Omtool Reports 35% Increase in Revenues Over First Quarter 2003; Company Delivers Substantial Increase in Net Income for the Quarter.Business Editors SALEM Salem, in the Bible Salem (sā`ləm) [Heb.,=peace], in the Bible, royal city of Melchizedek, traditionally identified with Jerusalem. Salem, city, India Salem, city (1991 pop. , N.H.--(BUSINESS WIRE)--April 21, 2004 Omtool OMTool - A graphical tool from General Electric Advanced Concepts Center for design and analysis of systems with the OMT methodology. Generates C++ and SQL code. , Ltd. (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 : OMTL), a leading provider of electronic business document exchange systems and software, today reported results of operations for the first quarter ended March 31, 2004. Total revenues for the first quarter were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4.0 million, compared with revenues of approximately $3.0 million for the first quarter of 2003, an increase of 35%. Net income for the quarter ended March 31, 2004 was approximately $380,000 or $0.21 per pre-split fully 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, as compared to a net loss of approximately $665,000 or $(0.38) per pre-split fully diluted share for the same quarter of 2003. On March 30, 2004 the Company announced a 2 for 1 stock split in the form of a dividend with an effective date of April 27, 2004. Provided on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis and reflecting the dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. that will result from the previously-announced stock split, net income per fully diluted share on a post-split basis for the quarter ended March 31, 2004 is $0.10 per share as compared to a net loss of $(0.19) per fully diluted share for the comparable period last year. Commenting on the results, Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Voelk, President and Chief Executive Officer of Omtool stated, "I continue to be pleased with our progress as we ended the quarter stronger, making noted improvements to our balance sheet and successfully attracting new investors to the Company. The outstanding results of the quarter reflect our commitment to aggressively manage our 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. , generate revenue growth as well as profitability." Voelk continued, "Our core business is meeting the expectations we set for it based on what we encountered at the end of 2003 and the quarter was highlighted by early and very positive indications of interest in our AccuRoute 2.0 product. These indicators lead us to believe that we are well positioned for growth and profitability as the year unfolds. As the identified opportunities for our AccuRoute 2.0 product move through our sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. , our goal is for this product to become the primary driving force of our future growth and profitability. The launch of the AccuRoute 2.0 document delivery system in January January: see month. of this year allowed Omtool to provide an 'out of the box' solution for the standardized standardized pertaining to data that have been submitted to standardization procedures. standardized morbidity rate see morbidity rate. standardized mortality rate see mortality rate. routing, archiving archiving Informatics The storage of data in archives. See Mirroring, Optical disk archiving. and management of documents, either in paper or electronic form. The AccuRoute 2.0 document delivery system integrates all scan enabled devices, as well as corporate e-mail, enterprise application systems and fax systems, into a unified document workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. infrastructure giving the product a competitive edge." Voelk concluded, "Given our current revenue and operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. trends, and the reception our products have been receiving in the marketplace, we continue to expect that 2004 quarterly results will show significant improvement over 2003. We will continue to drive for steady and consistent improvements in top and bottom line comparable quarterly results and look forward to continuing the momentum we have initiated in the first quarter." About Omtool, Ltd. Omtool provides enterprise document messaging applications that streamline streamline, path of a fluid flowing steadily and without appreciable turbulence. A body is said to be streamlined if its shape offers the least possible resistance to a current of air, water, or other fluid. workflows, reduce costs and ensure secure, confidential e-document exchange. Omtool accomplishes this by integrating with industry-leading e-mail messaging, enterprise resource and document management systems to add secure delivery and high volume fax functionality to a company's existing communication infrastructure. Because paper remains an integral part of many business processes, Omtool also provides technology that incorporates electronic delivery, security and billing functionality into industry-leading multifunction and scanning devices See scanner. . Based in Salem, N.H., and with an office in the United Kingdom, the company can be contacted at 800-886-7845 or www.omtool.com. This press 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, without limitation, statements regarding the Company's future financial and operating performance, customer interest in the AccuRoute(TM) product and the future plans of Company management. These forward-looking statements are neither promises nor guarantees, but are subject to risk and uncertainties that could cause actual results to differ materially from the expectations set forth in the forward-looking statements, including but not limited to, risks associated with the introduction of new product offerings, including the AccuRoute, Genidocs(TM) and Genifax(TM) software products, the success of the Company's channel sales strategies, business partner strategies and new marketing efforts, the continuation continuation - continuation passing style of market demand for fax-based software solutions, fluctuations in quarterly results of operations, dependence on continuing market acceptance of Fax Sr. NT(TM) software, changes in the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment, dependence on continuing growth in the number of organizations implementing secure electronic document exchange, competition, the Company's ability to complete development of, and market acceptance of new products, including the AccuRoute, Genidocs and Genifax software products, product enhancements, the risks associated with reductions in staff and those other risk factors described in the Company's periodic reports and registration statements as filed with the Securities and Exchange Commission, including the Company's 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. filed with the Securities and Exchange Commission on March 23, 2004. Reported results should not be considered an indication of future performance. Readers are cautioned not to place undue reliance on these forward-looking statements, which 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" . Omtool undertakes no responsibility to update any such forward-looking statements. The consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statement of operations See Income statement. and condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. follow.
Consolidated Statements of Operations
(in Thousands except Per Share Amounts)
(Unaudited) Three Months
Ended
March 31,
---------------
2004 2003
------- -------
Revenues:
Software license $1,172 $878
Hardware 1,167 506
Service and other 1,689 1,598
------- -------
Total revenues 4,028 2,982
------- -------
Cost of revenues:
Software license 32 54
Hardware 674 348
Service and other 747 792
------- -------
Total cost of revenues 1,453 1,194
------- -------
Gross profit 2,575 1,788
------- -------
Operating expenses:
Sales and marketing 1,043 1,332
Research and development 471 584
General and administrative 700 732
------- -------
Total operating expenses
2,214 2,648
------- -------
Income (loss) from operations 361 (860)
Interest and other income 38 39
------- -------
Income (loss) before tax provision (benefit)
399 (821)
Tax provision (benefit) 19 (156)
------- -------
Net Income (loss) $380 $(665)
======= =======
Net income (loss) per share
Basic - Pre-split $0.22 $(0.38)
======= =======
Basic - Post-split $0.11 $(0.19)
======= =======
Weighted average number of common shares outstanding
Basic - Pre-split 1,757 1,746
======= =======
Basic - Post-split 3,514 3,492
======= =======
Net income (loss) per share
Diluted - Pre-split $0.21 $(0.38)
======= =======
Diluted - Post-split $0.10 $(0.19)
======= =======
Weighted average number of common shares outstanding
Diluted - Pre-split 1,840 1,746
======= =======
Diluted - Post-split 3,680 3,492
======= =======
OMTOOL, LTD.
Consolidated Summary Financial Data
March December
Consolidated Balance Sheets 31, 31,
2004 2003
(in Thousands) (Unaudited)
Assets:
Cash and cash equivalents $9,948 $8,242
Accounts receivable, net 1,780 1,535
Inventory 28 38
Prepaids and other 328 268
----------- --------
12,084 10,083
Property and equipment, net 330 395
Other assets 14 14
----------- --------
$12,428 $10,492
=========== ========
Liabilities and stockholders' equity:
Accounts payable $919 $884
Accrued expenses 1,337 1,203
Accrued state sales tax 1,034 1,010
Accrued restructuring 300 444
Deferred revenue 3,483 3,512
----------- --------
7,073 7,053
Stockholders' equity 5,355 3,439
----------- --------
$12,428 $10,492
=========== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion