Centura Software Corporation Announces Year-End Results; Embedded Database Company Experiences A Year of Stability and New Direction.REDWOOD SHORES, Calif.--(BUSINESS WIRE)--Feb. 17, 1999-- Centura(R) Software Corporation (Nasdaq:CNTR CNTR Center CNTR Container CNTR Control CNTR Counter ), leader of 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 announces its financial results for the Company's fourth quarter and fiscal year, ending Dec. 31, 1998. Centura recorded 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. of $3.9 million in 1998, as compared to operating income of $1.2 million in 1997, an increase of 225% and a record for the company. The Company recorded net income of $2.1 million in 1998, or $.08 per share on a basic and diluted basis, compared with net loss of $0.6 million, or $(0.04) per share in 1997 on a basic and diluted basis. The fourth quarter ended Dec. 31, 1998 was Centura's seventh consecutive profitable quarter with net income of $0.3 million, or $.01 per share on a basic and diluted basis, compared to $1.0 million, or $.07 per share on a basic and $.06 per share on a diluted basis in the fourth quarter of 1997. Net equity increased to $7.3 million for the fiscal year ended 1998, as compared with negative equity of $10.0 million last year, due to the company's equity infusion in the first quarter of 1998 and positive net income in 1998. Net revenue was $13.6 million and $53.5 million for the fourth quarter and year ended Dec. 31, 1998, respectively, compared with $14.5 million and $57.9 million for the same periods last year. Invoicing, as determined by net revenue, less the change in deferred revenue liability, was $14.1 million and $52.2 million for the fourth quarter and year ended Dec. 31, 1998 respectively, as compared with $13.6 million and $50.6 million for the same periods last year. 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 Chief Financial Officer, comments, "We have successfully recapitalized the Company and returned to profitability. Deferred revenue decreased $1.3 million in 1998 compared to a decrease of $7.3 million in 1997 and Earnings Before Interest, Taxes, Depreciation and Amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
Scott Broomfield, Chief Executive Officer and President, explains, "1998 was the year we stabilized the direction of the Company focusing on Centura's original strengths of embedded database and development solutions. Virtually the entire product line was refreshed re·fresh v. re·freshed, re·fresh·ing, re·fresh·es v.tr. 1. To revive with or as if with rest, food, or drink; give new vigor or spirit to. 2. with updated versions in 1998, including the full SQLBase Suite, SQLBase Exchange, Centura net.db 1.5 and Centura Team Developer See Team Developer. 1.5. The challenge in 1999 is for Centura to be positioned as the leader in the embedded Inserted into. See embedded system. and micro-database market -- while continuing to provide the best connectivity and security solutions that are necessary to solve our customers' problems." About Centura Software: 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 embedded database, micro-database, connectivity and development solutions, which are used by corporate and independent software developers to build and deploy component-based, distributed business applications. Centura products include embedded databases that scale from smart devices to the Internet, and application development tools for Windows and Web clients. 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 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 Dec. 31, 1997, 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 Sept. 30, 1998. -0-
Centura Software Corporation
Condensed Consolidated Balance Sheet
(In thousands)
Dec. 31, Dec. 31,
1998 1997
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ASSETS
Cash, cash equivalents and
short-term investments $ 6,414 $ 3,974
Accounts receivable, net 12,988 11,744
Other current assets 3,637 3,348
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Total current assets 23,039 19,066
Other assets 6,333 9,134
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Total assets $ 29,372 $ 28,200
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LIABILITIES AND SHAREHOLDERS'
EQUITY (DEFICIT)
Current portion of long-term debt $ -- $ 10,000
Accounts payable and other
current liabilities 6,109 11,099
Short-term borrowings 2,663 1,581
Deferred revenue 13,274 14,618
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Total current liabilities 22,046 37,298
Other long-term liabilities 53 856
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Total liabilities 22,099 38,154
Shareholders' equity (deficit) 7,273 (9,954)
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Total liabilities and
shareholders' equity (deficit) $ 29,372 $ 28,200
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