CORRECTING and REPLACING Embarcadero Technologies Announces Second Quarter 2003 Financial Results.Business Editors/High-Tech Writers CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. ...by Embarcadero em·bar·ca·de·ro n. pl. embarcade·ros California A pier, wharf, or landing place, especially on a river or inland waterway. Technologies SAN FRANCISCO--(BUSINESS WIRE)--July 24, 2003 Please replace BW5636, (CA-EMBARCADERO-TECH) announces financial results, with the following revised release. The corrected release reads: EMBARCADERO TECHNOLOGIES ANNOUNCES SECOND QUARTER 2003 FINANCIAL RESULTS; REVENUES INCREASE BOTH SEQUENTIALLY se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen AND OVER PRIOR YEAR SECOND QUARTER Embarcadero Technologies, Inc. (Nasdaq:EMBT EMBT Emergency Main Ballast Tank EMBT European Mountain Bicycling Trails EMBT Explosive Minefield Breacher Trainer ), a provider of application and database lifecycle management solutions, today announced results for its second fiscal quarter ended June June: see month. 30, 2003. Total revenues for the second quarter increased sequentially to $12.4 million and improved over the prior year second quarter results of $11.9 million. Net income and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of under Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) for the quarter were $747,000 and $0.03, respectively. This compares to GAAP net loss of $122,000 and break-even earnings per share in the quarter ended June 30, 2002. "Embarcadero saw signs of stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders in software spending during the second quarter," said Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and Wong n. 1. A field. , chairman and chief executive officer of Embarcadero Technologies. "In the quarter, the Company experienced continued strength in the breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is of demand and an increase in average deal size which helped drive top-line growth." Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses was $2.8 million or $0.10 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share in the second quarter and $6.6 million or $0.23 per diluted share for the six months ended June 30, 2003. Cash, cash equivalents and 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 grew by $2.6 million to reach $48.3 million at June 30, 2003 and the deferred revenue balance grew to $12.5 million, an increase of $1.4 million or 12% over the March 31, 2003 balance. Non-GAAP Financial Measures Non-GAAP net income was $1.3 million for the quarter or $0.05 per diluted share. For the corresponding quarter in 2002, non-GAAP net income was $1.5 million or $0.05 per diluted share. Non-GAAP numbers are tax adjusted and exclude the following items: amortization of acquired technology, purchased technology, amortization of non-cash stock-based compensation and amortization of other intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. . A detailed reconciliation of GAAP to non-GAAP net income is provided in the attached financial statements. The non-GAAP measures of net income and earnings per share exclude certain non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. and have not been calculated in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles (GAAP). These differ from GAAP in that the measures exclude amortization of acquired technology, purchased technology, amortization of non-cash stock-based compensation and amortization of other intangible assets and assume a 32% tax rate, which is higher than our effective tax rate of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 29% as computed in accordance with GAAP. Embarcadero has previously provided these non-GAAP measurements in press releases reporting net income and earnings per share because we believe these measurements provide a consistent basis for comparison between quarters that is not influenced by changes in the Company's effective tax rate or certain non-cash or non-recurring expenses and is therefore useful to investors. These measures should not be considered an alternative to GAAP, and these non-GAAP measures may not be comparable to information provided by other companies. Conference Call Information Embarcadero will discuss its second quarter 2003 results, as well as provide business outlook for the third quarter of 2003, on a conference call and simultaneous Web cast to be held today, July July: see month. 24, 2003, at 2:00 PM PT. The Web cast of this conference call, which will be available live as well as archived, can be accessed by all interested parties at the Embarcadero Technologies Web site, www.embarcadero.com, in the events calendar under "Investor Relations Investor relations The process by which the corporation communicates with its investors. ." About Embarcadero Technologies Embarcadero Technologies, Inc. (Nasdaq:EMBT), is a leading provider of software solutions that enable organizations to build, optimize optimize - optimisation and manage relational databases relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. , the key underlying technology of business critical applications. Thousands of customers, including 96 of the Fortune 100, rely on Embarcadero Technologies products to ensure optimal performance of the complex, multi-platform applications and systems that power their business. Embarcadero Technologies, named to the Deloitte & Touche Fast 500 for three consecutive years, is headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Calif. For more information, call 415/834-3131 or visit http://www.embarcadero.com. 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. The statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties, including risks associated with fluctuations in quarterly results and other risks identified in the Company's periodic filings with the Securities and Exchange Commission including, but not limited to, those appearing under the caption "Risk Factors" in the Company's most recent Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and the Annual Report on 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. . Actual results, events, and performance may differ materially. Readers are cautioned not to place undue relevance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The Company undertakes no obligation to release publicly the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to these forward-looking statements that may be made to reflect events or 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 after the date hereof or to reflect the occurrence of anticipated events. Embarcadero, the Embarcadero Technologies logos and all other Embarcadero Technologies product or service names are trademarks of Embarcadero Technologies, Inc. All other trademarks are property of their respective owners.
Embarcadero Technologies, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
------- ------- ------- -------
Revenues:
License $ 6,421 $ 6,516 $12,768 $13,612
Maintenance 6,024 5,403 11,885 10,809
------- ------- ------- -------
Total revenues 12,445 11,919 24,653 24,421
------- ------- ------- -------
Cost of revenues:
License 105 155 205 284
Amortization of
acquired technology 556 405 1,111 674
Maintenance 565 524 1,153 1,150
------- ------- ------- -------
Total cost of revenues 1,226 1,084 2,469 2,108
------- ------- ------- -------
------- ------- -------- -------
Gross profit 11,219 10,835 22,184 22,313
------- ------- ------- -------
Operating expenses:
Research and development 4,016 3,560 7,806 7,290
Purchased technology - 1,100 - 1,100
Sales and marketing 4,844 4,619 9,739 9,494
General and administrative 1,308 1,408 2,610 2,749
Amortization of other
intangible assets - 385 - 770
------- ------- ------- -------
Total operating expenses 10,168 11,072 20,155 21,403
------- ------- ------- -------
Income (loss) from operations 1,051 (237) 2,029 910
Other income, net 159 180 285 356
------- ------- ------- -------
Income (loss) before provision
income taxes and share in loss
of joint venture 1,210 (57) 2,314 1,266
Benefit from (provision for)
income taxes (463) 58 (671) (312)
------- ------- ------- -------
Income before share in loss of
joint venture 747 1 1,643 954
Share in loss of
joint venture, net - (123) - (423)
------- ------- ------- -------
Net income (loss) $ 747 $ (122) $ 1,643 $ 531
------- ------- ------- -------
Net income (loss) per share:
Basic $ 0.03 $ (0.00) $ 0.06 $ 0.02
------- ------- ------- -------
Diluted $ 0.03 $ (0.00) $ 0.06 $ 0.02
------- ------- ------- -------
Shares used in per share
calculation:
Basic 26,488 27,225 26,569 27,180
------- ------- ------- -------
Diluted 28,212 27,225 28,244 29,383
------- ------- ------- -------
Embarcadero Technologies, Inc.
Non-GAAP Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2003 2002 2003 2002
------- ------- ------- -------
Revenues:
License $ 6,421 $ 6,516 $12,768 $13,612
Maintenance 6,024 5,403 11,885 10,809
------- ------- ------- -------
Total revenues 12,445 11,919 24,653 24,421
------- ------- ------- -------
Cost of revenues:
License 105 155 205 284
Maintenance 565 523 1,153 1,148
------- ------- ------- -------
Total cost of revenues 670 678 1,358 1,432
------- ------- ------- -------
------- ------- ------- -------
Gross profit 11,775 11,241 23,295 22,989
------- ------- ------- -------
Operating expenses:
Research and development 4,013 3,552 7,800 7,269
Sales and marketing 4,747 4,411 9,537 9,036
General and administrative 1,231 1,070 2,383 1,994
------- ------- ------- -------
Total operating expenses 9,991 9,033 19,720 18,299
------- ------- ------- -------
Income from operations 1,784 2,208 3,575 4,690
Other income, net 159 180 285 356
------- ------- ------- -------
Income before provision for
income taxes and share in loss
of joint venture 1,943 2,388 3,860 5,046
Provision for income taxes (622) (751) (1,236) (1,608)
------- ------- ------- -------
Income before share in loss of
joint venture 1,321 1,637 2,624 3,438
Share in loss of
joint venture, net - (123) - (423)
------- ------- ------- -------
Net income $ 1,321 $ 1,514 $ 2,624 $ 3,015
------- ------- ------- -------
Net income per share:
Basic $ 0.05 $ 0.06 $ 0.10 $ 0.11
------- ------- ------- -------
Diluted $ 0.05 $ 0.05 $ 0.09 $ 0.10
------- ------- ------- -------
Shares used in per share
calculation:
Basic 26,488 27,225 26,569 27,180
------- ------- ------- -------
Diluted 28,212 29,126 28,244 29,383
------- ------- ------- -------
$ -
The following table reconciles non-GAAP net income to as reported
(GAAP) net income (in thousands) (unaudited):
Non-GAAP net income $ 1,321 $ 1,514 $ 2,624 $ 3,015
Amortization of
acquired technology (556) (405) (1,111) (674)
Purchased technology - (1,100) - (1,100)
Non-cash stock-based
compensation (177) (555) (435) (1,236)
Amortization of other
intangible assets - (385) - (770)
Non-GAAP tax adjustment 159 809 565 1,296
------- ------- ------- -------
As reported (GAAP)
net income (loss) $ 747 $ (122) $ 1,643 $ 531
------- ------- ------- -------
Embarcadero Technologies, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30, December 31,
2003 2002
------- -------
ASSETS
Current Assets:
Cash and cash equivalents $34,895 $15,870
Short-term investments 13,360 27,893
Trade accounts receivable, net 7,383 7,539
Prepaid expenses and other current assets 1,754 1,532
Deferred income taxes 489 489
------- -------
Total current assets 57,881 53,323
Property and equipment, net 3,174 3,587
Goodwill 10,337 10,337
Deferred income taxes 2,840 2,840
Other assets, net 5,771 6,628
------- -------
Total assets $80,003 $76,715
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued liabilities $ 4,491 $ 3,810
Deferred revenue 12,462 10,705
------- -------
Total current liabilities 16,953 14,515
Stockholders' Equity 63,050 62,200
------- -------
Total liabilities and
stockholders' equity $80,003 $76,715
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