Convera Reports First Quarter Results; Revenues Up 17% Year-Over-Year; 37% 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)--May 26, 2004 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 announced financial results for the three-month period ended April 30, 2004. Revenue for the first quarter totaled $8.2 million, a 17% increase from the $7.0 million as reported for the year-ago quarter and a 37% sequential One after the other in some consecutive order such as by name or number. increase from the three-month period ended January January: see month. 31, 2004. Growth in government business primarily accounted for the increase during the period. Gross profit for the three-month period ended April 30, 2004 totaled $6.3 million, resulting in a gross margin of 77%, as compared to 67% for the prior-year period. Net loss for the three-month period ended April 30, 2004 was $4.8 million, or $0.14 per share, compared to a net loss of $5.9 million, or $0.20 per share, for the comparable year-ago period. During the quarter the Company executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. an enterprise license agreement with an existing customer within the U.S. Department of Justice enabling the expanded use of RetrievalWare throughout the Agency's field offices across 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. . In addition to this, a multi-year enterprise license arrangement was reached with an agency of the U.K. government involved in security efforts. "Our first quarter results were largely fueled by the continued adoption of Convera technology in large government security organizations worldwide," said Patrick C. Condo, President and Chief Executive Officer of Convera. "These organizations are on the leading edge of utilizing the advanced search and discovery capabilities of RetrievalWare 8. We expect to further leverage this sector over the coming quarters while we continue to pursue growth opportunities within the commercial marketplace." Cash and investments as of April 30, 2004 totaled $21.5 million. The larger than expected change in cash from the 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. position is directly related to the timing of certain planned collections that are now expected to be received during the second quarter of fiscal 2005. Attached is the financial information comparing results for the three-month period ended April 30, 2004 to the same period in 2003. 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 900 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, consolidated statements of operations for the Company
appear below and are presented in accordance with accounting
principles generally accepted in the United States. All amounts,
except per share amounts, are expressed in thousands of U.S. dollars.
Three Months Ended
April 30,
2004 2003
---- ----
(unaudited) (unaudited)
Revenues:
License $ 5,856 $ 4,231
Services 583 1,199
Maintenance 1,731 1,530
------------------------
Total revenues 8,170 6,960
------------------------
Cost of Revenues:
License 659 430
Services 716 1,417
Maintenance 522 463
------------------------
Total cost of revenues 1,897 2,310
------------------------
Gross Margin 6,273 4,650
------------------------
Operating Expenses:
Sales and marketing 5,013 4,700
Research and product development 3,640 3,282
General and administrative 2,416 2,291
Restructuring charges - 325
------------------------
Total operating expenses 11,069 10,598
------------------------
Operating Loss (4,796) (5,948)
Other Income, net 37 51
------------------------
Net Loss $ (4,759) $ (5,897)
========================
Net loss per common share - basic & diluted $ (0.14) $ (0.20)
========================
Weighted-average number of common shares
outstanding - basic & diluted 33,936 29,033
The condensed, consolidated balance sheets 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 April 30, 2004 January 31, 2004
-------------- ----------------
(unaudited)
Current Assets
Cash and cash equivalents $ 21,471 $ 30,530
Short term investments 71 71
Accounts receivable, net 10,605 5,464
Prepaid expenses and other 2,657 2,536
----------------------------------
Total current assets 34,804 38,601
Other assets, net 3,792 3,984
Goodwill 2,275 2,275
Other intangible assets 768 835
----------------------------------
Total Assets $ 41,639 $ 45,695
==================================
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current Liabilities
Accounts payable $ 3,290 $ 2,615
Accrued expenses 4,020 4,093
Accrued bonuses 829 745
Deferred revenues 3,777 3,720
Restructuring reserve 620 620
----------------------------------
Total current liabilities 12,536 11,793
Restructuring reserve, net of
current portion 726 887
Other long-term liabilities 1,241 1,647
----------------------------------
Total long-term liabilities 1,967 2,534
----------------------------------
Total Liabilities 14,503 14,327
----------------------------------
Shareholders' Equity 27,136 31,368
Total Liabilities &
Shareholders' Equity $ 41,639 $ 45,695
==================================
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion