BindView Development Corporation Reports Record Third Quarter Results.HOUSTON--(BUSINESS WIRE)--Oct. 13, 1998--BindView Development Corporation (Nasdaq:BVEW BVEW Binary View ), a developer of systems management software products, today announced record quarterly revenues for its third quarter ending September September: see month. 30, 1998. Total revenues for the quarter grew 90 percent to a record $10.1 million, compared with revenues of $5.3 million in the third quarter of 1997. Net income for the third quarter increased 76 percent to a record $1.5 million or $0.07 per share, from $0.9 million or $0.06 per share during the same period in 1997. The strong results in the quarter were fueled by BindView's expanding software license revenue. License revenue increased 76 percent over the comparable quarter in 1997. "We are pleased to see continued growth across our entire product line," 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 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. "We believe these results reflect continued industry acceptance of our BindView EMS Ems, town, Germany Ems or Bad Ems (bät ĕms), town (1994 pop. 10,130), Rhineland-Palatinate, W Germany, on the Lahn River. for 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. We have achieved these results while continuing to grow our own resources and infrastructure. Having completed a successful initial public offering in July July: see month. , combined with our infrastructure growth, BindView is financially and operationally positioned with a solid framework for the future." About BindView Development Corporation BindView Development Corporation develops, markets and supports a suite of systems management software products, which manage the security and integrity of complex, distributed 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. operating on Microsoft Windows See Windows. (operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. NT and Novell NetWare environments. The Company's primary product line, BindView EMS, provides software solutions for systems administration, security management, enterprise inventory of LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. assets and Year 2000 assessment of PC-based hardware and software. Headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , BindView's shares of common stock trade on the Nasdaq National Market System under the symbol BVEW. For more information about BindView, please call our investor relations Investor relations The process by which the corporation communicates with its investors. hotline 1. (company) Hotline - Hotline Communications Ltd.. 2. (messaging) Hotline - Hotline Connect. at 713/843-1799. For information about BindView's products, call 713/561-4000 and visit its Web site at http://www.bindview.com. BindView, BindView Development Corporation, BindView Enterprise Management System and BindView EMS are trademarks or registered trademarks of BindView Development Corporation. Other trademarks are the property of their respective owners. (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 Income and Balance Sheet) -0-
BindView Development Corporation
Consolidated Statement of Income
(Unaudited)
Quarter Nine Months
Ended September 30, Ended September 30,
1998 1997 1998 1997
(in thousands, except per share amounts)
Revenues:
Licenses $7,984 $4,524 $18,587 $10,782
Services 2,136 794 5,366 1,871
------- ------- ------- -------
Total revenues 10,120 5,318 23,953 12,653
------- ------- ------- -------
Cost of revenues:
Cost of licenses 329 150 790 379
Cost of services 281 139 722 386
------- ------- ------- -------
Total cost of revenues 610 289 1,512 765
------- ------- ------- -------
Gross profit 9,510 5,029 22,441 11,888
------- ------- ------- -------
Costs and expenses:
Sales and Marketing 4,493 2,325 10,935 5,521
Research and Development 2,250 837 5,944 2,159
General and Administrative 903 550 2,313 1,544
------- ------- ------- -------
Operating income 1,864 1,317 3,249 2,664
Other income, net 485 22 756 51
------- ------- ------- -------
Income before income
tax provision 2,349 1,339 4,005 2,715
Provision for income tax 822 _ 1,276 _
------- ------- ------- -------
Net income 1,527 1,339 2,729 2,715
Pro forma charge in
lieu of income taxes _ 469 _ 951
------- ------- ------- -------
Pro forma net income $1,527 $870 $2,729 $1,764
======= ======= ======= =======
Earnings per common share:
Basic $0.09 $0.11 $0.24 $0.21
Diluted $0.07 $0.06 $0.14 $0.12
Shares used in computing
earnings per common share:
Basic 17,810 8,228 11,492 8,228
Diluted 22,220 14,540 19,543 14,295
-0-
BindView Development Corporation
Consolidated Balance Sheet
(Unaudited)
September 30, December 31,
1998 1997
---------------------------
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents $48,374 $7,203
Accounts receivable, net 3,706 4,729
Other current assets 686 --
Deferred tax asset 3,939 3,150
-------- --------
Total current assets 56,705 15,082
Property and equipment, less
accumulated depreciation 3,784 1,370
Other assets 31 57
-------- --------
Total assets $60,520 $16,509
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,496 $785
Accrued liabilities 908 831
Accrued compensation 822 614
Deferred revenue 4,357 2,029
-------- --------
Total current liabilities 7,583 4,259
-------- --------
Shareholders' equity:
Convertible preferred stock _ 25
Common stock 1 1
Additional paid-in capital 56,244 31,728
Common stock warrant _ 550
Retained earnings
(accumulated deficit) (3,308) (6,037)
Treasury stock _ (14,017)
-------- --------
Total shareholders' equity 52,937 12,250
-------- --------
Total liabilities and
shareholders' equity $60,520 $16,509
======== ========
-0- |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion