Corel Corporation Reports Second Quarter Results; Revenues Increase 11%; GAAP Net Loss of $(0.19) Per Share; Non-GAAP Adjusted Net Income of $0.38 Per Diluted Share.OTTAWA Ottawa, city, Canada Ottawa (ŏt`əwə), city (1991 pop. 313,987), capital of Canada, SE Ont., at the confluence of the Ottawa and Rideau rivers. Hull, Que. -- Corel Corporation (company) Corel Corporation - A software publisher best known for the CorelDraw application. Founded in June 1985 by Dr. Michael Cowpland, Corel Corporation was originally a systems integration company. (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 :CREL CREL Circular Regional Externa de Lisboa )(TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CRE CRE Commercial Real Estate CRE Corporate Real Estate CRE Commission for Racial Equality (Scotland) CRE CCD (Charge Coupled Device) and Readout Electronics CRE Camp Response Element ) today reported financial results for its second quarter ended May 31, 2006. Revenues in the second quarter of fiscal 2006 were $44.2 million, an increase of 11% over revenues of $40.0 million in the second quarter of fiscal 2005. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net loss in the second quarter of fiscal 2006, which includes a one time charge of $8.3 million related to the early retirement of debt, was $(4.0) million, or $(0.19) per share. This compares to net income of $158,000, or $0.01 per share in the second quarter of fiscal 2005. Non-GAAP adjusted net income for the second quarter of fiscal 2006 was $8.4 million, an increase of 11% compared to non-GAAP adjusted net income for the second quarter of fiscal 2005 of $7.5 million, remaining constant at $0.38 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share. Non-GAAP adjusted 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 in the second quarter of fiscal 2006 was $13.7 million, a 6% increase compared to $13.0 million in the second quarter of fiscal 2005. A reconciliation of GAAP net income to non-GAAP adjusted net income and non-GAAP adjusted EBITDA is provided in the notes to the financial statements Notes to the financial statements A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements. included in this press release. During the quarter, Corel (Corel Corporation, Ottawa, Ontario, www.corel.com) A leading Canadian software company, founded in 1985 by Dr. Michael Cowpland. For many years, it has been widely known for its award-winning CorelDRAW graphics programs for Windows, Mac and Unix. completed its initial public offering and refinanced its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Corel from the offering were $72.5 million. As a result of the offering and related transactions, Corel reduced its outstanding debt at the end of the quarter from $140.0 million to $90.0 million and ended the quarter with $33.0 million in cash and cash equivalents. "Corel's second quarter performance demonstrates the continued strength of our business model and the results we are able to achieve by remaining focused on the needs of our customers and partners," said David Dobson David James Dobson (born 1965, Mississauga, Ontario) is a Canadian murderer who is currently serving a life sentence in a medium security federal penitentiary in Kingston, Ontario. , 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 Corel Corporation. "With strong revenue performance, new global partnerships, and increasing traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. in developing and emerging markets, Corel is successfully executing its strategy to deliver long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , shareholder value. WinZip's contribution further illustrates the benefits of the Corel acquisition model as we leverage operating efficiencies to drive incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. earnings." Dobson dob·son n. See hellgrammite. [Probably from the name Dobson.] Noun 1. dobson - large brown aquatic larva of the dobsonfly; used as fishing bait hellgrammiate continued, "Corel has proven itself to be a leader in delivering high-value, affordable software that is easy to learn and use Easy to learn refers to software that is well designed and capable of being used right away without having to wade through documentation. If you make the program work with little effort, it is easy to learn. . We remain committed to that vision and to delivering a unique customer experience that differentiates Corel in the marketplace. Our new digital imaging platform, code named "Alta ALTA Alberta (Canada) ALTA AltaVista (stock symbol) ALTA American Land Title Association ALTA American Literary Translators Association ALTA Atlanta Lawn Tennis Association ," is an example of the innovations we are developing to provide customers and partners with more flexibility, convenience, and control in creating their own digital imaging environment. Corel's employees will continue to work closely with our customers and partners to deliver software that responds to their evolving needs." Third Quarter Fiscal 2006 Guidance Corel provided guidance for the third quarter ending August 31, 2006.
The Company currently expects:
Revenue in the range of $39 million to $41 million.
GAAP net income of $3.4 million to $4.7 million and non-GAAP
adjusted net income of $7.2 million to $8.5 million.
GAAP EPS of $0.13 to $0.18 per share and non-GAAP EPS of $0.28
to $0.33 per share.
Fiscal 2006 Guidance Corel provided guidance for the year ending November November: see month. 30, 2006.
The Company currently expects:
Revenue in the range of $172 million to $175 million
GAAP net income of $4.7 million to $7.1 million and non-GAAP
adjusted net income of $33.0 million to $35.4 million.
GAAP EPS of $0.20 to $0.30 per share and non-GAAP EPS of $1.40
to $1.50 per share.
Corel will host a conference call to discuss the results at 4:30 p.m. Eastern Time today. To access the conference call, please dial (800) 810-0924 or (913) 981-4900. A live webcast and replay of the call will also be available through Corel's Investor Relations Investor relations The process by which the corporation communicates with its investors. website at http://investor.corel.com/events.cfm. 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. : This news release includes forward-looking statements that are based on certain assumptions and reflect our current expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements to differ materially from any future results, performance, or achievements discussed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Such risks include competitive threats from well-established software companies that have significantly greater market share and resources than us, new entrants that benefit from industry trends, such as the increasing importance of Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the distribution and open source software, and from online services companies that are increasingly seeking to provide software products at little or no incremental cost Incremental Cost The encompassing change that a company experiences within its balance sheet due to one additional unit of production. Notes: Incremental cost is the overall change that a company experiences by producing one additional unit of good. to their customers to expand their Internet presence and build consumer loyalty. We rely on a small number of key strategic relationships for a significant percentage of our revenue and these relationships can be modified mod·i·fy v. mod·i·fied, mod·i·fy·ing, mod·i·fies v.tr. 1. To change in form or character; alter. 2. or terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: at any time. In addition, our core products have been marketed for many years and the packaged software See software package. market in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). is
relatively mature and characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by modest growth. Accordingly, we must successfully complete acquisitions, penetrate new markets or increase penetration The successful unauthorized breach of a security perimeter. See penetration test. of our installed base to achieve revenue growth. These and other risks, uncertainties and other important factors are described in our Prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. dated April 25, 2006, filed with the Securities and Exchange Commission pursuant to Rule 462(b) of the rules and regulations under the Securities Act of 1933. A copy of the Prospectus can be obtained on our website, or at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Such risks are also included in our Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. supplemented PREP prospectus dated April 25, 2006, available at http://www.sedar.com. Forward-looking statements speak only as of the date of the document in which they are made. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any obligation or undertaking to provide any updates or revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which the forward-looking statement is based. Financial Presentation and Use of Non-GAAP Measures: Our financial statements have been prepared 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 U.S. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , or GAAP, which differ in certain material respects from Canadian generally accepted accounting principles. In addition, our financial statements and information in this release are presented in U.S. Dollars, unless otherwise indicated. This news release includes certain non-GAAP financial measures, such as adjusted net income and adjusted EBITDA. We use these non-GAAP financial measures to confirm our compliance with covenants contained in our debt facilities, as supplemental indicators of our operating performance and to assist in evaluation of our liquidity. These measures do not have any standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. meanings prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by GAAP and therefore are not comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance or changes in cash flows calculated in accordance with GAAP. Reconciliations of these non-GAAP financial measures to the closes GAAP measures are set out in the notes to the financial statements attached to this news release. About Corel Corporation Corel is a leading global packaged software company with an estimated installed base of over 40 million users. The Company provides high quality, affordable and easy-to-use productivity, graphics and digital imaging software and enjoys a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market position among value-conscious consumers and small businesses. Its products are sold in over 75 countries through a scalable distribution platform comprised of original equipment manufacturers (OEMs), Corel's international websites, and a global network of resellers and retailers. The Company's product portfolio features well-established, globally recognized brands including CorelDRAW A drawing program for Windows and the Mac from Corel. Introduced in 1989, CorelDRAW has been Corel's flagship program, which became very popular due to its speed and features. CorelDRAW has been offered in various suites with other Corel programs, including at one time, the Corel VENTURA (R) Graphics Suite, Corel(R) WordPerfect See WordPerfect Office. 1. (text, tool, product) WordPerfect - A word processor for a wide range of computers. The first version was sold in 1980 for Data General machines, and by the end of 1993 versions were on sale for MS-DOS, Microsoft Windows and Macintosh (R) Office, WinZip A popular Windows-based utility for archiving files in the ZIP format from WinZip Computing, Inc., Bristol CT (www.winzip.com), formerly Nico Mac Computing. In 2004, Version 9.0 was the first WinZip to support the 256-bit AES cipher for encrypting files. (R), Corel(R) Paint Shop(R) Pro, and Corel Painter Painter is the name of a raster graphics software package used to create natural-looking artistic images using a computer. Originally available on the Macintosh, it is now also available for Windows. (TM). To learn more about Corel, please visit www.corel.com. (C) 2006 Corel Corporation. All rights reserved. Corel, CorelDRAW, WordPerfect, WinZip, Paint Shop, Painter painter, animal: see puma. A full-featured paint program for Macintosh and Windows from Corel. Part of Corel's illustration and design line of products, Painter is the most sophisticated paint program on the market with an array of tool palettes that is , and the Corel logo are trademarks or registered trademarks of Corel Corporation and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. its subsidiaries. All other product, font font or typeface or type family Assortment or set of type (alphanumeric characters used for printing), all of one coherent style. Before the advent of computers, fonts were expressed in cast metal that was used as a template for printing. and company names and logos are trademarks or registered trademarks of their respective companies. CRELF
Corel Corporation
Quarterly Financial Results
For the quarter ended May 31, 2006
(in thousands, except per share data; unaudited)
Consolidated Condensed Statement of Operations
Three Months ended Six Months ended
May 31, May 31,
2006 2005 2006 2005
-------- -------- -------- ---------
Revenues - Product $39,151 $36,428 $78,649 $ 72,510
Revenues - Maintenance and
service 5,059 3,573 9,848 7,479
-------- -------- -------- ---------
Total revenues 44,210 40,001 88,497 79,989
-------- -------- -------- ---------
Cost of revenues - Product 5,049 4,097 10,054 8,805
Cost of revenues - Maintenance
and service 276 293 590 641
Amortization of intangible
assets 2,648 6,636 9,275 12,835
-------- -------- -------- ---------
Total cost of revenues 7,973 11,026 19,919 22,281
-------- -------- -------- ---------
Gross margin 36,237 28,975 68,578 57,708
-------- -------- -------- ---------
Operating expenses
Sales and marketing 14,023 12,164 28,527 24,988
Research and development 6,640 5,982 12,821 11,653
General and administrative 6,193 4,654 11,588 10,313
Restructuring 251 72 811 612
-------- -------- -------- ---------
Total operating expenses 27,107 22,872 53,747 47,566
-------- -------- -------- ---------
Income from operations 9,130 6,103 14,831 10,142
Other expenses (income)
Loss on debt retirement 8,275 6 8,275 3,937
Interest expense, net 3,207 3,407 7,070 5,377
Amortization of deferred
financing fees 357 504 801 804
Other non-operating expense
(income) (528) 193 (648) 371
-------- -------- -------- ---------
Income (loss) before taxes (2,181) 1,993 (667) (347)
Income tax expense 1,791 1,835 4,942 2,015
-------- -------- -------- ---------
Net income (loss) $(3,972) $ 158 $(5,609) $ (2,362)
-------- -------- -------- ---------
Net income (loss) per share
Basic and diluted
Class A $ N/A $ (0.05) N/A $ (1.69)
Class B N/A (0.05) N/A (1.69)
WinZip Common N/A 38.95 N/A 29.20
Corel Common (0.19) N/A (0.28) N/A
Pro-forma basic and diluted (0.19) 0.01 (0.28) (0.16)
Weighted average number of shares:
Shares used in basic and diluted
per share amounts
Class A N/A 3,736 N/A 3,736
Class B N/A 8,321 N/A 8,321
WinZip Common N/A 20 N/A 20
Corel Common 21,086 N/A 20,293 N/A
Shares used in pro-forma per
share amounts
Basic 21,086 19,485 20,293 19,485
Diluted 21,086 19,965 20,293 19,485
Consolidated Condensed Balance Sheet
May 31, November 30,
2006 2005
----------- ------------
Assets
Current assets:
Cash and cash equivalents $ 33,021 $ 20,746
Restricted cash 717 966
Accounts receivable
Trade, net 16,763 19,342
Due from related parties - 667
Other 648 311
Inventory 1,365 726
Deferred tax assets, current portion 240 592
Prepaids and other current assets 2,242 2,343
----------- ------------
Total current assets 54,996 45,693
Investments 262 334
Capital assets 3,536 3,532
Intangible assets 42,813 52,397
Goodwill 9,850 9,850
Deferred Income tax assets - 284
Deferred financing charges and other long-
term assets 4,199 8,746
----------- ------------
Total assets $ 115,656 $ 120,836
----------- ------------
Liabilities and shareholders' deficit
Current liabilities:
Accounts payable & accrued liabilities $ 26,650 $ 30,152
Due to related party - 334
Income taxes payable 13,472 10,773
Deferred revenue 10,107 11,755
Current portion of promissory note 532 1,170
Current portion of term loan payable 900 15,764
----------- ------------
Total current liabilities 51,661 69,948
Deferred revenue 2,159 2,085
Term loan payable 89,100 132,965
Promissory note and other long-term
liabilities 797 1,072
----------- ------------
Total liabilities 143,717 206,070
----------- ------------
Shareholders' deficit
Share capital 30,721 (73,793)
Additional paid-in capital 3,160 7,427
Accumulated other comprehensive income 14 85
Deficit (61,956) (18,953)
----------- ------------
Total shareholders' deficit (28,061) (85,234)
----------- ------------
----------- ------------
Total liabilities and shareholders' deficit $ 115,656 $ 120,836
----------- ------------
Consolidated Condensed Statement of Cash Flows
Three Months ended Six Months ended
May 31, May 31,
2006 2005 2006 2005
--------- -------- --------- --------
Cash flow from operating activities
Net income (loss) $(3,972) $158 $(5,609) $(2,362)
Depreciation 378 307 776 769
Amortization of deferred
financing fees 357 504 801 804
Amortization of intangible
assets 2,648 6,636 9,275 12,835
Stock-based compensation 794 123 1,646 239
Accrued interest 352 166 (261) 533
Provision for bad debts 52 27 174 193
Deferred income taxes 201 19 636 313
Unrealized losses on
foreign exchange contracts 193 87 221 293
Gain on disposal of fixed
assets - (28) - (14)
Loss on early retirement of
debt 8,275 6 8,275 3,937
Gain on disposal of
investments - (71) - (71)
Operating Assets 463 469 (267) (109)
--------- -------- --------- --------
Cash flow provided by operating
activities 9,741 8,403 15,667 17,360
--------- -------- --------- --------
Cash flow from financing activities
Restricted cash - (13) - 1,357
Proceeds from term loan 90,000 - 90,000 130,000
Repayments of term loan (140,091) - (148,729) (64,305)
Financing fees incurred (5,875) (668) (7,638) (7,668)
Proceeds from public offering 72,538 - 72,538 -
Proceeds from issuance of
common shares 1 - 1 -
Paid up capital distribution - - - (83,113)
Dividends (7,500) (4,000) (7,500) (6,135)
Other financing (492) (3,250) (1,098) (2,750)
--------- -------- --------- --------
Cash flow provided by (used in)
financing activities 8,581 (7,931) (2,426) (32,614)
--------- -------- --------- --------
Cash flow from investing activities
Proceeds from redemption of
investments - 71 - 10,058
Acquisition of Jasc - (369) - (184)
Purchase of long lived
assets, net of proceeds (425) (169) (855) (468)
--------- -------- --------- --------
Cash flow provided by (used in)
investing activities (425) (467) (855) 9,406
--------- -------- --------- --------
Effect of exchange rate changes
on cash (74) (10) (111) (19)
Increase (decrease) in cash and
cash equivalents 17,823 (5) 12,275 (5,867)
Opening cash and cash
equivalents 15,198 5,695 20,746 11,557
--------- -------- --------- --------
Closing cash and cash
equivalents $33,021 $5,690 $33,021 $5,690
--------- -------- --------- --------
Non-GAAP Results
(In thousands, except per share data)
Three Months ended Six Months ended
May 31, May 31,
2006 2005 2006 2005
-------- --------- -------- --------
Non-GAAP Adjusted Net Income Calculation:
Net income (loss) $(3,972) $ 158 $(5,609) $(2,362)
Amortization of intangible
assets 2,648 6,636 9,275 12,835
Stock based compensation 794 123 1,646 239
Restructuring 251 72 811 612
Reorganization costs - - 117 883
Amortization of deferred
financing fees 357 504 801 804
Loss on debt retirement 8,275 6 8,275 3,937
-------- --------- -------- --------
Non-GAAP Adjusted Net Income $ 8,353 $ 7,499 $15,316 $16,948
-------- --------- -------- --------
Percentage of revenue 18.9% 18.7% 17.3% 21.2%
Pro-forma diluted non-GAAP
adjusted net income
per share $ 0.38 $ 0.38 $ 0.72 $ 0.85
Shares used in computing
pro-forma diluted non-GAAP
adjusted net income per
share 22,178 19,965 21,386 19,953
Non-GAAP Adjusted EBITDA
Calculation:
Cash flow provided by
operating activities $ 9,741 $ 8,403 $15,667 $17,360
Change in operating assets
and liabilities (463) (469) 267 109
Interest Expense 3,207 3,407 7,070 5,377
Income tax expense 1,791 1,835 4,942 2,015
Accrued interest (352) (166) 261 (533)
Provision for bad debts (52) (27) (174) (193)
Unrealized losses on
foreign exchange contracts (193) (87) (221) (293)
Deferred income taxes (201) (19) (636) (313)
Gain on disposal of
fixed assets - 28 - 14
Restructuring 251 72 811 612
Reorganizational costs - - 117 883
-------- --------- -------- --------
Non-GAAP Adjusted EBITDA $13,729 $ 12,977 $28,102 $25,038
-------- --------- -------- --------
Percentage of revenues 31.1% 32.4% 31.8% 31.3%
Other Supplemental Information
Revenues by Product Segment
Productivity $19,173 $ 16,897 $38,963 $31,900
Graphics and Digital Imaging 25,037 23,104 49,534 48,089
-------- --------- -------- --------
Total $44,210 $ 40,001 $88,497 $79,989
-------- --------- -------- --------
As percentage of revenues
Productivity 43.4% 42.2% 44.0% 39.9%
Graphics and Digital Imaging 56.6% 57.8% 56.0% 60.1%
-------- --------- -------- --------
Total 100.0% 100.0% 100.0% 100.0%
-------- --------- -------- --------
Revenues by Geography
Americas $26,919 $ 23,270 $52,582 $47,821
Europe, Middle East, Africa 13,681 13,671 29,449 27,097
Asia-Pacific 3,610 3,060 6,466 5,071
-------- --------- -------- --------
Total $44,210 $ 40,001 $88,497 $79,989
-------- --------- -------- --------
As percentage of revenues
Americas 60.9% 58.2% 59.4% 59.8%
Europe, Middle East, Africa 30.9% 34.2% 33.3% 33.9%
Asia-Pacific 8.2% 7.6% 7.3% 6.3%
-------- --------- -------- --------
Total 100.0% 100.0% 100.0% 100.0%
-------- --------- -------- --------
Allocation of Stock-Based Compensation Expense
Cost of revenues - Product $ 7 $ 4 $ 15 $ 8
Cost of revenues - Maintenance
and service 2 1 4 2
Sales and marketing 121 53 312 102
Research and development 53 36 116 71
General and administrative 611 29 1,199 56
-------- --------- -------- --------
Total $ 794 $ 123 $ 1,646 $ 239
-------- --------- -------- --------
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