CorVu Reports Results for Fiscal Year 2000.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Sept. 29, 2000 CorVu Corporation (trading symbol Trading symbol See: Ticker symbol : 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 fourth quarter and fiscal year 2000, which ended June 30, 2000. Financial Highlights Net revenues for the fourth quarter ended June 30, 2000, were $3.7 million, up 16% from $3.2 million in the same 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 fourth quarter of 2000 was $2.3 million, down 26% compared with an operating loss of $3.1 million for the fourth quarter of 1999. These losses include non-cash charges 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. related to options and warrants granted during the period of $723,000; $401,000 of which were allocated directly against the revenue line in accordance with US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . For the year ended June 30, 2000, net revenues were $12.8 million, up 21% from $10.6 million for 1999. Operating loss for the twelve months ended June 30, 2000 was $8.1 million, compared to an operating loss of $4.6 million for the twelve months ended June 30, 1999. These losses include one-time costs related to a merger with Minnesota American as well as certain other non-cash charges related to options and warrants granted during the period of $2.6 million. (All figures are stated in U.S. dollars.) Expense Reductions Since June 2000, CorVu has taken steps to bring overheads in line with revenue performance. While the Company expects to show a loss for the first quarter of FY 2001, management believes these expense reductions should have minimal effect on anticipated revenues. Market Strength The market for business performance management and business intelligence solutions - particularly the balanced scorecard - continues to be strong. A recent Bain & Co survey found that 55% of US companies and 45% of European companies It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. This is a list of companies from the countries in the European Union. are implementing performance management strategies based on the Balanced Scorecard. Another study commissioned by PricewaterhouseCoopers and The Economist indicated that "Ninety-two percent of respondents perceive they have a critical or important need to improve the way they manage performance. For the largest firms, over $5 billion, this statistic jumps to 100 percent. Every top manager in these large, complex businesses identified improved capability in this area as a key element of the future success of their organization." CorVu is moving aggressively to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. this market opportunity. CorVu's Business Performance Management solutions continue to be strongly accepted. For example, the Balanced Scorecard Collaborative recognized CorVu's CorManage application as a certified balanced scorecard software solution. The Company also appeared on the Computerworld "Emerging Companies to Watch in the Year 2000" listing. These accolades reinforce the positive response that CorVu has received from both its customers and partners. About CorVu Corporation CorVu is a global provider of Enterprise Business Performance Management and Balanced Scorecard Solutions. CorVu solutions have helped thousands of companies merge business vision, shrewd industry and competitive analysis, and the right measurements to enable effective execution of strategy. Providing solutions designed to assist in efficiently allocating resources, strengthening competitive capabilities, installing strategy-supportive policies and managing core competencies A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
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. , Mincom, Prudential, Ford Motor Company, Sara Lee
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 Management 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 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. 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. |
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