Unify Corporation Reports Third Quarter Results; Company Achieves Quarterly Profit and Positive Cash Flow.Business Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--Feb. 25, 2003 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/. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: UNFY), a leading provider of business application platform solutions, today announced financial results for the fiscal 2003 third quarter ended Jan. 31, 2003. Revenues for the third quarter totaled $3.4 million, a 3 percent decrease, compared with revenue of $3.5 million for the third quarter of the prior year. Net income was $306,000, or one cent per 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. share, compared to net income of $696,000, or three cents earnings per basic and diluted share, for the third quarter of fiscal 2002. Gross margin for the third quarter increased to 88 percent from 86 percent for the third quarter of last fiscal year. The Company ended the third quarter with $2.6 million in cash and cash equivalents, compared with cash and cash equivalents of $2.2 million at the end of the second quarter of fiscal 2003. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at the end of the third quarter was $1.3 million, compared with $899,000 at the end of the second quarter of fiscal 2003. "As a result of our execution, we are pleased to report a profitable quarter and a 17 percent increase in revenues from the previous quarter," said Unify 1. (database, product) Unify - A relational database produced by Unify Corporation. 2. (algorithm) unify - To perform unification. President and Chief Executive Officer 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. "We achieved a solid financial quarter, including a $400,000 increase in cash, notwithstanding the investments we made to implement sales and marketing strategies for 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. ." "We have remained disciplined with respect to operational efficiency and effective execution of our strategic plan. We continue to be highly focused on implementing sales and marketing initiatives that will drive revenue growth and profitability," Wille added. For the nine-month period ended Jan. 31, 2003, revenue totaled $9 million, a 9 percent decrease compared with revenues of $9.9 million for the comparable period of fiscal 2002. Net loss for the first nine months was $64,000 or $0.00 loss per basic and diluted share, compared with net income of $776,000 or four cents earnings per basic and diluted share, for the same nine-month period of the prior year. Unify's third quarter selected highlights: -- Unify added several new customers, including Amerillium, Appalachian State University, Bellevue Baptist Church, Chesapeake Group, Continental Mills, Hotel Net, Inc., National Systems Resource, Transports Mauffrey, University of Pittsburgh and VZW Van de Bermh. -- The Company earned repeat business from existing customers, including Business Console, Ltd., Country Energy, Credit Lyonnais, Glaxo, GMAC Lease BV, Mysoft ASA, Procura BV, Sherwood International Systems, Travel Centers of America and Triple G Systems Group, Inc. -- The Company closed nine Unify NXJ customer deals. -- Unify achieved a $306,000 net profit and one cent earnings per basic and diluted share. -- The Company reported an increase in cash of $400,000. -- Working capital increased to $383,000 from $108,000 at April 30, 2002. Business Outlook "We are assuming that economic conditions will remain unchanged for the fourth quarter and therefore Unify revenues for fiscal 2003 are expected to be in the range of $12 million to $13 million. We expect to achieve profitability for the fourth quarter and conclude fiscal 2003 with a modest profit," Wille stated. Conference Call Unify will hold its conference call, open to all interested parties on Tuesday Tuesday: see week. , Feb. 25, 2003 at 2 p.m. Pacific Time. Listeners should dial 800-231-5571 prior to the start of the conference call. The conference call will also be Webcast. Online listeners should visit www.unify.com/investors prior to the start of the call for 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. information. A replay of the conference call will be available until March 11, 2003 by dialing 877-519-4471 and entering the passcode 3742146. About Unify Corporation Unify Corporation is a leading provider of business application platform solutions that enable companies to effectively deliver 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. , Web, graphical and character-based applications productively and reliably. With more than 2,000 active customers in more than 45 countries, Unify has a well-established customer base of ISVs, solution integrators and corporate IT departments. Unify's customers include AT&T, bioMerieux, Boeing (language) BOEING - An early system on the IBM 1130. [Listed in CACM 2(5):16, May 1959]. , Bureau of Land Management, Credit Lyonnais Lyonnais (lyônā`), region and former province, E central France, now divided into the Rhône and Loire depts. It included Lyonnais proper (the region around Lyons, its capital), which Philip IV acquired c. , Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. Inc., Fannie Mae Fannie Mae: see Federal National Mortgage Association. , Federal Express, Fuji Fuji (f  `jē), city (1990 pop. 222,490), Shizuoka prefecture, S central Honshu, Japan, on Suruga Bay. Electric Co.
Ltd, General Dynamics General Dynamics Corporation (NYSE: GD) is a defense conglomerate formed by mergers and divestitures, and as of 2006 it is the sixth largest defense contractor in the world[1]. The company has changed markedly in the post-Cold War era of defense consolidation. , Glaxo, Lexis/Nexis, Reuters ReutersBritish cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. , Sescoi, Triple G Systems Group and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. . Headquartered in Sacramento, Calif., Unify has offices in the UK and France in addition to a worldwide network of distributors. Further information is available at www.unify.com. This press release contains "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. " 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 such phrases as "We continue to be highly focused on implementing sales and marketing initiatives that will drive revenue growth and profitability..." "...revenues for fiscal 2003 are expected to be in the range of $12 million to $13 million" "We expect to achieve profitability for the fourth quarter and conclude fiscal 2003 with a modest profit" and similar words and phrases Words and Phrases® A multivolume set of law books published by West Group containing thousands of judicial definitions of words and phrases, arranged alphabetically, from 1658 to the present. that refer to anticipated future events or performance of the business of the Company. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by our forward looking statements. Such risks and uncertainties include, but are not limited to general economic conditions in the computer and software industries, domestically and worldwide, the Company's ability to keep up with technological innovations in relation to its competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , product defects or product development delays, developments in the Company's relationships with its customers, distributors and suppliers, changes in pricing policies of the Company or its competitors, customer purchasing behavior and the Company's ability to attract and retain employees in key positions. In addition, Unify's forward looking statements should be considered in the context of other risks and uncertainties discussed in our 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. . All Unify brand and product names are trademarks or registered trademarks of Unify Corporation 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 other countries. All other product and company names are the property of their respective holders.
UNIFY CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Nine Months
Ended Ended
January 31, January 31,
2003 2002 2003 2002
------- ------- ------- -------
Revenues:
Software Licenses $ 1,825 $ 1,972 $ 4,273 $ 5,062
Services 1,609 1,565 4,730 4,808
------- ------- ------- -------
Total revenues 3,434 3,537 9,003 9,870
------- ------- ------- -------
Cost of Revenues:
Software licenses 72 92 206 406
Services 324 393 863 1,162
------- ------- ------- -------
Total cost of revenues 396 485 1,069 1,568
Gross profit 3,038 3,052 7,934 8,302
------- ------- ------- -------
Operating Expenses:
Product development 971 918 3,160 3,027
Selling, general and administrative 1,722 1,632 4,904 4,524
Write-down of long-lived assets 30 1,100 50 1,100
Special charges (recovery) - (1,376) (132) (1,315)
------- ------- ------- -------
Total operating expenses 2,723 2,274 7,982 7,336
------- ------- ------- -------
Income (loss) from operations 315 778 (48) 966
Other income (expense), net (2) (74) 4 (145)
------- ------- ------- -------
Income (loss) before income taxes 313 704 (44) 821
Provision for income taxes 7 8 20 45
------- ------- ------- -------
Net income (loss) $ 306 $ 696 $ (64)$ 776
======= ======= ======= =======
Net income per share:
Basic $ 0.01 $ 0.03 $ (0.00)$ 0.04
Dilutive $ 0.01 $ 0.03 $ (0.00)$ 0.04
Shares used in computing
net income per share:
Basic 21,072 20,218 20,866 19,684
Dilutive 21,724 20,633 20,866 20,106
UNIFY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
January 31, April 30,
2003 2002
(unaudited)
Assets
Current assets:
Cash and cash equivalents $ 2,629 $ 2,993
Restricted cash 51 43
Investments 0 0
Accounts receivable, net 3,802 3,279
Prepaid expense & other current assets 236 339
----------- --------
Total current assets 6,718 6,654
Property and equipment, net 345 396
Other investments 539 589
Other assets 62 78
----------- --------
Total assets $ 7,664 $ 7,717
=========== ========
Liabilities and Stockholders' Equity
Current liabilities:
Account payable $ 621 $ 626
Payable to minority interest stockholders - 291
Accrued compensation and related expenses 730 689
Current portion of long term debt 240 240
Other accrued liabilities 1,106 1,372
Deferred revenue 3,638 3,328
----------- --------
Total current liabilities 6,335 6,546
Long term debt 20 200
Stockholders' equity:
Common stock 21 20
Paid in capital 59,339 59,088
Note receivable from stockholder (60) (60)
Accumulated other comprehensive loss (59) (210)
Accumulated deficit (57,932) (57,867)
----------- --------
Total stockholders' equity 1,309 971
----------- --------
Total liabilities and stockholders' equity $ 7,664 $ 7,717
=========== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion