Trintech Reports Fourth Quarter and Fiscal Year 2002 Financial Results; Trintech Announces Management Reorganization to Optimize the Strength of Its Management Team.Business Editors SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif. & DUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ireland--(BUSINESS WIRE)--Feb. 27, 2002 Trintech Group PLC (Nasdaq:TTPA TTPA Tocopherol Transfer Protein, Alpha TTPA Telephone Twisted Pair Adapter ) (Neuer Markt:TTP TTP (thymidine triphosphate): see thymine. ), a leading provider of secure payment infrastructure solutions, today announced its fourth quarter and fiscal year results for the period ended January January: see month. 31, 2002. -- Atlanta-based prepaid transaction processor, PRE Solutions Inc chose Trintech's PayWare POS terminals and PayWare PrePay Host software solution to power its prepay replenishment services. -- Trintech's relationship with GZS, Germany's leading provider of processing services, further developed this quarter. They implemented and added PayWare Resolve IIT, to further reduce the cost, and speed up the processing of disputed transactions. -- Unibanco, one of Brazil's largest banks, selected PayWare eIssuer to power its online payment service in Q4. -- Trintech joined the Mobile Payment Forum this quarter, a cross-industry group formed to enable secure, user-friendly mobile payment transactions and expand the overall market for mobile commerce. Trintech has also announced a management reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. to optimize optimize - optimisation the strength of its management team and give clear focus to the execution of its return to profitability. Cyril Cyr·il , Saint 827-869. Christian missionary and theologian who with his brother Saint Methodius (826-885) worked in Moravia, translating the Scriptures into Old Church Slavonic. Noun 1. McGuire McGuire may refer to:
tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. Chief Executive Officer, in addition to his current role as Executive Chairman. To concentrate on new growth opportunities, John McGuire John McGuire is the name of:
Cyril McGuire, Chairman and Chief Executive Officer, commenting on the results said: "Trintech operated in a very challenging environment this quarter. Reduced levels of IT spending as customers continue to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. software investment plans will restrain short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. growth. Fiscal year 2002 has been a year of transition for Trintech as we endeavored to bring our cost base in line with difficult market conditions. Focussed action to reduce costs resulted in approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $20 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. savings in 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. between Q4 last year and Q4 this year. Trintech's steadfast emphasis on its performance, people, customers and pipeline will underpin 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). plans as we remain focussed on returning Trintech to profitability." 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 gross margin for the fourth quarter was $7.3 million, a decrease from $7.6 million in the corresponding quarter, last fiscal year 2001. Meanwhile, pro forma gross margin for the fiscal year was $34.4 million, up 39% from $24.8 million in the corresponding fiscal year ended January 31, 2001. This reflects the increase in high margin software license revenue for the fiscal year ended January 31, 2002. Pro forma operating expenses declined sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen by 22% this quarter. This is the fourth consecutive quarter of decline in pro forma operating expenses reflecting the Company's stringent emphasis on cost control and consistent review of expenditure. For the fiscal year 2003 Trintech expects to see pro forma operating expenses continue to decline as a percentage of revenue as the Company continues to identify opportunities to reduce costs. "The uncertain economy we currently operate in requires stringent cost controls and decisive action on operational restructuring, including headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. reductions and tightening of spending plans. We continue to press ahead with the necessary steps and measured investment required to move toward our return to profitability," said Paul Byrne Paul Byrne, born in Dublin on 19 May 1986, is a footballer, currently playing with Eircom League side UCD. University College Dublin A.F.C. (current squad) DF Bermingham • MF C. , Chief Financial Officer. Pro forma basic and 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. net loss per equivalent American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. Share (ADS) for the quarter ended January 31, 2002 was $(0.04) compared with the pro forma basic and diluted net loss per ADS of $(0.11) for the corresponding quarter ended January 31, 2001. Reported basic and diluted net loss per equivalent ADS for the quarter ended January 31, 2002 was $(0.86), including a goodwill and purchased intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $(0.63), compared with the reported basic and diluted net loss per ADS of $(0.26) for the corresponding quarter ended January 31, 2001. Pro forma basic and diluted net loss per equivalent ADS for the fiscal year ended January 31, 2002 was $(0.27) compared with the pro forma basic and diluted net loss per ADS of $(0.29) for the corresponding fiscal year ended January 31, 2001. Reported basic and diluted net loss per equivalent ADS for the fiscal year ended January 31, 2002 was $(1.65), including a goodwill and purchased intangible assets impairment charge of $(0.63), compared with the reported basic and diluted net loss per ADS of $(0.59) for the corresponding fiscal year ended January 31, 2001. Trintech has chosen to disclose pro forma as well as reported figures, commencing in quarter one for fiscal year 2002, to increase transparency (1) The quality of being able to see through a material. The terms transparency and translucency are often used synonymously; however, transparent would technically mean "seeing through clear glass," while translucent would mean "seeing through frosted glass." See alpha blending. and provide information to investors on cash generation and utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be . Pro forma results this quarter exclude 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. and non-cash items, such as stock compensation charges, depreciation, amortization of goodwill and purchased intangible assets and impairment charges. In the quarter ended January 31, 2002 the Company recorded expenses totaling $49.8 million, equivalent to $0.82 per ADS, including non cash expenses of $48.5 million, which were not included in the pro forma net loss for quarter four: -- Atlanta-based prepaid transaction processor, PRE Solutions Inc chose Trintech's PayWare POS terminals and PayWare PrePay Host software solution to power its prepay replenishment services. -- Trintech's relationship with GZS, Germany's leading provider of processing services, further developed this quarter. They implemented and added PayWare Resolve IIT, to further reduce the cost, and speed up the processing of disputed transactions. -- Unibanco, one of Brazil's largest banks, selected PayWare eIssuer to power its online payment service in Q4. -- Trintech joined the Mobile Payment Forum this quarter, a cross-industry group formed to enable secure, user-friendly mobile payment transactions and expand the overall market for mobile commerce. In the full year ended January 31, 2002 the Company recorded expenses totaling $83.8 million, equivalent to $1.38 per ADS, including non cash expenses of $78.8 million, which were not included in the pro forma net loss for the full year: -- Atlanta-based prepaid transaction processor, PRE Solutions Inc chose Trintech's PayWare POS terminals and PayWare PrePay Host software solution to power its prepay replenishment services. -- Trintech's relationship with GZS, Germany's leading provider of processing services, further developed this quarter. They implemented and added PayWare Resolve IIT, to further reduce the cost, and speed up the processing of disputed transactions. -- Unibanco, one of Brazil's largest banks, selected PayWare eIssuer to power its online payment service in Q4. -- Trintech joined the Mobile Payment Forum this quarter, a cross-industry group formed to enable secure, user-friendly mobile payment transactions and expand the overall market for mobile commerce. In the quarter ended January 31, 2001 the Company recorded non cash expenses totaling $8.8 million, equivalent to $0.15 per ADS, which were not included in the pro forma net loss for quarter four: -- Atlanta-based prepaid transaction processor, PRE Solutions Inc chose Trintech's PayWare POS terminals and PayWare PrePay Host software solution to power its prepay replenishment services. -- Trintech's relationship with GZS, Germany's leading provider of processing services, further developed this quarter. They implemented and added PayWare Resolve IIT, to further reduce the cost, and speed up the processing of disputed transactions. -- Unibanco, one of Brazil's largest banks, selected PayWare eIssuer to power its online payment service in Q4. -- Trintech joined the Mobile Payment Forum this quarter, a cross-industry group formed to enable secure, user-friendly mobile payment transactions and expand the overall market for mobile commerce. In the full year ended January 31, 2001 the Company recorded non cash expenses totaling $16.5 million, equivalent to $0.30 per ADS, which were not included in the pro forma net loss for the year: -- Atlanta-based prepaid transaction processor, PRE Solutions Inc chose Trintech's PayWare POS terminals and PayWare PrePay Host software solution to power its prepay replenishment services. -- Trintech's relationship with GZS, Germany's leading provider of processing services, further developed this quarter. They implemented and added PayWare Resolve IIT, to further reduce the cost, and speed up the processing of disputed transactions. -- Unibanco, one of Brazil's largest banks, selected PayWare eIssuer to power its online payment service in Q4. -- Trintech joined the Mobile Payment Forum this quarter, a cross-industry group formed to enable secure, user-friendly mobile payment transactions and expand the overall market for mobile commerce. Trintech recorded an impairment write off of acquisition related goodwill and certain purchased intangible assets this quarter amounting to $38.1 million. The impact of the market retreating for technology companies and the performance of the related acquisitions led the Company to write these assets down to their fair value. Trintech also announced today that it will incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a restructuring charge of $3.5 million in the first quarter of fiscal year 2003. The Company has made this decision in response to continued challenging market conditions. Trintech expects that the restructuring will improve the performance of the organization by reducing costs, consolidating locations and combining operations and other activities. Quarterly highlights include: -- Atlanta-based prepaid transaction processor, PRE Solutions Inc chose Trintech's PayWare POS terminals and PayWare PrePay Host software solution to power its prepay replenishment services. -- Trintech's relationship with GZS, Germany's leading provider of processing services, further developed this quarter. They implemented and added PayWare Resolve IIT, to further reduce the cost, and speed up the processing of disputed transactions. -- Unibanco, one of Brazil's largest banks, selected PayWare eIssuer to power its online payment service in Q4. -- Trintech joined the Mobile Payment Forum this quarter, a cross-industry group formed to enable secure, user-friendly mobile payment transactions and expand the overall market for mobile commerce. Trintech will host a conference call to discuss its financials results, business outlook and management reorganization beginning at 15:30hrs (UK Time) today, February February: see month. 27th 2002. Please see advisory below for information on the call. A web simulcast Simulcast is a portmanteau of "simultaneous broadcast", and refers to programs or events broadcast across more than one medium, or more than one service on the same medium, at the same time. of Trintech's fourth quarter and fiscal year fiscal year 2002 conference call reviewing our performance for Q4 and fiscal year period and our business outlook for Q1 and fiscal year 2003 and our management reorganization will be broadcast live today, Wednesday Wednesday: see week. 27th February 2002 at 15:30hrs (UK Time), 10:30hrs (NY Time) and 07:30hrs (CA Time) and thereafter for 10 days at www.trintech.com. An instant telephone replay will also be available for 10 days by dialing T: +44 207 970 8288. About Trintech Trintech is a leading provider of secure electronic payment infrastructure solutions for real world, 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 and wireless transactions. The Company, founded in 1987, offers a complete range of payment software products for credit, debit A monetary amount that is subtracted from an account balance. A debit from one account is a credit to another. See credit. , commercial and procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. card applications. Trintech's secure product range is deployed in over 35 countries worldwide and covers the payment requirements of consumers, card issuing banks Issuing bank Bank that issues a letter of credit. , merchant acquiring institutions, merchants, eMerchants, telcos, wireless operators, ISPs/CSPs, Portals and large corporations. The Group's range of scalable, open systems architecture solutions for 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). (R) and Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. (TM) platforms covers consumer, merchant and financial institution requirements for all card-based payments, including eCommerce See e-commerce. and the emerging world of mCommerce. Trintech can be contacted in the U.S. at 2755 Campus Drive, San Mateo, CA 94403 (Tel: 650/227-7000) and in Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. at Trintech Building, South County Business Park, Leopardstown Leopardstown (Irish: Baile an Lobhair) is a suburban district in Dublin 18, Ireland at the foot of the Dublin mountains. A residential suburb of the greater Dublin area, it is divided by the 'South Eastern Motorway' (SEM) section of the , Dublin 18 (Tel: +353-1-207-4000). Trintech can be reached on the Web at http://www.trintech.com. Investor information can be found at www.trintech.com/investor. This news release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. Any "forward looking statements" in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. "Forward looking statements" in this press release include statements, among others, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Trintech's future operating costs operating costs npl → gastos mpl operacionales and its ability to 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. costs from its business, its ability to navigate (1) "Surfing the Web." To move from page to page on the Web. (2) To move through the menu structure in a software application. through tough times by signing customers and growing organically, the long term health of Trintech's business and ability to improve performance of the organization and its ability to reach profitability. Factors that could cause or contribute to such differences include the potential synergies of Trintech's recent acquisitions and their effects on its actual revenues and earnings, the ability of its customers to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. their commitments to adopt Trintech's eCommerce payment technology, the availability of financial resources to continue investment in research and development and sales and marketing programs, the growth of the eCommerce market, Trintech's ability to develop, market and sell eCommerce software, the market acceptance of the SSL (Secure Sockets Layer) The leading security protocol on the Internet. Developed by Netscape, SSL is widely used to do two things: to validate the identity of a Web site and to create an encrypted connection for sending credit card and other personal data. or SET(tm) standards for eCommerce payment transactions, the ability to improve and expand the functionality of products, the ability to resize Verb 1. resize - change the size of; make the size more appropriate size - make to a size; bring to a suitable size rescale - establish on a new scale the organization, reduce costs, consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. locations, combine operations and eliminate redundancies in the organization and the effects of macroeconomic mac·ro·ec·o·nom·ics n. (used with a sing. verb) The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. uncertainty on the demand for Trintech's products. Actual performance may also be affected by other factors more fully discussed in Trintech's latest Form 6-K for the fiscal quarter ended October October: see month. 31, 2001, filed with the US. Securities and Exchange Commission (www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. ). Lastly, Trintech assumes no obligation to update these 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. .
TRINTECH GROUP PLC
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS EXCLUDING
THE EFFECT OF AMORTIZATION, DEPRECIATION, IMPAIRMENT CHARGES,
STOCK COMPENSATION & RESTRUCTURING CHARGES
(U.S. dollars in thousands, except share and per share data)
Three months Twelve months
ended January 31, ended January 31,
---------------------- --------------------
2002 2001 2002 2001
----------- ---------- --------- ----------
Revenue:
Product $ 6,910 $ 6,760 $ 26,104 $ 22,288
License 6,031 6,226 30,240 20,612
Service 2,572 2,557 11,997 6,140
----------- ---------- --------- ----------
Total Revenue 15,513 15,543 68,341 49,040
----------- ---------- --------- ----------
Cost of revenue:
Product 5,197 4,759 19,234 15,110
License 1,393 1,452 5,988 4,321
Service 1,648 1,756 8,681 4,787
----------- ---------- --------- ----------
Total Cost of Revenue 8,238 7,967 33,903 24,218
----------- ---------- --------- ----------
Gross margin 7,275 7,576 34,438 24,822
Operating expenses:
Research & development 3,732 6,454 20,105 19,601
Sales & marketing 3,223 4,991 18,574 16,955
General & administrative 3,430 4,018 15,387 10,669
Total operating
expenses 10,385 15,463 54,066 47,225
----------- ---------- --------- ----------
Income (loss) from
operations (3,110) (7,887) (19,628) (22,403)
Interest income, net 325 1,657 2,961 6,855
Exchange gain (loss),
net 122 (46) 523 (149)
----------- ---------- --------- ----------
Income (loss) before
provision for income
taxes (2,663) (6,276) (16,144) (15,697)
Provision for income
taxes -- (56) (85) (382)
----------- ---------- --------- ----------
Net income (loss) $ (2,663) $ (6,332) $(16,229) $ (16,079)
=========== ========== ========= ==========
Basic and diluted net
income (loss) per
Ordinary Share $ (0.09) $ (0.21) $ (0.53) $ (0.58)
=========== ========== ========= ==========
Shares used in computing
basic and diluted net
income (loss) per
Ordinary Share 30,486,857 29,511,591 30,341,559 27,704,705
=========== ========== ========== ==========
Basic and diluted net
income (loss) per
equivalent American
Depositary Share $ (0.04) $ (0.11) $ (0.27) $ (0.29)
=========== ========== ========= ==========
TRINTECH GROUP PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
Three months Twelve months
ended January 31, ended January 31,
---------------------- --------------------
2002 2001 2002 2001
----------- ---------- --------- ----------
Revenue:
Product $ 6,910 $ 6,760 $ 26,104 $ 22,288
License 6,031 6,226 30,240 20,612
Service 2,572 2,557 11,997 6,140
----------- ---------- --------- ----------
Total Revenue 15,513 15,543 68,341 49,040
----------- ---------- --------- ----------
Cost of revenue:
Product 5,260 4,759 19,476 15,110
License 2,631 2,913 10,448 6,718
Service 1,648 1,756 8,681 4,787
----------- ---------- --------- ----------
Total Cost of
Revenue 9,539 9,428 38,605 26,615
----------- ---------- --------- ----------
Gross margin 5,974 6,115 29,736 22,425
Operating expenses:
Research & development 3,895 6,454 20,597 19,601
Sales & marketing 3,257 4,991 18,719 16,955
General & administrative 3,978 4,634 17,891 12,485
Restructuring charge 1,570 -- 5,320 --
Amortization of goodwill 7,011 4,894 27,806 6,330
Amortization of
purchased intangible
assets 1,036 671 3,899 671
Impairment of goodwill
and purchased
intangible assets 38,102 -- 38,102 --
Stock compensation 22 1,193 840 5,279
----------- ---------- --------- ----------
Total operating
expenses 58,871 22,837 133,174 61,321
----------- ---------- --------- ----------
Income (loss) from
operations (52,897) (16,722) (103,438) (38,896)
Interest income, net 325 1,657 2,961 6,855
Exchange gain (loss),
net 122 (46) 523 (149)
----------- ---------- --------- ----------
Income (loss) before
provision for income
taxes (52,450) (15,111) (99,954) (32,190)
Provision for income
taxes -- (56) (85) (382)
Net income (loss) $ (52,450) $ (15,167)$ (100,039) $ (32,572)
=========== ========== ========== ==========
Basic and diluted net
income (loss) per
Ordinary Share $ (1.72) $ (0.51)$ (3.30) $ (1.18)
=========== ========== ========== ==========
Shares used in computing
basic and diluted net
income (loss) per
Ordinary Share 30,486,857 29,511,591 30,341,559 27,704,705
=========== ========== ========== ==========
Basic and diluted net
income (loss) per
equivalent American
Depositary Share $ (0.86) $ (0.26)$ (1.65) $ (0.59)
=========== ========== ========== ==========
TRINTECH GROUP PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share and per share data)
January 31, January 31,
2002 2001
------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,750 $ 14,038
Restricted cash 5,369 3,622
Marketable securities 47,976 87,388
Accounts receivable, net of allowance
for doubtful accounts of
$1,036 and $1,327 respectively 15,725 19,061
Inventories 3,455 1,624
Value added taxes 533 290
Prepaid expenses and other assets 3,523 5,427
--------- ---------
Total current assets 83,331 131,450
Property and equipment, net 5,386 6,718
Other non-current assets 15,540 22,522
Goodwill, net of accumulated
amortization and impairment
of $70,678 and $6,330 respectively 19,001 75,774
--------- ---------
Total assets $ 123,258 $ 236,464
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,972 $ 12,686
Accrued payroll and related expenses 3,339 2,326
Other accrued liabilities 12,668 17,565
Value added taxes 409 1,129
Warranty reserve 397 521
Deferred revenue 7,977 11,440
--------- ---------
Total current liabilities 30,762 45,667
--------- ---------
Non-current liabilities:
Capital lease due after more than
one year 311 789
Government grants repayable and
related loans 404 898
Deferred consideration 1,350 1,750
--------- ---------
Total non-current liabilities 2,065 3,437
--------- ---------
Series B preference shares,
$0.0027 par value
10,000,000 authorized;
None issued and outstanding -- --
Shareholders' equity:
Ordinary Shares, $0.0027 par value:
100,000,000 shares authorized;
30,521,760 and 30,030,725 shares
issued and outstanding at
January 31, 2002 and January 31,
2001 respectively 82 81
Additional paid-in capital 245,595 242,474
Accumulated deficit (154,196) (54,157)
Deferred stock compensation (132) (246)
Accumulated other comprehensive income (918) (792)
--------- ---------
Total shareholders' equity 90,431 187,360
--------- ---------
Total liabilities and
shareholders' equity $ 123,258 $ 236,464
========= =========
TRINTECH GROUP PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
Twelve months
ended January 31,
---------------------------
2002 2001
----------- ------------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $ (100,039) $ (32,572)
Adjustments to reconcile net income
(loss) to net cash provided by
(used in) operating activities:
Depreciation, amortization and
impairment charges 77,650 11,234
Stock compensation 840 5,279
(Profit) on marketable securities (2,309) (5,966)
Purchase of marketable securities (417,972) (1,182,475)
Sale of marketable securities 459,693 1,149,883
Effect of changes in foreign currency
exchange rates (362) 1,677
Changes in operating assets and
liabilities:
Additions to restricted cash
deposits (1,747) (1,934)
Inventories (2,015) (581)
Accounts receivable 2,401 (7,585)
Prepaid expenses and other assets 1,754 (3,278)
Value added tax receivable (277) (75)
Accounts payable (1,344) 743
Accrued payroll and related
expenses 1,135 861
Deferred revenues (3,233) 1,150
Value added tax payable (689) 573
Warranty reserve (89) (7)
Government grants repayable and
related loans (450) (319)
Other accrued liabilities (461) 3,950
----------- ------------
Net cash provided by (used in)
operating activities 12,486 (59,442)
----------- ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (2,849) (3,744)
Sale of property and equipment -- 17
Payments to acquire Checkline, net
of cash acquired (365) (10,154)
Payments to acquire Sursoft, net of
cash acquired (4,224) (4,700)
Payments to acquire Exceptis, net
of cash acquired (1,286) --
Payments to acquire Globeset, net
of cash acquired (9,462) (25,898)
Payments to acquire Verifone ePS
product line (3,300) --
----------- ------------
Net cash used in investing activities (21,486) (44,479)
----------- ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on capital leases (542) (334)
Issuance of ordinary shares 2,501 110,611
Expense of share issue (105) (2,692)
Repayments under bank overdraft
facility -- (465)
=========== ============
Net cash provided by financing
activities 1,854 107,120
----------- ------------
Net (decrease) increase in cash and
cash equivalents (7,146) 3,199
Effect of exchange rate changes on
cash and cash equivalents (142) (23)
Cash and cash equivalents at
beginning of year 14,038 10,862
----------- ------------
Cash and cash equivalents at end of
year $ 6,750 $ 14,038
=========== ============
Supplemental disclosure of cash flow
information
Interest paid $ 72 $ 50
=========== ============
Taxes paid $ 102 $ 66
=========== ============
Supplemental disclosure of non-cash
flow information
Acquisition of property and
equipment under capital leases $ -- $ 799
=========== ============
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