies mentioned in this document, if any, may be the registered or unregistered trademarks of the owners of the products.
BindView Corporation
Consolidated Statements of Operations
Three Months Ended
March 31,
2001 2000
(unaudited)
(in thousands, except per share amounts)
Revenues:
Licenses $ 9,753 $ 10,161
Services 7,264 5,864
Total revenues 17,017 16,025
Cost of revenues:
Cost of licenses 335 553
Cost of services 1,512 635
Total cost of revenues 1,847 1,188
Gross profit 15,170 14,837
Costs and expenses:
Sales and marketing 12,958 9,359
Research and development 5,930 6,260
General and administrative 2,680 2,427
Transaction, restructuring
and asset impairment 594 5,581
Operating loss (6,992) (8,790)
Other income, net 885 1,082
Loss before income tax benefit (6,107) (7,708)
Income tax benefit (1,832) (1,033)
Net loss $ (4,275) $ (6,675)
Loss per common share:
Basic $ (0.08) $ (0.13)
Diluted $ (0.08) $ (0.13)
Shares used in computing
loss per common share:
Basic 51,557 50,519
Diluted 51,557 50,519
BindView Corporation
Consolidated Balance Sheets
March 31, December 31,
2001 2000
(unaudited)
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 44,816 $ 49,337
Short-term investments 8,770 9,247
Accounts receivable, net 13,795 23,729
Other 1,025 1,428
Total current assets 68,406 83,741
Property and equipment, net 13,692 14,150
Deferred tax asset 11,060 8,484
Long-term investments 6,479 5,957
Other assets 583 702
Total assets $ 100,220 $ 113,034
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 559 $ 4,045
Accrued liabilities 1,834 2,421
Accrued compensation 1,553 2,826
Deferred revenue 10,316 9,966
Total current liabilities 14,262 19,258
Deferred revenue 2,182 1,515
Stockholders' equity:
Common stock 1 1
Treasury stock (11,166) (5,324)
Additional paid-in capital 119,508 117,816
Accumulated deficit (24,094) (19,819)
Notes receivable, shareholders (144) (144)
Cumulative other comprehensive income (329) (269)
Total stockholders' equity 83,776 92,261
Total liabilities and
stockholders' equity $ 100,220 $ 113,034
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