Day Announces First Half 2003 Results; Company Gains Market Share with Competitive Wins at DaimlerChrysler and Deutsche Post World Net.Business Editors/High-Tech Writers BASEL Basel (bä`zəl) or Basle (bäl), Fr. Bâle, canton, N Switzerland, bordering on France and Germany. , Switzerland--(BUSINESS WIRE)--Aug. 13, 2003 Day Software (SWX SWX Swiss Exchange (trademark of SWX Swiss Exchange) SWX SolidWorks (3D solid modeling CAD software) SWX Splitter / Wave Division Multiplexer :DAYN)(SWX:DIHZN), a leading provider of content management software, today reported financial results for the first half of 2003. License revenues increased by 15% compared with the same period in 2002, totaling 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. 3.1 million, compared with license revenues of CHF 2.7 million for the same period last year. Total revenues for the first half were CHF 6.3 million, compared with revenues of CHF 6.9 million for the first half of 2002 and CHF 7.8 million for the second half of 2002. The company reduced the loss from operations by more than 80% compared with the first half year of 2002. The loss from operations for the first half of 2003 was CHF 4.0 million compared with CHF 23.3 million for the same period in the previous year. "In the first half of 2003 we saw a continuation of the major trends that we set in motion a year ago: Increasing license revenues and aggressive reduction of cost and losses. We continued to grow our business successfully with existing clients and gain market share by securing new business with some of our competitors' key customers, including Volkswagen Group Volkswagen Group (ISIN: DE0007664005, TYO: 7659 ) is a German automobile manufacturer and currently the 4th largest automobile manufacturer in the world. Its core market is the European Union and its major subsidiaries include well-known brands like Audi, Bentley, Škoda, , DaimlerChrysler and Deutsche Post Deutsche Post AG (ISIN: DE0005552004, LSE: DPO) is a German post, logistics and courier headquartered in Bonn, previously the German state-owned mail monopoly. It has 520,000 employees in more than 220 countries and territories worldwide and generated revenue of € 60. World Net," 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. "At the same time we continued to organically grow our business throughout our customers' 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. and to expand our software footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. within the enterprise. For example, our project with McDonald's McDonald’s fast-food restaurant chain throughout the world; recognized by golden arches. [Am. Culture: Misc.] See : Ubiquity is growing internationally and now includes digital asset management capabilities in addition to content management." "Day's financial results in the first half of 2003 positively reflect a continued shift in our sales and services model to one that is more partner-centric. As we continue to attract more consulting and reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. partners and drive higher license revenues with an expanded portfolio of software products, the company is on track to profitability," continued Moppert. H1 2003 Highlights -- Customers. New customers added include global leaders such as Volkswagen Group, DaimlerChrysler, Deutsche Post World Net (including its U.S. subsidiary DHL DHL abbr. 1. Doctor of Hebrew Letters 2. Doctor of Hebrew Literature ) and La Poste La Poste is a company name. It can refer either to mail service of France, Belgium, Switzerland or Tunisia. See also
the largest customers that Day continued to work with were McDonalds, Shimano Shimano, Inc. (OTCBB: SHMDF, FWB: SHM) is a Japanese multinational manufacturer of cycling components, fishing tackle, and snowboarding equipment. In 2005, the company had net sales of US$1.4 billion. Bicycle components provided 75 % of its sales income. and 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. . -- Decreased Loss. The net loss from operations in the first half of 2003 was reduced to CHF 4.0 million. That represents an 83% overall reduction from the same period in the previous year. -- Partners. Day continued to develop its partner network, working with several value-added reseller A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. (VAR) partners, including Wipro, Gedas and Cobolt Group, to secure new global sales opportunities. -- Industry Standards Leadership. Day's chief technology officer David Nuescheler shared his expertise on "Standardizing Content Repositories While acknowledging services such as [ROAR: [1]] and [OpenDOAR: [2]] it is perhaps necessary to provide a list of individual repositories described in more detail within wikipedia here. Within and Beyond the Enterprise with the Java(TM) Technology API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. (JSR-170)" at the eighth annual JavaOne JavaOne is an annual conference (since 1996) put on by Sun Microsystems to discuss Java technologies, primarily among Java developers. JavaOne is held at the Moscone Center in San Francisco, California usually between April and June and typically runs from Sunday to Friday. Worldwide Developer Conference on June June: see month. 13 at the Moscone Moscone may refer to:
-- Technology Leadership. Day'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. Communique continues to drive the corporate wide Web strategies of leading companies, such as Volkswagen Group, because of its industry leading, highly scalable, J2EE (Java 2 Platform, Enterprise Edition) A platform from Sun for building distributed enterprise applications. J2EE services are performed in the middle tier between the user's machine and the enterprise's databases and legacy information systems. compliant technology. Key advantages include Communique's multi-lingual support, ability to leverage legacy IT applications, ease of implementation and overall ease of use for users. Webcast on Wednesday, Aug. 13, 2003 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) Day will hold a Webcast today at 5 p.m. Central European Time (4 p.m. GMT (Greenwich Mean Time) See UTC. GMT - Universal Time 1 ) to discuss results for the first half of 2003 in more detail. The Webcast can be accessed on the investor relations Investor relations The process by which the corporation communicates with its investors. section of Day's Web site: 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) 69 58 99 90 571 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 number: +49 (0) 69 58 99 90 568 PIN-Code: 132031# A replay of the webcast will be available on Day's Web site www.day.com approximately 2 hours after the end of the event. About Day (www.day.com) Day is a leading provider of integrated content, portal and digital asset management software. Day's technology Communique offers a comprehensive, rapidly deployable framework to unify 1. (database, product) Unify - A relational database produced by Unify Corporation. 2. (algorithm) unify - To perform unification. and manage all digital business data, systems, applications and processes through the Web. Communique's content-centric architecture, and its innovative ContentBus, turns the entire business into a virtual repository (1) A database of information about applications software that includes author, data elements, inputs, processes, outputs and interrelationships. A repository is used in a CASE or application development system in order to identify objects and business rules for reuse. , bringing together content from any system, regardless of location, language or platform. Day is an international company, founded in 1993, and listed on the Swiss Stock Exchange New Market (SWX:DAYN) since April 2000. Day's customers are some of the largest global corporations and include Audi, Escada, General Electric, Hugo Boss, Intercontinental Hotels Group InterContinental Hotels Group (IHG) (LSE: IHG NYSE: IHG) is a multinational company which operates several hotel brands. The largest hotel company by number of rooms (556,000 as of March 2007 [1]), its headquarters are in Windsor just outside Greater London and , McDonald's, 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 and Volkswagen. A warning regarding 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 "anticipates," "expects," "intends," "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. The company refers you to the "Risk Factors" section of the company's Offering Circular Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. Notes: An offering circular allows investors to access information regarding a new issue. , which can be downloaded from the "Investor Relations" section of the company's Web site at www.day.com. The company's Offering Circular contains and identifies important factors that could cause actual results to differ materially from those contained in any forward-looking statements. Among the important factors which could cause the company's actual results to differ materially and adversely from such forward-looking statements are the intense competition in its industry, its need to stay on the forefront of technological development within its industry, and uncertainty regarding its future capital needs. The company's stock is not listed on any 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. stock exchange or market, 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.
DAY SOFTWARE HOLDING AG AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands CHF, except share information)
(unaudited)
June 30, Dec. 31,
2003 2002
ASSETS
Current assets
Cash and cash equivalents 5,299 8,999
Accounts receivable, net 3,728 4,787
Unbilled receivables 41 300
Other receivables 160 103
Prepaid expenses 594 839
Total current assets 9,822 15,028
Non-current assets
Property and equipment, net 2,581 3,371
Goodwill and intangible assets, net 4,791 4,884
Other assets 398 646
Total non-current assets 7,770 8,901
TOTAL ASSETS 17,592 23,929
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable 378 580
Deferred revenues 1,805 2,963
Other current liabilities 390 316
Accrued liabilities 2,538 3,812
Total current liabilities 5,111 7,671
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 137,811 137,774
Accumulated deficit (134,994) (131,188)
Accumulated other comprehensive loss (485) (477)
Total shareholders' equity 12,481 16,258
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 17,592 23,929
DAY SOFTWARE HOLDING AG AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands CHF, except share information)
(unaudited)
Six Months Ended Three Months Ended
June 30, June 30,
2003 2002 2003 2002
Revenues:
Software licenses 3,065 2,706 1,216 1,516
Services 3,193 4,176 1,513 2,066
Total revenues 6,258 6,882 2,729 3,582
Cost of revenues:
Software licenses 7 95 1 62
Services 3,063 6,265 1,345 2,482
Total cost of revenues 3,070 6,360 1,346 2,544
Gross profit 3,188 522 1,383 1,038
Operating expenses:
Research and development 1,583 3,376 811 1,531
Sales and marketing 4,074 11,318 2,163 4,428
General and administrative 1,565 4,897 741 1,931
Amortisation of
intangible assets 93 1,578 46 789
Stock-based compensation 13 58 6 6
Restructuring charges (118) 2,643 -- 1,521
Loss from operations (4,022) (23,348) (2,384) (9,168)
Interest income 30 498 14 167
Interest expense (5) (138) (4) (33)
Foreign exchange loss (27) (2,184) 41 (1,846)
Other income (expense) 209 (12) 205 10
Loss before income taxes (3,815) (25,184) (2,128) (10,870)
Provision for income taxes 9 (10) (4) (6)
Net loss (3,806) (25,194) (2,132) (10,876)
Other comprehensive income
(loss) (8) (436) 23 (352)
Comprehensive loss (3,814) (25,630) (2,109) (11,228)
Basic and diluted loss
per share (3.39) (22.45) (1.90) (9.69)
Shares used in computing basic
and diluted
loss per share 1,122,263 1,122,263 1,122,263 1,122,263
DAY SOFTWARE HOLDING AG AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands CHF)
(unaudited)
Six Months Ended
June 30,
2003 2002
Net loss (3,806) (25,194)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation of fixed assets 798 1,010
Loss on fixed asset dispositions 7 30
Amortisation of intangible assets 93 1,578
Net foreign currency exchange losses 27 1,873
Stock-based compensation 37 84
Changes in operating assets and liabilities:
Accounts receivable 1,125 1,702
Unbilled receivables 260 426
Prepaid expenses and other current assets 183 (344)
Accounts payable (208) (541)
Deferred revenues (1,150) (75)
Accrued liabilities (1,040) (2,747)
Other liabilities 65 117
Net cash used in operating activities (3,609) (22,081)
Cash flows from investing activities:
Purchases of equipment (25) (713)
Proceeds from sale of equipment 2 --
Cash restricted for acquisition of MarketingNet
Ltd. -- 17,492
Other assets 14 16
Net cash provided by (used in) investing activities (9) 16,795
Cash flows from financing activities:
Payment on notes payable -- (17,492)
Net cash used in financing activities -- (17,492)
Net decrease in cash and cash equivalents (3,618) (22,778)
Foreign currency adjustment on cash (82) (2,329)
Cash and cash equivalents at beginning of period 8,999 42,034
Cash and cash equivalents at end of period 5,299 16,927
DAY SOFTWARE HOLDING AG AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(in thousands CHF, except share information)
(unaudited)
Share Capital Treasury Capital
Shares Amount Shares Reserves
Balances, January 1, 2002 1,122,263 11,223 (1,074) 137,656
Stock-based compensation -- -- -- 118
Net loss -- -- -- --
Foreign currency translation -- -- -- --
Balances, December 31, 2002 1,122,263 11,223 (1,074) 137,774
Stock-based compensation -- -- -- 37
Net loss -- -- -- --
Foreign currency
translation -- -- -- --
Balances, June 30, 2003 1,122,263 11,223 (1,074) 137,811
Accumulated
Other Total
Accumulated Comprehensive Shareholders'
Deficit Income (Loss) Equity
Balances, January 1, 2002 (97,781) 117 50,141
Stock-based compensation -- -- 118
Net loss (33,407) -- (33,407)
Foreign currency
translation -- (594) (594)
Balances, December 31, 2002 (131,188) (477) 16,258
Stock-based compensation -- -- 37
Net loss (3,806) -- (3,806)
Foreign currency
translation -- (8) (8)
Balances, June 30, 2003 (134,994) (485) 12,481
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