MICRO FOCUS GROUP PLC RESULTS FOR THE YEAR ENDED JANUARY 31 1995.BERKSHIRE Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. , England--(BUSINESS WIRE)--Micro Focus, the leading UK designer, developer and marketer of compilers This page is dedicated to list all current compilers, compiler generators, interpreters, translators, etc. C/C++ compilers Compiler Author Windows UNIX-like Other OSs License type IDE? C++ Builder CodeGear (Borland) Yes No DOS Proprietary Yes C++ Compiler and programmer (1) A hardware device used to customize a programmable logic chip such as a PAL, GAL, EPROM, etc. See PROM programmer. (2) A person who designs the logic for and writes the lines of codes of a computer program. productivity tools, announces its preliminary results after a year of significant progress. Financial Summary ----------------- Features of the results include: - Net revenue increased to USD USD In currencies, this is the abbreviation for the U.S. Dollar. 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. 138.5m (GBP GBP In currencies, this is the abbreviation for the British Pound. 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. 89.9m) from USD 125.5m (GBP 83.8m) - Income before tax of USD 20.4m (GBP 13.2m) excluding exceptional charges in respect of acquisitions of USD 18.3m (GBP 4.2m) and the operating results of those acquisitions - Income before tax of USD 1.6m (GBP 8.7m) including exceptional charges in respect of acquisitions - Broad ranging investments in people, products, technology, intellectual property and marketing, while maintaining cash balances in dollar terms at USD 88.8m In his letter to shareholders, the Chairman, Paul O'Grady For the Australian soccer player, see . Paul James O'Grady (born 14 June 1955) is an English comedian and television personality. He is the creator of comic drag character Lily Savage (the "Birkenhead Bombshell"), a vampish Birkenhead woman. said: The year ended January January: see month. 31 1995 has been one of consolidation and investment for future growth. We have made great strides towards making our Offloading products simpler to install and use, surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. them with services in the process; seen the emergence of the application Rehosting market which we believe is an exciting opportunity for us and started to finalise Verb 1. finalise - make final; put the last touches on; put into final form; "let's finalize the proposal" finalize, nail down, settle terminate, end - bring to an end or halt; "She ended their friendship when she found out that he had once been convicted of the shape of our Enterprise Client/Server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). product set. We believe that we are creating the foundation for success in each of these markets. Our investments included a number of acquisitions which we have felt appropriate to fully write off in these results. The inclusion of charges associated with these acquisitions, which do not attract tax relief, resulted in the Company reporting a net loss after tax of USD 4.9m under US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). and an after tax profit of GBP 4.6m under UK GAAP UK GAAP United Kingdom Generally Accepted Accounting Principles . (Under UK accounting principles goodwill arising on acquisitions (GBP 7.4m) has been written off to reserves rather than charged against 1994 profits.) A more representative measure of business performance is achieved by considering the results without the effects of these write-offs.
US Dollars GB Pounds
1994 1993 1994 1993
Net revenue 138.5m 125.5m 89.9m 83.8m
Income before taxes
Continuing operations
before acquisitions 20.4m 32.5m 13.2m 21.8m
Acquisitions (0.5m) - (0.3m) -
Exceptional items (18.3m) - (4.2m) -
------- ------ ------ ------
1.6m 32.5m 8.7m 21.8m
======= ====== ====== ======
Net (loss) income (4.9m) 22.0m 4.6m 14.7m
(Loss) earnings per share USD (0.33) USD 1.52 32.0p 104.3p Earnings per share before exceptional items USD 0.91 61.0p Earnings per share before exceptional items and results of acquisitions USD 0.96 63.0p Our direct business grew by 13% at constant exchange rates and accounted for 86% of our total revenues, while our OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business decreased by 9% at constant exchange rates and accounted for 14% of our total revenues. The mix of costs in the four main cost areas has remained consistent with those of 1993. The increase in the total cost base results from planned expansion of the sales, pre-sales and product support organisations as well as expanded marketing activity to take advantage of growth opportunities in certain territories. In addition, we increased investment in development to evolve Evolve may refer to several terms:
Cash generated from operating activities increased from USD 33.5m to USD 35.1m in the current year. After increased investment in property, plant and equipment (USD 18.4m in 1994 against USD 9.6m in 1993) and software products (USD 15.5m in 1994 against USD 14.2m in 1993), cash balances increased by USD 2.5m to USD 88.8m. Because the pound strengthened and our cash is held mainly in dollars, the cash balances expressed in pounds sterling fell by GBP 1.7m to GBP 55.8m. In 1994 we spent USD 36.2m (GBP 23.5m) on development compared to USD 27.8m (GBP 18.6m) in 1993, of which 41% has been capitalised this year compared to 46% in 1993. Development costs capitalised as software product assets exceeded those amortised by USD 4.0m (GBP 2.6m) compared USD 3.7m (GBP 2.5m) in 1993. 1994 Achievements ----------------- During the year we once again delivered a complete set of upgrades to our product range. One element of these upgrades was the Object COBOL COBOL: see programming language. COBOL in full Common Business-Oriented Language. High-level computer programming language, one of the first widely used languages and for many years the most popular language in the business community. option to COBOL Workbench See Micro Focus. , another world-first for Micro Focus. This brings the benefits of object orientation orientation, in architecture, the disposition of the parts of a building with reference to the points of the compass. From remote antiquity the traditional belief in the efficacy of religious ceremonials performed at dawn toward the rising sun has influenced the to the largest professional programming community in the world and also to the largest base of existing application code. The functionality in these upgrades arose from continuing requests by our customers and were delivered to them under their maintenance contracts. Revenue from maintenance now accounts for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30% (1993 25%) of our net revenue from direct business. During the year we put increasing emphasis on consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" for our products with the objective of ensuring that every unit of product we ship is used to its full potential by our customers. As part of this process we also helped our customers make full use of products which they had previously purchased. During 1994 consulting services grew three-fold. In 1994 revenues in our MVS (Multiple Virtual Storage) Introduced in 1974, the primary operating system used with IBM mainframes (the others are VM and DOS/VSE). MVS is a batch processing-oriented operating system that manages large amounts of memory and disk space. Offloading business, the Offloading of the development and maintenance of mainframe mainframe Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, applications on to the PC grew by 7% and now accounts for just over 50% of our revenues. We continue to experience solid demand for our products and services in this area. The balance of our revenues in the direct market came from the usage of our products to develop applications for non-mainframe platforms. This grew by 20% and now accounts for approximately 35% of our revenues. Our customers are increasingly using our UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). products to re-host existing applications that are currently running their businesses onto open system platforms such as HP, Sun, Sequent (Sequent Computer Systems, Inc., Beaverton, OR, www.sequent.com) A computer company founded in 1983 by 17 ex-employees of Intel that specialized in multiprocessing systems for the client/server environment. , Pyramid pyramid, structure pyramid. The true pyramid exists only in Egypt, though the term has also been applied to similar structures in other countries. Egyptian pyramids are square in plan and their triangular sides, which directly face the points of the and the other players in the marketplace. They are doing this to remove dependence on one particular manufacturer, achieve tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. cost savings and also to re-engineer their business processes by taking advantage of more flexible computer architectures. Because these applications are written in COBOL our tools enable them to re-use the maximum amount of existing working code using their existing programming staff. The growth in our UNIX revenues through the direct channel was over 35% and now accounts for over 10% of the business with approximately the same amount again being received from our OEM computer manufacturer customers. The Market Today ---------------- The pace of hardware and software change in the computer industry as a whole is continuing unabated un·a·bat·ed adj. Sustaining an original intensity or maintaining full force with no decrease: an unabated windstorm; a battle fought with unabated violence. . Organisations are swamped "Swamped" is the seventeenth episode of The Batman's second season. It originally aired in North America on June 11, 2005. Plot Synopsis Killer Croc, a half-man, half reptile plans to submerge all of Gotham in water in order to facilitate his plundering of the city. by the apparent diversity of choice that they have from hundreds of potential suppliers who are often small start-ups and supply a very small part of the customers requirements. However, this choice can lead to fragmentation (1) Storing data in non-contiguous areas on disk. As files are updated, new data are stored in available free space, which may not be contiguous. Fragmented files cause extra head movement, slowing disk accesses. A defragger program is used to rewrite and reorder all the files. of the information processing information processing: see data processing. information processing Acquisition, recording, organization, retrieval, display, and dissemination of information. Today the term usually refers to computer-based operations. activities and many large corporates are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. strategic suppliers to partner with for the long term. Hand in hand with this the re-use of corporate assets in the form of applications, data, transactions and business programming skills is of prime importance. 1995 Directions --------------- As we look forward in 1995 we see ourselves putting increased emphasis on Solutions in key market segments. These Solutions will be combinations of products and services which enable our customers to realise the maximum potential of our products. The three market segments we are focusing on are: - Offloading the development and maintenance of mainframe applications to the PC - Rehosting existing applications onto distributed networks - The creation and deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. of Enterprise Client/Server applications We will be packaging the necessary products and services to form solutions in each of these market segments. We have already started this process in the Offloading area. Our acquisition of The Expert Consulting Division of The Systems Group earlier this year provided us with a nucleus nucleus, in physics nucleus, in physics, the extremely dense central core of an atom. The Nature of the Nucleus Composition of people expert in installing and integrating the Offloading products into the customers' specific environments. In the Rehosting market segment our customers have to date, moved applications mainly from proprietary minicomputers. In addition, we believe our opportunities can increase very substantially as large corporate organisations turn their attention to Rehosting IBM mainframe IBM mainframes, though perceived as synonymous with mainframe computers in general due to their marketshare, are now technically and specifically IBM's line of business computers that can all trace their design evolution to the IBM System/360. applications to open systems platforms, especially as the power of these increases with the availability of parallel processing parallel processing, the concurrent or simultaneous execution of two or more parts of a single computer program, at speeds far exceeding those of a conventional computer. computers. Also, many corporations are being drawn into creating Client/Server applications for running the Enterprise rather than individual departments. This brings with it a number of challenges to which we believe Micreo Focus is well positioned to respond. For example, most customers have existing investments and plans which cover a wide range of platforms and tools will be needed which have portability allied with high performance across these platforms. A key aspect of Enterprise Client/Server will be that IS professionals will become much more involved in specifying these new tools and in determining how the applications will be developed. These are the people who are Micro Focus's traditional customers and we believe our relationship with them, combined with our industrial strength tools and cross-platform (software, hardware) cross-platform - A term that describes a language, software application or hardware device that works on more than one system platform (e.g. Unix, Microsoft Windows, Macintosh). E.g. Netscape Navigator, Java. strategy will be invaluable as we help them deliver Enterprise Client/Server applications. As part of the process of focusing on solution areas we are simplifying and unifying our product offerings. 1995 Prospects -------------- We are focusing on the three market segments described above and aim to maintain or increase the growth in each. The Offloading business is now a mature business which we still see as having a long life. The Rehosting opportunity is opening up for us now and we are working with our customers to develop this. The Enterprise Client/Server market is still in its infancy infancy, stage of human development lasting from birth to approximately two years of age. The hallmarks of infancy are physical growth, motor development, vocal development, and cognitive and social development. but one which industry analysts feel has great potential and for which Micro Focus is well positioned. It is our objective to exploit the opportunities in all three markets and to continue to develop our strength as a cash generating business. To achieve these ends, we also aim to seek increased productivity from our cost base and to continually con·tin·u·al adj. 1. Recurring regularly or frequently: the continual need to pay the mortgage. 2. improve our key business processes. Paul O'Grady Chairman March 7 1995 --- ENDS --- Notes: 1. The attached financial information for the year ended January 31 1995 does not constitute statutory accounts. It is an extract To decompress. WinZip and other decompression utilities use the term to mean "pulling out" the original files from the compressed archive. See WinZip and data compression. from the 1994 Audited Financial Statements, approved by the Board of Directors on March 7 1994, but not yet delivered to the UK Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. . 2. Copies of the 1994 Annual Report will be mailed to shareholders and will not be published in newspapers. Copies of the Report will be made available upon request to the Company Secretary at the Registered Office, Speen Speen is the name of more than one place. In the United Kingdom:
Newbury is a civil parish and the principal town in the west of the county of Berkshire in England. It is situated on the River Kennet and the Kennet and Avon Canal, and has a town centre containing many 17th century buildings. , England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. , RG14 1PB. 3. Following established Micro Focus practice the directors do not intend to recommend payment of a dividend. (c) Micro Focus. All rights reserved. ---------------------------------------------------------------
MICRO FOCUS GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT - IN UK FORMAT
----------------------------------------------------------------------
in thousands of GB pounds Year to Year to Year to
(except per share data) January 31 January 31 January 31
1995 1994 1993
----------------------------------------------------------------------
Revenue 89,885 83,842 68,882
----------------------------------------------------------------------
Costs and expenses
Cost of revenues 10,586 9,318 7,326
Research and development 24,149 16,185 11,727
Sales and marketing 42,519 33,669 25,796
General and administrative 5,099 4,689 3,006
----------------------------------------------------------------------
Total costs and expenses 82,353 63,861 47,855
----------------------------------------------------------------------
Operating profit 7,532 19,981 21,027
Interest income 2,210 1,884 1,842
Interest expense (76) (104) (92)
Other acquisition charges (943) - -
----------------------------------------------------------------------
Profit before taxation 8,723 21,761 22,777
Taxation (4,133) (7,014) (7,333)
----------------------------------------------------------------------
Profit for the year 4,590 14,747 15,444
======================================================================
Earnings per share 32.0p 104.3p 110.3p
----------------------------------------------------------------------
Earnings per share excluding
exceptional items 61.0p 104.3p 110.3p
----------------------------------------------------------------------
MICRO FOCUS GROUP PLC
CONSOLIDATED BALANCE SHEET - IN UK FORMAT
----------------------------------------------------------------------
In thousands of GB pounds January 31 January 31
1994 1994
----------------------------------------------------------------------
Fixed assets
Intangible fixed assets 19,731 17,271
Tangible fixed assets 22,472 14,912
----------------------------------------------------------------------
Total fixed assets 42,203 32,183
----------------------------------------------------------------------
Current assets
Stock 1,784 1,514
Debtors 15,638 18,674
Cash and bank deposits 55,823 57,544
----------------------------------------------------------------------
Total current assets 73,245 77,732
----------------------------------------------------------------------
Creditors: amounts falling due within one year 24,110 19,947
Customer payments in advance of delivery 12,581 9,099
----------------------------------------------------------------------
Net current assets 36,554 48,686
----------------------------------------------------------------------
Total assets less current liabilities 78,757 80,869
Creditors: amounts falling due
after more than one year 193 404
Provisions for liabilities and charges
Deferred taxation 5,708 5,365
----------------------------------------------------------------------
Net assets 72,856 75,100
======================================================================
Capital and reserves
Called up share capital 1,437 1,422
Share premium 13,147 12,938
Deferred purchase consideration 3,340 -
Other reserves - 1
Profit and loss account 54,932 60,739
----------------------------------------------------------------------
Total shareholders' funds 72,856 75,100
======================================================================
MICRO FOCUS GROUP PLC
CONSOLIDATED STATEMENTS OF INCOME - IN US FORMAT
----------------------------------------------------------------------
in thousands of US dollars Year to Year to Year to
(except per share data) January 31 January 31 January 31
1995 1994 1993
----------------------------------------------------------------------
Net revenues: 138,459 125,468 118,629
----------------------------------------------------------------------
Costs and expenses
Cost of revenues 16,311 13,948 12,520
Research and development 37,299 24,211 20,506
Sales and marketing 65,490 50,433 44,800
General and administrative 8,335 7,016 5,328
Purchased research and
development costs 11,265 - -
----------------------------------------------------------------------
Total costs and expenses 138,700 95,608 83,154
----------------------------------------------------------------------
(Loss) income from operations (241) 29,860 35,475
Interest income 3,408 2,824 3,208
Interest expense (117) (156) (151)
Other acquisition charges (1,500) - -
----------------------------------------------------------------------
Income before income taxes 1,550 32,528 38,532
Income taxes (6,410) (10,484) (12,372)
----------------------------------------------------------------------
Net (loss) income (4,860) 22,044 26,160
======================================================================
Net (loss) income per share
before exceptional items USD 0.91 USD 1.52 USD 1.80
including exceptional items (USD 0.33) USD 1.52 USD 1.80
----------------------------------------------------------------------
Weighted average number of shares
outstanding (in thousands) 14,706 14,535 14,512
----------------------------------------------------------------------
MICRO FOCUS GROUP PLC
CONSOLIDATED BALANCE SHEETS - IN US FORMAT
----------------------------------------------------------------------
in thousands of US dollars January 31 January 31
1994 1994
----------------------------------------------------------------------
Assets
Current assets:
Cash and short-term investments 88,758 86,316
Accounts receivable, net 21,239 22,553
Inventories 2,837 2,272
Prepaid expenses and other assets 3,626 5,457
----------------------------------------------------------------------
Total current assets 116,460 116,598
----------------------------------------------------------------------
Fixed assets:
Property, plant and equipment, net 35,730 22,368
Software product assets, net 31,373 25,907
----------------------------------------------------------------------
Total assets 183,563 164,873
======================================================================
Liabilities and stockholders' equity
Current liabilities:
Accounts payable 7,187 6,326
Product and royalties payable 674 944
Accrued employee compensation
and commissions 7,710 5,915
Accrued payroll taxes 774 1,555
Capital leases 503 444
Income taxes payable 7,282 11,843
Customer payments in advance of delivery 20,004 13,649
Deferred purchase consideration 8,189 -
Other current liabilities 6,015 2,895
----------------------------------------------------------------------
Total current liabilities 58,338 43,571
----------------------------------------------------------------------
Capital leases 307 605
Deferred income taxes 9,076 8,047
----------------------------------------------------------------------
Total liabilities 67,721 52,223
----------------------------------------------------------------------
Stockholders' equity:
Ordinary shares: 10 pence (UK) par
value, 16,500,000 shares authorized,
14,364,000 shares issued and
outstanding (14,217,000 in 1993) 2,260 2,238
Additional paid-in capital 19,549 19,235
Deferred purchase consideration 5,311 -
Other reserves - (29)
Retained earnings 91,220 96,109
Currency translation adjustment (2,498) (4,903)
----------------------------------------------------------------------
Total stockholders' equity 115,842 112,650
----------------------------------------------------------------------
Total liabilities and
stockholders' equity 183,563 164,873
======================================================================
Shareholder Information
-----------------------
Registered Office and Shareholder Enquiries Micro Focus Group Plc, Speen Court, 7 Oxford Road, Newbury, Berkshire RG14 1PB, UK Bankers Midland Bank plc 1 Mansion House Street, Newbury, Berkshire, RG14 5ET, UK Stockbrokers S G Warburg Securities 1 Finsbury Avenue, London EC2M 2PA, UK Registrars and Transfer Office Lloyds Bank Registrars, The Causeway, Worthing, West Sussex, BN99 6DA, UK Stock Market symbols The Company's ordinary shares are listed on the London Stock Exchange under the symbol MICF.
The Company's American Depositary Receipts ("ADR"s) are
listed on the NASDAQ National Market System under the symbol
MIFGY.
ADR Depositary Bank of New York, ADR Division, 101 Barclay Street, 22nd Floor, New York, NY 10286, USA ----------------------------------------------------------------- Regional Sales Offices UK Micro Focus Ltd, Speen Court, 7 Oxford Road Newbury, Berkshire RG14 1PB Telephone: (+44) 1635 32646 USA Micro Focus Inc, 2465 East Bayshore Road, Palo Alto, CA 94303 Telephone: (+1) 415 856 4161 Micro Focus Inc (Philadelphia), 1000 First Avenue, Third Floor, King of Prussia, PA 19406 Telephone: (+1) 610 992 3400 Micro Focus Inc. (New York), 2 Wall Street, New York, NY 10005 Telephone: (+1) 212 312 2200 Japan Micro Focus Japan Ltd., Nishiazabu Mitsui Bldg 4F, 4-17-30 Nishiazabu, Minato-Ku, Tokyo 106. Telephone: (+81) 3 3486 7791 Germany Micro Focus GmbH, Am Moosfeld 11, 81829 Munchen Telephone: (+49) 89 42094-0 France Micro Focus SARL, Tour Franklin, Defense 8, 92042 Paris - La Defense Cedex. Telephone: (+33) 1 47 75 75 75 Spain Micro Focus S.A. Corsega 541, 4a Planta, 08025 Barcelona Telephone: (+34) 3 435 70 01 CONTACT: Paul O'Grady, Chairman Tel: (+44) 1635 32646 Giles Giles may refer to:
Tel: (+44) 171 831 3113 |
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