Elevon, Inc. Announces First-Quarter 2003 Financial Results; $0.10 Net Loss per Share in First Quarter.Business Editors SAN FRANCISCO--(BUSINESS WIRE)--May 12, 2003 Elevon, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ELVN), a global provider of advanced business solutions in the areas of collaborative col·lab·o·rate intr.v. col·lab·o·rat·ed, col·lab·o·rat·ing, col·lab·o·rates 1. To work together, especially in a joint intellectual effort. 2. commerce and knowledge management, today announced its financial results for the first quarter ended March 31, 2003. Total revenues for the first quarter of 2003 were $4.1 million, compared with $13.1 million for the first quarter of 2002. First-quarter net loss was $1.6 million, or ($0.10) per 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. share, compared with net income of $253,000, or $0.02 per diluted share, for the first quarter of 2002. License and royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. revenues for the first quarter of 2003 were $217,000, compared with $1.2 million for the first quarter of 2002. Consulting revenues were $1.1 million, compared with $6.3 million for the first quarter of 2002. Maintenance revenues were $2.8 million, compared with $5.6 million for the year-earlier quarter. Cash and investment balances at March 31, 2003 were $20.2 million, and the company has no outstanding debt. "Our first-quarter results of operations reflected the continuing softness in corporate spending on information technology," said Frank Richardson Richardson, city (1990 pop. 74,840), Dallas and Collins counties, N Tex., a suburb of Dallas; founded in the 1850s, inc. as a city 1956. Richardson manufactures telecommunications equipment, medical devices, supercomputers, computer chips, and fiber optics. , chief executive officer of Elevon. "We are continuing to focus on available opportunities and further reductions in operating costs operating costs npl → gastos mpl operacionales ." About Elevon Elevon, Inc. (OTCBB:ELVN), headquartered in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , is a leading provider of advanced business solutions in the areas of collaborative commerce and knowledge management. More information about Elevon is available at http://elevon.cc or 1-877-COLLABORATE. Note to Editors: Elevon is a trademark of Elevon, Inc. This news 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. including those related to future profitability, quarterly operating costs and revenue growth. Actual results may differ materially from any forward-looking statements contained in this news release due to a number of factors that could materially and adversely affect the Company's business, financial condition, operating results, and stock price. These factors are discussed in the Company's most recent Annual Report to Stockholders, which includes the most recent Annual 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. , and in the Company's quarterly 10-Q reports. The information contained in such discussions should be considered in evaluating the Company's prospects and future financial performance.
ELEVON, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
(UNAUDITED)
-------------------
THREE MONTHS
ENDED MARCH 31,
2003 2002
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REVENUES:
License and royalty $ 217 $ 1,224
Maintenance 2,790 5,574
Consulting 1,076 6,334
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Total revenues 4,083 13,132
OPERATING EXPENSES:
Cost of revenues:
Cost of licenses, maintenance and consulting 1,975 5,212
Amortization of capitalized software 394 1,032
Sales and marketing 913 3,115
Product development 1,256 1,469
General and administrative 1,145 2,047
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Total operating expenses 5,683 12,875
Operating income (loss) (1,600) 257
Interest and other income, net 61 21
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Income (loss) before income taxes (1,539) 278
Provision for income taxes 25 25
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NET INCOME (LOSS) $(1,564) $ 253
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BASIC NET INCOME (LOSS) PER SHARE $ (0.10) $ 0.02
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DILUTED NET INCOME (LOSS) PER SHARE $ (0.10) $ 0.02
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Shares used in computing:
Basic net income (loss) per share 15,568 15,185
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Diluted net income (loss) per share 15,568 15,580
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ELEVON, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(UNAUDITED)
-------------------
MARCH 31, DEC. 31,
2003 2002
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ASSETS
Cash and investments $20,220 $20,836
Accounts receivable, net 3,215 4,730
Capitalized software, net 1,275 1,650
Other assets 3,053 3,247
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Total assets $27,763 $30,463
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LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable $ 865 $ 859
Accrued expenses 2,344 3,170
Deferred revenue 7,868 8,138
Other long-term liabilities 1,208 1,313
Stockholders' equity 15,478 16,983
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Total liabilities and stockholders' equity $27,763 $30,463
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