DataMirror Corporation Reports First Quarter Results For Fiscal 2002.Business Editors TORONTO--(BUSINESS WIRE)--May 29, 2001 Revenue Increases by 18%, 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 Increases by 290% 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. 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)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :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 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 first quarter of fiscal 2002. Revenue for the first quarter of fiscal 2002 was $13,361,000, an increase of 18% over the first quarter of fiscal 2001. The loss excluding the pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. share of losses resulting from the Company's investment in PointBase was $732,000 or $0.06 per share, compared to income of $697,000 or $0.06 per share for the same period in fiscal 2001. The net loss was $2,008,000 or $0.17 per share compared to a net loss of $408,000 or $0.04 per share for the first quarter of fiscal 2001. Cash flow from operations for the quarter was $6,801,000, a 290% increase over the same period in fiscal 2001. Revenue from licence sales was 47.2% of total revenue in the first quarter with a gross margin of 99.0%, as compared to 65.7% of total revenue and gross margin of 99.2% in the first quarter of fiscal 2001. The gross margin on maintenance and services for the quarter was relatively unchanged at 49.4% in fiscal 2002, compared to 50.3% in the prior year. As a result of the decline of licence sales as a percentage of total revenue, the overall gross margin for the quarter decreased to 72.8% from 82.4% for the same period in fiscal 2001. 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 the first quarter were $10,866,000 compared to $8,655,000 for the same period in fiscal 2001 and down significantly from $12,048,000 in the fourth quarter of fiscal 2000. Overall 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. increased to 328 from 319 at the end of fiscal 2001. "The first quarter of fiscal 2002 was slightly below our expectations," said 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. , Chairman, President and 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. "The slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in IT spending experienced earlier in the calendar year in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. spread to Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , and as a result we did
not meet our revenue target for the quarter. However, the quarter was a
success in several key areas of our operations. We reduced our DSO See CSO. to 99
days from 136 at the end of fiscal 2001 and, as a result, generated
almost $6 million in positive cash flow to end the quarter with over $34
million in cash on the balance sheet. Revenue from our recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. streams was also strong. Maintenance revenue increased by over 100% year over year and our service revenue was up by almost 50%. Our existing customers accounted for over 60% of licence revenue, as they continue to see the value in our technology and roll it out throughout their organizations. Operating expenses decreased by almost $1.2 million over the fourth quarter of fiscal 2001. We continue to spend wisely and intend to maintain this course of prudent cost control throughout fiscal 2002." Business Outlook: For the second quarter of fiscal 2002, DataMirror expects to achieve revenue in the range of $13.8-$14.5 million, and a small operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. , expected to be less than $0.03 per share. Since the beginning of the first quarter of fiscal 2002 the company has: -- Added 36 new customers - Key customer wins for the quarter included Australian Bureau of Statistics, Blinds To Go, EMMIS Communications, Magellan Health Services, Priority Health, Inc. and Veka AG. In addition, existing customers such as AT&T Broadband, British Airways, Dresdner Klienwort Benson, Viacom, Inc. and Williams Sonoma made significant additional purchases of our technology. -- Extended Platform Coverage of Transformation Server - DataMirror launched Transformation Server for DB2/UDB and offered enhanced integration for PointBase and OS/390 customers to enable the real-time integration of critical data between mainframes, midrange systems and mobile devices. -- Enabled Help/Systems to Attain IBM ClusterProven(TM) Status with DataMirror iCluster - iCluster enabled leading iSeries operations automation software provider Help/Systems to achieve IBM ClusterProven resiliency status for its popular Robot/SCHEDULE application. -- Launched DataWorld Business Partner Program at PartnerWorld 2001 - DataWorld, the Company's new Business Partner Program, was launched at PartnerWorld 2001 with more than 100 Business Partners. -- Signed an International Reseller Arrangement with Midas-Kapiti - Midas-Kapiti International (MKI), a leading supplier of application solutions and services to the global financial community, will remarket DataMirror solutions to its over 1,400 customers including 96% of the world's top 50 banks. -- Launched Next Generation Resiliency Software for IBM iSeries Customers - iCluster Version 1.5 empowers users with an enhanced Java graphical user interface (GUI) to administer clustered iSeries environments. iCluster 1.5 includes full support for ClusterProven applications. -- Launched Enterprise Administrator Version 2.3 - Enhanced graphical user interface for Transformation Server includes a new open Application Programming Interface (API) that allows third-party applications to take complete control of Transformation Server. Customers and application providers alike can now seamlessly incorporate Transformation Server's real-time, multi-platform data integration capabilities into their own solutions. -- Purchased the Assets of saipx, Inc. - DataMirror purchased the technology and certain related assets of saipx Inc., a leader in pervasive mobile computing and turnkey solutions for SAP. DataMirror expects to integrate saipx's mobile computing technology with DataMirror's family of real-time data integration and resiliency tools to provide customers in the SAP community with a completely integrated end-to-end solution. -- Appointed Keith Powell and Donald Woodley to the DataMirror Board of Directors - DataMirror welcomed two experienced technology veterans to its Board of Directors. Both Mr. Powell and Mr. Woodley bring years of management and high technology experience to the table, supporting DataMirror in its mission to provide solutions that help customers manage their valuable data in an economy where business is driven by information. -- Won Midrange Technology's SHOWCASE 2001 Product Excellence Award - DataMirror Transformation Server was honored with a SHOWCASE Award for the second consecutive year in the "Data Replication" category. The SHOWCASE Awards recognize outstanding third-party IBM iSeries (AS/400) software and hardware as voted upon by the readers of Midrange Technology SHOWCASE magazine. -- DataMirror Unveils Data Integration Solution for FDA-Regulated Organizations - DataMirror announced LiveAudit, a new component for its real-time Transformation Server software that enables pharmaceutical, health-care and food services organizations to meet E-Records regulations mandated by the Federal Drug Administration (FDA). "DataMirror has taken several positive steps to address the growing market for 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. ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. and CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. integration," said Nigel stokes. "By introducing a new open API Open API (often referred to as OpenAPI) is a word used to describe sets of technologies that enable websites to interact with each other by using SOAP, Javascript any other web technology. , leading third-party ERP and CRM application providers can leverage Transformation Server's real-time, multi-platform data integration capabilities and seamlessly incorporate these functions directly into their own solutions. We also expect that our recent acquisition of saipx Inc. will allow the Company to extend its mobile ERP integration initiatives and strengthen its presence in the global SAP sap, fluid in plants consisting of water and dissolved substances. Cell sap refers to this fluid present in the large vacuole, or cell cavity, that occupies most of the central portion of mature plant cells. community. Powerful saipx solutions allow mobile employees to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution real-time ERP transactions from anywhere and at anytime via handheld handheld: see personal digital assistant. devices, extending the reach of leading ERP solutions like SAP R/3 to new classes of mobile workers. Going forward, we will continue to broaden and enhance our real-time integration and resiliency solutions to meet the needs of our growing customer base worldwide." About DataMirror Corporation DataMirror (Nasdaq: DMCX; TSE: DMC) delivers solutions that let customers integrate their data across their enterprises. DataMirror's comprehensive family of products unlocks the experience of now(TM) by providing advanced real-time capture, transform and flow (CTF CTF Capture The Flag CTF Child Trust Fund (UK) CTF Canadian Tax Foundation CTF Canadian Taxpayers Federation (lobby group) CTF Canadian Television Fund CTF Canadian Teachers' Federation ) technology that gives customers the instant access, integration and availability they demand today across all computers in their business. Over 1,400 companies use DataMirror to integrate their data. 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. drives all business. DataMirror is headquartered in 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 , 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 worldwide. DataMirror has been ranked in the Deloitte and Touche Fast 500 as one of the fastest growing technology companies in North America. For more information, call 1-800-362-5955 or visit the DataMirror web site at 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 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: variability of quarterly operating results; dependence upon on 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 RECRUIT. A newly made soldier. 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 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 . 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 Incorrect means to not be correct and may also refer to:
Copyright 2001 DataMirror Corporation. All rights reserved. DataMirror, Transformation Server, Enterprise Administrator, iCluster, High Availability Also called "RAS" (reliability, availability, serviceability) or "fault resilient," it refers to a multiprocessing system that can quickly recover from a failure. There may be a minute or two of downtime while one system switches over to another, but processing will continue. Suite, Constellar Hub (1) See Web hub, digital media hub and intelligent hub. (2) In an Ethernet network, a device to which all clients and servers are wired. Most Ethernet hubs are active hubs and regenerate the data bits on the output side in order to maintain a strong signal. 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 Loss
(Thousands of CDN$, except per share data - unaudited)
Three Months Ended
April 30,
------------------
2001 2000
---- ----
Revenue
Licence $6,305 $7,459
Maintenance 4,959 2,475
Services 2,097 1,415
------- -------
13,361 11,349
------- -------
Cost of revenue
Licence 65 60
Maintenance and services 3,568 1,933
------- -------
3,633 1,993
------- -------
Gross margin 9,728 9,356
------- -------
Operating expenses
Selling and marketing 5,359 4,790
Research and development 2,538 1,737
General and administration 2,208 1,924
Amortization of intangibles 761 204
------- -------
10,866 8,655
------- -------
Operating income (loss) (1,138) (701)
Investment income 231 186
------- -------
Income (loss) before income taxes (907) 887
Income tax expense (recovery) (175) 190
------- -------
Income (loss) before the under-noted (732) 697
Equity loss from investment in PointBase, Inc. (1,276) (1,105)
------- -------
Net loss ($2,008) ($408)
------- -------
------- -------
Basic loss per share ($0.17) ($0.04)
Weighted average number of
shares outstanding (000's) 11,582 10,603
DataMirror Corporation
Consolidated Balance Sheets
(Thousands of CDN$)
April 30, January 31,
2001 2001
-------- --------
Assets
Current assets
Cash and short-term investments $34,188 $28,205
Accounts receivable 14,849 24,298
Prepaid expenses 1,819 1,731
Future income taxes 1,416 1,696
------- -------
52,272 55,930
Capital assets 3,667 3,953
Investment tax credits recoverable 3,244 2,782
Investment in PointBase, Inc. 9,511 10,787
Intangibles 14,554 14,993
------- -------
$83,248 $88,445
------- -------
------- -------
Liabilities
Current liabilities
Accounts payable and accrued liabilities $4,503 $5,710
Deferred revenue 11,108 12,311
Income taxes payable 639 639
Current portion of long-term liabilities 1,455 1,426
Current portion of capital lease obligations 189 238
------- -------
17,894 20,324
Future income taxes 1,354 1,505
Long-term liabilities 1,342 1,292
Capital lease obligations 80 106
------- -------
20,670 23,227
------- -------
Shareholders' Equity
Share capital 64,976 65,583
Cumulative translation adjustment (498) (498)
Retained earnings (deficit) (1,900) 133
------- -------
62,578 65,218
------- -------
$83,248 $88,445
------- -------
------- -------
DataMirror Corporation
Consolidated Statements of Cash Flows
(Thousands of CDN$ - unaudited)
Three Months Ended
April 30,
--------------------
2001 2000
------- -------
Cash provided by (used in)
Operating activities
Net loss ($2,008) ($408)
Add (deduct) items not affecting cash:
Amortization of capital assets 397 349
Amortization of intangibles 761 204
Loss from investment in PointBase, Inc. 1,276 1,105
Future income taxes 186 0
Non-cash interest expense 79 0
Non-cash foreign exchange (gain) loss 0 (39)
------- -------
691 1,211
Changes in non-cash working capital balances 6,110 1,134
------- -------
6,801 2,345
------- -------
Investing activities
Capital asset additions (111) (100)
------- -------
(111) (100)
------- -------
Financing activities
Repayment of long-term liabilities 0 (12)
Capital lease payments (76) (202)
Issuance of share capital 96 33,369
Repurchase of share capital (727) (353)
------- -------
(707) 32,802
------- -------
Increase in cash and cash equivalents 5,983 35,047
Cash and cash equivalents
Beginning of period 28,205 10,219
------- -------
End of period $34,188 $45,266
------- -------
------- -------
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