Simware Releases First Quarter Results.OTTAWA Ottawa, city, Canada Ottawa (ŏt`əwə), city (1991 pop. 313,987), capital of Canada, SE Ont., at the confluence of the Ottawa and Rideau rivers. Hull, Que. , Canada--(BUSINESS WIRE)--Aug. 20, 1997--Simware Inc. (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 :SIMWF) announced today that revenue for the first quarter of fiscal 1998, ended July July: see month. 31, 1997, was $3.2 million, compared to $4.0 million for the same period in the prior year. The net loss for the quarter amounted to $848,000 or $0.13 per share, compared to a net loss of $1.1 million or $0.16 per share in the first quarter of fiscal 1997. All Simware results are in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . License revenue was $1.5 million in the first quarter of fiscal 1998, compared with $2.2 million in the same quarter last year and $1.2 million in the fourth quarter of fiscal 1997. Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. revenue in the first quarter of fiscal 1998 amounted to $335,000 compared to $169,000 in the first quarter of fiscal 1997 and $170,000 in the fourth quarter of fiscal 1997. Salvo license revenue amounted to $248,000 in the first quarter of fiscal 1998 compared to $256,000 in the first quarter of fiscal 1997 and $194,000 in the fourth quarter of fiscal 1997. REXXWARE REXXWARE - An implementation of REXX for Novell NetWare produced by Simware, Inc. in January 1994. It is used by LAN managers to automate LAN administration chores on a Novell NetWare server. family license revenue was $719,000 in the first quarter of fiscal 1998 compared to $1.2 million in the first quarter of fiscal 1997 and $68,000 in the fourth quarter of fiscal 1997. License revenue in the first quarter of fiscal 1997 for Simware's connectivity products, A2B A2B Anti-Two-Block A2B Administration-to-Broker A2B Administration to Business and the SIM family was $560,000 compared with $692,000 in the same quarter last year and $895,000 in the fourth quarter of fiscal 1997. Mr. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack G. Breen This article is about the fictional alien species. For other uses, see Breen (disambiguation). The Breen are a species in the science fiction franchise Star Trek. They wear suits which supposedly generate an arctic environment inside them. , Chairman and Chief Executive Officer commented that "The first quarter of the new fiscal year represented a major watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. for Simware. We significantly reduced our expense run-rate following our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). in the previous quarter, we consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. a long sought after licensing agreement with Novell, and with the release of Salvo 3.5.1 once again reinforced the competitiveness of Salvo, our strategic product line." Mr. Breen further stated that "The contract with Novell which was signed in July will allow Novell to licence to its customers at no charge certain quantities of Simware's REXXWARE Migration Toolkit. Simware will receive a guaranteed quarterly royalty stream for three years and has the potential based on copies shipped to approximately double the guaranteed amount. The partnership with Novell should enable us to dramatically increase the stability and predictability of our REXXWARE family revenue. The formal launch of the Novell relationship will take place over the next two weeks." Glen Brownlee, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. said "We released Salvo 3.5.1 during the quarter and in addition to dramatic scalability improvements added support for Microsoft's JScript and VBScript thus providing customers with significant new capabilities to leverage their in-house In-house In the context of general equities, keeping an activity within the firm. For example, rather than go to the marketplace and sell a security for a client to anyone, an attempt is made to find a buyer to complete the transaction with the firm. expertise to implement Salvo applications. We had several key customers commit to Salvo deployments during the quarter and we remain very bullish Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish about the evolving Web-Enterprise market we are pursuing with Salvo." Mr. Brownlee added that "Key to our Salvo strategy is helping Salvo prospects and customers develop solutions faster and we have increased our Professional Services capabilities to deliver more direct support. Professional Services revenue almost doubled compared to the same quarter last year and we intend to increase our Professional Services efforts steadily during the year." -0- This Press Release may contain 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. that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are delays in product development, competitive pressures, downturns in general economic conditions and in the particular markets in which the Company competes and the risk factors detailed in the Simware periodic reports and the Company's filings with the Securities and Exchange Commission. Simware Inc. provides 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 , connectivity and network automation software that reduces the complexity and cost of enterprise systems. Founded in 1982, Simware is headquartered in Ottawa, Canada, with offices 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. and Europe.
SIMWARE INC.
Unaudited Consolidated Statements of Earnings
and Retained Earnings
(Canadian dollars, amounts in thousands,
except per share data)
Three Months Ended
July 31, 1997 July 31, 1996
CANADIAN GAAP
Revenue
Product license $1,527 $2,191
Maintenance 1,291 1,651
Professional services 335 169
3,135 4,011
Cost of revenue
Product license 51 157
Maintenance and professional
services 297 378
348 535
Gross profit 2,805 3,476
Expenses
Selling and marketing 2,130 3,102
Research and development 893 1,003
General and administrative 679 578
3,702 4,683
Loss from operations (897) (1,207)
Other income 49 146
Loss before income taxes (848) (1,061)
Provision for income taxes - -
Net loss ($848) ($1,061)
Net loss per share:
Basic ($0.13) ($0.16)
Fully diluted ($0.13) ($0.16)
Weighted average number of
common shares outstanding:
Basic 6,783 6,716
Fully diluted 6,783 6,716
US GAAP
Net loss ($688) ($1,121)
Net loss per share - primary ($0.10) ($0.17)
Common shares
outstanding - primary 6,783 6,716
-0-
SIMWARE INC.
Consolidated Balance Sheets
(Canadian dollars, amounts in thousands)
July 31, April 30,
1997 1997
(Unaudited)
ASSETS
Cash and cash equivalents $5,479 $7,347
Accounts receivable 4,227 4,517
Other receivables 233 79
Refundable investment tax credits 1,157 1,157
Prepaid expenses and other assets 379 476
Investment tax credits 590 590
Capital assets 1,649 1,970
$13,714 $16,136
LIABILITIES AND EQUITY
Accounts payable and
accrued liabilities $3,910 $5,106
Deferred revenue 2,523 2,901
Shareholders' equity 7,281 8,129
$13,714 $16,136
CONTACT: Simware Inc. Michael Peckham (613) 228-5155 peckham@simware.com |
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