DataMirror Announces First Quarter Results for Fiscal 2005.Business Editors/High-Tech Writers TORONTO--(BUSINESS WIRE)--May 25, 2004 DataMirror DataMirror Corporation (TSX: DMC) provides real-time data integration, protection, and Java database solutions. Founded in 1993, DataMirror is headquartered in Markham, Ontario, Canada with offices worldwide. (Nasdaq:DMCX) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :DMC DMC Devil May Cry (video game) DMC Detroit Medical Center DMC Darryl McDaniels (rapper) DMC Destination Management Company DMC Del Mar College (Corpus Christi, TX) ), a leading provider of secure data integration, audit and protection solutions, today announced its financial results for the first quarter of fiscal 2005. The comparative figures provided for fiscal 2004 have been restated to reflect the effect of retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a adoption of the CICA CICA Competition In Contracting Act of 1984 (USA) CICA Canadian Institute of Chartered Accountants CICA Competition In Contracting Act CICA Criminal Injuries Compensation Authority (UK) handbook
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Revenue for the quarter ended April 30, 2004, ("Q1 fiscal 2005") was $13.1 million compared to $13.3 million for the quarter ended April 30, 2003 ("Q1 fiscal 2004"). Reported in US currency, revenue for Q1 fiscal 2005 was $9.8 million compared to $9.0 million for Q1 fiscal 2004, an increase of 9.5%. The GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net loss for Q1 fiscal 2005 was $.8 million or ($0.07) per share compared to net income of $.6 million or $0.05 per share for Q1 fiscal 2004. Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses for Q1 fiscal 2005 was $2.0 million or $0.18 per share compared to $4.2 million or $0.37 per share in Q1 fiscal 2004. Cash, cash equivalents and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments stood at $43.8 million or $3.84 per common share outstanding at the end of the quarter. The overall gross margin for Q1 fiscal 2005 was 74.2%, as compared to 79.3% for Q1 fiscal 2004. Gross margin on maintenance and services was 59.6% in Q1 fiscal 2005, as compared to 65.4% in Q1 fiscal 2004. Total costs, including costs of revenue, were $14.5 million for Q1 fiscal 2005, up from $12.6 million in Q1 fiscal 2004. Total headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. was 296 at April 30, 2004 as compared to 262 at April 30, 2003 and down slightly from 299 at the end of the previous quarter. Subsequent to the quarter-end, the Company sold its holding in Idion Technology Holdings Limited. On final settlement, the 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). were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. Cdn. $19.9 million, which will result in an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. gain of approximately Cdn. $6.3 million to be recorded in the second quarter of fiscal 2005. "As stated in the press release announcing our preliminary results, licence revenue was lower than expected, especially in the UK market, during the first quarter of fiscal 2005." Mr. Nigel Nigel is a masculine name of English origin and is another form of the name Neil, which is more commonly used. The origin of the name is unusual, as it comes from the form medieval scribes writing in Latin used to "translate" Neil, and the "g" in the name comes from Stokes Stokes , William 1804-1878. British physician. Known especially for his studies of diseases of the chest and heart, he expanded on the observations of John Cheyne in describing the breathing irregularity now known as Cheyne-Stokes respiration. , DataMirror 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, "Nonetheless, total revenue was up almost 10% in U.S. dollars, cash flow in the quarter was positive and maintenance and consulting revenues grew. The pipeline entering Q1 was strong, but procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. delays occurred and our close rates were lower than anticipated. Going in to the second quarter, pipelines have continued to grow and we have taken modest steps to balance the Company's resources to the current market conditions." Business Outlook: In the second quarter of fiscal 2005, DataMirror expects to earn GAAP net income in the range of $0.00 to $0.05 per share excluding the gain on the sale of its shareholding in Idion. This includes the effect of adopting the recommendations in section 3870 of the CICA handbook concerning stock-based compensation. DataMirror will hold a webcast and conference call to present the results for the first quarter at 5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. today, May 25, 2004. The conference call can be accessed via audio web cast at http://www.datamirror.com/investors. Participants in the conference call are asked to call 1-800-361-0912 at approximately 4:55 p.m. EST on May 25th using reservation number 775483. Participants may also view an on-line presentation during the call by visiting https://datamirror.webex An application sharing and conferencing service that is widely used for presentations, demos, training and support from WebEx Communications, Inc., San Jose, CA (www.webex.com). Everything that the presenters see and manipulate on their computers can be viewed by everyone in the .com/datamirror and clicking on the meeting "DataMirror Announces First Quarter Results" hosted by Peter Cauley, CFO See Chief Financial Officer. and Nigel Stokes, CEO, DataMirror. For those unable to attend the conference call, a replay will be available via the DataMirror web site or by dialing 1-888-203-1112, using the same reservation number as indicated above (775483). The replay and on-line presentation will be available from May 25, 2004 at 8:00 p.m. EST to midnight on May 31, 2004. About DataMirror DataMirror (Nasdaq: DMCX; TSX: DMC), a leading provider of live, secure data integration and protection solutions, gives companies the power to manage, monitor and protect their corporate data in real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. . DataMirror's comprehensive family of LiveBusiness(TM) solutions helps customers easily and cost-effectively capture, transform and flow data throughout the enterprise. DataMirror unlocks the experience of now(TM) by providing the live, secure data access, integration and availability companies require today across all computers in their business. Over 1,800 companies have gone live with DataMirror software including Debenhams  The of this article or section may be compromised by "peacock terms".You can help Wikipedia by removing peacock terms. , FedEx Ground FedEx Ground is a shipping company headquartered in Moon Township, Pennsylvania, a suburb of Pittsburgh. Originally a small regional package shipping company called Roadway Package System (RPS), it was created to be a discount competitor to UPS. , First American Bank First American Bank is the name of numerous banks operating separately in each state of the United States. Please refer to the individual articles for more information on each bank. , OshKosh B'Gosh OshKosh B'Gosh is a children's apparel company founded in Oshkosh, Wisconsin in 1895. Originally a small-town manufacturer of adult work clothing, it has become best known for its children's clothing, especially bib overalls. , Priority Health, Tiffany Tiffany, Tiffanie (UK) a semi-longhaired version of the Burmese cat. It has a fine, silky coat in many colors. & Co., and Union Pacific Railroad Union Pacific Railroad, transportation company chartered (1862) by Congress to build part of the nation's first transcontinental railroad line. Under terms of the Pacific Railroads Act, the Union Pacific was authorized to build a line westward from Omaha, Nebr. . DataMirror is headquartered in Markham Markham City (pop., 1991: 154,000), southeastern Ontario. It is situated on the Rouge River, northeast of Toronto. Settled in 1794, the town was named for William Markham, archbishop of York. It annexed the nearby township of Markham in 1971. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , and has offices around the globe. For more information, visit www.datamirror.com. "Safe Harbour" Statement under 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. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: 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. in this press release, including statements regarding DataMirror Corporation's business which are not historical facts, are made pursuant to the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements of plans, objectives, strategies and expectations. The words "anticipate", "believe", "estimate" and "expect" and similar expressions are intended to identify forward-looking statements. Numerous important factors affect DataMirror's operating results and could cause DataMirror's actual results to differ materially from the results indicated by this press release or by any forward-looking statements made by, or on behalf of, DataMirror, and there can be no assurance that future results will meet expectations, estimates or projections. These factors include, but are not limited to, the following: the difficulty of developing, marketing and selling new products successfully; variability of quarterly operating results; dependence upon the continued growth and success of DataMirror's software products; competition; rapid technological change and new product introductions; dependence upon continued growth in the database and enterprise data integration markets; dependence upon relationships with complementary vendors and distribution channels; the ability to recruit and retain key personnel; risks of international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , including currency exchange rate fluctuations and global economic conditions; possible software errors or defects; possible infringement The encroachment, breach, or violation of a right, law, regulation, or contract. The term is most frequently used in reference to the invasion of rights secured by Copyright, patent, or trademark. claims by third parties; and other factors discussed in the DataMirror's Annual Information Form and other periodic filings with the United States Securities and Exchange Commission and other regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . Should one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those indicated in any forward-looking statements. DataMirror disclaims and does not assume any obligation to update these forward-looking statements. Copyright 2004 DataMirror Corporation. All rights reserved. DataMirror, LiveBusiness and The experience of now are trademarks or registered trademarks of DataMirror Corporation. All other brand or product names are trademarks or registered trademarks of their respective companies.
DataMirror Corporation
Consolidated Balance Sheets
(Thousands of CDN$ - unaudited)
April 30, January 31,
2004 2004
--------------------------------------------------------------------
(restated)
Assets
Current assets
Cash and cash equivalents $43,838 $9,286
Short-term investments 0 32,720
Accounts receivable 6,547 11,797
Prepaid expenses 1,902 1,803
Future income taxes 2,267 2,540
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54,554 58,146
Capital assets 3,848 3,845
Investment tax credits recoverable 1,080 1,019
Investments 12,280 12,185
Intangibles 5,060 5,853
Goodwill 5,175 5,175
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$81,997 $86,223
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Liabilities
Current liabilities
Accounts payable and accrued liabilities $3,526 $5,544
Deferred revenue 19,104 18,839
Income taxes payable 251 1,785
Current portion of capital lease
obligations 13 32
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22,894 26,200
Future income taxes 625 1,076
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23,519 27,276
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Shareholders' Equity
Share capital
Common shares (April 30, 2004
- 11,404,827 January 31, 2004
- 11,364,952) 65,135 64,625
Deficit (7,069) (5,978)
Contributed surplus 910 798
Cumulative translation adjustment (498) (498)
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58,478 58,947
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$81,997 $86,223
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DataMirror Corporation
Consolidated Statements of Income (Loss)
(Thousands of CDN$, except per share data - unaudited)
Three Months Ended
April 30,
--------------------------------------------------------------------
2004 2003
--------------------------------------------------------------------
(restated)
Revenue
Licence $4,908 $5,478
Maintenance 6,736 6,575
Services 1,483 1,267
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13,127 13,320
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Cost of revenue
Licence 63 51
Maintenance and services 3,318 2,712
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3,381 2,763
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Gross margin 9,746 10,557
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Operating expenses
Selling and marketing 5,539 4,706
Research and development 2,710 2,488
General and administration 1,978 1,806
Stock-based compensation 112 48
Amortization of intangibles 793 768
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11,132 9,816
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Operating income (loss) (1,386) 741
Investment income 186 257
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Income (loss) before income taxes (1,200) 998
Income tax expense (recovery) (374) 383
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Net income (loss) ($826) $615
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Earnings (loss) per share
Basic ($0.07) $0.05
Fully diluted ($0.07) $0.05
Weighted average number of shares
outstanding (000's)
Basic 11,372 11,418
Fully diluted 11,372 11,619
DataMirror Corporation
Consolidated Statements of Cash Flows
(Thousands of CDN$ - unaudited)
Three Months Ended
April 30,
--------------------------------------------------------------------
2004 2003
--------------------------------------------------------------------
(restated)
Cash provided by (used in)
Operating activities
Net income (loss) ($826) $615
Add (deduct) items not affecting cash:
Amortization of capital assets 289 334
Amortization of intangibles 793 768
Stock-based compensation 112 48
Future income taxes (178) (202)
Investment tax credits (61) (35)
Non-cash operating expense 0 19
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129 1,547
Changes in non-cash working capital
balances 1,865 2,697
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1,994 4,244
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Investing activities
Capital asset additions (292) (134)
Sale of short-term investments 32,720 25,802
Investment in Idion (96) (93)
Acquisition of technology 0 (30)
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32,332 25,545
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Financing activities
Capital lease payments (19) (40)
Issuance of share capital 652 159
Repurchase of share capital (407) (661)
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226 (542)
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Increase in cash and cash equivalents 34,552 29,247
Cash and cash equivalents
Beginning of period 9,286 13,025
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End of period $43,838 $42,272
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