Comshare Reports Third Quarter Profit; Record License Fee Gains for BudgetPLUS and FDC.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)--April 19, 2000 Comshare, Incorporated (Nasdaq:CSRE CSRE Comparative Studies in Race and Ethnicity CSRE Closed System Respirator Evaluator ) announced today net income of $0.2 million, or $0.02 per share for the quarter ended March 31, 2000, which compares to a net loss of $1.4 million, or a loss of $0.15 per share, in the same period one year ago. Net income for the nine months was $0.3 million, compared to a net loss of $1.3 million in the same period one year ago. Total revenue for the third quarter was $15.0 million, up slightly from $14.8 million for the same quarter a year ago. Total license fees of $5.6 million in the third quarter increased 4% over the $5.4 million in the same quarter a year ago. "The license fee growth this quarter, although modest, was an important milestone as the increase was driven by the success of our newer products, particularly BudgetPLUS and FDC FDC - Floppy Disk Controller ," 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, Comshare President and 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. . "License fees for the newer products grew 38% compared to the same quarter a year ago, and represented 90% of license fees, compared to 68% of license fees in the third quarter of fiscal 1999." "There were a number of other positives in the quarter," continued Ganster. "BudgetPLUS license fees were a record $2.7 million, higher than any previous quarter, including the seasonally strongest fourth quarters of prior years. The 172% growth in BudgetPLUS license fees reflected increases in both our direct and distributor territories. The growth in BudgetPLUS reflects our marketing focus that places BudgetPLUS as the cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to to our management planning and control product suite. That growth reflects the successful change to broaden our technology platform to support mainstream relational databases relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. . Over 80% of BudgetPLUS license fees were from the new relational database versions released last year. FDC was again a success story this quarter, with license fees up 104%, compared to the year-ago quarter, influenced by the new management reporting and analysis capability added late last fiscal year. As a result of the growing BudgetPLUS and FDC license fees in the prior quarters, implementation services revenue increased 21%, contributing to overall revenue growth." License fees from Comshare's distributor territories declined 15%, negatively affected by the decline in legacy license fees. However, license fees of Comshare's newer products increased 23% in the distributor territories, indicating that the shift toward the Company's newer products is underway. Performance in the direct sales territories was again strong, with license fee growth of 29%. "Comshare's financial picture has been steadily improving, with profits in nine of the last ten quarters, continued growth in our newer products, and positive cash flow in the third quarter," concluded Ganster. "With BudgetPLUS well established, we are broadening our message to cover the full management planning and control product suite. Our goal is to offer Web-based solutions that seamlessly unite planning, budgeting, reporting and analysis into a fully integrated, closed-loop system Noun 1. closed-loop system - a control system with a feedback loop that is active closed loop control system - a system for controlling the operation of another system supporting the management planning and control process," stated Ganster. "Toward that end, we released two new products during the third quarter: Comshare Planning and Comshare Management Reporting and Analysis. Planning is a flexible solution for strategic and top-down planning, and we expect it to be an important differentiator when it is fully integrated with BudgetPLUS. Management Reporting and Analysis is a fully Web-based solution, available on the major relational databases, that helps customers broadly disseminate dis·sem·i·nate v. dis·sem·i·nat·ed, dis·sem·i·nat·ing, dis·sem·i·nates v.tr. 1. To scatter widely, as in sowing seed. 2. management information. Both products significantly strengthen our product suite for management planning and control with the kinds of solutions that add substantial value to our customers' businesses." Companies around the world and in many industries purchased Comshare applications in the third quarter, including American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Re-Insurance RE-INSURANCE, mar. contr. An insurance made by a former insurer, his executors, administrators, or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance. 2. It differs from a double insurance (q.v. Company, Checkpoint (programming) checkpoint - Saving the current state of a program and its data, including intermediate results, to disk or other non-volatile storage, so that if interrupted the program could be restarted at the point at which the last checkpoint occurred. Systems, Inc., Credit Agricole AMT See vPro. , CUNA Cuna Chibchan-speaking Indian people who once occupied the central region of what is now Panama and the neighbouring San Blas Islands and who still survive in marginal areas. In the 16th century they lived in federated villages under chiefs who wielded considerable power. , Deloitte & Touche, Intrawest Intrawest is a company offering destination resorts and luxury adventure travel. The company was founded in 1976 as a real estate development company. In 1986, Intrawest acquired Blackcomb Mountain from the Aspen Skiing Company. Corporation, Liberty Life Insurance Company, L.P., NatWest Global Financial Markets, PepsiCo PepsiCo, Incorporated (NYSE: PEP) is a global American beverage and snack company. The company manufactures, markets and sells a variety of carbonated and non-carbonated beverages, as well as salty, sweet and grain-based snacks, and other foods. , Inc., Pinderfields and Pontefract Pontefract (pŏn`tĭfrăkt, pŭm`frĭt), town (1991 pop. 28,621), Wakefield metropolitan district, N England. It is an industrial city; furniture, iron products, and textiles are made. Pomfret cakes are licorice lozenges made there. Hospital NHS Trust National Health Service Trusts (NHS Trusts) provide many services of the National Health Service in England and Wales. They are not trusts in the legal sense but are in effect public sector corporations. , and Randstad  This article or section reads like a and may need a .Please help [ to improve this article] to make it in tone and meet Wikipedia's . US. About Comshare Comshare(R) Inc. is a leading provider of e-business software applications for management planning and control (MPC (1) (Mobile PC) A handheld or laptop computer. See handheld computer, laptop computer and Ultra-Mobile PC. (2) (MultiPath Channel) See multipath. ), which includes 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 Hyperion 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, a Microsoft Certified See certification. Solutions Provider, and an Oracle Business Alliance Partner. For more information on Comshare, call 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. Note to Editors: Comshare is a registered trademark; Comshare BudgetPLUS, Comshare DecisionWeb, Comshare Decision, Comshare FDC, 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 Nine Months Ended
March 31, March 31,
2000 1999 2000 1999
Revenue
Software licenses $ 5,562 $ 5,361 $ 16,430 $ 17,596
Software maintenance 5,747 6,362 17,501 19,984
Implementation,
consulting and
other services 3,719 3,075 10,626 11,302
-------- --------- --------- ---------
Total revenue 15,028 14,798 44,557 48,882
Costs and expenses
Selling and marketing 5,944 5,995 17,693 19,562
Cost of revenue
and support 5,422 5,967 16,393 18,836
Internal research and
product development 2,285 2,353 6,571 6,730
General and
administrative 1,547 2,265 4,498 6,324
-------- --------- --------- ---------
Total costs
and expenses 15,198 16,580 45,155 51,452
-------- --------- --------- ---------
Loss from operations (170) (1,782) (598) (2,570)
Other income (expense)
Interest income, net 356 379 1,050 1,321
Exchange gain (loss) 62 (19) (32) 27
-------- --------- --------- ---------
Total other income 418 360 1,018 1,348
Income (loss)
before taxes 248 (1,422) 420 (1,222)
Provision for
income taxes 87 - 148 68
-------- --------- --------- ---------
Net income (loss) $ 161 $ (1,422) $ 272 $ (1,290)
======== ========= ========= =========
Shares used in basic
EPS computation 9,649 9,528 9,632 9,748
======== ========= ========= =========
Shares used in
diluted EPS
computation 10,105 9,528 9,875 9,748
======== ========= ========= =========
Net income (loss)
per common share -
basic and diluted EPS $ 0.02 $ (0.15) $ 0.03 $ (0.13)
======== ========= ========= =========
COMSHARE, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
March 31, June 30,
2000 1999
----------------- --------------
----------------- --------------
Assets (unaudited) (audited)
Current assets
Cash and cash equivalents $ 27,541 $ 32,212
Accounts receivable, net 14,738 14,723
Other current assets 2,820 5,239
------------ ----------
Total current assets 45,099 52,174
Property and equipment, net 2,279 2,638
Deferred income taxes 6,094 5,067
Other assets 3,185 3,576
------------ ----------
Total assets $ 56,657 $ 63,455
============ ==========
Liabilities and
shareholders' equity
Current liabilities
Current portion of
long-term debt $ 434 $ 882
Deferred revenue 10,331 11,611
Other current liabilities 10,709 15,227
------------ ----------
Total current liabilities 21,474 27,720
Long-term debt 423 1,198
Other liabilities 3,101 3,271
Shareholders' equity 31,659 31,266
------------ ----------
Total liabilities and
shareholders' equity $ 56,657 $ 63,455
============ ==========
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion