CorVu Reports Results for First Quarter 2001.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Nov. 14, 2000 CorVu Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CRVU), a leading provider of Enterprise Business Performance Management, Business Intelligence and Balanced Scorecard Balanced Scorecard A performance metric used in strategic management to identify and improve various internal functions and their resulting external outcomes. The balanced scorecard attempts to measure and provide feedback to organizations in order to assist in implementing solutions, today announced financial results for the first quarter of its fiscal year 2001, ended September 30, 2000. Revenues for the first quarter ended September 30, 2000, were $2.45 million, down 17% from $2.96 million in the comparable period of the prior year. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the period was $2.25 million, compared with operating loss of $1.11 million for the first quarter of 2000. The current loss includes non-cash charges related to options and warrants of $405,000. (All figures are stated in U.S. dollars). The decline in revenue is primarily due to poor performance in the European subsidiary. While the Americas and the Asia-Pacific regions each showed marginal revenue Marginal revenue The change in total revenue as a result of producing one additional unit of output. marginal revenue The extra revenue generated by selling one additional unit of a good or service. growth of 6% and 2% respectively, revenue from the European region was down 57% compared with the same period of the prior year. "We are making an effort to address this situation by appointing Mr. Indrek Porm as Vice President of Sales for Europe," said Justin MacIntosh, 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. of CorVu Corporation. "As an eight-year veteran of the Company who previously held the same position in the Asia-Pacific region, Mr. Porm brings experience and a successful track record to our European operation." As previously announced, since June 2000, CorVu has taken steps to bring overheads in line with revenue performance. These efforts have already become manifest. For example, 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. for the quarter ended September 30, 2000 were $1.4 million lower than for the immediate prior quarter ended June 30, 2000. "Not all of the completed expense reductions have become evident in this quarter's results. We believe we'll see additional positive impact from these efforts over the next two quarters," commented MacIntosh. About CorVu Corporation CorVu is a global provider of Enterprise Business Performance Management and Balanced Scorecard solutions, which help thousands of companies effectively execute strategy and monitor operational results from a position of knowledge. CorVu builds accountability into every action and provides a consistent basis for reacting to real-time events, empowering executives to drive organizational change, achieve continuous improvement and exceed performance targets. More than 2500 customers, including companies such as American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , British Airways British Airways in full British Airways PLC International passenger airline based in London. In 1936 British Airways Ltd. was founded through the merger of three smaller airlines. , Hilton Hotels
Sara Lee Corporation (NYSE: SLE) is a global consumer-goods company based in Downers Grove, Illinois, USA. and Star-Kist Foods have selected CorVu's Enterprise Business Performance and Balanced Scorecard Solutions. For more information, please visit www.corvu.com or call 800.610.0769. Forward-Looking Statements This release contains statements, which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements appear in a number of places in this release. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors discussed herein. CorVu is a registered trademark of CorVu Corporation. All other trademarks are the properties of their respective companies. |
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