Centura Software Announces 2000 Second Quarter Results.Business Editors/High-Tech Writers REDWOOD redwood: see sequoia; brazilwood. redwood or sequoia Coniferous evergreen timber tree (Sequoia sempervirens) of the family Taxodiaceae, found in the fog belt of west-coastal North America. SHORES, Calif.--(BUSINESS WIRE)--July 20, 2000 Centura Software Corporation (Nasdaq:CNTR CNTR Center CNTR Container CNTR Control CNTR Counter ), a global leader and provider of solutions that mobilize mo·bi·lize v. 1. To make mobile or capable of movement. 2. To restore the power of motion to a joint. 3. To release into the body, as glycogen from the liver. the enterprise, today announced net revenue of $10.1 million and a net loss of $4.8 million, or $.12 per basic share outstanding, for the fiscal quarter ended June June: see month. 30, 2000. This compares with net revenue of $10.9 million and a net loss of $3.2 million, or $.10 per basic share outstanding, for the second quarter of 1999 and follows net revenue of $12.4 million and a net loss of $1.0 million for the first quarter of 2000. "We are obviously very disappointed in our second-quarter performance," said Centura 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. Scott Broomfield Broomfield can be: In the United Kingdom:
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about our ability to convert these developments into positive financial results going forward."
During the quarter the Company announced major partnership
agreements with Kobelco and Panasonic and launched its first-to-market
suite of solutions for mobile computing, including:
-- CTD2000, a powerful development environment for mobile and
web-based computing applications;
-- eSNAPP 2.0, the newest version of Centura's real-time
connectivity solution for the handheld mobile enterprise; and
-- db.star, a family of small-footprint database solutions for
Information Appliances and handheld devices.
Centura CFO See Chief Financial Officer. Richard Lucien said, "Our traditional client/server business continues to soften more quickly than we had anticipated, which accounts for much of the second-quarter revenue shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. . With $18 million in cash and $23 million in equity, however, we are well-prepared to ride out this disappointing quarter and aggressively pursue the opportunities we have created." Centura will hold a conference call today at 5:30 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 to discuss the quarterly results. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Except for the historical information contained herein, the matters discussed in this news 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. that involve risks and uncertainties, including but not limited to the Company's failure to timely develop new products which gain market acceptance, failure of the Company's significant resellers or distributors to renew agreements, delays in the timing of orders for the Company's products and services, significant changes in the business environment in which the Company operates, the effectiveness of the Company's management in executing the Company's recent strategic changes and the other risks detailed from time to time in the Company's SEC reports, including 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. for the fiscal year ended Dec. 31, 1999. Centura Software Headquartered in Redwood Shores, Calif., Centura is a global leader and provider of solutions that mobilize the enterprise. The Company's suite of integrated mobile enterprise products enables secure, real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. business across an array of devices. Developers and IT decision makers worldwide have relied on Centura's rich and innovative technology offerings and its world-class professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. since 1984. The Company integrates its solutions in various business systems worldwide including the health-care, manufacturing, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and financial industries for customers such as ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. , Merck, Xerox, Hewlett-Packard, Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank , Southern Company and others. Centura has 19 offices worldwide, including locations in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , Asia/Pacific, Europe, the Middle East and Africa Europe, the Middle East and Africa, usually abbreviated to EMEA, is a regional designation used for government, marketing and business purposes. It is particularly common amongst North American based companies, who often divide their international operations into the . For more information about Centura, visit http://www.centurasoft.com. Note to Editors: Centura, the Centura logo and all Centura products are trademarks or registered trademarks of Centura Software Corporation, or are trademarks and/or registered trademarks exclusively licensed to and used by Centura Software Corporation. All other products are trademarks or registered trademarks of their respective owners.
CENTURA SOFTWARE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
For the three For the six
months ended months ended
June 30, June 30,
2000 1999 2000 1999
---- ---- ---- ----
Net revenues:
Product $ 3,867 $ 5,527 $ 9,840 $ 12,624
Service 6,282 5,384 12,713 10,656
-------- -------- -------- --------
Total net revenues 10,149 10,911 22,553 23,280
Cost of revenues:
Product 705 1,124 1,133 1,961
Service 638 944 1,391 1,900
Amortization of acquired
technology 134 45 267 45
-------- -------- -------- --------
Total cost of revenues 1,477 2,113 2,791 3,906
-------- -------- -------- --------
Gross profit 8,672 8,798 19,762 19,374
Operating expenses:
Sales and marketing 8,202 6,643 15,970 13,179
Engineering and product
development 1,861 2,340 3,904 4,355
General and administrative 2,871 2,679 5,065 4,296
Amortization of goodwill 501 61 709 61
-------- -------- -------- --------
Total operating expenses 13,435 11,723 25,648 21,891
-------- -------- -------- --------
Operating loss (4,763) (2,925) (5,886) (2,517)
Other income (expense):
Interest expense (111) (86) (258) (154)
Interest income 299 53 545 109
Foreign currency loss (129) (169) (105) (456)
-------- -------- -------- --------
Loss before income taxes (4,704) (3,127) (5,704) (3,018)
Provision for income taxes 66 34 81 39
-------- -------- -------- --------
Net loss $ (4,770) $ (3,161) $ (5,785) $ (3,057)
======== ======== ======== ========
Basic & Diluted net loss per
share (excluding preferred
stock dividend & accretion $ (0.12) $ (0.10) $ (0.15) $ (0.10)
======== ======== ======== ========
Basic & Diluted net loss per
share (including preferred
stock dividend & accretion $ (0.12) $ (0.10) $ (0.26) $ (0.10)
======== ======== ======== ========
Basic & Diluted weighted
average common shares 41,089 31,064 39,770 33,035
======== ======== ======== ========
CENTURA SOFTWARE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
(unaudited)
June 30, December 31,
2000 1999
-------- ------------
ASSETS
Cash and cash equivalents $17,957 $20,614
Accounts receivable, net 11,455 14,394
Other current assets 4,546 4,970
------- -------
Total current assets 33,958 39,978
Other assets 12,324 11,502
------- -------
Total assets $46,282 $51,480
======= =======
LIABILITIES, MANDATORILY REDEEMABLE CONVERTIBLE
PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current portion of long-term obligations $ 447 $ 430
Accounts payable and other current liabilities 7,866 8,279
Short-term borrowings 2,605 3,302
Deferred revenue 12,484 13,923
------- -------
Total current liabilities 23,402 25,934
Other long-term liabilities 237 501
------- -------
Total liabilities 23,639 26,435
Mandatorily redeemable convertible preferred
stock -- 10,360
Stockholders' equity 22,643 14,685
------- -------
Total liabilities, mandatorily
redeemable convertible preferred
stock and stockholders' equity $ 46,282 $ 51,480
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