Correcting...In the news release transmitted January 26, 1999 for MDSI, there was an error in the Consolidated Balance Sheets;.RICHMOND, British Columbia--(BUSINESS WIRE)--Jan. 27, 1999-- Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , net-Trade as at December 31, 1998 should have read $18,776,551. The complete and corrected news release follows:CORRECTION: MDSI MDSI Multiple (Destination) Digital Speech Interpolation MDSI Mobile Data Solutions Inc. MDSI Mountain Data Systems, Inc (Boise, Idaho) Records Sixth Consecutive Year of Growth with EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. of C$0.82 (US$0.55) MDSI Mobile(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 :MDSIF) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :MMD MMD Movement for Multiparty Democracy (Zambia) MMD Make My Day MMD Merchant Mariner Document MMD Myotonic Muscular Dystrophy MMD Myotonic Dystrophy MMD Mass Median Diameter MMD Metal Matrix Diaphragm .) (ME:MMD.) CORRECTION: In the news release transmitted January 26, 1999, there was an error in the Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. . Accounts receivable, net - Trade as at December 31, 1998 should have read 18,776,551. The complete and corrected news release follows: MDSI Mobile Data Solutions Inc. ("MDSI") of Richmond, British Columbia This page is for the city of Richmond, British Columbia. For the federal electoral district in this locality see Richmond (electoral district); for the provincial electoral district see Richmond (provincial electoral district). (Nasdaq: MDSIF; TSE, ME: MMD) announced today its unaudited year-end and fourth quarter results for the period ended December 31, 1998. MDSI's total revenues, software and services revenue, net income and earnings per share all grew in comparison to 1997 year-end results, the quarter ended September 30, 1998 and the quarter ended December 31, 1997. This represents the sixth consecutive year of growth in these results, excluding one-time charges to income. Highlights include 1998 earnings per share of $0.82, a 17.1 percent increase over 1997 results before one-time charges. MDSI's financial results are stated in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents and 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 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 (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) in 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. . For the 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. GAAP earnings equivalents, please refer to the attached schedules. For the year ended December 31, 1998 MDSI reported revenues of $83.4 million, up 18.6 percent from $70.3 million in 1997. Software and services revenue rose to $47.5 million, a 20.6 percent increase over $39.4 million recorded in 1997. Total revenues for the fourth quarter were $27.8 million, up 18.3 percent from $23.5 million in the third quarter of 1998 and 63.5 percent higher than $17.0 million recorded over the same period in 1997. Fourth quarter software and services revenue was $15.2 million, a 22.6 percent increase over $12.4 million in the third quarter of 1998 and a 27.7 percent increase over $11.9 million in the fourth quarter of 1997. Net income for the year ended December 31, 1998 was $5.5 million, or $0.82 (US$0.55) per share, an increase of 19.6 percent compared to $4.6 million in 1997 before one-time charges, or $0.70 (US$0.50) per share, and compared to a net loss in 1997 of $11.5 million, or $1.84 (US$1.32) per share. Net income and earnings per share for the fourth quarter of 1998 were $2.5 million and $0.36 (US$0.24), respectively. This compares to net income of $1.8 million, or $0.26 (US$0.17) per share, for the third quarter of 1998 and $1.5 million, or $0.23 (US$0.16) per share, for the fourth quarter of 1997, representing income increases of 38.9 percent and 66.7 percent, respectively. MDSI's software and services backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. rose to $50.4 million at December 31, 1998, a 19.1 percent gain over $42.3 million at September 30, 1998 and a 163 percent increase compared to $19.2 million at December 31, 1997. Total backlog at December 31, 1998 was $65.9 million, a 5 percent decline from $69.6 million at September 30, 1998 and a 110 percent increase over $31.4 million at December 31, 1997. The results are summarized in the table below. All amounts are in millions, except per share amounts. Per share amounts are calculated on a 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. basis. -0-
Year ended Three months ended
Dec. 31 Dec. 31 Dec. 31 Sept. 30 Dec. 31
1998 1997 1998 1998 1997
Revenues $83.4 $70.3 $27.8 $23.5 $17.0
Software and
Services Revenues 47.5 39.4 15.2 12.4 11.9
Net Income 5.5 (11.5) 2.5 1.8 1.5
Earnings per Share 0.82 (1.84) 0.36 0.26 0.23
US$0.55 US$(1.32) US$0.24 US$0.17 US$0.16
Backlog 65.9 69.6 31.4
-0- MDSI has recently signed several significant contracts including Belgacom SA (US$11.7 million), Citizens Communications Citizens Communications is the parent company of Frontier Telephone, providing telephone and internet access in 24 states. The company headquarters are located at 3 High Ridge Park in Stamford, Connecticut. (US$5.3 million), New Jersey Natural Gas and Southern Connecticut Gas (US$1.6 million combined). The company also established software integration partnerships with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Vantive and Electricite de France. Ken Miller, MDSI's 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. commented, "We are very pleased with our results for the quarter and the year. In particular, we are encouraged to see how well the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. sector is doing. We entered the telco market in 1996 and have very quickly established ourselves as a leading supplier. And we see our opportunities getting bigger." Added Miller, "We are very well positioned heading into 1999. Our market share has continued to grow with our high win rates. This, combined with our backlog, gives us a great deal of confidence for the future." MDSI is a global leader in the development and implementation of mobile workforce management Workforce Management (WFM) encompasses all the responsibilities for maintaining a productive and happy workforce. Sometimes referred to as HRMS systems, or even the larger ERP systems (Oracle, PeopleSoft, SAP). There are many software vendors within this space. and wireless connectivity solutions to companies in the utility, telecommunications, cable, taxi, courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. , field service, and public safety industries. MDSI was founded in 1993, and has operations in the U.S., Canada, Europe, and Asia. With approximately 100 customers in over 25 countries worldwide, MDSI is the choice of industry leaders such as: AT&T Wireless Services, Belgacom SA, Boston Edison Company, Cablevision Systems Corporation, Cox Communications Cox Communications is a privately owned subsidiary of Cox Enterprises providing digital cable television and telecommunications services in the United States. It is the third-largest[2] cable television provider in the United States, serving more than 6. , DHL DHL abbr. 1. Doctor of Hebrew Letters 2. Doctor of Hebrew Literature Worldwide Express, Illinois Power Company, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. State Highway Patrol highway patrol n. A state law enforcement organization whose police officers patrol the public highways. , Pacific Gas and Electric, Radio Taxis radio taxi n → radio taxi m radio taxi n → radio-taxi m radio taxi radio n → Funktaxi nt of London, San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Gas & Electric, and Tele Danmark. MDSI and Advantex are trademarks of MDSI Mobile Data Solutions Inc. All rights reserved. All other trademarks are the property of their respective owners. This press release contains statements that constitute "forward looking statements" within the meaning of Section 27A of the Securities Exchange Act of 1934. Such statements involve risks and uncertainties that may cause actual results to differ materially from anticipated results. Such risks and uncertainties include, but are not limited to, the Company's limited operating history, lengthy sales cycles, the Company's dependence upon large contracts and relative concentration of customers, dependence on selected vertical markets, economic conditions and other risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. -0-
MDSI MOBILE DATA SOLUTIONS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in Canadian dollars)
(Unaudited)
Three months ended Twelve months ended
December 31 December 31
1998 1997 1998 1997
REVENUE
Software and
services $15,184,930 $11,908,248 $47,497,292 $39,358,386
Terminals and
infra-
structure 2,070,271 2,767,311 8,385,099 10,645,596
Third party
products
and services 8,276,418 1,234,466 19,513,884 16,676,557
Maintenance
and support 2,312,038 1,070,354 7,986,579 3,599,640
------------------------------------------------
27,843,657 16,980,379 83,382,854 70,280,179
DIRECT COSTS 15,245,193 8,035,984 44,589,107 43,358,975
------------------------------------------------
GROSS PROFIT 12,598,464 8,944,395 38,793,747 26,921,204
------------------------------------------------
OPERATING EXPENSES
Research and
development 3,152,946 1,427,071 9,894,101 6,539,841
Sales and
marketing 3,822,632 3,596,391 13,422,494 12,070,517
General and
admini-
strative 1,908,635 1,488,178 6,686,231 6,088,499
Restructuring
costs - - - 1,145,152
Amortization of
intangible
assets 216,114 238,101 864,456 837,163
Acquired research
and development - - - 10,002,982
------------------------------------------------
9,100,327 6,749,741 30,867,282 36,684,154
------------------------------------------------
OPERATING INCOME
(LOSS) 3,498,137 2,194,654 7,926,465 (9,762,950)
OTHER INCOME 54,395 266,116 162,371 535,089
------------------------------------------------
INCOME (LOSS) BEFORE TAX
PROVISION 3,552,532 2,460,770 8,088,836 (9,227,861)
(PROVISION FOR) RECOVERY OF
INCOME TAXES (1,030,594) (933,546) (2,589,892) (2,319,175)
------------------------------------------------
NET INCOME (LOSS) FOR
THE PERIOD $ 2,521,938 $ 1,527,224 $ 5,498,944 $(11,547,036)
------------------------------------------------
NET INCOME (LOSS) FOR THE PERIOD:
US GAAP $ 2,521,938 $ 1,527,224 $ 5,498,944 $(11,547,036)
Acquired
research
and development - - - 10,002,982
Amortization of
intangible
assets (554,481) (554,480) (2,218,434) (1,926,169)
------------------------------------------------
CANADIAN
GAAP $ 1,967,457 $ 972,744 $ 3,280,510 $ (3,470,223)
------------------------------------------------
EARNINGS (LOSS) PER COMMON SHARE:
US GAAP
(Diluted) $ 0.36 $ 0.23 $ 0.82 $ (1.84)
------------------------------------------------
CANADIAN GAAP
(Basic) $ 0.30 $ 0.15 $ 0.50 $ (0.55)
------------------------------------------------
WEIGHTED AVERAGE SHARES OUTSTANDING:
US GAAP
(Diluted) 6,993,060 6,711,436 6,728,723 6,261,001
------------------------------------------------
CANADIAN GAAP
(Basic) 6,544,335 6,434,587 6,504,188 6,261,001
------------------------------------------------
MDSI MOBILE DATA SOLUTIONS INC.
CONSOLIDATED BALANCE SHEETS
(Expressed in Canadian dollars)
As at
December 31, December 31,
1998 1997
(Unaudited)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 6,136,711 $ 110,117
Accounts receivable, net
Trade 18,776,551 15,256,202
Unbilled 12,778,398 9,604,060
Work in progress 1,377,228 1,451,662
Prepaid expenses 3,863,738 1,647,748
Current portion of
lease receivable 560,478 -
Deferred income taxes 1,220,350 2,096,544
---------------------------
44,713,454 30,166,333
---------------------------
LEASE RECEIVABLE 845,889 -
CAPITAL ASSETS, NET 5,687,543 4,291,755
INTANGIBLE ASSETS, NET 5,321,470 6,185,926
---------------------------
TOTAL ASSETS $ 56,568,356 $ 40,644,014
---------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 7,698,324 $ 3,936,501
Accrued liabilities 6,522,963 8,353,417
Deferred revenue 8,370,664 3,985,261
Current portion of long-term debt 377,332 215,454
Current obligations under
capital leases 872,917 20,621
---------------------------
23,842,200 16,511,254
OBLIGATIONS UNDER CAPITAL LEASES 1,907,037 -
LONG-TERM DEBT - 296,324
---------------------------
TOTAL LIABILITIES 25,749,237 16,807,578
---------------------------
STOCKHOLDERS' EQUITY
Common stock 44,637,778 43,154,039
Treasury stock (122,743) (122,743)
Retained earnings (deficit) (13,695,916) (19,194,860)
---------------------------
30,819,119 23,836,436
---------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 56,568,356 $ 40,644,014
---------------------------
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion