Captaris Announces Financial Results for Its Quarter and Year Ended December 31, 2001.Business Editors, High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers KIRKLAND Kirkland, city (1990 pop. 40,052), King co., W Wash., a suburb of Seattle on Lake Washington; inc. 1905. The city produces semiconductors, transformers, prefabricated metal buildings, heating and navigation equipment, computer peripherals, motor vehicles, apparel, , Wash.--(BUSINESS WIRE)--Jan. 24, 2002 Captaris, Inc. (Nasdaq:CAPA CAPA California Alternate Performance Assessment CAPA Captaris, Inc (stock symbol) CAPA Confederation of Asian and Pacific Accountants CAPA Creative and Performing Arts (school) ), a leading provider of unified communications The real time redirection of a voice, text or e-mail message to the device closest to the intended recipient at any given time. For example, voice calls to desk phones could be routed to the user's cellphone when required. and mobile business solutions, today reported financial results for its quarter and year ended December December: see month. 31, 2001. Highlights included sequential growth for the third consecutive quarter, cash flow positive results from operations, and a pro-forma net loss that was better than expectations. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the fourth quarter of 2001 were $24.2 million, a 2% increase over the third quarter of 2001. When compared to the same period in the prior year, net sales decreased 3.1 percent. The Company reported a 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 of $1.0 million or $0.03 per share, as compared with pro forma net income of $2.9 million or $0.09 per share (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. ) for the fourth quarter of 2000. Net loss for the quarter was $2.7 million, or $0.09 per share as compared to earnings per share of $0.08 per share (diluted) for the same quarter of 2000. Included in the fourth quarter net loss per share, is a variable accounting charge for stock based compensation associated with the exchange of stock options executed in July July: see month. of 2001, of $1.4 million, before the effect of taxes. For the year ended December 31, 2001, net sales were $91.9 million, an 8.6 percent decrease compared to the same period in the prior year. The pro forma loss totaled $6.1 million or $0.19 per share compared to pro forma income of $10.4 million or $0.32 per share (diluted) in the prior year. Net loss for the year was $12.0 million or $0.37 per share, and includes charges totaling $8.8 million (pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern ) for the amortization of goodwill and other intangibles, stock compensation expense, 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. and non-recurring charges related to the acquisition of Infinite Technologies in January January: see month. 2001. This compares with net income for the year ended December 31, 2000, of $10.7 million or $0.33 per share (diluted), which is inclusive of inclusive of prep. Taking into consideration or account; including. a non-recurring gain in the first quarter of 2000 of $1.8 million realized from the sale of marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has held for investment. The company concluded the year with $77 million in cash. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David P. Anastasi ''For other uses, see Anastasi (disambiguation) Anastasi is a traditional weapon/tool used by the prehistoric settlers in the Maltese Islands. Fragments of anastasi weapons were discovered at the Ghar Dalam cave. , Captaris president 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. , "Our results in the fourth quarter saw strong performance from our channel and strategic partners, despite facing challenging economic and other external distractions. Fueled by the strength of our core products and services businesses, we were able to accomplish a number of the objectives we had set and concluded the year at the high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. of the revenue guidance we provided in early 2001. "During the year, we successfully executed on several key initiatives that contributed to our progress and momentum. Among the 2001 accomplishments, the company introduced a major new product offering that delivers corporate data to mobile devices -- branded as Infinite Mobile Delivery. We released major upgrades to our award winning RightFax and CallXpress products. The company went through a complete rebranding Rebranding is the process by which a product or service developed with one brand or company or product line affiliation is marketed or distributed with a different identity. initiative and introduced the Captaris brand and unified brand strategy. We expanded the breadth of our relationships with our strategic partners and signed new agreements with additional industry leaders. We also made significant additions to our leadership team, filling several key management positions and adding two new members to our board of directors. "As we enter 2002, our plan allows us to leverage the leadership position we hold in core areas such as fax and unified messaging Having access to e-mail, voice mail and faxes via a common computer application or by telephone. For example, unified messaging may send faxes and digitized voice mail to a mail server that turns them into e-mail attachments. , and at the same time positions us to take advantage of new high-growth market opportunities in the mobility space." The Company will hold its regularly scheduled earnings conference call on January 24, 2002, at 1:45 PM PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . The call may be accessed via live web cast at www.captaris.com. The conference call replay number is 800/633-8284, the reservation number 20077628. About Captaris, Inc. Captaris is a leading provider of unified communications and mobile business solutions that allow companies to improve business communications with customers, partners and employees. The company provides access to and control of critical business information from almost any communications device Typically refers to a terminal used to send voice, video or text. Mobile phones, wireless PDAs and personal computers equipped with microphones, speakers and cameras are all considered communications devices. See modem. and enhances communications workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. by improving the way in which company stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. exchange information. The company specializes in developing and marketing its CallXpress unified messaging solution, its RightFAX fax and communications servers See network access server, modem server, terminal server and communications controller. (operating system) Communications Server - IBM's rebranding of ACF. , its MediaLinq electronic document delivery services, and its Infinite Mobile Delivery product lines. Captaris has more than 75,000 systems installed and over 1 million users worldwide, with 80 percent of Fortune 100 companies using the company's award winning products and services. Captaris is headquartered in Kirkland, WA, and has main offices in Tucson Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , AZ.; Portland Portland, town, EnglandPortland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. , OR; 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 , CA. In addition, Captaris has sales and support offices in Holland, the United Kingdom, Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. , and Dubai. The company was founded in 1982 and is publicly traded on the Nasdaq National Market under the symbol CAPA. Captaris maintains a site on the World Wide Web at www.captaris.com. Captaris was previously known as AVT AVT avian arginine vasotocin. See vasotocin. Corporation. Certain statements in this press release are "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements include all passages containing verbs such as "aims," "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects" or "targets" or nouns corresponding to such verbs. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of the management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect Captaris' actual results include, among others, the potential failure to maintain and expand Captaris' network of dealers and resellers or to establish and maintain strategic relationships, inability to integrate recent and future acquisitions, inability to develop new products or product enhancements on a timely basis, inability to protect our proprietary rights or to operate without infringing the patents and proprietary rights of others, and quarterly and seasonal fluctuations in operating results. More information about factors that potentially could affect Captaris' financial results is included in Captaris' most recent quarterly report on Form 10- Q filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, Captaris undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.
Captaris, Inc.
Pro Forma Consolidated Statements of Income (Unaudited)
(in thousands, except per share amounts)
Quarter ended Year ended
December 31, December 31,
2001 2000 2001 2000
----------------------------------------------
Net sales $ 24,224 $ 25,010 $ 91,938 $ 100,537
Cost of sales 9,099 8,038 34,648 33,407
----------------------------------------------
Gross profit 15,125 16,972 57,290 67,130
Operating expenses:
Research and
development 2,967 2,725 13,878 10,223
Sales, general
and administrative 14,297 11,827 55,919 45,472
Stock compensation
expense 1,399 1,399
Amortization of
goodwill and
intangibles 1,112 324 4,448 1,296
Acquired research
and development -- -- 1,900 --
Non-recurring
items (1) -- -- 1,042 --
----------------------------------------------
Total operating
expenses 19,775 14,876 78,586 56,991
----------------------------------------------
Operating (loss) income (4,650) 2,096 (21,296) 10,139
Other income, net (2) 761 1,190 3,347 5,643
----------------------------------------------
(Loss) income
before income tax (3,889) 3,286 (17,949) 15,782
Income tax
(benefit) expense (1,166) 661 (5,945) 5,086
----------------------------------------------
Net (loss) income $ (2,723) $ 2,625 $ (12,004) $ 10,696
==============================================
Basic net (loss)
income per share $ (0.09) $ 0.09 $ (0.37) $ 0.35
Diluted net (loss)
income per share $ (0.09) $ 0.08 $ (0.37) $ 0.33
Weighted average
common shares
outstanding 31,746 30,664 32,039 30,898
Diluted weighted
average common
shares outstanding 31,746 31,103 32,039 32,297
Pro forma net
(loss) income (3) $ (966) $ 2,884 $ (6,115) $ 10,365
==============================================
Pro forma basic net
(loss) income
per share $ (0.03) $ 0.09 $ (0.19) $ 0.34
Pro forma diluted net
(loss) income
per share $ (0.03) $ 0.09 $ (0.19) $ 0.32
(1) In the first quarter of 2001 non-recurring charges of
$1,042,000 were incurred related primarily to the
consolidation of the Tucson and Kirkland operations.
(2) In the first quarter 2000 a non-recurring gain of $1,784,000
was realized from the sale of marketable securities held for
investment.
(3) Pro forma amounts are derived from historical financial
statements excluding non-recurring items, variable accounting
charges for stock-based compensation, amortization of goodwill
and other intangible assets and the write off of acquired
in-process research and development. The tax effect of items
excluded in the pro forma presentation was calculated using
the company's actual expected effective tax rate for the
period. Pro forma amounts are not intended to replace amounts
calculated in accordance with generally accepted accounting
principles; rather they are a supplemental financial
measurement used by management and certain industry analysts
to evaluate Captaris' operations. See table below for
reconciliation of pro forma net income.
The following table reflects the differences between pro forma and
as-reported net income (loss) (in thousands):
Quarter ended Year ended
December 31, December 31,
------------------------------------------
2001 2000 2001 2000
------------------------------------------
As reported net
(loss) income $ (2,723) $ 2,625 $(12,004) $ 10,696
-----------------------------------------
Pro forma adjustments:
Stock based compensation 1,399 -- 1,399 --
Amortization of
goodwill and
intangibles 1,112 324 4,448 1,296
Acquired research
and development -- -- 1,900 --
Non-recurring
items (1)(2) -- -- 1,042 (1,784)
Tax effect of
pro forma adjustments (754) (65) (2,900) 157
-----------------------------------------
Pro forma net income $ (966) $ 2,884 $ (6,115) $ 10,365
=========================================
Captaris, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands)
Dec. 31 Dec. 31,
2001 2000
ASSETS: ------------------------
Current assets:
Cash, cash equivalents,
and short-term investments $ 77,172 $ 88,423
Accounts receivable, net 14,597 16,010
Inventories 5,022 6,249
Deferred and prepaid income taxes 8,267 3,007
Prepaid expenses and other assets 1,304 1,871
------------------------
Total current assets 106,362 115,560
Equipment and leasehold
improvements, net 7,463 6,220
Goodwill, Intangibles
and other, net (1) 18,766 5,256
Deferred income taxes 2,769 3,208
------------------------
Total assets $135,360 $130,244
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 4,941 $ 4,914
Other current liabilities 11,341 6,976
Deferred revenue 7,433 5,353
Current portion of note payable 527 --
------------------------
Total current liabilities 24,242 17,243
------------------------
Note payable, net of current portion 882 --
------------------------
Shareholders' equity:
Preferred stock, par value
$.01 per share, 2,000,000
Authorized, none outstanding -- --
Common stock, par value
$.01 per share, 120,000,000
Authorized, 31,746,067 and
30,666,319 outstanding,
respectively, and additional
paid-in capital 65,732 56,493
Retained earnings 44,504 56,508
------------------------
Total shareholders' equity 110,236 113,001
------------------------
Total liabilities and
shareholders' equity $135,360 $130,244
========================
(1) Includes goodwill and other intangibles related to the
acquisition of Infinite Technologies in January 2001.
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