Calian Technology Ltd. Reports Record Third Quarter Results: Revenues Increase 20 percent to $24.6 Million, Net Earnings Increase 79 Percent to $985,000.KANATA, ONTARIO Kanata is a large suburban area in the western part of Ottawa, Ontario, Canada,it has a population of 90,000 and is growing rapidly. It is located just to the west of the Greenbelt and is one of the largest of several communities that surround central Ottawa. , Canada--(BUSINESS WIRE)--Aug. 8, 1999-- CALIAN(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CTY CTY - /sit'ee/ or /C-T-Y/ [MIT] The terminal physically associated with a computer's system console. The term is a contraction of "Console tty", that is, "Console TeleTYpe". .) Calian Technology Ltd. (TSE: CTY) reported net earnings for the quarter ended June June: see month. 30, 1999 of $985,000 compared to net earnings of $551,000 for the third quarter of fiscal 1998, representing an increase of 79 percent. Quarterly earnings per share were $.11 basic or $.10 fully 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. as compared to $.06 basic and fully diluted for the same quarter last year. For the nine months ended June 30, 1999, the Company recorded net earnings of $2,371,000 representing an increase of $1,666,000 or 236 percent over the $705,000 net earnings recorded for the same period last year. Year to date earnings per share were $.27 basic and $.24 fully diluted as compared to $.08 basic and fully diluted at the end of the third quarter last year. Revenues for the quarter increased $4.1 Million or 20 percent to $24.6 Million as compared to $20.5 Million for the same period last year. Revenues for the nine months ended June 30, 1999 were $68.1 Million as compared to $57.9 Million for the previous year, representing an increase of $10.2 Million or 18 percent. Net margin for the quarter was 4.0 percent compared to 2.7 percent recorded in the previous year. Year to date net margin was 3.5 percent as compared to 1.2 percent for the previous year. This increase reflects the Company's growing economies of scale and increased efficiencies as a result of the transformation program begun nearly two years ago. The Company will continue to focus on its revenue mix so as to continue to enhance the overall net margin. During the quarter, the Company completed the acquisition of Why Interactive from Jetform Corporation for $6.4 million (CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. ) in cash and convertible debt. The Company specializes in interactive multimedia, web-based solutions for industry and government. Why Interactive solutions range from leading web-based corporate learning centres, interactive courseware Interactive CourseWare - (ICW) A training program controlled by a computer that relies on trainee input to determine the order and pace of instruction delivery. The trainee advances through the sequence of instructional events by making decisions and selections. , and internal "knowledge-management" systems that facilitate employee self-service and business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. learning solutions for competitive advantage. At the end of the third quarter, Calian Technology Ltd. maintained a total backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of $115.3 Million, representing an increase of $8.8 Million over the same period last year. Total bookings for the quarter were $18 Million. Larry O'Brien
Lawrence "Larry" Francis O'Brien, Jr. (July 7 1917 – September 28, 1990) was one of the United States Democratic Party's leading electoral strategists when, for more than two , Calian Chairman and 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. commented, "I am satisfied with these results and the quarter-by-quarter progress that we continue to make. The acquisition of Why Interactive adds considerably to our training and electronic service delivery capability. We will continue to look for new opportunities to profitably expand our business and support the momentum that we are presently building." During the first nine months of the fiscal year, the company's Year 2000 Project progressed 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 the schedule outlined in the 1998 Annual Report and is on track to be Year 2000 ready by September September: see month. 30, 1999. As of June 30, 1999, the remediation and testing of critical systems and technology components, as well as the installation of third party compliant
conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. suppliers, will be reviewed and reconfirmed on an ongoing basis during the remainder of the year. Calian Technology sells technology services including management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects , information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. , technical staffing, and systems integration. Calian's strength is responsiveness responsiveness Medtalk The ability to respond to a stimulus. See Airway responsiveness. to our customers' needs. Calian has recently announced a strategy to develop employee facing e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. solutions and services that will further enhance the process of human resource capital management for industry and government. Consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge follow:
CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENTS OF EARNINGS AND RETAINED EARNINGS (dollars in
thousands except per share data) (unaudited)
Three months ended Nine months ended
June 30, June 30,
------------------ ------------------
1999 1998 1999 1998
-------- -------- -------- --------
Revenues $ 24,623 $ 20,537 $ 68,133 $ 57,886
Cost of revenues 20,037 17,276 56,203 48,875
-------- -------- -------- --------
Gross profit 4,586 3,261 11,930 9,011
Selling and marketing 1,017 512 2,677 1,376
General and
administration 1,596 1,371 4,241 4,463
Facilities 551 472 1,616 1,439
Amortization 486 447 1,204 1,213
-------- -------- -------- --------
Earnings before interest
and taxes 936 459 2,192 520
Interest income 67 123 224 257
-------- -------- -------- --------
Earnings before taxes 1,003 582 2,416 777
Income taxes 18 31 45 72
-------- -------- -------- --------
NET EARNINGS 985 551 2,371 705
Retained earnings,
beginning 10,000 9,129 8,790 8,975
Dividend adjustment - - 15 -
Excess of purchase price
over stated capital on repurchase
of shares - - (191) -
-------- -------- -------- --------
-------- -------- -------- --------
Retained earnings,
Ending $ 10,985 $ 9,680 $ 10,985 $ 9,680
-------- -------- -------- --------
-------- -------- -------- --------
Earnings per share:
Basic $ 0.11 $ 0.06 $ 0.27 $ 0.08
-------- -------- -------- --------
-------- -------- -------- --------
Fully Diluted $ 0.10 $ 0.06 $ 0.24 $ 0.08
-------- -------- -------- --------
-------- -------- -------- --------
Weighted average number of shares
Basic 8,848,405 8,850,938 8,782,928 8,850,938
-------- -------- -------- --------
-------- -------- -------- --------
Fully Diluted 10,259,620 9,535,438 9,893,076 9,544,188
-------- -------- -------- --------
-------- -------- -------- --------
CALIAN TECHNOLOGY LTD.
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
June 30 September 30
1999 1998
------------- --------------
(unaudited)
CURRENT ASSETS
Cash and short-term
investments $ 18,505 $ 17,802
Accounts receivable 19,534 11,545
Unbilled accounts receivable 6,227 7,233
Prepaid expenses and other 1,279 795
------------- --------------
45,545 37,375
GOODWILL 7,406 2,371
CAPITAL ASSETS 5,613 5,787
------------- --------------
$ 58,564 $ 45,533
------------- --------------
------------- --------------
CURRENT LIABILITIES
Accounts payable and accrued
Liabilities $ 12,047 $ 9,961
Dividend payable - 1,593
Unearned contract revenue 18,274 10,639
Current portion of long-term debt 227 230
------------- --------------
30,548 22,423
LONG-TERM DEBT 2,865 513
------------- --------------
33,413 22,936
------------- --------------
SHAREHOLDERS' EQUITY
Share capital 14,166 13,807
Retained earnings 10,985 8,790
------------- --------------
25,151 22,597
------------- --------------
$ 58,564 $ 45,533
------------- --------------
------------- --------------
CALIAN TECHNOLOGY LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
(dollars in thousands)
(unaudited)
Nine months ended June 30,
----------------------------
1999 1998
------------ ------------
NET INFLOW (OUTFLOW) OF CASH RELATED
TO THE FOLLOWING ACTIVITIES
OPERATING
Net earnings $ 2,371 $ 154
Item not affecting cash Amortization 1,204 766
------------ ------------
3,575 920
Change in non-cash operating
working capital items (340) 2,597
------------ ------------
3,235 3,517
------------ ------------
FINANCING
Increase (reduction) of
long-term debt 3,349 (136)
Dividend adjustment 15 -
Issue (repurchase) of common shares 168 -
------------ ------------
3,532 (136)
------------ ------------
INVESTING
Acquisition of capital assets (767) (361)
Business acquisitions (5,297) (162)
------------ ------------
(6,064) (523)
------------ ------------
NET CASH INFLOW (OUTFLOW) 703 2,858
CASH POSITION, BEGINNING OF YEAR 17,802 5,503
------------ ------------
CASH POSITION, END OF YEAR $ 18,505 $ 8,361
------------ ------------
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