Datastream Systems, Inc. Reports First Quarter Results; Datastream 7i Revenue Growth Drives Datastream's Fourth Consecutive Profitable Quarter.Business Editors/High-Tech Writers GREENVILLE Greenville. 1 City (1990 pop. 45,226), seat of Washington co., W Miss., on Lake Ferguson, a deepwater harbor adjoining the Mississippi River; inc. 1886. , S.C.--(BUSINESS WIRE)--April 22, 2003 Company delivers 10th consecutive quarter of positive cash flow from operations Datastream
DSTM Differential Space-Time Modulation DSTM Don't Shoot the Messenger, Inc (Milton, Ontario, Canada) DSTM Directorate of Science, Technology and Medicine DSTM Department Store Type Merchandise ) today announced results for the company's first quarter ended March 31, 2003. Total revenues for the first quarter of 2003 were $22.8 million compared with $21.6 million for the first quarter of the prior year, representing a 6% increase. Total software license revenues for the first quarter of 2003 were $6.5 million compared to $5.8 million for the first quarter of the prior year, representing a 12% increase. Net income for the first quarter of 2003 was $957,738 compared with a net loss of $29,295 for the same period last year. Earnings per share were $0.05 per share for the first quarter of 2003 compared with $0.00 net loss per share for the same period last year. Sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , first quarter 2003 total revenues decreased 3% from fourth quarter 2002 revenues of $23.6 million. First quarter 2003 software license revenues decreased 12% from fourth quarter 2002 total software license revenues of $7.4 million. Net income for the first quarter 2003 decreased 17% from net income of $1.2 million, or $0.06 per share, in the fourth quarter of 2002. Larry Lar´ry n. 1. Same as Lorry, or Lorrie. Blackwell Black·well , Elizabeth 1821-1910. British-born American physician who was the first woman to be awarded a medical doctorate in modern times (1849). , Datastream's chief executive officer, commented, "Despite a very difficult economic climate, we are pleased with the progress we continue to make, as demonstrated by three consecutive quarters of annual growth in revenues and earnings." The company's cash and cash equivalents totaled $37.3 million at March 31, 2003, an increase of 7% from $34.7 million at December December: see month. 31, 2002 and a 41% increase from $26.5 million at March 31, 2002. Days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). , or DSOs, were at 68 days for the first quarter 2003, the best result since the second quarter of 1996, and represents an improvement of one day over the fourth quarter 2002 and seven days over the first quarter of 2002. Net cash provided by operating activities for the first quarter 2003 was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3.9 million, representing the 10th consecutive quarter of positive operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. . Datastream 7i(TM) license sales grew to $4.2 million in the first quarter of 2003, representing a 2% increase from the fourth quarter of 2002 and a 56% increase in Datastream 7i license revenue from the same quarter of 2002. For the first quarter 2003, Datastream 7i license revenue represented 64% of the company's license revenue mix, up from 47% of the license revenue mix for the same quarter of 2002. The company expects to generate earnings per share of between $0.04 and $0.06 in the second quarter 2003 and earning per share Noun 1. earning per share - the portion of a company's profit allocated to each outstanding share of common stock net income, net profit, profit, profits, earnings, lucre, net - the excess of revenues over outlays in a given period of time (including depreciation of between $0.20 and $0.24 for the fiscal year 2003. Conference Call Datastream will host a conference call today at 4:45 p.m., EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT with any and all interested persons to review its performance and discuss its financial expectations and strategic direction. Please dial 1-800-915-4836 and ask for the Datastream teleconference. For international callers, the dial-in number is 1-973-317-5319. The replay will be available from 6:00 p.m., EDT on April 22, 2003 until 11:59 p.m., EDT on April 24, 2003. The dial-in number for the replay is 1-800-428-6051 and the pass code is 286207. For international callers, the dial-in for the replay is 1-973-709-2089. Datastream's conference call will be accessible today via live audio Webcast at 4:45 p.m., EDT at www.datastream.net/investor. About Datastream Systems, Inc. Datastream Systems, Inc. (NASDAQ: DSTM) provides Asset Performance Management software and services to enterprises worldwide, including more than 60 percent of the Fortune 500. Datastream's solutions combine world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. asset management functionality with advanced analytics to deliver a powerful platform for optimizing enterprise asset performance. By using Datastream's solutions, customers can maintain and manage capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) - such as manufacturing equipment, vehicle fleets and buildings - and create analyses and forecasts so they can take action to improve future performance. Datastream's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , Datastream7i(TM), delivers a complete Asset Performance Management infrastructure by combining an Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the architecture with broad enterprise asset management functionality, integrated procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , advanced analytics and multi-site capability. Datastream was founded in 1986 and has customers in more than 140 countries. For more information, visit http://www.datastream.net/. Datastream and Datastream 7i are marks of Datastream Systems, Inc. or its subsidiaries. All other products or Company names mentioned are used for identification purposes only and may be trademarks of their respective owners. This press release contains 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. that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to: increasing competition in the markets in which the Company competes; the stability of certain of the Company's strategic relationships, including those with suppliers of maintenance, repair and operations Maintenance management or Maintenance, (MRO'), is fixing any sort of mechanical or electrical device should it become out of order or broken (repair) as well as performing the routine actions which keep the device in working order (maintenance) or prevent trouble parts; the ability of the Company to: sell larger and more complex software solutions, successfully transition to the development of further Internet-based products, successfully implement an application service provider business model, enhance its current products and develop new products that address technological and market developments; and other risk factors listed from time to time in the Company's SEC reports, including, but not limited to the "Risk Factors" contained in the Company's Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2002. The Company does not have, and expressly disclaims, any obligation to release publicly any updates or any changes in the Company's expectations or any changes in events, conditions or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or on which any forward-looking statement is based.
DATASTREAM SYSTEMS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(unaudited)
Three Months Ended
March 31,
2003 2002
Software license $6,521,646 $ 5,792,399
Services and support 16,262,586 15,804,599
Total revenues 22,784,232 21,596,998
Cost of software license 220,730 360,135
Cost of services and support 7,558,285 7,931,167
Cost of sales 7,779,015 8,291,302
Gross profit 15,005,217 13,305,696
Operating expenses:
Sales & marketing 7,251,272 7,919,995
Research & development 2,870,320 2,676,428
General & administration 3,506,094 2,818,783
Operating expenses 13,627,686 13,415,206
Operating income (loss) 1,377,531 (109,510)
Other income, net 96,052 61,486
Income (loss) before income
taxes 1,473,583 (48,024)
Provision (benefit) for income
taxes 515,845 (18,729)
Net income (loss) $957,738 $ (29,295)
Basic net income (loss) per share $.05 $ (.00)
Diluted net loss (loss) per share $.05 $ (.00)
Basic weighted average common shares
outstanding 20,017,239 20,145,288
Diluted weighted average common
shares outstanding 20,369,362 20,145,288
DATASTREAM SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited)
ASSETS
March 31, December 31,
2003 2002
Cash and cash equivalents $ 37,278,549 $ 34,721,471
Accounts receivable, net 17,177,167 18,116,426
Unbilled receivables, net 2,361,186 2,003,107
Income tax receivable - 472,841
Other current assets 3,367,660 3,526,558
Total current assets 60,184,562 58,840,403
Investments 2,000,000 2,000,000
Net property and equipment 10,586,774 10,696,968
Deferred income taxes, net 5,287,633 5,287,633
Other intangible assets 164,495 83,758
Total assets $ 78,223,464 $ 76,908,762
LIABILITIES AND STOCKHOLDERS' EQUITY
March 31, December 31,
2003 2002
Deferred revenue $ 17,342,754 $ 15,105,756
Income tax payable 307,198 -
Other current liabilities 10,700,973 12,261,724
Total stockholders' equity 49,872,539 49,541,282
Total liabilities and stockholders'
equity $78,223,464 $76,908,762
DATASTREAM SYSTEMS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(unaudited)
Three Months Ended
March 31,
2003 2002
Cash flows from operating activities:
Net income (loss) $ 957,738 $ (29,295)
Adjustments to reconcile net income
(loss) to net cash
provided by operating activities:
Depreciation 812,156 1,026,717
Other operating activity adjustments 2,115,626 1,401,258
Net cash provided by operating activities 3,885,520 2,398,680
Net cash used in investing activities (701,961) (230,938)
Net cash used in financing activities (568,547) (81,865)
Foreign currency translation adjustment (57,934) (971,213)
Net increase in cash and cash equivalents 2,557,078 1,114,664
Cash and cash equivalents at beginning of
period 34,721,471 25,396,939
Cash and cash equivalents at end of
period $37,278,549 $26,511,603
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