DataMirror Announces Record Results for Fourth Quarter of Fiscal 2003.Business Editors/High-Tech Writers TORONTO--(BUSINESS WIRE)--March 3, 2003 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 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 :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) ) -- Revenue of $17.8 million -- GAAP income of $3.3 million or $0.29 per share -- Cash flow from operations of $6.5 million DataMirror (Nasdaq:DMCX)(TSX:DMC), the leading provider of enterprise application integration and resiliency The ability to recover from a failure. The term may be applied to hardware, software or data. solutions, today announced its financial results for the fourth quarter of fiscal 2003. Revenue for the quarter ended January January: see month. 31, 2003 ("Q4 fiscal 2003") was $17.8 million, as compared to $14.5 million for the quarter ended January 31, 2002 ("Q4 fiscal 2002"), an increase of 23.0%. The GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income for Q4 fiscal 2003 was $3.3 million or $0.29 per basic and $0.28 per fully-diluted share compared to a net loss of $1.4 million or ($0.12) per basic and full-diluted share for Q4 fiscal 2002. Adjusted net income (excluding losses resulting from the Company's investment in PointBase, Inc. ("PointBase") and amortization of intangibles) for the quarter was $3.9 million or $0.35 per basic and $0.34 per fully-diluted share, as compared to adjusted income on the same basis of $0.2 million or $0.02 per share for Q4 fiscal 2002. 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 Q4 fiscal 2003 was $6.5 million or $0.57 per share compared to $3.5 million or $0.30 per share in Q4 fiscal 2002. 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 $38.8 million or $3.39 per common share at the end of the quarter. Revenue from licence sales accounted for 55.9% of total revenue in Q4 fiscal 2003 with a gross margin of 99.4%, as compared to 56.0% of total revenue and gross margin of 99.3% in Q4 fiscal 2002. Gross margin on maintenance and services was 61.0% in Q4 fiscal 2003, as compared to 50.3% in Q4 fiscal 2002. Overall gross margin for Q4 fiscal 2003 increased to 82.5% from 77.7% for Q4 fiscal 2002. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for Q4 fiscal 2003 were $10.0 million compared to $11.3 million for Q4 fiscal 2002, a decrease of 11.0%. Total costs, including costs of revenue, were $13.2 million for Q4 fiscal 2003, down significantly from $14.5 million in Q4 fiscal 2002 and $14.6 million in the previous quarter. Total headcount was 276 at January 31, 2003 as compared to 308 at January 31, 2002 and down from 292 at the end of the third quarter of fiscal 2003. Revenue for the year ended January 31, 2003 was $62.5 million, as compared to $56.4 million for the year ended January 31, 2002, an increase of 10.8%. The GAAP net loss for the year ended January 31, 2003 including the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of the Company's investment in PointBase of $4.6 million or ($0.40) per share was $2.2 million or ($0.19) per share. The net income for the year ended January 31, 2003 excluding the write-down of the Company's investment in PointBase was $2.4 million or $0.21 per share, as compared to a net loss of $5.7 million or ($0.49) per share on the same basis for the year ended January, 2002. Adjusted net income for the year ended January, 2003 was $7.3 million or $0.64 per share, as compared to adjusted net income of $1.7 million or $0.15 per share for the year ended January 31, 2002, an increase of $5.6 million. Cash-flow from operations was $15.9 million in fiscal 2003 as compared to $15.3 million in the prior fiscal year. "The fourth quarter results exceeded our expectations," said Peter Cauley, CFO See Chief Financial Officer. of DataMirror. "Revenue of $17.8 million and adjusted earnings of $3.9 million are all time highs for the Company and cash flow from operations of $6.5 million was ahead of our expectations. As expected, our total costs decreased significantly over the third quarter." During the fourth quarter the Company added 41 new customers to our global account base, who accounted for 34% of the quarter's licence revenue. Key customer wins included: BetInternet.com, B&Q plc, Compania Industrial de Parras, Coastal Unilube, Electric Mobility, Group Athletica LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Henry Schien, S.P. Richards Rich·ards , Dickinson Woodruff 1895-1973. American physician. He shared a 1956 Nobel Prize for developing cardiac catheterization. Company, 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 UBS Global Asset Management UBS Global Asset Management was the multinational investment unit of UBS AG, a very large multinational financial firm formed in 1998 from the merger of Union Bank of Switzerland and the Swiss Bank Corporation. . Existing customers such as Cardinal Health <includeonly></includeonly> Cardinal Health (NYSE: CAH) is a premier, global healthcare company dedicated to making healthcare safer and more productive. Overview Headquartered in Dublin, Ohio, Cardinal Health, Inc. , 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. , Dalkia, 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. , Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. , Health Net, Inc., JohnsonDiversy, JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Chase, Kuehne & Nagel Inc., Livit Immobilien Management AG, Telewest Communications and Scandinavian Airlines also made significant additional purchases of our software. "All three strategic themes (Integration, Resiliency and Audit) continue to resonate res·o·nate v. res·o·nat·ed, res·o·nat·ing, res·o·nates v.intr. 1. To exhibit or produce resonance or resonant effects. 2. in our target markets and are driving increased customer demand and license revenue for DataMirror." commented 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. , 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 DataMirror. "We have focused on building a profitable and growth oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. business model. Revenue productivity per employee hit our initial targets and we are pleased that the operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: more than tripled over our third quarter. More and more customers are exploiting the power of the 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. solutions we offer. We believe that going forward, DataMirror has the elements needed for continued strategic and profitable growth." Business Outlook: In the first quarter of fiscal 2004, DataMirror expects to earn GAAP net income in the range of $0.10 to $0.15 per share. 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 3, 2003. The conference call can be accessed via audio web cast by visiting http://www.datamirror.com. Participants in the conference call are asked to call 1-800-289-0468 at approximately 4:55 p.m. EST on March 3rd using reservation number 264428. Participants may also view an on-line presentation during the call by visiting http://datamirror.webex.com/webex/ and clicking on the meeting "DataMirror Announces Fourth Quarter Results" hosted by Peter Cauley, CFO and Nigel Stokes, CEO, DataMirror. About DataMirror DataMirror (Nasdaq:DMCX)(TSX:DMC), a leading provider of enterprise application integration and resiliency software, gives companies the power to manage, monitor and protect their corporate data in real-time. 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. 1,700 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 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 Toronto, Canada, and has offices around the globe. For more information, visit www.datamirror.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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 harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements of estimates, expectations, objectives and plans (financial and otherwise). The words "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Numerous 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: variability of quarterly operating results; dependence upon the continued growth and success of DataMirror's software products; competition; the ability to develop, market, support and acquire new products in an environment of rapidly changing technology; 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. , 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 Company'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 . Copyright (C) 2002 DataMirror Corporation. All rights reserved. DataMirror, LiveBusiness, iReflect, 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,
2003 2002
---------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $13,025 $9,073
Short-term investments 25,802 27,422
Accounts receivable 12,455 12,773
Prepaid expenses 1,618 1,747
Future tax assets 2,578 1,851
---------------------------------------------------------------------
55,478 52,866
Capital assets 3,931 3,702
Investment tax credits recoverable 1,664 2,440
Investments 9,768 7,495
Intangibles 7,388 9,982
Goodwill 3,118 3,118
---------------------------------------------------------------------
$81,347 $79,603
---------------------------------------------------------------------
---------------------------------------------------------------------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $5,120 $3,855
Deferred revenue 18,137 14,583
Income taxes payable 993 0
Current portion of long-term debt 0 1,464
Current portion of capital lease obligations 89 138
---------------------------------------------------------------------
24,339 20,040
Future tax liabilities 1,505 1,106
Capital lease obligations 33 98
---------------------------------------------------------------------
25,877 21,244
---------------------------------------------------------------------
Shareholders' Equity
Share capital
Common shares (January 31, 2003 - 11,461,142
January 31, 2002 - 11,472,027) 64,637 64,740
Cumulative translation adjustment (498) (498)
Deficit (8,669) (5,883)
---------------------------------------------------------------------
55,470 58,359
---------------------------------------------------------------------
$81,347 $79,603
---------------------------------------------------------------------
---------------------------------------------------------------------
DataMirror Corporation
Consolidated Statements of Income (Loss)
(Thousands of CDN$, except per share data - unaudited)
Three Months Ended Twelve Months Ended
January 31, January 31,
---------------------------------------------------------------------
2003 2002 2003 2002
---------------------------------------------------------------------
Revenue
Licence $9,938 $8,095 $33,223 $28,592
Maintenance 6,173 4,949 23,210 20,562
Services 1,669 1,418 6,057 7,222
---------------------------------------------------------------------
17,780 14,462 62,490 56,376
---------------------------------------------------------------------
Cost of revenue
Licence 59 60 239 257
Maintenance and services 3,052 3,164 12,605 13,464
---------------------------------------------------------------------
3,111 3,224 12,844 13,721
---------------------------------------------------------------------
Gross margin 14,669 11,238 49,646 42,655
---------------------------------------------------------------------
Operating expenses
Selling and marketing 5,308 5,284 21,289 21,542
Research and development 2,114 2,723 10,459 10,895
General and administration 1,942 2,556 8,812 9,088
Amortization of intangibles 685 723 2,740 3,244
---------------------------------------------------------------------
10,049 11,286 43,300 44,769
---------------------------------------------------------------------
Operating income (loss) 4,620 (48) 6,346 (2,114)
Investment income, net 201 192 611 859
---------------------------------------------------------------------
Income (loss) before
income taxes 4,821 144 6,957 (1,255)
Income tax expense 1,571 643 2,434 297
---------------------------------------------------------------------
Income (loss) before the
under-noted 3,250 (499) 4,523 (1,552)
Losses from investment
in PointBase, Inc.
Equity loss 0 (882) (2,081) (4,112)
Impairment of equity investment 0 0 (4,595) 0
---------------------------------------------------------------------
Net income (loss) $3,250 ($1,381) ($2,153) ($5,664)
---------------------------------------------------------------------
---------------------------------------------------------------------
Income (loss) per share
Basic $0.29 ($0.12) ($0.19) ($0.49)
Fully diluted $0.28 ($0.12) ($0.19) ($0.49)
Weighted average number of
shares outstanding (000's)
Basic 11,388 11,434 11,411 11,500
Fully diluted 11,596 11,434 11,411 11,500
DataMirror Corporation
Consolidated Statements of Cash Flows
(Thousands of CDN$ - unaudited)
Three Months Ended Twelve Months Ended
January 31, January 31,
---------------------------------------------------------------------
2003 2002 2003 2002
---------------------------------------------------------------------
Cash provided by (used in)
Operating activities
Net income (loss) $3,250 ($1,381) ($2,153) ($5,664)
Add (deduct) items not
affecting cash:
Amortization of capital assets 186 596 1,630 1,876
Amortization of intangibles 685 723 2,740 3,244
Losses from investment in
PointBase, Inc. 0 882 6,676 4,112
Investment tax credits
recoverable 530 0 776 0
Future income taxes (263) (19) (328) (131)
Non-cash interest expense 0 30 63 215
Non-cash foreign exchange loss 0 97 59 97
Non-cash operating expense 20 90 186 90
---------------------------------------------------------------------
4,408 1,018 9,649 3,839
Changes in non-cash working
capital balances 2,071 2,452 6,259 11,474
---------------------------------------------------------------------
6,479 3,470 15,908 15,313
---------------------------------------------------------------------
Investing activities
Capital asset additions (270) (538) (1,859) (1,460)
Sale (purchase) of
short-term investments 0 (27,422) 1,620 (27,422)
Investment in Idion (40) (820) (8,949) (820)
Acquisition of technology (332) (80) (332) (676)
Acquisition of business,
net of cash 0 (724) 0 (724)
---------------------------------------------------------------------
(642) (29,584) (9,520) (31,102)
---------------------------------------------------------------------
Financing activities
Repayment of long-term
liabilities 0 0 (1,586) (1,566)
Capital lease payments (28) (80) (114) (275)
Issuance of share capital 454 359 821 747
Repurchase of share capital (122) (627) (1,557) (2,249)
---------------------------------------------------------------------
304 (348) (2,436) (3,343)
---------------------------------------------------------------------
Increase (decrease) in
cash and cash equivalents 6,141 (26,462) 3,952 (19,132)
Cash and cash equivalents
Beginning of period 6,884 35,535 9,073 28,205
---------------------------------------------------------------------
End of period $13,025 $9,073 $13,025 $9,073
---------------------------------------------------------------------
---------------------------------------------------------------------
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion