Unify Announces First Quarter 2007 Financial Results.SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif. -- Unify 1. (database, product) Unify - A relational database produced by Unify Corporation. 2. (algorithm) unify - To perform unification. Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :UNFY), a leading provider of business automation solutions, today announced financial results for the first quarter ended July July: see month. 31, 2006. First quarter 2007 total revenue was $2.1 million, compared to $2.7 million in the first quarter of 2006. Net loss for the first quarter was $754,000 or $0.03 loss per share, compared to a net loss of $113,000, or $0.00 loss per share in the comparable period last year. The Company ended the first quarter of fiscal 2007 with cash and cash equivalents of $2.3 million, compared to $1.9 million at April 30, 2006. "Our first quarter product revenues are typically lower due to summer seasonality, but on a year over year basis were exacerbated by uncertainty about our pending merger with HALO Technology Holdings Halo Technology Holdings is a parent company of several long established technology sector companies. Halo changed its name and ticker symbol from Warp Technologies Holdings (WARP.OB) in 2006. and a couple of large deals that slipped into future quarters," said Todd Todd , Sir Alexander Robertus 1907-1997. British chemist. He won a 1957 Nobel Prize for his study of nucleic acids and nucleotide structures. Wille, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Unify. "On the positive side, NavRisk first quarter bookings were approximately $400,000 and we gained a handful of net new Unify NXJ A business application platform from Unify Corporation, Sacramento, CA (www.unify.com) for building J2EE-based Web applications. Unify NXJ is the company's flagship software product. See UNIFY 2000 and Unify VISION. Composer customers demonstrating a steady ramping of the market opportunity for migrating Lotus Notes Messaging and groupware software from IBM Lotus that was introduced in 1989 for OS/2 and later expanded to Windows, Mac, Unix, NetWare, AS/400 and S/390. Notes provides e-mail, document sharing, workflow, group discussions and calendaring and scheduling. applications to J2EE (Java 2 Platform, Enterprise Edition) A platform from Sun for building distributed enterprise applications. J2EE services are performed in the middle tier between the user's machine and the enterprise's databases and legacy information systems. ." Wille added, "Our objectives for fiscal 2007 are focused on completing the acquisition and integration with GUPTA Gupta (g  p`tə), Indian dynasty, A.D. c.320–c.550, whose empire at its height encompassed much of N India. Ancient Indian culture reached a high point during this period. , the delivery of
new releases of Unify NXJ and GUPTA's Team Developer and SQLBase
products, and the leverage of the combined company's products to a
much broader customer base.""We'll continue to manage our business for optimum results, blending revenue growth with profitability and strong cash flow, as we solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our core business and plan for future product investments and potential acquisitions," Wille concluded. As announced in a separate press release by Unify today, the Company plans to acquire GUPTA Technologies Gupta Technologies, LLC is a software development company. Their principle products are the SQL relational database SQLBase, and a Rapid application development system called Team Developer. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an enterprise software development and embedded database (1) Database software that is included with an application rather than offered as a separate database management system (see DBMS). Tending to be compact and efficient, an embedded database generally includes fewer features than a full-blown DBMS. solutions company that complements Unify with synergistic synergistic /syn·er·gis·tic/ (sin?er-jis´tik) 1. acting together. 2. enhancing the effect of another force or agent. syn·er·gis·tic adj. 1. product lines, a global customer base and a comparable operating model Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. . As part of this transaction, Unify's Insurance Risk Management Division will be acquired by HALO. The acquisition, expected to close in the fourth quarter of 2006, will provide Unify with an expanded business platform for growth, operations and future acquisitions. Conference Call Unify will hold a conference call to discuss the acquisition and first quarter financial results on Monday, Sept. 18, 2006 at 1:30 Pacific Time. Listeners may dial 888-371-9318 and enter conference ID # 7858554. A replay of the conference call will be available until Oct. 2, 2006 by dialing 877-519-4471 and entering the passcode 6080028. The conference call will also be Webcast. Visitors can login Signing in and gaining access to a network server, Web server or other computer system. The process (the noun) is a "login" or "logon," while the act of doing it (the verb) is to "log in" or to "log on. at www.unify.com. About Unify Corporation (company) Unify Corporation - Developers of the Unify relational database. At one time, before Sybase, they were a competitor of Oracle, et al. http://unify.com/. ftp://ftp.unify.com/. Unify provides business automation solutions including specialty insurance risk management applications. Unify's solutions deliver a broad set of capabilities for automating business processes, integrating existing information systems and delivering collaborative information. Through its industry expertise and market leading technologies, Unify helps organizations drive business optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. , apply governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. and increase customer service. Unify is headquartered in Sacramento, Calif., with offices in London and Paris, and a worldwide network of global distributors. Contact Unify at 916-928-6400 or visit www.unify.com. Legal Notice Regarding 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. This press release contains "forward-looking statements" as that term is defined in Section 21E of the Securities Exchange Act of 1934 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. . Forward looking statements are denoted by words such as "anticipates", "expects", "intends", "plans", "believes", "seeks", "estimates", and other variations of such words and similar expressions are intended to identify such forward-looking statements. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the Company's forward looking statements. Such risks and uncertainties include, but are not limited to general economic conditions in the insurance industry, computer and software industries, domestically and worldwide, the Company's ability to keep up with technological innovations in relation to its competitors, product defects or delays, developments in the Company's relationships with its customers, distributors and suppliers, changes in pricing policies of the Company or its competitors, the Company's ability to attract and retain employees in key positions and the risks and uncertainties associated with the acquisition of a significant business unit. In addition, Unify's forward looking statements should be considered in the context of other risks and uncertainties discussed in the Company's SEC filings available for viewing on its web site at "Investor Relations Investor relations The process by which the corporation communicates with its investors. ," "SEC filings" or from the SEC at www.sec.gov.
UNIFY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
July 31, April 30,
2006 2006
------------ ------------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents $ 2,300 $ 1,881
Accounts receivable, net 1,424 3,473
Prepaid expenses and other
current assets 451 499
Contracts in progress 136 200
------------ ------------
Total current assets 4,311 6,053
Property and equipment, net 257 267
Other investments 214 214
Goodwill and intangible assets, net 1,587 1,617
Other assets, net 216 200
------------ ------------
Total assets $ 6,585 $ 8,351
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 257 $ 379
Current portion of long-term debt 16 33
Other accrued liabilities 831 791
Accrued compensation and related expenses 542 878
Deferred revenue 2,683 3,296
------------ ------------
Total current liabilities 4,329 5,377
Other long term liabilities 738 739
Commitments and contingencies -- --
Stockholders' equity:
Common stock 30 29
Additional paid-in capital 63,969 63,937
Accumulated other comprehensive income 23 19
Accumulated deficit (62,504) (61,750)
------------ ------------
Total stockholders' equity 1,518 2,235
------------ ------------
Total liabilities and stockholders' equity $ 6,585 $ 8,351
============ ============
UNIFY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
July 31,
-----------------------------------
2006 2005
---------------- ---------------
Revenues:
Software Licenses $ 615 $ 1,169
Services 1,481 1,557
---------------- ---------------
Total revenues 2,096 2,726
---------------- ---------------
Cost of Revenues:
Software licenses 37 139
Services 503 327
---------------- ---------------
Total cost of revenues 540 466
---------------- ---------------
Gross profit 1,556 2,260
---------------- ---------------
Operating Expense:
Product development 682 701
Selling, general and
administrative 1,650 1,666
---------------- ---------------
Total operating expenses 2,332 2,367
---------------- ---------------
Loss from operations (776) (107)
Other income, net 22 (6)
---------------- ---------------
Loss before income taxes (754) (113)
Provision for income taxes -- --
---------------- ---------------
Net loss $ (754) $ (113)
================ ===============
Net loss per share:
Basic $ (0.03) $ (0.00)
Diluted $ (0.03) $ (0.00)
Shares used in computing net
loss per share:
Basic 29,524 28,620
Diluted 29,524 28,620
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