Convera Announces Second Quarter Financial Results; Revenues Grow by 51% Year-Over-Year and 9% Sequentially.Business Editors/High-Tech Writers VIENNA Vienna, city and province, Austria Vienna (vēĕn`ə), Ger. Wien, city and province (1991 pop. 1,539,848), 160 sq mi (414 sq km), capital and largest city of Austria and administrative seat of Lower Austria, NE Austria, on , Va.--(BUSINESS WIRE)--Aug. 27, 2003 Convera Corporation Convera was formed in December 2000 by the merger of Intel's Interactive Services division and Excalibur Technologies Corporation. Until 2007, Convera's primary focus was the enterprise search market through its flagship product, RetrievalWare, which is widely used within the secure (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNVR CNVR Conveyor ), a leading provider of search and categorization software for enterprises and government agencies, today reported financial results for its second fiscal quarter ended July July: see month. 31, 2003. Total revenues for the second quarter were $7.6 million, an increase of 51% over total revenues of $5.0 million reported for the same quarter last fiscal year. The second quarter revenues also represent a sequential One after the other in some consecutive order such as by name or number. increase of 9% over total revenues for the first quarter of this year. The company's total expenses for the second quarter were $12.8 million, down 10% from $14.2 million in the second fiscal quarter last year. For the second quarter, the company recorded a net loss of $5.1 million or $0.18 per common share, an improvement of 43% compared to a net loss of $9.0 million or $0.31 per common share in the second fiscal quarter last year. For the six months ended July 31, 2003, total revenues were $14.6 million compared to total revenues of $11.3 million reported for the same period last year, an increase of 29%. The company recorded a net loss of $11.0 million, or $0.38 per common share, compared to a net loss of $18.6 million, or $0.65 per common share, for the same period last year, an improvement of 41%. During the second quarter, the company's Federal government business continued to exhibit strong growth, with revenues up 167% compared to the same period last year. The company's overall increase in revenues was driven by large deals with leading financial institutions and worldwide government organizations, including civilian CIVILIAN. A doctor, professor, or student of the civil law. , defense, and intelligence agencies. About Convera Convera is a leading provider of mission-critical enterprise search and categorization solutions. Convera's RetrievalWare solutions maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. return on investment in vast stores of unstructured information by providing highly scalable, fast, accurate and secure search across more than 200 forms of text, video, image and audio information, in more than 45 languages. More than 800 customers in 33 countries rely on Convera's search solutions to power a broad range of mission-critical applications including enterprise portals See corporate portal. , knowledge management, intelligence gathering, profiling, corporate policy compliance, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance, customer service and more. For more information, contact Convera at 800-788-7758, via e-mail at info@convera.com or on the Web at www.convera.com This release, including any statements from Convera personnel, contains statements about Convera's future expectations, performance, plans, and prospects, as well as assumptions about future events. The reader is cautioned not to put undue reliance on these 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. , as these statements are subject to numerous factors and uncertainties, including without limitation, business and economic conditions and trends; continued success in technological advances; possible disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. in commercial activities caused by terrorist activity and armed conflict, such as changes in logistics logistics In military science, all the activities of armed-force units in support of combat units, including transport, supply, communications, and medical aid. The term, first used by Henri Jomini, Alfred Thayer Mahan, and others, was adopted by the U.S. and security arrangements; reduced customer demand relative to expectations; competitive factors; and other risk factors listed from time to time in the company's SEC reports. Actual results may differ materially from our expectations as the result of these and other important factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Convera's business and product development efforts, which are further described in Convera's filings with the Securities and Exchange Commission. These filings can be obtained from the SEC's website located at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Any forward-looking statements are based on information available to Convera on the date of this release, and Convera assumes no obligation to update such statements. The Convera design logo and the following are worldwide trademarks of Convera: Convera(TM), RetrievalWare(R), and Screening Room(R). The names of actual companies and products mentioned herein may be the trademarks of their respective owners. The condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. , consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of operations for the Company appear below and are presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with accounting principles generally accepted in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . All amounts, except per share amounts, are expressed in thousands of U.S. dollars.
Three Months Ended Six Months Ended
July 31, July 31,
2003 2002 2003 2002
------------------ ------------------
(unaudited) (unaudited)
Revenues:
License $4,587 $2,376 $8,818 $5,986
Services 1,467 982 2,666 1,945
Maintenance 1,559 1,678 3,089 3,398
------------------ ------------------
Total revenues 7,613 5,036 14,573 11,329
------------------ ------------------
Cost of Revenues:
License 454 697 817 1,451
Services 1,375 1,393 2,792 3,209
Maintenance 503 444 966 947
------------------ ------------------
Total cost of revenues 2,332 2,534 4,575 5,607
------------------ ------------------
Gross Margin 5,281 2,502 9,998 5,722
------------------ ------------------
Operating Expenses:
Sales and marketing 4,634 5,162 9,333 11,547
Research and product
development 3,219 3,003 6,500 6,263
General and administrative 2,233 2,381 4,524 4,918
Restructuring charges 295 1,043 621 1,890
Amortization of goodwill &
other intangible assets 67 67 135 107
Incentive bonus payments due to
employees - - - (138)
Acquired in-process research &
development - - - 126
------------------ ------------------
Total operating expenses 10,448 11,656 21,113 24,713
------------------ ------------------
Operating Loss (5,167) (9,154) (11,115) (18,991)
Other Income, net 50 159 101 387
------------------ ------------------
Net Loss $(5,117) $(8,995) $(11,014)$(18,604)
================== ==================
Net loss per common share - basic
& diluted $(0.18) $(0.31) $(0.38) $(0.65)
================== ==================
Weighted-average number of common
shares outstanding - basic &
diluted 29,210 28,913 29,123 28,723
The condensed, consolidated balance sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. for the Company appear below and are presented in accordance with accounting principles generally accepted in the United States. All amounts are expressed in thousands of U.S. dollars.
ASSETS July 31, 2003 January 31, 2003
--------------- ----------------
(unaudited)
Current Assets
Cash and cash equivalents $31,227 $10,318
Short term investments 5,355 20,148
Accounts receivable, net 7,287 6,732
Prepaid expenses and
other 3,164 2,509
----------------------------------
Total current assets 47,033 39,707
Other assets, net 5,102 6,060
Goodwill & other intangible assets 3,245 3,372
----------------------------------
Total Assets $55,380 $49,139
==================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $3,452 $3,069
Accrued expenses 7,309 7,220
Accrued bonuses 1,125 919
Deferred revenues 3,423 2,739
Restructuring reserve 884 1,326
----------------------------------
Total current
liabilities 16,193 15,273
Restructuring reserve, net of
current portion 1,204 1,494
----------------------------------
Total Liabilities 17,397 16,767
----------------------------------
Shareholders' Equity 37,983 32,372
Total Liabilities &
Shareholders' Equity $55,380 $49,139
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