Smallworldwide plc Reports Results for First Quarter Fiscal 1998.
CAMBRIDGE Cambridge, city, Canada
Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , U.K.--(BUSINESS WIRE)--Nov. 5, 1997--
Company Reports 41.4% Rise in Revenues to $13.0 Million
During Quarter; Software License Revenues Increased 65.3%
to $8.0 Million
Smallworld 1. (legal) SMALLWORLD - A trademark of Smallworldwide Plc..
2. (language) SmallWorld - An object-oriented language.
["SW 2 - An Object-based Programming Environment", M.R. Laff et al, IBM TJWRC, 1985]. Reports Net Income of $0.5 Million, or
$0.06 Per Share
Smallworldwide plc (Nasdaq: SWLDY) today announced unaudited results for the first quarter of fiscal 1998. Smallworld develops and markets engineering, business and operations support software for utilities, telecommunications companies See telecom company. and other public and private enterprises.
Revenues for the quarter, ended September 30, reached $13.0 million compared with revenues of $9.2 million for last year's comparable period, an increase of 41.4%. Software license revenues increased 65.3% during the quarter to $8.0 million, or 61.8% of total revenues, from $4.9 million, or 52.9% of total revenues last year. Revenues generated from services and maintenance were $4.8 million versus $4.2 million in the comparable period a year ago.
The increase in revenues was due to increasing sales of software licenses In computing, software that is copyrighted and licensed under a software license is done under a variety of licensing schemes. For end-users there are proprietary licenses and there are free software licenses, and there are proprietary Within these schemes are further classifications. to existing customers such as Sydney Water Sydney Water is a New South Wales government owned corporation that provides drinking water, wastewater and some stormwater services to Sydney, Illawarra and the Blue Mountains, in Australia. , Powercor (Melbourne, Australia) and Deutsche Telekom Deutsche Telekom AG (ISIN: DE0005557508, FWB: DTE, NYSE: DT, LSE: DEU, TYO: 9496 ) (abbreviated DTAG) is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Germany and in the EU. , which completed its purchase of software licenses for its Megaplan project, together with 34 new customers including Metronet (Calgary, Canada) and Utilicorp in the US and City West Water (Melbourne, Australia).
Gross profit for the first quarter increased 58.9% to $9.4 million from $5.9 million last year, reflecting the favorable fa·vor·a·ble
1. Advantageous; helpful: favorable winds.
2. Encouraging; propitious: a favorable diagnosis.
3. change in revenue mix towards software licenses, together with improving services and maintenance margins.
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. were $8.9 million versus $6.1 million in last year's first quarter. The increase reflects continued planned expansion in the Company's research and development and sales and marketing efforts, in particular.
The Company reported an operating income Operating Income
The profit realized from a business' own operations.
This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of $588,000 for the quarter versus an operating loss operating loss
The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $174,000 last year and net income of $477,000, or $0.06 per share, compared with a net loss of $197,000, or $0.03 per share, in last year's first quarter.
Smallworld's Chairman, Dick Newell Dr. Richard G. Newell has spent over 30 years in the software industry in Computer aided design (CAD) and Geographic Information Systems (GIS).
Dick holds degrees in Civil Engineering and Numerical Analysis and a PhD in Chemical Engineering. , said, "We are particularly pleased with the increase in license revenues during the quarter, as it demonstrates continued strong demand for our software from leading utilities and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. providers around the world. Revenues generated from business with existing Smallworld customers, together with the new business gained during the period, underline underline
an animal's ventral profile; the shape of the belly when viewed from the side, e.g. pendulous, pot-belly, tucked up, gaunt. the recognition that our object-oriented technology See object technology. is receiving for its considerable flexibility, power and ease of use."
Andy Stafford, Smallworld's Chief Executive Officer, said, "In the first quarter, we expanded into markets and business areas that carry tremendous opportunity over the long term. In addition to growing our business in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe, we successfully increased our revenues in the Asia Pacific region - most particularly with sales to leading utilities in Australia. We attribute these developments to the ongoing investments we are making to expand, and deepen deep·en
tr. & intr.v. deep·ened, deep·en·ing, deep·ens
To make or become deep or deeper.
to make or become deeper or more intense
Verb 1. , our presence in markets of strategic importance."
In other operating highlights, Smallworld made progress on several ongoing initiatives during the quarter. Investment increased in the development of applications aimed at various Smallworld focus markets. In particular, the company commenced work on its Outage out·age
1. A quantity or portion of something lacking after delivery or storage.
2. A temporary suspension of operation, especially of electric power. and Distribution Management System (ODMS ODMS Optimization Decision Management System
ODMS Operational Data Management System
ODMS Object Database Management System
ODMS ODOCS Data Management Service ), an application being developed for Smallworld's electricity customers 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 other overseas markets.
Smallworld (http://www.smallworld-us.com) develops and markets engineering, business and operations support software for utilities, telecommunications companies and other public and private enterprises. The Company's technology automates business processes that are critical for enhancing customer service, business planning, network engineering and facilities maintenance. Smallworld's object-oriented software is designed to deliver a low cost of ownership while supporting rapid deployment of enterprise applications and seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. with other systems. The Company, headquartered in Cambridge, England, has about 500 customers in over 22 countries around the world. -0-
Please note: Some statements contained within this report may be of a forward-looking nature and may involve risks and uncertainties. Actual future results and outcomes may differ materially from those discussed. Factors that may cause such differences include, but are not limited to, management of growth, market acceptance of the Company's products and services, risks associated with new product versions, dependence on third party relationships and the activities of competitors. -0-
SMALLWORLDWIDE plc AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data) Three months Three months ended ended Sept. 30, Sept. 30, 1997 1996 (unaudited) (unaudited) Revenues: Licenses $8,039 $4,862 Services and maintenance 4,816 4,169 Other 144 160 Total revenues 12,999 9,191 Cost of revenues: Licenses 689 77 Services and maintenance 2,826 3,055 Other 35 114 Total cost of revenues 3,550 3,246 Gross profit 9,449 5,945 Operating expenses: Research and development 1,926 1,202 Sales and marketing 5,388 3,519 General and administrative 1,547 1,398 Total operating expenses 8,861 6,119 Income (loss) from operations 588 (174) Other income, net 88 3 Interest on securities 151 - Interest income (expense), net 100 (13) Income (loss) before income taxes 927 (184) Provision for income taxes 450 24 Share of income from equity affiliates 0 11 Net income (loss) $477 ($197) Net income (loss) per share $0.06 ($0.03) Shares used to compute net income (loss) per share 8,236 5,960 -0- SMALLWORLDWIDE plc AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) Sept. 30, June 30, 1997 1997 (unaudited) (unaudited) ASSETS Current assets: Cash and equivalents $11,672 $6,975 Short-term investments 1,504 4,000 Accounts receivable 9,505 15,559 Inventories 641 932 Amounts receivable from equity affiliates 487 146 Prepaid expenses and other assets 2,620 2,371 Deferred income taxes 1,952 2,002 Total current assets 28,381 31,985 Long-term investments 8,646 8,291 Property and equipment, net 4,398 4,058 Deferred income taxes 357 357 Goodwill 343 370 Equity investments 268 276 TOTAL ASSETS $42,393 $45,337 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $3,399 $3,619 Income taxes payable 1,227 863 Personnel taxes 584 334 Accrued liabilities 5,299 6,926 Accrued contractual liability 0 2,400 Deferred revenue 2,250 2,002 Current portion of capital lease obligations 337 341 Total current liabilities 13,096 16,485 Accrued liabilities, less current portion 0 26 Capital lease obligations, less current portion 207 305 Deferred revenue, less current portion 587 330 Total liabilities 13,890 17,146 Shareholders' equity: Ordinary and Preference Shares 141 140 Cumulative translation adjustment (367) (48) Additional paid-in capital 25,365 25,268 Accumulated unrealized losses on investments (24) (80) Retained earnings 3,388 2,911 Total shareholders' equity 28,503 28,191 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $42,393 $45,337
CONTACT: Andy Stafford
Chief Executive Officer
+(44) 1223 301144
Ian McShane Ian McShane (born 29 September 1942) is a Golden Globe-winning English actor. Biography
McShane was born in Blackburn, Lancashire, the son of Irene (née Cowley) and Harry McShane,
(44) 1223 301144
Gerard Carney car·ney
Variant of carny.
Gavin Anderson Anderson, river, Canada
Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic & Co.