Captaris Announces Financial Results for Third Quarter 2001.Business Editors 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)--Oct. 18, 2001 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 third quarter ended Sept. 30, 2001. 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 third quarter of 2001 were $23.7 million, a slight increase over the second quarter of this year. When compared to the same period in the prior year, net sales decreased 6.6 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 $1.2 million or $0.04 per share, as compared with pro forma net income of $2.5 million or $0.08 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 third quarter of 2000. Net loss for the quarter was $2.0 million, or $0.06 per share as compared to earnings per share of $0.07 per share (diluted) for the same quarter of 2000. "During the third quarter, we continued to see the Captaris team perform against our milestones even in these difficult economic times," stated 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. , president and chief executive officer of Captaris. "In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite market conditions, we were able to continue to drive revenue from our core product lines plus accomplish milestones that position the company for the future." For the nine months ended Sept. 30, 2001, net sales were $67.7 million, a 10.3 percent decrease over the same period in the prior year. The pro forma loss totaled $5.1 million or $0.16 per share compared to pro forma income of $8.7 million or $0.27 per share (diluted) for the first nine months of 2000. Net loss for this nine-month time period was $9.3 million or $0.29 per share, and includes charges totaling $6.3 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, 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 nine months ended Sept. 30, 2000, of $8.1 million or $0.25 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. "We have done well at executing against our plan and stated direction, including the release of new product versions and the addition of Captaris Speech," continued Anastasi. "Holding fast to the things we do well, and managing our business in a sound, yet innovative manner, we are committed to demonstrating increased shareholder value. Investing in our business has been a key differentiator for us, and we continue to demonstrate confidence in our ability to integrate mobility with strong, core offerings and design a modular and integrated unified communications solution. " Previously the company announced its intention to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. its common stock. During the third quarter of 2001, approximately 359,000 shares were repurchased, utilizing approximately $725,000. The company may continue to repurchase shares subject to overall market conditions, its stock price, and the company's cash position and requirements going forward. The Company will hold its regularly scheduled earnings conference call on Oct. 18, 2001, 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 19733716. 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 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. 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, Wash., and has main offices in Tucson Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , Ariz.; 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. , Ore.; 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.; and Owings Mills, Md. In addition, Captaris has sales and support offices in 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. and Dubai Dubai (d bī`), sheikhdom (1995 pop. 674,101), c.1,500 sq mi (3,890 sq km), part of the federation of seven United Arab Emirates, SE Arabia, on the Persian Gulf. . 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 AVTavian 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.
Consolidated Statements of Income (Unaudited)
(in thousands, except per share amounts)
Quarter ended Nine months
September 30 September 30
----------------- -----------------
2001 2000 2001 2000
-------- -------- -------- --------
Net sales $23,737 $25,412 $67,714 $75,527
Cost of sales 9,174 8,228 25,549 25,368
-------- -------- -------- --------
Gross profit 14,563 17,184 42,165 50,159
Operating expenses:
Research and development 3,408 2,541 10,911 7,498
Sales, general and
administrative 13,662 11,742 41,623 33,645
Amortization of goodwill
and intangibles 1,112 324 3,336 972
Acquired research and development -- -- 1,900 --
Non-recurring items (1) -- -- 1,042 --
-------- -------- -------- --------
Total operating expenses 18,182 14,607 58,812 42,115
-------- -------- -------- --------
Operating (loss) income (3,619) 2,577 (16,647) 8,044
Other income, net (2) 771 951 2,586 4,436
-------- -------- -------- --------
(Loss) income before income tax (2,848) 3,528 (14,061) 12,480
Income tax (benefit) expense (854) 1,235 (4,779) 4,423
-------- -------- -------- --------
Net (loss) income $(1,994) $ 2,293 $(9,282) $ 8,057
Basic net (loss) income per share $ (0.06) $ 0.07 $ (0.29) $ 0.26
Diluted net (loss) income
per share $ (0.06) $ 0.07 $ (0.29) $ 0.25
Weighted average common shares
outstanding 32,075 30,666 32,137 30,976
Diluted weighted average common
shares outstanding 32,075 31,119 32,137 32,260
Pro forma net (loss) income (3) $(1,215) $ 2,504 $(5,146) $ 8,689
======== ======== ======== ========
Pro forma basic net (loss)
income per share $ (0.04) $ 0.08 $ (0.16) $ 0.28
Pro forma diluted net (loss)
income per share $ (0.04) $ 0.08 $ (0.16) $ 0.27
(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 charges and 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.
Captaris, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands)
Sept. 30, Dec. 31,
--------- ---------
2001 2000
--------- ---------
ASSETS:
Current assets:
Cash, cash equivalents, and
short-term investments $ 74,007 $ 88,423
Accounts receivable, net 14,787 16,010
Inventories 5,802 6,249
Deferred and prepaid income taxes 6,802 3,007
Prepaid expenses and other assets 1,646 1,871
--------- ---------
Total current assets 103,044 115,560
Equipment and leasehold improvements, net 7,760 6,220
Goodwill, Intangibles and other, net (1) 19,944 5,256
Deferred income taxes 3,208 3,208
--------- ---------
Total assets $ 133,956 $ 130,244
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable $ 4,525 $ 4,914
Other current liabilities 15,992 12,329
Current portion of note payable 513 -
--------- ---------
Total current liabilities 21,030 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 64,865 56,493
Retained earnings 47,179 56,508
--------- ---------
Total shareholders' equity 112,044 113,001
--------- ---------
Total liabilities
and shareholders' equity $ 133,956 $ 130,244
========= =========
(1) Includes goodwill and other intangibles related to the acquisition
of Infinite Technologies in January 2001.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion