Datalex plc Announces Full-Year Preliminary Results for the Year Ended 31 December 2002.Business Editors DUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ireland--(BUSINESS WIRE)--Feb. 20, 2003 Datalex plc (ISE Ise (ē`sā), city (1990 pop. 104,164), Mie prefecture, S Honshu, Japan, on Ise Bay. It is one of the foremost religious centers of Shinto, the site of the shrines of Ise. : DLE (character) DLE - Data Link Escape, the mnemonic for ASCII 16. ; OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : DLEXY) today announced its full year results for the year ended 31 December December: see month. 2002. "The results are in line with our expectations and demonstrate the impact of ongoing fiscal management strategies in a market that has suffered under the effects of a negative economic and geo-political environment. However, this market is in transition to recovery and expansion, and we are well positioned to take advantage of that recovery. We expect the improvement, which we have seen in our business during the second half of 2002, to continue in 2003. As a result, subject to no further deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in economic conditions, we are confident that we will generate positive operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. in 2003," said Datalex Chief Executive Officer Neil Beck. Full-year results include: -- Operating loss before goodwill amortisation and the charge for share awards to employees reduced from $29.4 million in 2001 to $11.2 million in 2002. -- Operating expenses before goodwill amortisation and the charge of share awards to employees, reduced from $35.1 million in 2001 to $18.5 million in 2002. -- An improvement in basic and diluted loss per share from $1.40 in 2001 to $0.31 in 2002. -- A net cash balance at 31 December 2002 of $39.1 million. -- New agreements signed with American Trans Air, Saudi Arabian Airlines, South African Airways, Travelbag and Unisys. -- Successful penetration into new industry sectors and geographic markets through new contracts with Best Western International, LasVegas.com and T-Systems. -- New recurring revenue streams generated through fully managed hosting services. -- Deferred revenue balances increased from $2.6 million in 2001 to $7.4 million in 2002 In April 2002 Datalex voluntarily delisted from 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 and took up a primary listing on the Irish Stock Exchange The Irish Stock Exchange (ISE) (Irish: Stocmhalartán na hÉireann) is Ireland's stock exchange, formed through the merger of the Cork and Dublin exchanges, both of which have existed as far back as 1793. . About Datalex Datalex provides technology to leading global travel industry suppliers and distributors that enable them to aggregate and package a broad range of travel components for distribution across multiple sales channels. Datalex's customers include Aer Lingus Aer Lingus is Ireland's national airline. Based in Dublin, it operates 41 Airbus aircraft serving Europe, Africa, North America and the Middle East. The airline is 28% owned by the Irish government; it was floated on the Dublin and London Stock Exchanges on 2 October 2006, , Air 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 , Amadeus Amadeus, 1845–90, king of Spain (1870–73), duke of Aosta, son of Victor Emmanuel II of Italy. After the expulsion (1868) of Queen Isabella II, Juan Prim urged the Cortes to elect Amadeus as king. He accepted the crown reluctantly. , American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Trans Air, Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run , Best Western International, California State Automobile Association The California State Automobile Association is a motor club dedicated to improving roads, proposing traffic laws and improvement of overall driving conditions. It was founded in 1907 as an offshoot of the Automobile Club of Southern California (ACSC) to serve members in Northern , Delta Air Lines, Disney Cruise Lines Disney Cruise Line is owned by The Walt Disney Company and headquartered in Celebration, Florida. The business is run by President Tom McAlpin as part of the Walt Disney Parks and Resorts division. , FAR&WIDE, Galileo Galileo (Galileo Galilei) (găl'ĭlē`ō; gälēlĕ`ō gälēlĕ`ē), 1564–1642, great Italian astronomer, mathematician, and physicist. , KLM KLM Kaiserliche Marine (Enigma: Rising Tide game) KLM Koninklijke Luchtvaart Maatschappij (Royal Dutch Airlines) KLM Klub Langer Menschen (German: Tall Person Club) , LasVegas.com, Lufthansa Lufthansa in full Deutsche Lufthansa AG One of Europe's largest air-passenger, cargo, and airline-services companies. The airline originated in 1926 as Deutsche Luft Hansa AG and eventually was flying to destinations in South America and Southeast Asia before , Norwegian Cruise Lines Norwegian Cruise Line (NCL) is a company operating cruise ships, headquartered in Miami, Florida. It is most well known for its Freestyle Cruising, which means that there are no set times or seating arrangements for meals, nor is formal attire required. , Page & Moy, Siemens Canada and Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Saudi Arabian Airlines Saudi Arabian Airlines (Arabic: الخطوط الجوية العربية السعودية) is the national airline of Saudi Arabia, based in , Singapore Airlines  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . , SilkAir SilkAir (Singapore) Private Limited is an airline based in Singapore. It is a wholly owned subsidiary of Singapore Airlines and operates scheduled passenger services from Singapore to 26 cities in Southeast Asia, South Asia and China. , SNCF SNCF Société Nationale des Chemins de fer Français (French National Railways) SNCF Sans Nous les Cafés Ferment (French) , Sol Sol, in Roman religion Sol (sŏl), in Roman religion, sun god. An ancient god of Mesopotamian origin, he was introduced (c.220) into Roman religion as Sol Invictus by emperor Heliogabalus. Melia Melia genus in the family Meliaceae. Melia azederach, Melia dubia much used as a shade tree. The seed causes severe diarrhea with dysentery. There may also be excitement and dyspnea. , South African Airways South African Airways (SAA) is South Africa's largest domestic and international airline company, with hubs in Cape Town and Johannesburg. It is also known in Afrikaans as Suid-Afrikaanse Lugdiens (SAL) , Thomas Cook For the company, see Thomas Cook AG. Thomas Cook (22 November 1808 – 18 July 1892) of Melbourne, Derbyshire, founded the travel agency that is now Thomas Cook AG. He was brought up as a strict Baptist and joined his local Temperance Society. , Trailfinders Trailfinders is the UK's largest independent travel organization, with travel centres in the UK and Australia. The company specialises in bespoke itineraries to the Far East and Australia. Trips to other parts of the world are also available. , Travelbag, Travelcare, T-Systems T-Systems is a worldwide operating ICT provider. It belongs to Deutsche Telekom AG and is located in Frankfurt, Germany. Within Deutsche Telekom AG it is responsible for its business customers. It operates in 24 countries and employs about 56,000 people (2006). , Unisys, Vail Resorts Vail Resorts, Inc. runs four ski resorts in Colorado, as well as one in Lake Tahoe (on the California-Nevada border) and a summer resort in Wyoming. They also own luxury resort hotels throughout the United States. The company trades on the New York Stock Exchange, symbol MTN. Inc., WEXAS WEXAS is a travel company in the form of a multinational travel club. It was founded in 1970 as a travel club for student and expeditionary travel, the acronym WEXAS standing for World Expeditionary Association. and Worldspan Worldspan is a technology company with headquarters in Atlanta, Georgia that specializes in travel related software and systems. Its primary system is commonly known as a computer reservations system or Global Distribution System (GDS), which is a software used by travel agents and . Founded in 1985, the company is headquartered in Dublin, Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. , and maintains offices across 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). , the USA and in the Asia-Pacific The term Asia-Pacific generally applies to littoral East Asia, Southeast Asia and Australasia near the Pacific Ocean, plus the states in the ocean itself (Oceania). region. Datalex is a publicly held company traded on the Irish Stock
Exchange (ISE symbol: DLE) and over the counter (OTC symbol: DLEXY).This press release contains certain 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. . Actual results may differ materially from those projected or implied in such forward-looking statements. Such forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information involves risks and uncertainties that could significantly affect expected results.
Datalex plc
Consolidated Profit and Loss Account
For the year ended 31 December 2002 - unaudited
Notes Year ended Year ended
31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Turnover
-- Existing operations 25,685 29,033
-- Acquisitions 74 -
------------- ----------
2 25,759 29,033
Cost of sales (18,466) (23,324)
------------- ----------
Gross Profit 7,294 5,709
Operating expenses 4 (25,168) (55,276)
------------- ----------
Operating Loss
-- Existing operations (16,514) (49,567)
-- Acquisitions (1,360) -
------------- ---------
(17,874) (49,567)
-- Share of operating loss of associates (418) (1,165)
Restructuring charges 5 (3,066) (44,831)
------------- ----------
Loss on Ordinary Activities before
Interest and Tax (21,358) (95,563)
Interest receivable and similar income 834 2,747
Interest payable and similar charges (66) (7)
------------- ----------
Loss on Ordinary Activities before
Taxation (20,590) (92,823)
Tax on loss on ordinary activities 4 64
------------- ----------
Loss on Ordinary Activities after
Taxation (20,586) (92,759)
Minority interests 3 572
------------- ----------
Loss for the Financial Year (20,583) (92,187)
Profit and Loss Account, beginning of
year (126,788) (35,716)
Transfer in respect of share awards to
employees 1,103 1,115
------------- ----------
Profit and Loss Account, end of year (146,268) (126,788)
============= ==========
Basic and Diluted Loss Per Ordinary Share
(in US cents) 0.31 1.40
============= ==========
Datalex plc
Consolidated Balance Sheet
At 31 December 2002 - Unaudited
Notes 31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Fixed Assets
Tangible fixed assets 3,456 5,468
Financial assets 180 150
Associates 314 761
Intangible assets - goodwill 3,622 11,687
------------ ------------
7,572 18,066
------------ ------------
Current Assets
Stocks 1 3
Debtors 11,857 8,086
Cash at bank and in hand 46,813 58,159
58,671 66,248
Creditors: Amounts falling due within
one year (19,353) (15,028)
------------ ------------
Net Current Assets 39,318 51,220
------------ ------------
Total Assets less Current Liabilities 46,890 69,286
Provision for Liabilities and Charges (1,258) (1,568)
------------ ------------
Net Assets 45,632 67,718
============ ============
Capital and Reserves
Called-up share capital 6,840 6,817
Share premium 79,287 79,187
Other capital reserves 105,308 105,308
Other reserve - deferred consideration 677 1,189
Other reserve - foreign currency
translation (212) (525)
Profit and loss account (146,268) (126,788)
------------ ------------
Shareholders' Funds 45,632 65,188
Minority Interests - 2,530
------------ ------------
Total Capital Employed 45,632 67,718
============ ============
Datalex plc
Consolidated Cash Flow Statement
For the year ended 3 December 2002 -
unaudited
Year ended Year ended
Notes 31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Net Cash Outflow from Operating 3a
Activities (8,291) (25,139)
Returns on Investment and Servicing of
Finance 768 2,740
Taxation 28 132
Capital Expenditure and Financial
Investment (916) (1,511)
Acquisitions (2,935) (2,103)
----------- -----------
Net Cash Outflow before Financing (11,346) (25,881)
Financing - 53
----------- -----------
(Decrease)/Increase in Cash 3b (11,346) (25,828)
=========== ===========
Datalex plc
Consolidated Statement of Total Recognised Gains and Losses
For the year ended 31 December 2002 - unaudited
Year ended Year ended
31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Loss Retained for the Year (20,583) (92,187)
Foreign currency translation adjustments 313 (45)
------------- ------------
Total Recognised Gains and Losses for the
Year (20,270) (92,232)
============= ============
Datalex plc Notes to the Financial Statements Notes to the financial statements A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements. - 31 December, 2002 - unaudited 1. Accounting Policies The accounting policies and presentation applied to the preliminary announcement are consistent with those applied in the 2001 Annual Report, with the exception of Financial Reporting Standard No.19 - Deferred Tax, which is applicable to the Group for the first time. The financial statements are prepared in US Dollars in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with applicable accounting standards generally accepted in Ireland and are unaudited. 2. Turnover All sales are of computer hardware, software and related professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Sales analysed by product and service comprise:
Year ended Year ended
31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Product 5,981 7,328
Service 19,699 21,648
Other 79 57
------- -------
25,759 29,033
====== ======
3. Cash Flow Statement
(a) Reconciliation of operating loss to net cash outflow from
operating activities
Year ended Year ended
31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Operating loss (17,874) (49,567)
Depreciation of tangible
fixed assets 2,891 3,598
Profit on sale of fixed assets (16) -
Revaluation of investment (30) -
Amortisation of goodwill 5,595 19,078
Decrease in stocks 2 97
(Increase)/Decrease in
debtors (3,696) 9,553
Increase/(Decrease) in
creditors 3,626 (7,061)
Foreign currency translation
adjustments 313 (45)
Charge for share awards
to employees 1,103 1,115
Cash payments in respect of
restructuring programme (205) (1,907)
----------- -----------
(8,291) (25,139)
=========== ===========
3. Cash Flow Statement (continued)
(b) Analysis and reconciliation of net funds
Year ended Year ended
31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Cash at bank and in hand
Balance at beginning of year 58,159 83,987
Cash flows (11,346) (25,828)
----------- -----------
Balance at end of year 46,813 58,159
Loan Notes
Balance at beginning of year (7,750) (7,975)
Cash flows - 225
----------- -----------
Balance at end of year (7,750) (7,750)
----------- -----------
Net Funds 39,063 50,409
=========== ===========
Cash at bank and in hand at 31 December 2002 includes US$7.75
million (2001 US$7.75 million) of liquid resources represented by
restricted cash deposits held as security for loan notes issued in
connection with two acquisitions made in 2000.
4. Operating Expenses
Year ended Year ended
31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Administrative expenses 7,181 10,475
- exceptional (a) 1,178 -
--------- 8,359 -------- 10,475
Selling and distribution
expenses 6,129 12,450
Research and development
expenditure 6,035 11,320
- exceptional (b) (1,000) -
--------- 5,035 -------- 11,320
Goodwill amortisation 5,595 19,078
Foreign exchange gain/(loss) (1,053) 838
Charge for share awards to employees 1,103 1,115
-------- --------
Operating Expenses 25,168 55,276
======== ========
(a) Exceptional administrative expenses relate primarily to employee
redundancy costs and the costs associated with the downsizing of
the Group's Australian office.
(b) The exceptional research and development gain for 2002 of US$1
million represents a payment received from a previous development
partner on termination of a jointly funded software development
project as a contribution towards the costs incurred by the Group
in the development of the related software. The previous partner
also received a licence to use the software when development of
the software had been fully completed.
5. Restructuring Charges
During 2001, the Group announced a restructuring programme aimed
at rationalising its cost base in response to significantly reduced
levels of business activity. The programme involved a reduction in
employee headcount of approximately 200 and the closure of a number of
offices around the world, principally in the US. As a consequence of
the restructuring, the Group also undertook a review of property and
equipment, investments and of intangible assets (principally goodwill)
and determined that it was necessary to recognise a non-cash
impairment charge in respect of these assets. During 2002, the Group
revised its accounting estimates in respect of a provision for lease
termination costs and goodwill impairment giving rise to a further
charge of US$3.1 million.
As a result the Group incurred the following charges during the year:
Year ended Year ended
31 December 31 December
2002 2001
US$'000 US$'000
(unaudited) (audited)
Restructuring charges
Severance and related
costs - 1,976
Lease termination 575 1,622
Fixed asset impairment - 1,022
------- --------
575 4,620
Related charges
Goodwill impairment 2,491 29,122
Associate investment
impairment - 11,089
------- --------
2,491 40,211
------- --------
Total 3,066 44,831
======= ========
6. Publication of Non-statutory Financial Statements The financial information set out above does not constitute the statutory financial statements of the Group for the year ended 31 December 2002. The statutory financial statements for the year will be finalised based on the above information and together with the auditors' report theron will be filed in the Companies Registration Office. |
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