Centura Software Corporation Announces 1999 First Quarter Results; Launching New Fiscal Year With 17% Growth in Its Embedded Database Licensing.REDWOOD SHORES, Calif.--(BUSINESS WIRE)--April 27, 1999-- Centura Software Corporation (Nasdaq:CNTR CNTR Center CNTR Container CNTR Control CNTR Counter ), a leading supplier of secure, embedded databases (1) Database software that is included with an application rather than offered as a separate database management system (see DBMS). Tending to be compact and efficient, an embedded database generally includes fewer features than a full-blown DBMS. and development solutions, today announced financial results for the first quarter ending March 31, 1999. Centura recorded net revenue of $12.4 million in the first quarter in 1999, as compared with net revenue of $12.8 million in the first quarter of 1998. International revenues were 54% of net revenue in the first quarter of 1999 compared with 55% of net revenue in the first quarter of 1998. Invoicing increased to $12.2 million for the first quarter in 1999, as compared with $11.9 million in the first quarter of 1998. Invoicing for embedded database licenses grew 17% as compared with the first quarter of 1998. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $.4 million in the first quarter of 1999, as compared with $1.3 million in the first quarter of 1998 and net income was $.1 million, as compared with $.5 million in the first quarter of 1998. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) was $.5 million in the first quarter of 1999, as compared with $1.2 million in the first quarter of 1998. Earnings per basic and diluted shares outstanding was $.00 in the first quarter of 1999, as compared with $.03 for the first quarter of 1998. Scott Broomfield, Centura's 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, "We are encouraged with the overall growth in embedded database licensing, although we are somewhat disappointed with our net revenue results and the level of growth in invoicing for the quarter. We are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that the investments we are making in our sales model, marketing and products will position us well going forward." Broomfield continued, "We began the year with two key strategic moves that continue to define the environment for secure, embedded Inserted into. See embedded system. , micro and e-business database solutions. The Company launched SQLBase SafeGarde in March, a product which enables the database files to be encrypted en·crypt tr.v. en·crypt·ed, en·crypt·ing, en·crypts 1. To put into code or cipher. 2. Computer Science and secure. This solution is the first of its kind and provides this security without hindering database performance. Our customers can now easily provide end-to-end security for their applications, making information safely available where they never could before. SQLBase SafeGarde sets a new standard for embedded databases. Further, we entered into an agreement to acquire Raima Corporation, a Seattle-based vendor of cross-platform micro databases and data management solutions for Post PC, embedded and real-time applications on platforms such as Windows CE (Windows Consumer Electronics) Microsoft's version of Windows for handheld devices and embedded systems that use x86, ARM, MIPS and SHx CPUs. Windows CE .NET superseded Windows CE 3.0. , VxWorks and Linux." Broomfield commented further, "These two strategic events will enable the combined organization to offer a complete line of scalable, cross platform, secure and embedded database solutions for appliances, real-time operating systems (operating system) Real-Time Operating System - (RTOS) Any operating system where interrupts are guaranteed to be handled within a certain specified maximum time, thereby making it suitable for control of hardware in embedded systems and other time-critical applications. , embedded software Instructions that permanently reside in a ROM or flash memory chip. Embedded software may be immediately available to the CPU or, for faster execution, may be transferred to RAM first and then executed. applications and e-business solutions. We are excited by these opportunities and believe we are well positioned to grow our business in 1999." John Bowman
John Bowman (born 1942, Dublin) is an Irish historian and broadcaster. He was educated at Belvedere College and Trinity College Dublin where he received his PhD. , Centura's CFO See Chief Financial Officer. , commented, "We continue to improve our financial position. Cash balances grew $.9 million during the first quarter of 1999, an increase of 14% from December 31, 1998 and days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). improved slightly from December 31, 1998." Bowman continued, "The growth in our SQLBase licensing revenue was in line with our expectations. In addition, our investments in sales, marketing and R&D are beginning to yield positive results." About Centura Software Corporation Founded as Gupta in 1984, Centura was the first company to create fully relational client/server embedded DBMS (DataBase Management System) Software that controls the organization, storage, retrieval, security and integrity of data in a database. It accepts requests from the application and instructs the operating system to transfer the appropriate data. for the personal computer. Today, Centura is the leader in providing secure, embedded, micro and e-business database solutions, and the connectivity necessary to integrate these solutions into core business systems. Centura products include Centura Team Developer See Team Developer. and Centura Web Developer application development tools, Centura's net.db e-business solution, SQLHost, SQLBase Exchange and the SQLNetwork family of database connectivity solutions. In addition, Centura recently announced the acquisition of Raima Corporation and the release of the SQLBase Suite, SQLBase SafeGarde and SQLBase SafeGarde Max, the only fully encrypted databases on the market. Centura has 19 offices around the world 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 . All current Centura product offerings are Year-2000 (Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 ) compliant. For more information about Centura, visit http://www.centurasoft.com. Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risks and uncertainties, including the timely shipments of new products, the effect of competitive pressures 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 December 31, 1998, and the Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the quarters ending on March 31, 1998, June 30, 1998, and September 30, 1998. -0-
Centura Software Corporation
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
For the three
months ended
March 31,
----------------
1999 1998
-------- --------
Net revenues:
Product $ 7,097 $ 8,584
Service 5,272 4,188
-------- --------
Net revenues 12,369 12,772
-------- --------
Cost of revenues:
Product 837 1,282
Service 956 1,096
-------- --------
Cost of revenues 1,793 2,378
-------- --------
Gross profit 10,576 10,394
-------- --------
Operating expenses:
Sales and marketing 6,820 5,827
Research and development 1,731 1,544
General and administrative 1,617 1,710
-------- --------
Total operating expenses 10,168 9,081
-------- --------
Operating income 408 1,313
Other income (expense):
Interest income 56 47
Interest expense (68) (201)
Imputed value of warrants issued in
connection with debt conversion - (441)
Foreign currency loss (287) (164)
-------- --------
Income before income taxes 109 554
Provision for income taxes 5 8
-------- --------
Net income $ 104 $ 546
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Basic net income per share $ 0.00 $ 0.03
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Basic weighted average common shares 29,598 20,566
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Diluted net income per share $ 0.00 $ 0.03
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Diluted weighted average common shares 29,651 20,613
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Centura Software Corporation
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
1999 1998
(Unaudited)
----------- ----------
ASSETS
Cash, cash equivalents and short-term
investments $ 7,330 $ 6,414
Accounts receivable, net 11,776 12,988
Other current assets 3,970 3,627
------- -------
Total current assets 23,076 23,029
Other assets 6,745 6,343
------- -------
Total assets $29,821 $29,372
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current portion of long-term obligations $ 405 $ -
Accounts payable and other current liabilities 5,849 6,109
Short-term borrowings 2,251 2,663
Deferred revenue 13,069 13,274
------- -------
Total current liabilities 21,574 22,046
Other long-term liabilities 790 53
------- -------
Total liabilities 22,364 22,099
Shareholders' equity 7,457 7,273
------- -------
Total liabilities and shareholders' equity $29,821 $29,372
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