Convera Corporation Announces Expected Financial Results for the Third Quarter of FY 2002.Business Editors/Hi-Tech Writers VIENNA, Va.--(BUSINESS WIRE)--Nov. 13, 2001 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:CNVR CNVR Conveyor ), a leading provider of information infrastructure software products that enable enterprises and government agencies to access, organize and utilize unstructured information, announced expected financial results today for its third fiscal quarter of FY 2002. Total revenues for the third quarter ended October 31, 2001 are expected to range from $8.5 million to $8.8 million. In addition, the Company expects to record a restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of approximately $5.2 million as a result of the reorganization announced October 3, 2001. The reorganization is expected to result in approximately $15 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings. The Company also announced that it expects to incur a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of approximately $754.4 million as a result of writing down Goodwill and Other Intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. associated with the business combination between Intel's Interactive Media Services Division and the former Excalibur Technologies Corporation that formed Convera in December 2000. This write down will be reflected in the Company's operations for the quarter ended October 31, 2001, but will not affect its cash position. Convera expects to exit the third quarter with over $120 million in cash. 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 (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.
About Convera Convera is a leading provider of software products that access, organize and utilize enterprise unstructured information, whether it be text, video, audio or image files. Convera's advanced technologies and products enable organizations to optimize the value of their unstructured content, establishing an information infrastructure that effortlessly scales to provide all users with fast, accurate, web-enabled access to all relevant information for a broad range of business critical applications including enterprise portals, knowledge management, customer relationship management and many more. Convera serves over 750 customers in 29 countries from its offices throughout the U.S. and Europe. 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, as these statements are subject to numerous factors and uncertainties, including without limitation, business and economic conditions and trends; continued success in technological advances; the ability to successfully integrate and operate the businesses that were merged to create Convera: the Interactive Media Services Division of Intel Corporation (company) Intel Corporation - A US microelectronics manufacturer. They produced the Intel 4004, Intel 8080, Intel 8086, Intel 80186, Intel 80286, Intel 80386, Intel 486 and Pentium microprocessor families as well as many other integrated circuits and personal computer networking and Excalibur Technologies Corporation; possible disruption in commercial activities caused by terrorist activity and armed conflict, such as changes in logistics 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. 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. Convera(TM), the Convera design logo, RetrievalWare(R), and Screening Room(R) are worldwide trademarks of Convera Corporation or its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Convera Technologies, Inc. All other marks contained herein are trademarks of third parties. |
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