Caldera International Reports Third Quarter Results.Business Editors/High-Tech Writers OREM, Utah--(BUSINESS WIRE)--Sept. 6, 2001 Caldera caldera: see crater. caldera Large, bowl-shaped volcanic depression that forms when the top of a volcanic cone collapses into the space left after magma is ejected during a violent volcanic eruption. The term is Spanish for “caldron. International Inc. (Nasdaq: CALD CALD chronic active liver disease. ), Thursday reported revenue of $18.9 million for the quarter ended July 31, 2001. This is the first quarter to include the results from the acquisition of the assets and operations from Tarantella tarantella (târ`əntĕl`ə), Neapolitan folk dance that first appeared in Taranto, Italy, in the 17th cent. It had rapid 6–8 meter with an increasing tempo and was thought to cure the bite of the tarantula, which supposedly Inc. This acquisition significantly increased the net revenue and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of the company. The company reported a net loss for the quarter ended July 31, 2001 of $18.8 million, or $0.34 per basic and 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. common share, which includes 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. of $9.8 million. Exclusive of the effects of the non-cash charges, the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss for the quarter ended July 31, 2001 would have been $9.0 million or $0.16 per basic and diluted common share. For the nine months ended July 31, 2001, the company's net loss was $40.3 million, or $0.89 per basic and diluted common share, which included non-cash charges of approximately $16.0 million. Exclusive of the effects of the non-cash charges, the pro forma net loss for the nine months ended July 31, 2001 would have been $24.3 million or $0.54 per basic and diluted common share. Results for the three- and nine-month periods ended July 31, 2001, are not comparable to the results for the three and nine-month periods of the prior year because of the significant changes in the operations of the company as a result of the major acquisition completed in May 2001. Corporate 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). "The company expects to commence additional restructuring actions in the fourth quarter of fiscal 2001 to adjust its organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. and reduce its workforce 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 revenue expectations and worldwide economic conditions," said Ransom Love Ransom Love is the co-founder and former chief executive officer of Caldera, now the SCO Group. After the SCO v. IBM lawsuit was started by his successor Darl McBride, he officially terminated all relationships with the company and joined the board of directors of Progeny , president and chief executive officer of Caldera International Inc. Love continued, "The company has already taken action to streamline its organizational structure through consolidating operations into two business lines and eliminating one layer of senior management. In so doing, I will assume the responsibilities of president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. in addition to my present duties as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ." The company expects that it will record 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. during the fourth quarter of fiscal 2001 in connection with these planned actions. Proposed Stock Consolidation The board of directors of the company has unanimously approved submitting to the stockholders a proposal to consolidate the issued and outstanding common stock of the company on the basis of one share for each six shares previously outstanding. The consolidation will not be implemented until after the stockholders' meeting, which the company intends to schedule in the near future. Financial Outlook The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. -- For the fourth quarter of fiscal 2001, the company expects net revenue to be $15 to $20 million. -- For the fourth quarter of fiscal 2001 the company expects the operating loss to be $20 to $24 million. This estimate includes restructuring costs and non-cash charges. The net loss is expected to be approximately $0.35 to $0.42 per basic and diluted common share based on the estimated weighted average number of common shares outstanding of approximately 57.1 million. Conference Call As previously announced, Caldera International will host a conference call at 5 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 today, Sept. 6, 2001, to discuss third quarter results. To participate in the teleconference, please call 800/289-0436, confirmation code 468003, approximately five minutes prior to the time stated above. A Webcast replay will be available approximately four hours following the end of the call at http://ir.caldera.com/conference.html. Caldera International Inc. Caldera International is the leader in "Unifying UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). with Linux for Business." Based in Orem, Caldera has representation in 82 countries and has 15,000+ resellers worldwide. For more information on Caldera products and services, visit http://www.caldera.com. Caldera, OpenLinux, UnixWare, Open UNIX, Caldera Volution and "Unifying UNIX with Linux for Business" are trademarks or registered trademarks of Caldera International Inc. LINUX is a registered trademark of Linus Torvalds Linus Benedict Torvalds (born December 28 1969 in Helsinki, Finland) is a Finnish software engineer best known for initiating the development of the Linux kernel. . UNIX is a registered trademark of The Open Group 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. and other countries. 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 set forth above include forward-looking statements that involve risks and uncertainties. The company wishes to advise readers that a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include the ability of the company to successfully integrate the operation of the recently acquired assets and operations which are significantly larger than the historical operations of the company, the continued acceptance in the marketplace of the historical products of the acquired operations, the ability of the company to develop and successfully introduce products integrating its products and services with those historically offered by the recently acquired operations, the failure of recently introduced and new products to operate as designed due to incompatibility The inability of a Husband and Wife to cohabit in a marital relationship. incompatibility n. the state of a marriage in which the spouses no longer have the mutual desire to live together and/or stay married, and is thus a ground for divorce with some platforms or other defects; our reliance on developers in the open source community; new and changing technologies and customer acceptance of those technologies; the company's ability to compete effectively with other companies; failure of our brand to achieve the broad recognition necessary to succeed; unenforceability of the GNU general public license A software license from the Free Software Foundation (FSF) that ensures every user receives the essential freedoms that define "free" software, which is free of restrictions (see free software). and other Open Source licenses; our reliance on third party developers of components of our software offerings; claims of infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. of third-party intellectual property rights; and disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. in the company's distribution sales channel. These and other factors, which could cause actual results to differ materially, are discussed in more detail in the company's filings with the Securities and Exchange Commission.
Caldera International Inc.
Condensed Consolidated Balance Sheets
(unaudited)
July 31, Oct. 31,
2001 2000
(in thousands)
Cash $ 25,407 $ 36,560
Available-for-sale securities 11,936 54,179
Accounts receivable, net 16,161 1,545
Other current assets 4,820 1,700
Total current assets 58,324 93,984
Property and equipment, net 6,577 1,589
Other assets, net 100,300 11,945
Total assets $165,201 $107,518
Current liabilities 31,492 5,304
Long-term liabilities 8,515 --
Minority interest 173 --
Stockholders' equity 125,021 102,214
Total liabilities and
stockholders' equity $165,201 $107,518
Caldera International Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended
July 31, July 31,
2001 2000 2001 2000
(in thousands, except per share amounts)
Net Revenue $ 18,857 $ 1,188 $ 21,509 $ 3,102
Cost of Revenue 6,005 1,231 8,990 2,863
Gross margin
(deficit) 12,852 (43) 12,519 239
Operating Expenses:
Sales and marketing 13,029 4,625 23,407 10,504
Research and
development 6,662 1,111 10,757 3,391
General and
administrative 2,691 1,986 5,772 4,490
In-process research
and development 1,500 -- 1,500 --
Cost-sharing
arrangement with
SCO -- -- 602 --
Write-down of
investments 2,600 -- 6,910 --
Amortization of
goodwill and
intangibles 5,332 -- 5,332 --
Non-cash
compensation 391 1,043 982 4,001
Total operating
expenses 32,205 8,765 55,262 22,386
Loss From Operations (19,353) (8,808) (42,743) (22,147)
Equity in Loss of
Affiliate -- -- (648) --
Other Income, Net 769 1,288 3,358 2,149
Loss Before Income
Taxes (18,584) (7,520) (40,033) (19,998)
Provision for Income
Taxes (241) (11) (290) (38)
Net Loss $(18,825) $ (7,531) $(40,323) $(20,036)
Dividends Related to
Convertible
Preferred Stock -- -- -- (12,253)
Net Loss
Attributable to
Common Stockholders $(18,825) $ (7,531) $(40,323) $(32,289)
Basic and Diluted Net
Loss Per Common Share $ (0.34) $ (0.19) $ (0.89) $ (1.05)
Weighted Average
Common Shares
Outstanding 55,766 39,037 45,074 30,822
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