DataMirror Announces Full Year Results for Fiscal 2004.Business Editors TORONTO--(BUSINESS WIRE)--March 8, 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) ): -- GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings of $5.7 million or $0.50 per share -- 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 of $10.2 million DataMirror (Nasdaq: DMCX)(TSX: DMC), a leading provider of secure data integration, audit and protection solutions, today announced its financial results for the full year and fourth quarter of fiscal 2004. Revenue for the year ended January January: see month. 31, 2004 was $60.0 million, as compared to $62.5 million for the year ended January 31, 2003, a decrease of 4.0%. Reported in US currency, revenue for the year ended January 31, 2004 was $43.7 million, as compared to $39.9 million for the year ended January 31, 2003, an increase of 9.4%. The GAAP net income for the year ended January 31, 2004 was $5.7 million or $0.50 per share, as compared to a net loss of $2.2 million or ($0.19) per share for the year ended January 31, 2003. 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 $42.0 million or $3.70 per common share outstanding at the end of the year. Revenue for the quarter ended January 31, 2004 ("Q4 fiscal 2004") was $16.4 million compared to $17.8 million for the quarter ended January 31, 2003 ("Q4 fiscal 2003"). Reported in US currency, revenue for Q4 fiscal 2004 was $12.5 million compared to $11.4 million for Q4 fiscal 2003, an increase of 9.6%. The GAAP net income for Q4 fiscal 2004 was $1.5 million or $0.14 per share compared to net income of $3.3 million or $0.29 per share for Q4 fiscal 2003. Cash flow from operations for Q4 fiscal 2004 was $4.3 million or $0.38 per share compared to $6.5 million or $0.57 per share in Q4 fiscal 2003. The overall gross margin for Q4 fiscal 2004 was 81.0%, as compared to 82.5% for Q4 fiscal 2003. Gross margin on maintenance and services was 60.5% in Q4 fiscal 2004, as compared to 61.1% in Q4 fiscal 2003. Total costs, including costs of revenue, were $14.4 million for Q4 fiscal 2004, up from $13.2 million in Q4 fiscal 2003 and from $13.5 million in the previous quarter. 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 299 at January 31, 2004 as compared to 276 at January 31, 2003 and up from 284 at the end of the previous quarter. During the fourth quarter the Company added 53 new customers to its global account base, who accounted for 36% of the quarter's licence revenue. Key customer wins included: BASF BASF Bar Association of San Francisco (since 1872; San Francisco, California) BASF Badische Anilin und Soda Fabrik (German chemical products company) BASF Builders Association of South Florida IT Services Ltd., Coldwater Creek Coldwater Creek is a clothing retailer which is based in Sandpoint, Idaho, United States. The company was founded in 1984 by Dennis Pence. The company had 239 stores in operation at the end of the 2006 fiscal year.[1] Notes 1. ^ Coldwater Creek. , Geac/Extensity, Limit Underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. Limited, Merck Merck may refer to:
A pattern seen in an electrocardiogram that indicates the pulses in a heart beat and their duration. Variations from a normal QRS pattern indicate heart disease. Mentioned in: Bundle Branch Block Inc., Specialist Computer Holdings and Unify Corporation (company) Unify Corporation - Developers of the Unify relational database. At one time, before Sybase, they were a competitor of Oracle, et al. http://unify.com/. ftp://ftp.unify.com/. . Existing customers such as Abitibi Consolidated, Countrywide coun·try·wide adv. & adj. Throughout a whole country; nationwide: launched a fundraising campaign countrywide; a countrywide search. Adj. 1. Home Loans, Inc., Dean Foods, Glaxo Smith Kline, Johnson Diversey, Inc., Nestle, Tiffany Tiffany, Tiffanie (UK) a semi-longhaired version of the Burmese cat. It has a fine, silky coat in many colors. & Co., The TJX Companies The TJX Companies, Incorporated (NYSE: TJX), is the largest international apparel and home fashions off-price department store chain, based in Framingham, Massachusetts, in the United States. , Inc. and Verizon Wireless Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on total wireless customers. also made significant additional purchases of our software. "On a full year basis, fiscal 2004 was a breakthrough year for DataMirror. GAAP earnings for the year were the highest in the company's history and cash flow continued to be excellent. While the results for our fourth quarter were affected by continued 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. currency volatility during the quarter, and were near the low end of the earnings expectations we set after purchasing PointBase, sales activities and other developments in the quarter bode bode 1 v. bod·ed, bod·ing, bodes v.tr. 1. To be an omen of: heavy seas that boded trouble for small craft. 2. well for the first quarter of fiscal 2005 and the full year," Mr. Nigel 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, "Year over year license revenue in US dollars was up by 3.8% and total revenue in US dollars was up 9.6% compared to the fourth quarter of last year. Canadian dollar 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 cash balances were up 8.2% year over year and a near term record of 53 new customers adopted our software solutions during the quarter." Business Outlook: In the first quarter of fiscal 2005, DataMirror expects to earn GAAP net income in the range of $0.09 to $0.14 per share. This includes the effect of adopting the recommendations in section 3870 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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DataMirror will hold a webcast and conference call to present the results for the fourth 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, March 8, 2004. The conference call can be accessed via audio web cast by visiting www.datamirror.com. Participants in the conference call are asked to call 1-800-500-0311 at approximately 4:55 p.m. EST on March 8th using reservation number 748375. Participants may also view an on-line presentation during the call by visiting datamirror.webex.com/webex and clicking on the meeting "DataMirror Announces Fourth Quarter Results" hosted by Peter Cauley, CFO See Chief Financial Officer. and Nigel Stokes, CEO, DataMirror. A replay of the conference call will be available until March 14, 2004 by dialing 1-888-203-1112 using reservation number 748375 or visiting www.datamirror.com/investors/. About DataMirror DataMirror (Nasdaq: DMCX; TSX: DMC), a leading provider of secure data integration, audit and protection software, 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 enables customers to easily and cost-effectively capture, transform and flow data throughout the enterprise. DataMirror unlocks the experience of now(TM) by providing the instant 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, Energis, GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance Commercial Mortgage, the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. , 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 & 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 Toronto, Canada, 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, Transformation Server, 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$)
January 31, January 31,
2004 2003
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(unaudited) (audited)
Assets
Current assets
Cash and cash equivalents $9,286 $13,025
Short-term investments 32,720 25,802
Accounts receivable 11,797 12,455
Prepaid expenses 1,803 1,618
Future income taxes 2,540 2,578
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58,146 55,478
Capital assets 3,845 3,931
Investment tax credits recoverable 1,019 1,664
Investments 12,185 9,768
Intangibles 5,853 7,388
Goodwill 5,175 3,118
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$86,223 $81,347
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Liabilities
Current liabilities
Accounts payable and accrued liabilities $5,544 $5,120
Deferred revenue 18,839 18,137
Income taxes payable 1,785 993
Current portion of capital
lease obligations 32 89
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26,200 24,339
Future income taxes 1,076 1,505
Capital lease obligations 0 33
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27,276 25,877
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Shareholders' Equity
Share capital
Common shares (January 31,
2004 - 11,364,952
January 31, 2003 - 11,461,142) 64,625 64,637
Deficit (5,180) (8,669)
Cumulative translation adjustment (498) (498)
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58,947 55,470
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$86,223 $81,347
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DataMirror Corporation
Consolidated Statements of Income (Loss)
(Thousands of CDN$, except per share data - unaudited)
Three Months Twelve Months
Ended January 31, Ended January 31,
--------------------------------------------------------------------
2004 2003 2004 2003
--------------------------------------------------------------------
Revenue
Licence $8,663 $9,938 $29,087 $33,223
Maintenance 6,260 6,173 25,354 23,210
Services 1,432 1,669 5,551 6,057
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16,355 17,780 59,992 62,490
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Cost of revenue
Licence 68 59 234 239
Maintenance and services 3,041 3,052 11,389 12,605
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3,109 3,111 11,623 12,844
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Gross margin 13,246 14,669 48,369 49,646
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Operating expenses
Selling and marketing 5,689 5,308 20,524 21,289
Research and development 2,636 2,114 9,753 10,459
General and administration 2,150 1,942 7,946 8,812
Amortization of intangibles 794 685 3,098 2,740
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11,269 10,049 41,321 43,300
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Operating income 1,977 4,620 7,048 6,346
Investment income 300 201 1,146 611
Other income 0 0 279 0
Impairment of investment in
PointBase, Inc. 0 0 0 (4,595)
Equity loss from investment in
PointBase, Inc. 0 0 0 (2,081)
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Income (loss) before income taxes 2,277 4,821 8,473 281
Income tax expense 744 1,571 2,788 2,434
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Net income (loss) $1,533 $3,250 $5,685 ($2,153)
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Earnings (loss) per share
Basic $0.14 $0.29 $0.50 ($0.19)
Fully diluted $0.13 $0.28 $0.49 ($0.19)
Weighted average number of
shares outstanding (000's)
Basic 11,304 11,388 11,364 11,411
Fully diluted 11,677 11,569 11,671 11,411
DataMirror Corporation
Consolidated Statements of Cash Flows
(Thousands of CDN$ - unaudited)
Three Months Twelve Months
Ended January 31, Ended January 31,
--------------------------------------------------------------------
2004 2003 2004 2003
--------------------------------------------------------------------
Cash provided by (used in)
Operating activities
Net income (loss) $1,533 $3,250 $5,685 ($2,153)
Add (deduct) items not
affecting cash:
Amortization of capital assets 385 186 1,410 1,630
Amortization of intangibles 794 685 3,098 2,740
Other income 0 0 (279) 0
Losses from investment in
PointBase, Inc. 0 0 0 6,676
Future income taxes (473) (263) (970) (328)
Investment tax credits 197 530 645 776
Non-cash operating expense 0 20 32 186
Non-cash interest expense 0 0 0 63
Non-cash foreign exchange loss 0 0 0 59
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2,436 4,408 9,621 9,649
Changes in non-cash working
capital balances 1,849 2,071 542 6,259
--------------------------------------------------------------------
4,285 6,479 10,163 15,908
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Investing activities
Capital asset additions (392) (270) (1,190) (1,859)
Purchase of short-term
investments 0 0 (32,720) (25,802)
Sale of short-term investments 0 0 25,802 27,422
Net assets acquired,
excluding cash (1,328) 0 (1,328) 0
Investment in Idion (332) (40) (2,417) (8,949)
Acquisition of technology 0 (332) (30) (332)
Other income 0 0 279 0
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(2,052) (642) (11,604) (9,520)
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Financing activities
Capital lease payments (10) (28) (90) (114)
Repayment of long-term liabilities 0 0 0 (1,586)
Issuance of share capital 876 454 1,779 821
Repurchase of share capital (276) (122) (3,987) (1,557)
--------------------------------------------------------------------
590 304 (2,298) (2,436)
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Increase (decrease) in
cash and cash equivalents 2,823 6,141 (3,739) 3,952
Cash and cash equivalents
Beginning of period 6,463 6,884 13,025 9,073
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End of period $9,286 $13,025 $9,286 $13,025
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