BindView Development Corporation Reports Exceptional First Quarter.HOUSTON--(BUSINESS WIRE)--April 29, 1999-- 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. Development Corporation (Nasdaq:BVEW BVEW Binary View ), a developer of systems and security management software products, today announced quarterly revenues for its first quarter ending March 31, 1999. Total revenues for the quarter grew 104 percent to $11.9 million, compared with revenues of $5.8 million in the first quarter of 1998. Net income, excluding non-recurring transaction and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $2.3 million, was $1.2 million or $0.05 per share compared with the net loss of $671,000 or $0.08 per share reported in the corresponding period in 1998. The strong results in the quarter were fueled by the continued expansion of BindView's software license revenue and the increase in purchases of subscription contracts by the Company's growing installed customer base. License revenue increased 90 percent over the comparable quarter in 1998. Service revenue increased 145 percent over the comparable quarter in 1998. "BindView Development had an exceptional first quarter," said Eric ERIC Educational Research Information Clearinghouse ERIC Educational Resources Information Center ERIC ERISA Industry Committee ERIC Epidemiologic Research and Information Center (Durham, NC) Pulaski Pulaski (pəlăs`kē), town (1990 pop. 9,985), seat of Pulaski co., SW Va.; inc. 1886. It has industries that manufacture textiles, clothing, machinery, metal products, furniture, and trucks. , president and chief executive officer of BindView Development. "Our strong results and continued growth across our entire product line reaffirm re·af·firm tr.v. re·af·firmed, re·af·firm·ing, re·af·firms To affirm or assert again. re BindView's role as a leader in systems administration, security assessment and asset management for PC-based network environments, including Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. and 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. platforms. The addition of our recently acquired HackerShield product will also allow BindView's security offering to extend beyond operating internal security of the system to protect against external security threats from hackers on the internet." "Because of the strength in BindView's core business, we were able to acquire Netect, with very little revenue contribution, and absorb absorb To offset sell orders or a new security offering with buy orders. an additional $1.2 million dollars worth of expenses related to Netect's operations in the first quarter," said Scott Plantowsky, vice president and chief financial officer of BindView Development. "The increase in sales of our core products permitted BindView to be able to stay within our financial model." BindView Q1 '99 Highlights -- 104% year over year increase in quarterly revenues to $11.9 million. -- Substantial increase in net income to $1.2 million or $0.05 per share. -- 27 transactions of over $100,000 were completed, five of which were greater than $200,000. -- 156 new customers were added to the installed base. -- DSOs remained low at 41 days. -- Deferred revenue increased $936,000 to $5.9 million. -- Strategic acquisition of Netect Ltd. was completed, extending BindView's product offering to management of Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. . -- Major upgrade of flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , BindView EMS Ems, town, Germany Ems or Bad Ems (bät ĕms), town (1994 pop. 10,130), Rhineland-Palatinate, W Germany, on the Lahn River. version 6.0 released. -- Since the beginning of the year, five HackerShield RapidFire Rapidfire was a Los Angeles based band that featured Guns N' Roses singer Axl Rose before he joined Hollywood Rose. Members
updates were released adding 150 new checks to keep customers protected against latest security threats. Acquisition of Netect Ltd. The Company completed its acquisition of Netect, Ltd. on March 1, 1999. Netect, headquartered in Framingham Framingham (frā`mĭnghăm'), town (1990 pop. 64,994), Middlesex co., E Mass., on the Sudbury River between Worcester and Boston; settled 1650, inc. 1700. , Mass., is a provider of anti-hacker software solutions that identify and close security holes to prevent internal and external network intrusions, including attempts to hack into a network via the Internet. BindView will integrate Netect's HackerShield product into the Company's award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" BindView EMS family of systems and security management products. The combination of these products will enable BindView to assess and manage internal and external security threats, providing organizations with a greater level of protection from these threats. The above financial results include the results of Netect for the quarter ending March 31, 1999, as this acquisition is accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Historical financial results or prior periods have been restated to include the results of Netect. About BindView Development Corp. Founded in 1990, BindView Development Corporation develops and markets a suite of systems and security management software that has been recognized with the industry's most prestigious awards. The Company's primary product line, BindView EMS (Enterprise Management System), assists systems managers and security auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together in maintaining the integrity and security of multi-platform client/server networks (1) A communications network that uses dedicated servers. In this context, the term is used to contrast it with a peer-to-peer network, which allows any client to also be a server. (2) A network that is processing applications designed for client/server architecture. . BindView's products are installed in over 4,000 companies worldwide, including a majority of the Fortune 100. 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. (Attached is Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statement of Operations See Income statement. and Consolidated Balance Sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. ) BindView, BindView Development Corporation, BindView Enterprise Management System, BindView EMS, Netect Ltd., Netect and Hackershield are trademarks or registered trademarks of BindView Development Corporation. Other trademarks are the property of their respective owners. -0-
BindView Development Corporation
Consolidated Statement of Operations
(Unaudited)
Quarter
Ended March 31,
1999 1998
(in thousands, except per share amounts)
Revenues:
Licenses $ 8,315 $ 4,384
Services 3,570 1,456
-------- --------
Total revenues 11,885 5,840
------------- -------------
Cost of revenues:
Cost of licenses 251 208
Cost of services 441 215
-------- --------
Total cost of revenues 692 423
-------- --------
Gross profit 11,193 5,417
-------- --------
Costs and expenses:
Sales and marketing 5,335 3,171
Research and development 3,420 1,932
General and administrative 1,276 909
Transaction and restructuring 2,286 --
-------- --------
Operating loss (1,124) (595)
Other income, net 617 46
-------- --------
------------- -------------
Loss before income tax provision (507) (549)
Provision for income tax 1,057 122
-------- --------
Net loss (1,564) (671)
Loss per common share:
Basic $(0.07) $(0.08)
Diluted $(0.07) $(0.08)
Shares used in computing loss per common share:
Basic 21,730 8,833
Diluted 21,730 8,833
BindView Development Corporation
Consolidated Balance Sheet
(Unaudited)
(in thousands)
March 31, December 31,
1999 1998
----------- -------------
ASSETS
Current assets:
Cash and cash equivalents $39,800 $48,010
Short-term investments 20,787 10,187
Accounts receivable, net 5,467 5,711
Deferred tax asset 4,398 3,245
Other current assets 1,082 1,676
-------- --------
Total current assets 71,534 68,829
Property and equipment, net 7,907 5,342
Purchased software and
related assets, net 1,325 1,374
Other assets 483 492
-------- --------
Total assets $81,249 $76,037
-------- --------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $3,150 $1,954
Accrued liabilities 3,488 1,979
Accrued compensation 873 960
Deferred revenue 5,930 4,994
-------- --------
Total current liabilities 13,441 9,887
-------- --------
Long-term liabilities:
Convertible debentures -- 7,572
Other long-term liabilities 68 42
-------- --------
Total long-term liabilities 68 7,614
-------- --------
Shareholders' equity:
Common stock 1 1
Additional paid-in capital 79,871 65,675
Common stock warrant -- 3,352
Accumulated deficit (12,096) (10,532)
Cumulative translation adjustment (36) 40
-------- --------
Total shareholders' equity 67,740 58,536
-------- --------
Total liabilities and
shareholders' equity $81,249 $76,037
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