Comshare Reports First Quarter Profit and Revenue Growth.Business Editors ANN ARBOR Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , Mich.--(BUSINESS WIRE)--Oct. 23, 2000 Comshare, Incorporated (Nasdaq:CSRE CSRE Comparative Studies in Race and Ethnicity CSRE Closed System Respirator Evaluator ) announced today net income of $0.1 million, or $0.01 per share for the quarter ended September September: see month. 30, 2000, comparable to net income of $0.1 million, or $0.01 per share, in the same period one year ago. Total revenue for the first quarter was $15.4 million, an increase of 6% from $14.5 million for the same quarter a year ago. "The revenue growth in the first quarter reflects the continued growth of our new management planning and control business," stated Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the G. Ganster, President & 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. . "Management planning and control revenue grew 18% compared to the same quarter a year ago, and represented 61% of total revenue, reflecting our strategy to transition the business from legacy products to our management planning and control business." "We had exceptionally strong growth in implementation services revenue, increasing 41% over the same quarter a year ago, coming off the record sales of management planning and control products in the previous two quarters," continued Ganster. "License fees declined in the quarter, impacted by the success of our fiscal-year end and by the deferral deferral - Waiting for quiet on the Ethernet. of purchase decisions by prospects that we expected to close at the end of the September quarter. Maintenance revenue was relatively flat, reflecting the growth of the management planning and control product maintenance and expected decline of legacy product maintenance." "License fees of our budgeting application grew 40% compared to the same quarter a year ago, reflecting solid growth by both our direct sales force and distributors. Our budgeting application is at the heart of our MPC (1) (Mobile PC) A handheld or laptop computer. See handheld computer, laptop computer and Ultra-Mobile PC. (2) (MultiPath Channel) See multipath. product suite, and the soon-to-be released new version, Comshare MPC 4.0," continued Ganster. "The growth in budgeting license fees by the distributors was also a welcome sign, indicating support for the MPC strategy." "The release of MPC 4.0 is on track for commercial availability before the end of the calendar year," said Ganster. "We believe this release will be a milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. in the financial analytic an·a·lyt·ic or an·a·lyt·i·cal adj. 1. Of or relating to analysis or analytics. 2. Expert in or using analysis, especially one who thinks in a logical manner. 3. Psychoanalytic. software market, as it marks the first time that a Web-based, integrated application for planning, budgeting, financial consolidation, reporting and analysis will be available in the market place. We believe that an integrated, Web-based approach to the management planning and control process will help our customers implement their strategies more effectively and improve their performance." "Release 4.0 of our Web-based business intelligence platform, Comshare Decision, is also due around year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. ," added Ganster. "This release of Decision will provide customers with a host of new features for users, a building environment for rapid application development, and support for Microsoft's .NET architecture. And because Comshare Decision can be customized to meet a variety of customer needs, users gain greater flexibility and analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. power through Web-based ad hoc For this purpose. Meaning "to this" in Latin, it refers to dealing with special situations as they occur rather than functions that are repeated on a regular basis. See ad hoc query and ad hoc mode. reporting, multidimensional analysis In statistics, econometrics, and related fields, multidimensional analysis is a data analysis process that groups data into two basic categories: data dimensions and measurements. , visualization Using the computer to convert data into picture form. The most basic visualization is that of turning transaction data and summary information into charts and graphs. Visualization is used in computer-aided design (CAD) to render screen images into 3D models that can be viewed from all of data across large hierarchies, and advanced exception alerting that proactively notifies users of problem areas." Comshare will hold a conference call chaired by Dennis Ganster 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 ). Investors can access the call from the Investors section of the Comshare web site, www.comshare.com, or by dialing 415-247-8543. If you are unable to listen to the live call a replay will be available for 48 hours and can be accessed by dialing 800-633-8284 with access code 16577187. The replay will also be on Comshare's web site for 90 days. About Comshare Comshare, Incorporated is a leading provider of e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. software applications for management planning and control (MPC), which comprises planning, budgeting, financial consolidation, management reporting and analysis. Comshare's MPC applications deliver business-critical information over the Web that can be used to make sound planning and management decisions. In business for nearly 35 years, Comshare is one of the top independent software companies, with customers around the world, many of which are Fortune 500 and Financial Times Top 1000 companies. Comshare is a Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. Data Warehousing See data warehouse. data warehousing - data warehouse Alliance Partner, an IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) Business Partner, an Oracle Business Alliance Partner, and a Hyperion Hyperion, in astronomy Hyperion (hīpēr`ēən), in astronomy, one of the named moons, or natural satellites, of Saturn. Alliance Partner. For more information on Comshare, call 1-800-922-7979, send e-mail to info@comshare.com or visit Comshare's Web site at www.comshare.com. 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. Statement Certain information in this press release contains "forward looking statements" within the meaning of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , including those concerning the Company's future results, new market and business opportunities, strategy and product releases. Actual results could differ materially from those in the forward looking statements due to a number of uncertainties, including, but not limited to, the demand for the Company's products and services; the size, timing and recognition of revenue from significant orders; increased competition and pricing pressures from competitors; the Company's success in and expense associated with developing, introducing and shipping new products; new product introductions and announcements by the Company's competitors; the level of interest and success of the Company's distributors in marketing and selling the Company's products; changes in Company strategy; product life cycles; the cost and continued availability of third party software and technology incorporated into the Company's products; the impact of rapid technological advances, evolving industry standards and changes in customer requirements, including the impact on the Company's revenues of Microsoft's OLAP (OnLine Analytical Processing) Decision support software that allows the user to quickly analyze information that has been summarized into multidimensional views and hierarchies. OLAP tools are used to perform trend analysis on sales and financial information. database; the overall competition for key employees; cancellations of maintenance and support agreements; software defects; changes in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ; fluctuations in foreign exchange rates; the ability of the Company to generate sufficient future taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. or to execute available tax strategies required to realize deferred tax assets; economic conditions generally or in specific industry segments. In addition, a significant portion of the Company's revenue in any quarter is typically derived from non-recurring license fees, a substantial portion of which is booked in the last month of a quarter. Since the purchase of the Company's products is relatively discretionary and generally involves a significant commitment of capital, in the event of any downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. in any potential customer's business or the economy in general, purchases of the Company's products may be deferred or canceled. Further, the Company's expense levels are based, in part, on its expectations as to future revenue and a significant portion of the Company's expenses do not vary with revenue. As a result, if revenue is below expectations, results of operations are likely to be materially, adversely affected. Comshare is a registered trademark; Comshare BudgetPLUS, Comshare DecisionWeb, Comshare Decision, Comshare FDC FDC - Floppy Disk Controller , Comshare Planning and Comshare Management Reporting and Analysis are trademarks of Comshare, Inc. All other trademarks are the property of their respective holders.
COMSHARE, INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited; in thousands, except per share data)
Three Months Ended
September 30,
2000 1999
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Revenue
Software licenses $ 4,703 $ 5,302
Software maintenance 5,841 5,748
Implementation, consulting
and other services 4,899 3,456
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Total revenue 15,443 14,506
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Costs and expenses
Selling and marketing 5,461 5,817
Cost of revenue and support 6,781 5,238
Internal research and product development 2,056 2,150
General and administrative 1,432 1,479
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Total costs and expenses 15,730 14,684
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Income (loss) from operations (287) (178)
Other income (expense) 410 260
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Income before taxes 123 82
Provision for income taxes 45 30
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Net Income $ 78 $ 52
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Shares used in basic EPS computation 9,780 9,642
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Shares used in diluted EPS computation 10,007 9,642
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Net Income per common share -
basic and diluted EPS $ 0.01 $ 0.01
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COMSHARE, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
September 30, June 30,
2000 2000
------------ -----------
Assets (unaudited) (audited)
Current assets
Cash and cash equivalents $25,014 $29,506
Accounts receivable, net 17,383 17,328
Other current assets 3,369 3,056
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Total current assets 45,766 49,890
Property and equipment, net 1,710 1,885
Deferred income taxes 5,845 5,845
Other assets 2,587 2,526
------- -------
Total assets $55,908 $60,146
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Liabilities and shareholders' equity
Current liabilities
Current portion of long-term debt $ 329 $ --
Deferred revenue 10,148 12,178
Other current liabilities 10,586 12,229
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Total current liabilities 21,063 24,407
Long-term debt -- 599
Other liabilities 4,225 4,249
Shareholders' equity 30,620 30,891
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Total liabilities and shareholders' equity $55,908 $60,146
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