DataMirror Announces Second Quarter Results.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 & SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif. -- DataMirror Corporation (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 - News; 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) - News) a leading real-time data Real-time data denotes information that is delivered immediately after collection. There is no delay in the timeliness of the information provided. Some uses of this term confuse it with the term dynamic data. integration company, today announced its financial results its second quarter ended July 31, 2005 (all figures are in U.S. dollars unless stated otherwise). Revenue for the second quarter was $9.9 million, up from $9.8 million for the quarter ended July 31, 2004. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income was $0.7 million or $0.08 per 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. share in Q2 F2006, compared to $3.9 million or $0.34 per diluted share in Q2 last year. The results for Q2 last year included a non-recurring gain on the sale of an investment of approximately $4.1 million. 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 the quarter was ($1.4 million), improved from ($2.0 million) in Q2 last year. 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 $31.9 million or $3.79 per common share outstanding at the end of the quarter. Revenue for the first six months of fiscal 2006 was $20.6 million, up from $19.7 million for the same period in fiscal 2005. YTD See Year-to-date. YTD See year to date (YTD). GAAP net income was $1.5 million or $0.16 per diluted share in fiscal 2006, compared to $3.3 million or $0.28 per diluted share at the same point last year. Cash flow from operations for the first six months of fiscal 2006 was $2.9 million, compared to ($0.5 million) for the same period in fiscal 2005. "Licence revenue in the second quarter was about $1.0 million below our expectations", 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. "Despite this revenue shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. , we were able to achieve net income that was close to our previous guidance. Revenue in the six month period grew by approximately 5% and both free cash flow and operating profitability improved significantly. We believe the market opportunity for our solutions remains healthy, and expect that revenue growth will improve in the second half of the year." Highlights: - Announced the availability of DataMirror PointBase 5.3(R), DataMirror's full-featured, SQL SQL in full Structured Query Language. Computer programming language used for retrieving records or parts of records in databases and performing various calculations before displaying the results. 92/99 JDBC (Java DataBase Connectivity) A programming interface that lets Java applications access a database via the SQL language. Since Java interpreters (Java Virtual Machines) are available for all major client platforms, this allows a platform-independent database compliant Java relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. . PointBase 5.3 delivers new features that further improve the solution's scalability, performance, and functionality. The new version lowers the cost of database development, reduces the time to market and facilitates integration between Java applications A Java program that is run stand alone. The Java Virtual Machine in the client or server is interpreting the instructions. Contrast with Java applet. See servlet. and back-office systems; - Announced a new partnership with QCL QCL Quantum Cascade Laser QCL Quality Class Level Technologies (QCL), a Cork, Ireland Cork, Ireland is a term which may refer to the following places in southern Ireland, depending on context.
- Announced a new Cdn. $8 million secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility from the Knowledge-Based Industries division of RBC RBC red blood cell. RBC or rbc abbr. red blood cell RBC, n See red blood cell count. RBC red blood cells; red blood (cell) count (see blood count). Royal Bank. The facility is designed to support working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , foreign exchange trading Foreign Exchange Trading or FX Trading, clients are able to hedge against, or speculate upon, changes in the exchange rate of two currencies. For example, a speculator can long EUR/USD in foreign exchange market in order to profit from capturing the appreciation of Euro against the and letters of credit required in the normal course of business. While the company has no immediate need for cash, with the consolidation that is currently going on in the software industry, this facility, combined with our current cash balances, gives the Company the ability to react quickly when acquisition opportunities arise; - Introduced a new dynamic operational data store (ODS (Operational Data Store) A database designed for queries on transactional data. An ODS is often an interim or staging area for a data warehouse, but differs in that its contents are updated in the course of business, whereas a data warehouse contains static data. ) solution for companies with existing data warehouses whose data volatility and volume are impacting system performance. The new solution extends DataMirror's abilities to transform data warehouses into dynamic operational data stores and reinforces the company's commitment to help organizations make business decisions with the best available information. Business Outlook: Management offers the following outlook for the full fiscal year ending January 31, 2006, and for the third quarter ending October 31, 2005: - For the 2006 fiscal year, the Company expects revenue to grow 4% to 9% and be in the range of $43.0 to $45.0 million with GAAP, diluted, net income in the range of $0.33 to $0.37 per share. - In the third quarter of fiscal 2006, the Company expects revenue to grow year over year by up to 6% and be in the range of $10.3 to $10.8 million with GAAP, diluted, net income in the range of $0.08 to $0.12 per share. These estimates assume a tax rate of 40 percent and include the expensing of stock options. DataMirror management will hold a webcast and conference call to present the results for the second quarter and to outline the prospects for the business going forward 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 23, 2005. The conference call can be accessed via audio webcast at http://www.datamirror.com/investors. Participants should call 1-800-475-3716 using passcode 5148572. An online presentation is available by visiting https://datamirror.webex.com/datamirror and selecting the meeting "DataMirror Announces Second Quarter Results". A replay of the conference call will be available at 8:00 p.m. EST via the DataMirror web site or by dialing 1-888-203-1112 using passcode 5148572. About DataMirror DataMirror (NASDAQ: DMCX - News; TSX: DMC - News), a leading provider of real-time data integration, protection and java database solutions, improves the integrity and reliability of information across all of the systems that create and store data. DataMirror's flexible and affordable integration solutions allow customers to easily and continuously detect, translate, and communicate information changes throughout the enterprise. DataMirror helps clients make better decisions by providing access to the continuous, accurate information they need to take timely action and move forward faster. Over 2,000 companies have gained tangible competitive advantage from DataMirror software, including Debenhams, 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, 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 2005 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 Statements of Income (Loss)
(Thousands of US$, except per share data - unaudited)
Three Months Six Months
Ended Ended
July 31, July 31,
------------- --------------
2005 2004 2005 2004
------ ------ ------ -------
Revenue
Licence $3,900 $4,079 $8,583 $7,760
Maintenance 5,242 4,986 10,578 10,038
Services 745 767 1,476 1,879
------ ------ ------ -------
9,887 9,832 20,637 19,677
------ ------ ------ -------
Cost of revenue
Licence 44 48 89 95
Maintenance and services 2,029 2,199 4,117 4,755
------ ------ ------ -------
2,073 2,247 4,206 4,850
------ ------ ------ -------
Gross margin 7,814 7,585 16,431 14,827
------ ------ ------ -------
Operating expenses
Selling and marketing 2,820 3,842 5,916 7,929
Research and development 1,874 1,913 3,858 3,946
General and administration 1,726 1,637 3,573 3,121
Stock-based compensation 105 76 161 160
Amortization of intangibles 401 546 805 1,141
------ ------ ------ -------
6,926 8,014 14,313 16,297
------ ------ ------ -------
Operating income (loss) 888 (429) 2,118 (1,470)
Investment income, net 173 202 393 342
Gain on sale of investment 0 5,466 0 5,466
------ ------ ------ -------
Income before income taxes 1,061 5,239 2,511 4,338
Income tax expense 370 1,368 1,020 1,087
------ ------ ------ -------
Net income $691 $3,871 $1,491 $3,251
------ ------ ------ -------
------ ------ ------ -------
Earnings per share
Basic $0.08 $0.35 $0.16 $0.29
Fully diluted $0.08 $0.34 $0.16 $0.28
Weighted average number of
shares outstanding (000's)
Basic 8,495 11,196 9,088 11,266
Fully diluted 8,575 11,285 9,156 11,492
DataMirror Corporation
Consolidated Balance Sheets
(Thousands of US$ - unaudited)
July 31, January 31,
2005 2005
-------- -----------
Assets
Current assets
Cash and cash equivalents $31,855 $7,687
Short-term investments 0 38,707
Accounts receivable 4,473 8,055
Prepaid expenses 1,207 1,328
Future income taxes 2,102 2,426
-------- -----------
39,637 58,203
Capital assets 2,751 2,754
Future income taxes 272 0
Intangibles 1,556 2,344
Goodwill 4,221 4,180
-------- -----------
$48,437 $67,481
-------- -----------
-------- -----------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $2,305 $2,989
Deferred revenue 15,523 17,838
Income taxes payable 184 750
-------- -----------
18,012 21,577
Future income taxes 0 83
-------- -----------
18,012 21,660
-------- -----------
Shareholders' Equity
Share capital
Common shares (July 31, 2005 - 8,477,810
January 31, 2005 - 10,555,966) 32,508 42,250
Deficit (9,362) (2,953)
Contributed surplus 1,037 876
Cumulative translation adjustment 6,242 5,648
-------- -----------
30,425 45,821
-------- -----------
$48,437 $67,481
-------- -----------
-------- -----------
DataMirror Corporation
Consolidated Statements of Cash Flows
(Thousands of US$ - unaudited)
Three Months Six Months
Ended Ended
July 31, July 31,
--------------- ----------------
2005 2004 2005 2004
------- ------- -------- -------
Cash provided by (used in)
Operating activities
Net income $691 $3,871 $1,491 $3,251
Add (deduct) items not affecting cash:
Amortization of capital assets 231 228 454 445
Amortization of intangibles 401 546 805 1,141
Stock-based compensation 105 76 161 160
Future income taxes 20 (214) (8) (348)
Gain on sale of investment 0 (5,466) 0 (5,466)
Investment tax credits 0 659 0 613
------- ------- -------- -------
1,448 (300) 2,903 (204)
Changes in non-cash working
capital balances (2,826) (1,665) 40 (266)
------- ------- -------- -------
(1,378) (1,965) 2,943 (470)
------- ------- -------- -------
Investing activities
Capital asset additions (212) (71) (425) (290)
Sale of short-term investments 0 0 38,749 24,447
Sale of investment in Idion 0 14,287 0 14,287
Investment in Idion 0 (1) 0 (73)
------- ------- -------- -------
(212) 14,215 38,324 38,371
------- ------- -------- -------
Financing activities
Capital lease payments 0 (10) 0 (24)
Issuance of share capital 159 20 169 509
Repurchase of share capital (883) (3,527) (17,811) (3,832)
------- ------- -------- -------
(724) (3,517) (17,642) (3,347)
------- ------- -------- -------
Effect of exchange rate changes
on cash and cash equivalents 849 2,039 543 1,191
------- ------- -------- -------
Increase (decrease)
in cash and cash equivalents (1,465) 10,772 24,168 35,745
Cash and cash equivalents
Beginning of period 33,320 31,982 7,687 7,009
------- ------- -------- -------
End of period $31,855 $42,754 $31,855 $42,754
------- ------- -------- -------
------- ------- -------- -------
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