Unify Reports First Quarter Fiscal 2005 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) today announced financial results for its first quarter of fiscal 2005 ended July 31, 2004. Total revenues in the first quarter were $2.7 million, a 17 percent decrease, compared to $3.3 million in the first quarter of fiscal 2004. 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 $1.2 million, a decrease of 37 percent, compared to $1.8 million for the fiscal 2004 first quarter. Net loss was $474,000 or $0.02 loss per basic share, compared to a $144,000 or $0.01 loss in the first quarter of the prior year. Unify ended the first quarter with total cash and cash equivalents of $6.0 million and 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. of $4.1 million. "The revenue decline was due to a reduction in Unify's application development tools and database business, while 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. continued to gain traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. ," 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, president and 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. "During the quarter we saw a mix of new customers, repeat business, and accelerating distribution channels with our ISV (Independent Software Vendor) A person or company that develops software. It implies an organization that specializes in software only and is not part of a computer systems or hardware manufacturer. partners and our Japan territory, as our customers discover that the Unify NXJ platform is ten times faster for delivering applications that solve critical business problems compared to competing alternatives." Highlights for the first quarter include: --Acquired 13 new and repeat Unify NXJ customers for a total of 76 NXJ customers to date. --Administrative Systems Inc. selected Unify NXJ for its Web-based payment and reporting solution. --Fox Racing selected Unify NXJ for its on-demand catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. and inventory management solution. --Simarc Property Management selected Unify NXJ to speed delivery of information and improve its administrative efficiency. --Created a new distribution channel for Unify NXJ with Ashistuo Corp. in Japan. Conference Call Unify will hold its quarterly conference call, open to all interested parties, on Aug. 24, 2004, beginning at 2 p.m. Pacific Time. Listeners should dial 877-692-2592 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 Aug. 31, 2004 by dialing 877-519-4471 and entering the passcode 5043316. 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 Corporation provides software solutions for connecting people, information and business. Leveraging 24 years of software innovation to more than 2,000 customers and 300 ISV partners worldwide, Unify solutions enable organizations to automate To turn a set of manual steps into an operation that goes by itself. See automation. business processes and deliver actionable Giving sufficient legal grounds for a lawsuit; giving rise to a Cause of Action. An act, event, or occurrence is said to be actionable when there are legal grounds for basing a lawsuit on it. information in highly collaborative applications. Focused on mid-size to large companies with urgent "need it yesterday" requirements for solutions, Unify's customers include Cast & Crew Entertainment, Inc., Credit Lyonnais, Citigroup Inc., Documentum, Fox Racing Fox Racing is a company that produces motocross equipment and clothing. History Fox Racing was founded in 1974 by Geoff Fox in Morgan Hill, California, USA. It started as a small business distributing European motocross bikes. , GE Healthcare GE Healthcare is a $18 billion (USD) unit of General Electric (GE). It employs more than 46,000 people worldwide and is headquartered in Chalfont St. Giles, Buckinghamshire, United Kingdom. GE Healthcare is the first GE business segment headquartered outside the United States. , GlaxoSmithKline, Heineken, PCN 1. PCN - Program Composition Notation. 2. (communications) PCN - Personal Communication Network. , Pioneer Natural Resources, Pioneer Electronics and TravelCenters of America TravelCenters of America (TA) is the largest truck stop chain[1] in the United States and Ontario, Canada. The majority of customers are RV's and professional truck drivers. The company's headquarter is located in Westlake, Ohio. . Founded in 1980, Unify is headquartered in Sacramento, Calif. with offices in the U.K., France and Australia, in addition to a worldwide network of distributors. Visit Unify 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 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 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, 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 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.
UNIFY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
July 31, April 30,
2004 2004
Assets
Current assets:
Cash and cash equivalents $ 5,991 $ 6,606
Accounts receivable, net 2,216 2,848
Prepaid expense & other current assets 587 543
--------- ---------
Total current assets 8,794 9,997
Property and equipment, net 337 338
Other investments 214 214
Other assets 207 194
--------- ---------
Total assets $ 9,552 $ 10,743
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Line of credit $ 800 $ --
Current portion of long term debt 121 146
Account payable 147 523
Other accrued liabilities 953 1,340
Accrued compensation and related expenses 694 812
Deferred revenue 2,625 3,360
--------- ---------
Total current liabilities 5,340 6,181
Other long term liabilities 71 70
Commitments and contingencies
Stockholders' equity:
Common stock 28 27
Additional paid in capital 63,319 63,205
Accumulated other comprehensive gain 26 18
Accumulated deficit (59,232) (58,758)
--------- ---------
Total stockholders' equity 4,141 4,492
--------- ---------
Total liabilities and stockholders'
equity $ 9,552 $ 10,743
========= =========
UNIFY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
July 31,
2004 2003
-------- --------
Revenues:
Software Licenses $ 1,164 $ 1,836
Services 1,569 1,465
-------- --------
Total revenues 2,733 3,301
-------- --------
Cost of Revenues:
Software licenses 83 86
Services 364 320
-------- --------
Total cost of revenues 447 406
-------- --------
Gross profit 2,286 2,895
Operating Expenses:
Product development 689 1,007
Selling, general and administrative 2,061 1,804
Write-down of other investments -- 175
Special charges -- 49
-------- --------
Total operating expenses 2,750 3,035
-------- --------
Loss from operations (464) (140)
Other income (expense), net (16) (2)
-------- --------
Loss before income taxes (480) (142)
Provision (recovery) for income taxes (6) 2
-------- --------
Net loss $ (474) $ (144)
======== ========
Net loss per share:
Basic $ (0.02) $ (0.01)
Dilutive $ (0.02) $ (0.01)
Shares used in computing net loss per share:
Basic 27,523 21,344
Dilutive 27,523 21,344
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