DataMirror Announces Results for Second Quarter of Fiscal 2005.TORONTO Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing -- 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 second 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 July July: see month. 31, 2004, ("Q2 fiscal 2005") was $13,299,000 compared to $14,240,000 for the quarter ended July 31, 2003 ("Q2 fiscal 2004"). The GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income for Q2 fiscal 2005 was $6,053,000 or $0.54 per basic and fully-diluted share including the gain on sale of the Company's investment in Idion compared to net income of $1,502,000 or $0.13 per share for Q2 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 $56,829,000 or $5.18 per common share outstanding at the end of the quarter. The overall gross margin for Q2 fiscal 2005 was 77.8%, as compared to 80.8% for Q2 fiscal 2004. Gross margin on maintenance and services was 62.9% in Q2 fiscal 2005, as compared to 65.6% in Q2 fiscal 2004. Total costs were $13,880,000 for Q2 fiscal 2005, up from $12,778,000 in Q2 fiscal 2004 and down from $14,569,000 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 278 at July 31, 2004, as compared to 275 at July 31, 2003 and down from 296 at the end of the previous quarter. Revenue for the six months ended July 31, 2004 was $26,426,000 compared to $27,560,000 for the six months ended July 31, 2003. Reported in US currency, revenue for the first six months of fiscal 2005 was $19,678,000 as compared to $19,367,000 for the first six months of fiscal 2004, an increase of 1.6%. Net income for the first half of the year was $5,227,000 or $0.46 per share as compared to $2,117,000 or $0.19 per share for the same period in fiscal 2004. "Business improved in the second quarter", 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, "We were able to deliver quarter over quarter licence revenue growth of over 12%, with improved revenue from our LiveAudit and iSeries A family of midrange servers from IBM that are based on IBM's POWER CPUs and run under the i5/OS, OS/400 and AIX operating systems. Windows and Linux can also be run in an attached x86-based server (see IXS). resiliency The ability to recover from a failure. The term may be applied to hardware, software or data. offerings fueling that growth. Measures we took at the beginning of the quarter to adjust our business model to the realities of today's software market led to a reduction of costs of over $600,000 during the quarter and should reduce costs further over the balance of the year. With the funds received from the sale of our Idion shares, the Company's cash balances are at record levels." Business Outlook: In the third quarter of fiscal 2005, DataMirror expects to earn GAAP net income in the range of $0.03 to $0.08 per share. 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 second 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, August 25, 2004. The conference call can be accessed via audio web cast at www.datamirror.com/investors. Participants in the conference call are asked to call 1-800-361-0912 at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 4:55 p.m. EST on August 25th using reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. number 225151. 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 Second 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 (225151). The replay and on-line presentation will be available from August 25, 2004 at 8:00 p.m. EST to midnight on August 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 1,900 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$)
July 31, January 31,
2004 2004
---------------------------------------------------------------------
(unaudited) (audited)
Assets
Current assets
Cash and cash equivalents $56,829 $9,286
Short-term investments 0 32,720
Accounts receivable 8,030 11,797
Prepaid expenses 1,820 1,803
Future income taxes 2,390 2,540
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69,069 58,146
Capital assets 3,635 3,845
Investment tax credits recoverable 188 1,019
Investments 0 12,185
Intangibles 4,321 5,853
Goodwill 5,175 5,175
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$82,388 $86,223
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Liabilities
Current liabilities
Accounts payable and accrued
liabilities $3,094 $5,544
Deferred revenue 18,734 18,839
Income taxes payable 203 1,785
Current portion of capital
lease obligations 0 32
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22,031 26,200
Future income taxes 458 1,076
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22,489 27,276
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Shareholders' Equity
Share capital
Common shares (July 31, 2004
- 10,974,290
January 31, 2004
-11,364,952) 62,686 64,625
Deficit (3,302) (5,978)
Contributed surplus 1,013 798
Cumulative translation adjustment (498) (498)
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59,899 58,947
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$82,388 $86,223
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DataMirror Corporation
Consolidated Statements of Income (Loss)
(Thousands of CDN$, except per share data - unaudited)
Three Months Ended Six Months Ended
July 31, July 31,
---------------------------------------------------------------------
2004 2003 2004 2003
---------------------------------------------------------------------
Revenue
Licence $5,517 $6,472 $10,425 $11,950
Maintenance 6,744 6,261 13,480 12,836
Services 1,038 1,507 2,521 2,774
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13,299 14,240 26,426 27,560
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Cost of revenue
Licence 65 56 128 107
Maintenance and services 2,884 2,676 6,202 5,388
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2,949 2,732 6,330 5,495
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Gross margin 10,350 11,508 20,096 22,065
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Operating expenses
Selling and marketing 5,287 4,717 10,826 9,423
Research and development 2,587 2,408 5,297 4,896
General and
administration 2,214 2,037 4,192 3,843
Stock-based compensation 103 116 215 164
Amortization of
intangibles 739 768 1,532 1,536
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10,930 10,046 22,062 19,862
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Operating income (loss) (580) 1,462 (1,966) 2,203
Investment income 273 346 459 603
Gain on sale of
investment in Idion 7,611 0 7,611 0
Other income 0 279 0 279
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Income before income taxes 7,304 2,087 6,104 3,085
Income tax expense 1,251 585 877 968
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Net income $6,053 $1,502 $5,227 $2,117
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Earnings per share
Basic $0.54 $0.13 $0.46 $0.19
Fully diluted $0.54 $0.13 $0.45 $0.18
Weighted average number of
shares outstanding
(000's)
Basic 11,196 11,394 11,266 11,418
Fully diluted 11,285 11,543 11,492 11,601
DataMirror Corporation
Consolidated Statements of Cash Flows
(Thousands of CDN$ - unaudited)
Three Months Ended Six Months Ended
July 31, July 31,
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2004 2003 2004 2003
---------------------------------------------------------------------
Cash provided by (used in)
Operating activities
Net income $6,053 $1,502 $5,227 $2,117
Add (deduct) items not
affecting cash:
Amortization of
capital assets 309 346 598 680
Amortization of
intangibles 739 768 1,532 1,536
Stock-based
compensation 103 116 215 164
Gain on sale of
investment in Idion (7,611) 0 (7,611) 0
Other income 0 (279) 0 (279)
Future income taxes (290) (150) (468) (352)
Investment tax credits 892 476 831 441
Non-cash operating
expense 0 13 0 32
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195 2,792 324 4,339
Changes in non-cash
working capital
balances (2,251) (2,293) (386) 404
---------------------------------------------------------------------
(2,056) 499 (62) 4,743
---------------------------------------------------------------------
Investing activities
Capital asset additions (96) (388) (388) (522)
Sale of short-term
investments 0 0 32,720 25,802
Sale of investment
in Idion 19,891 0 19,891 0
Investment in Idion 0 44 (96) (49)
Acquisition of technology 0 0 0 (30)
Other income 0 279 0 279
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19,795 (65) 52,127 25,480
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Financing activities
Capital lease payments (13) (24) (32) (64)
Issuance of share capital 26 221 678 380
Repurchase of share
capital (4,761) (1,558) (5,168) (2,219)
---------------------------------------------------------------------
(4,748) (1,361) (4,522) (1,903)
---------------------------------------------------------------------
Increase (decrease) in
cash and cash
equivalents 12,991 (927) 47,543 28,320
Cash and cash
equivalents
Beginning of period 43,838 42,272 9,286 13,025
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End of period $56,829 $41,345 $56,829 $41,345
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