Excalibur Technologies Reports Fourth Quarter Earnings and Year-End Financial Results.VIENNA, Va.--(BUSINESS WIRE)--March 6, 1998-- Record Revenue and Profitable Fourth Quarter Complete Year of Transformation Excalibur Technologies Corp. (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 :EXCA EXCA Exchangeable Card Architecture EXCA European Expanded Clay Association (Brussels, Belgium) ) today reported financial results for its fourth fiscal quarter and year ended Jan. 31, 1998. Total revenue for the fourth quarter rose to a record $7.4 million, an increase of 20% over total revenue of $6.1 million reported for the same quarter last fiscal year. The Company recorded net income of $80,000, or earnings of $0.01, per common share, compared to a net loss of $(1.4 million), or $(0.11) per common share, in the fourth quarter last fiscal year. For the fiscal year ended Jan. 31, 1998, total revenue was $22.4 million, an increase of 11% over total revenue of $20.3 million reported for the same period last fiscal year. The Company incurred a net loss of $8.3 million, or $0.64 per common share, compared to a net loss of $7.2 million, or $0.58 per common share, in the same period last fiscal year. Excluding a charge to expenses of $1.3 million for in process R&D related to an acquisition and $0.6 million for restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , the loss for the fiscal year ended January 31, 1998 was $6.5 million. The Company attributes the record revenue performance to continued strong sales of Excalibur RetrievalWare(R), the Company'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. line. Product revenue from RetrievalWare increased 75% compared to the fourth quarter last year and 76% compared to last year overall. Total revenue from the Company's 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. increased 39% in the fourth quarter in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the Asian financial crisis which had a negative impact on Excalibur sales in the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . Sales in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. continued to improve following organizational changes made early in the second fiscal quarter this year and increased 10% in the fourth quarter compared to the same period last year. "We are pleased with our record revenue results in the quarter which was driven by Excalibur RetrievalWare's continued growth as the leading high performance intranet search and retrieval solution," said Pat Condo, president and chief executive officer of Excalibur. "The introduction of Excalibur RetrievalWare FileRoom and Excalibur 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 Spider round out what we believe is the most comprehensive offering in our market. I am particularly pleased by the confidence shown by our customers in adding licenses to existing installations." In the fourth quarter, Excalibur was selected by a variety of new companies and expanded agreements with existing customers while it continued to build its presence in all key market segments. In North America, Excalibur continued to attract large organizations such as Anheuser Busch, the USDA USDA, n.pr See United States Department of Agriculture. , Boeing, Bell South, Georgia Power Georgia Power is an electricity corporation based in Georgia. It is the largest of the four electric utilities that is operated by Southern Company. Georgia Power is an investor-owned, tax-paying public utility that serves more than two million customers in all but four of and American Cyanamid American Cyanamid was a large, diversified, American chemical manufacturer. Lederle Laboratories, maker of Centrum and Stresstabs vitamins, was Cyanamid's pharmaceutical division. Davis & Geck was the company's medical device division. . Excalibur continued to grow internationally with new customer agreements and significant customer upgrades throughout Europe, South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , and Excalibur Technologies N.V. (ETNV) in Belgium, which generated record revenue for the quarter. Overall, total revenue from international operations represented 39% of total revenue in the current quarter and 35% for the fiscal year ended January 31, 1998. In the U.K. and France, notable agreements included the Foreign and Commonwealth Office, Eutelsat, Logica, GKN GKN Guest, Keen & Nettlefolds (British global engineering company) GKN Global Knowledge Network GKN Gemeenschappelijke Kernenergiecentrale Nederland GKN Global Korean Network GKN Iks Gorkon (Star Trek novel Series) Helicopters, and Airbus. OCS OCS - Object Compatibility Standard of Madrid, one of the largest document management companies in Spain, expanded its distribution agreement to extend beyond Spain to encompass most of South America and Central America Central America, narrow, southernmost region (c.202,200 sq mi/523,698 sq km) of North America, linked to South America at Colombia. It separates the Caribbean from the Pacific. . Other new European customers included Europay, ICI (language) ICI - An extensible, interpretated language by Tim Long with syntax similar to C. ICI adds high-level garbage-collected associative data structures, exception handling, sets, regular expressions, and dynamic arrays. , Rycobel, and the Brussels police. Excalibur continued to expand its government market presence both in the U.S. and abroad. This included new projects supporting the U.S. Army, Navy, Air Force and intelligence community, along with new installations for state and local government entities in Sweden. Also in the fourth quarter, the Company announced a comprehensive strategy for delivering advanced video analysis technologies and products which the Company intends to deliver over the next few months. The new products are aimed at enabling organizations and end users to rapidly analyze, index, and retrieve analog and digital video assets in an intranet/Internet environment. Excalibur is already partnering with industry giants such as Microsoft and Oracle who have agreed to market the Excalibur VAE n. 1. See Voe. with Microsoft NetShow and the Oracle Video Server respectively. "Excalibur enters FY '99 as a stronger company with a mission to deliver applications built on our unified architecture with advanced search and retrieval technologies," Condo said. "We expect continued revenue growth from Excalibur RetrievalWare and look forward to contributions from our new video analysis applications. Management's key areas of focus includes a commitment to improving our time- to-profit both through new product sales and prudent expense management. "We will continue to leverage distribution relationships with new and existing partners such as Computer Associates and Sony Marketing (Japan) Inc. We will maintain our focus on branding and demand creation marketing activities. "And we are committed to dominating the emerging video analysis market and will aggressively leverage distribution relationships with leaders such as Microsoft and Oracle to achieve this." Excalibur Technologies Corp. Founded in 1980, Excalibur Technologies Corp. (NASDAQ: EXCA) is the pioneer of innovative Knowledge Retrieval software solutions that empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems people and enable organizations to transform information into knowledge. As the world's leading developer of high-performance software products for search and retrieval of knowledge assets over all media types - paper documents, text, images, video, and other multi-media data types, throughout intranets, LANs/WANs, Xtranets and the Internet -- Excalibur gives comprehensive access to find the precise information people need, no matter where it is stored, in whatever form. This release may make comments about our future expectations, performance, plans and prospects which might constitute 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. within the meaning of the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Act of 1995. Actual results may differ materially from our expectations as the result of various important factors including, but not limited to, the success of our relationships with strategic partners, Excalibur's ability to continue to develop competitive products and make timely product releases, effects of competition, and the rapidly changing marketplace. These and other risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Excalibur's business and product development efforts are set forth in the Company's respective 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 Form 10-Qs Form 10-Q See 10-Q. as filed with the Securities and Exchange Commission. Contact Excalibur in North America at 800/788-7758 or 703/761-3700, in the United Kingdom at 44-1344-893-444, via email at info@excalib.com or visit our web site at www.excalib.com. -0- The Excalibur logo and the following are worldwide registered trademarks of Excalibur Technologies Corp.: Excalibur Technologies Corp.(R), RetrievalWare(R), Excalibur Visual RetrievalWare(R), and EFS EFS Encrypted File System (Microsoft Windows 2000) EFS Event Free Survival (survival rates in clinical trials) EFS Evangeliska Fosterlandsstiftelsen (Sweden) (R). APRP APRP Adaptive Pattern Recognition Processing (Convera) APrP A Priori Probability (TM), The Excalibur Edge(TM) partners program and their respective logos are trademarks of Excalibur Technologies Corp. All other names or marks may be registered trademarks or trademarks of their respective owners. -0-
The condensed, consolidated statements of operations (unaudited)
for the Company appear below and are presented in accordance with
accounting principles generally accepted in the United States. All
amounts are expressed in thousands of U.S. dollars except per share
amounts.
Three Months Twelve Months
Ended Ended
Jan. 31, Jan. 31,
1998 1997 1998 1997
------- ------- ------ -------
Revenues $7,351 $6,129 $22,417 $20,259
Expenses:
Sales and marketing 3,183 3,974 13,184 14,429
Research and product
development 1,590 1,658 6,405 6,289
Acquired in-process
research and
development -- -- 1,284 --
General and
administrative 1,435 966 4,884 3,906
Cost of sales 1,018 973 4,258 3,248
Restructure costs -- -- 577 --
------- ------- ------ -------
Total expenses 7,226 7,571 30,592 27,872
Operating Income (Loss) 125 (1,442) (8,175) (7,613)
Other (Expenses) Income,
net (45) 31 (151) 440
------- ------- ------ -------
Net Income (Loss) $ 80 $(1,411) $(8,326) $(7,173)
======= ======= ======= ======
Net Income (Loss) Per
Common Share $0.01 $(0.11) $(0.64) $(0.58)
======= ======= ======= ======
Weighted-Average Number of
Common Shares Outstanding
(in thousands) 13,115 12,440 12,934 12,351
======= ======= ======= ======
The condensed, consolidated balance sheets (unaudited) for the
Company appear below and are presented in accordance with accounting
principles generally accepted in the United States. All amounts are
expressed in thousands of U.S. dollars.
ASSETS Jan. 31, 1998 Jan. 31, 1997
------------- -------------
Current Assets
Cash and cash
equivalents $4,940 $2,685
U.S. government
securities 1,496 8,427
Accounts receivable, net 9,189 9,383
Prepaid expenses and other 1,070 1,655
-------- ---------
Total current assets 16,695 22,150
Other Assets, net 3,350 3,997
-------- ---------
Total $ 20,045 $ 26,147
======== =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $2,106 $1,680
Accrued expenses 1,886 2,310
Deferred revenues 2,708 2,693
Deferred compensation 247 901
-------- ---------
Total current liabilities 6,947 7,584
Shareholders' Equity 13,098 18,563
-------- ---------
Total $ 20,045 $ 26,147
======== =========
CONTACT: Excalibur Technologies Carter B. Cromley, 703/761-3700 ccromley@excalib.com |
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