Unify Announces Fourth Quarter and Fiscal Year 2006 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 including specialty vertical applications, today announced financial results for the fourth quarter and fiscal year ended April 30, 2006. Fourth quarter total revenue was $3.4 million, compared to $2.8 million in the fourth quarter of the prior year. 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. revenue was $2.1 million, compared to $1.3 million for the prior year comparative period. Net income for the fourth quarter was $168,000 or $0.01 earnings per share, compared to a net loss of $605,000, or $0.02 loss per share in the comparable period last year. For the fiscal year ended April 30, 2006, total revenue was $11.2 million, compared to $11.3 million in the prior fiscal year. Software licenses revenue for the year was $5.5 million, compared to $5.2 million in fiscal 2005. Net loss for the year was $628,000 or $0.02 loss per share, compared to a loss of $2.4 million or $0.09 loss per share in the prior year. The Company ended fiscal 2006 with cash and cash equivalents of $1.9 million, compared to $3.7 million at April 30, 2005. "Throughout fiscal 2006 we developed and maintained strong and loyal relationships with our new and existing customers and we continued to deliver product innovations with the launch of 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, NavRisk Portal and NavRisk Benefits," 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. "Our heritage of customer satisfaction coupled with our technology expertise will serve as the launching pad into a new era as we prepare for the 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. . "Once the merger is completed, joining forces with HALO will provide Unify with the opportunity to extend our product offerings, leverage 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. , complementary customer bases, enhance an already strong global presence, and save significant overhead costs overhead costs see fixed costs. . We look forward to adding customers, growing revenues and expanding our products as part of the HALO portfolio of companies." 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 London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. 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. Unify Legal Notice: 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 a merger of two companies. 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 See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . Additional Information Relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Merger and Where to Find It HALO and Unify will file a definitive prospectus/proxy statement with the SEC in connection with the proposed transaction. Investors are urged to read any such prospectus/proxy statement, when available, which will contain important information. The prospectus/proxy statement will be, and other documents filed by HALO and Unify with the SEC are, available free of charge at the SEC's website (www.sec.gov) or from HALO by directing a request to Investor Relations at HALO Technology Holdings, 200 Railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. Ave AVE Avenue AVE Average AVE Alta Velocidad Espanola (train between Madrid and Seville) AVE Alta Velocidad Española (Spanish: High Speed Train) AVE Audio Video Entertainment AVE Advertising Value Equivalent ., Greenwich, CT 06830, 203-422-2950 or from Unify Corporation's Web site at www.unify.com. Neither this communication nor the prospectus/proxy statement, when available, will constitute an offer to issue HALO common stock in any jurisdiction outside 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. where such offer or issuance would be prohibited pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. -- such an offer or issuance will only be made in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the applicable laws of such jurisdiction. HALO, Unify and their respective directors, executive officers, and other employees may be deemed to be participating in the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of proxies from Unify stockholders in connection with the approval of the proposed transaction. Information about HALO's directors and executive officers is available in HALO's proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. , dated October 7, 2005 for its 2005 annual meeting of stockholders. Information about Unify's directors and executive officers is available in Unify's proxy statement, dated August 12, 2005 for its 2005 annual meeting of stockholders. Additional information about the interests of potential participants will be included in the definitive prospectus/proxy statement HALO and Unify will file with the SEC.
UNIFY CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
April 30, April 30,
2006 2005
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 1,881 $ 3,675
Accounts receivable, net 3,397 2,519
Accounts receivable-related party 76 92
Prepaid expenses and other current assets 499 656
Contracts in progress 200 -
--------- ---------
Total current assets 6,053 6,942
Property and equipment, net 267 429
Other investments 214 214
Goodwill and intangible assets, net 1,617 1,739
Other assets 200 166
--------- ---------
Total assets $ 8,351 $ 9,490
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 379 $ 739
Current portion of long term debt 33 102
Current portion of long term debt-related party - 64
Other accrued liabilities 791 1,336
Accrued compensation and related expenses 878 721
Deferred revenue 3,296 3,220
--------- ---------
Total current liabilities 5,377 6,182
Long term debt, net of current portion 3 31
Royalties payable 539 514
Accrued support obligations 120 124
Other long term liabilities 77 72
Commitments and contingencies - -
Stockholders' equity:
Common stock 29 28
Additional paid-in capital 63,937 63,588
Accumulated other comprehensive income 19 73
Accumulated deficit (61,750) (61,122)
--------- ---------
Total stockholders' equity 2,235 2,567
--------- ---------
Total liabilities and stockholders' equity $ 8,351 $ 9,490
========= =========
UNIFY CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
April 30, April 30,
------------------- -------------------
2006 2005 2006 2005
--------- --------- --------- ---------
Revenues:
Software licenses $ 2,092 $ 1,255 $ 5,535 $ 5,205
Services 1,348 1,518 5,714 6,098
--------- --------- --------- ---------
Total revenues 3,440 2,773 11,249 11,303
--------- --------- --------- ---------
Cost of Revenues:
Software licenses 92 73 448 336
Services 562 250 1,920 1,328
--------- --------- --------- ---------
Total cost of revenues 654 323 2,368 1,664
--------- --------- --------- ---------
Gross profit 2,786 2,450 8,881 9,639
--------- --------- --------- ---------
Operating Expense:
Product development 647 704 2,714 2,814
Selling, general and
administrative 1,981 2,359 6,845 9,225
--------- --------- --------- ---------
Total operating expenses 2,628 3,063 9,559 12,039
--------- --------- --------- ---------
Income (loss) from
operations 158 (613) (678) (2,400)
Other income, net 10 9 50 44
--------- --------- --------- ---------
Income (loss) before income
taxes 168 (604) (628) (2,356)
Provision for income taxes - 1 - 8
--------- --------- --------- ---------
Net income (loss) $ 168 $ (605) $ (628) $ (2,364)
========= ========= ========= =========
Net income (loss) per share:
Basic $ 0.01 $ (0.02) $ (0.02) $ (0.09)
Diluted $ 0.01 $ (0.02) $ (0.02) $ (0.09)
Shares used in computing net income
(loss) per share:
Basic 29,449 28,287 29,015 27,777
Diluted 29,736 28,287 29,015 27,777
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