Day Announces Financial Results for Fourth Quarter and Fiscal Year 2002; Reports 13 Percent Sequential Increase in Revenue Over Third Quarter.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers NEWPORT BEACH Newport Beach, residential and resort city (1990 pop. 66,643), Orange co., S Calif., on Newport Bay and the Pacific Ocean; inc. 1906. It is a popular seaside resort and yachting center. Manufactures include electrical and medical equipment, computers, boats, and adhesives. , Calif. & BASEL Basel (bä`zəl) or Basle (bäl), Fr. Bâle, canton, N Switzerland, bordering on France and Germany. , Switzerland--(BUSINESS WIRE)--Feb. 19, 2003 Day Software (Swiss:DIHZn.S), a leading provider of integrated content, portal and digital asset management software, today reported financial results for the fourth quarter and fiscal year ended Dec. 31, 2002. The company reported total revenues of CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 4.2 million, a 13 percent increase over the third quarter of 2002 and exceeding growth estimates announced in its preliminary financial results on Feb. 4, 2002. License revenues for the fourth quarter of 2002 increased by 15 percent over the third quarter 2002 to CHF 1.8 million. Net loss for the fourth quarter of 2002 was CHF 3.1 million, compared with a net loss of CHF 5.1 million in the third quarter of 2002. Basic and 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. loss per share for the fourth quarter of 2002 was CHF 2.77, compared with a loss CHF 4.55 per share in the third quarter of 2002. "In the fourth quarter of 2002 we continued and even accelerated the trends that characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. our quarterly financial results throughout the year: revenue growth, cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. and aggressive reductions of losses. The company is on track towards profitability," said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. Moppert, Chairman 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 Day Software. "We are very pleased to see that in Q4 the U.S. market has become the most significant contributor to our revenues and to the growth of the company. The fact that our products have been chosen by some of the largest U.S. companies such as McDonald's McDonald’s fast-food restaurant chain throughout the world; recognized by golden arches. [Am. Culture: Misc.] See : Ubiquity or Johnson Controls Johnson Controls, Inc. (NYSE: JCI) is a United States company, based in Milwaukee, Wisconsin, specializing in the design, manufacturing, and installation of automotive systems, automotive batteries (Optima[1] based in Denver, Colorado) and climate control systems. is an extremely important validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. for the strength, performance and reliability of our innovative technology." Revenues for the fiscal year ended Dec. 31, 2002 were CHF 14.7 million, compared with CHF 20.2 million in the prior year. 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. were reduced by 48 percent to CHF 35.9 million for the year ended Dec. 31, 2002 from CHF 69.2 million for the year ended Dec. 31, 2001. Net loss for the year ended Dec. 31, 2002 decreased by 47 percent, from CHF 62.6 million to CHF 33.4 million for the year ended Dec. 31, 2002. Basic and diluted loss per share for 2002 decreased by 47 percent to CHF 29.77, from CHF 55.93 in 2001. Fourth Quarter 2002 Highlights -- Customers. New customers added in the fourth quarter include blue chip companies such as Johnson Controls, La Poste, RATP and Corner Banca. Among the largest customers that Day continued to work with in the fourth quarter were McDonald's, Six Continents Hotels, Shimano, Degussa and Edipresse. -- Product Leadership. On Oct. 14, 2002, Day released the latest version of its award-winning software product Communique 3.5, setting a new standard for content management with Global 1000 companies. Communique 3.5 is an integrated content, portal and digital asset management framework that manages and unifies digital business information, applications, and processes through the Web. Communique 3.5's content-centric approach and its innovative ContentBus(TM) Architecture transform entire global organizations into virtual enterprises, bringing together content from any system, regardless of location, language or platform. Communique 3.5 is the only content management product shipping that has been developed completely on an enterprise-class, 100% Java, J2EE architecture. -- Partners. In the fourth quarter 2002, consulting partners continued to implement the majority of Day's license volume, though value-added resellers (VAR) partners have recently been added to create new sales channel opportunities for the company. Day's VAR partners include Euro RSCG and Valtech, both located in France, and E-Tree in Italy. Day has also continued to provide training to partners and customers to increase its base of certified Communique developers. Webcast and Conference Call Details Day will hold a Webcast today at 5 p.m. Central European Time Central European Time Noun the standard time adopted by Western European countries one hour ahead of Greenwich Mean Time, corresponding to British Summer Time Abbrev: (CET) (4 p.m. GMT (Greenwich Mean Time) See UTC. GMT - Universal Time 1 ) to discuss details regarding the company's financial performance for the quarter and other 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. The Webcast may be accessed on the investor relations Investor relations The process by which the corporation communicates with its investors. section of Day's Web site: http://www.day.com. Participants who wish to join the conference via phone can dial the following numbers: The call-in numbers are: International: +49 (0) 61 03 485 30 03 From Germany: 0800 22 88 353 International Toll-Free: +800 363 384 64 A replay of the phone conference will be available approximately 2 hours after the end of the event under the following phone numbers: German menu: +49 61 03 733 11 99 English menu: +49 61 03 733 22 88 PIN-Code: 135777# A replay of the Webcast will be available on Day's Web site http://www.day.com approximately 2 hours after the end of the event. About Day Day Software (SWX SWX Swiss Exchange (trademark of SWX Swiss Exchange) SWX SolidWorks (3D solid modeling CAD software) SWX Splitter / Wave Division Multiplexer :DAYN) is a leading provider of integrated content, portal and digital asset management software. Day enables global enterprises needing 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. agility, to deploy mission-critical content management applications on the Web. Day's customers are some of the largest global corporations including General Electric, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System , Viacom, Degussa, Aral, Hugo Boss, Six Continents Six Continents is a large retail PLC in UK which split into Six Continents Retail known as Mitchells and Butlers plc. The hotels and soft drinks business of Six Continents PLC is now known as InterContinental Hotels Group PLC. Hotels, and Pfizer. For more information, visit http://www.day.com. 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. This news release may contain forward-looking statements regarding future events or the future performance of Day Software Holding AG and its subsidiaries (the "company"). Words such as "expects," "plans," "believes," "may," "will," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . Such information is subject to change, and the company will not necessarily inform you of such changes. Actual events or results, of course, could differ materially and adversely from those expressed in any forward-looking statement. There is currently no public trading market in 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. for the company's stock, and the company does not make filings (e.g., Forms 10-K and 10-Q) with the Securities and Exchange Commission under the Securities Exchange Act of 1934.
Consolidated Balance Sheets
(in thousands CHF, except share information) December December
31, 31,
(unaudited) 2002 2001
ASSETS
Current assets
Cash and cash equivalents 8,999 42,034
Restricted cash -- 17,679
Accounts receivable, net 4,787 5,688
Unbilled receivables 300 859
Related party loans -- 50
Other receivables 103 458
Prepaid expenses 839 856
Total current assets 15,028 67,624
Non-current assets
Property and equipment, net 3,371 4,998
Goodwill and intangible assets, net 4,884 7,545
Other assets 646 561
Total non-current assets 8,901 13,104
TOTAL ASSETS 23,929 80,728
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable 580 2,231
Deferred revenues 2,963 1,688
Notes payable -- 17,679
Other current liabilities 316 366
Accrued liabilities 3,812 8,623
Total current liabilities 7,671 30,587
Commitments and contingencies
Shareholders' equity
Share capital, CHF 10.00 par value 2,241,617
shares total, 1,122,263 shares
issued and outstanding 11,223 11,223
Treasury shares -1,074 -1,074
Capital reserves 137,774 137,656
Accumulated deficit -131,188 -97,781
Accumulated other comprehensive income (loss) -477 117
Total shareholders' equity 16,258 50,141
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 23,929 80,728
Consolidated Profit and Loss Statements
(in thousands CHF, except Three Months Ended Year Ended December
share information) December 31, 31,
(unaudited) 2002 2001 2002 2001
Revenues:
Software licenses 1,776 2,565 6,026 6,610
Services 2,393 2,025 8,705 13,587
Total revenues 4,169 4,590 14,731 20,197
Cost of revenues:
Software licenses 2 55 99 160
Services 1,700 3,034 10,130 15,101
Total cost of
revenues 1,702 3,089 10,229 15,261
Gross profit 2,467 1,501 4,502 4,936
Operating expenses:
Research and
development 909 2,001 5,455 5,608
Sales and marketing 2,870 7,381 17,416 28,673
General and
administrative 1,052 2,866 7,412 12,812
Amortisation of
goodwill and
intangible assets 294 2,006 2,661 8,024
Stock-based
compensation 7 99 72 1,011
Impairment of
goodwill and
intangible assets -- 10,000 -- 10,000
Restructuring
charges 277 501 2,878 3,059
Loss from operations -2,942 -23,353 -31,392 -64,251
Other non-operating income
(expense) -162 733 -1,997 2,244
Loss before income taxes -3,104 -22,620 -33,389 -62,007
Provision for income taxes -- -592 -18 -616
Net loss -3,104 -23,212 -33,407 -62,623
Other comprehensive income
(loss) -125 -380 -594 -263
Comprehensive loss -3,229 -23,592 -34,001 -62,886
Basic and diluted loss per
share -2.77 -20.68 -29.77 -55.93
Shares used in computing
basic and diluted loss
per share 1,122,263 1,122,263 1,122,263 1,119,727
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