Q1 1999 Financial Results- Revenues increase 61 percent over preceding year.
VANCOUVER, BC, MAY 4 , 1999 - Multiactive Software Inc. released its
financial results for the first quarter of fiscal year 1999 (Q1:FY99) ended
February 28, 1999. Multiactive Software reported gross revenues of $5.4
million for the quarter, and a net income of $0.4 million from the company's
global operations.
As of March 1, 1999, Multiactive Software acquired the rights to the ecBuilder
product line from a related party. The acquisition will be accounted for on a
basis similar to the pooling of interest method. If the net income of Multiactive
Software for the quarter ended February 28, 1999 were adjusted to reflect the
pooling of the ecBuilder business, the net income would decrease to a net
loss of $0.3 million.
In comparison to the preceding fiscal year (Q1:FY98), Multiactive Software's
first quarter gross revenues and net income increased from $3.4 million in
revenues and $1.0 million in losses for the comparative quarter in the prior
year. This represents a growth of 61 percent in revenues over the prior year
and 11 percent over the quarter ended November 30, 1998.
"Although the growth in revenue is encouraging, it was expected," said Brent
Halverson, President, Multiactive Software. "Multiactive has shown consistent
growth. We have the best products in the market, some great partners, and
an amazing team to develop, sell, and market our software and services all
over the world. With these factors at play, Multiactive Software is poised to be
the dominant player in the fields of e-commerce and sales and customer
management. We plan to continue our growth well into the future."
About Multiactive Software Inc.
Multiactive Software Inc. is a leading developer of electronic commerce
(e-commerce) and sales and customer management software, including
ecBuilder, ecBuilder Pro, Maximizer, Maximizer Enterprise, and Tracker.
Designed to facilitate, track, and analyze sales, marketing, and customer
service processes, these award-winning applications are used by more than a
million people worldwide. ecBuilder recently received the prestigious 'Best
Internet Commerce Software' Codie Award for 1999 from the Software and
Information Industry Association (SIIA).
The company has offices located throughout North America, Europe, Brazil,
and Australia with installations at such leading companies and institutions as
BankBoston, Travelers Insurance, Virgin Records, and Pennzoil. To find out
more about Multiactive Software and its products, call 1-800-804-6299 or visit
multiactive.com.
This release may contain forward-looking statements reflecting Multiactive
Software Inc.'s current expectations in the electronic commerce and sales
and customer management software market. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, including, without
limitation to, product development delays, market recession, market and
industry shifts, and unforeseen events. Investors and potential investors are
encouraged to examine Multiactive Software's full financial statement that is
registered with the Canadian Securities Commission.
Multiactive Software Inc.
Consolidated Statement of Changes in Financial Position
For the three months ended February 28, 1999
(unaudited)
(in thousands of Canadian dollars)
Cash flows from operating activities
Net income for the period
406
Items not affecting cash
Depreciation
102
Minority interest
23
531
Net change in non-cash working capital items
Accounts receivable
(934)
Inventory
364
Prepaid expenses and deposits
(12)
Share subscription receivable
(2,000)
Accounts payable and accrued liabilities
(996)
Due to related parties
(216)
Deferred revenue
197
(3,597)
(3,066)
Cash flows from financing activities
Issue of common shares
2,002
Increase in amount due to related parties
580
2,582
Cash flows from investing activities
Additions to capital assets
(72)
(72)
Increase in bank indebtedness
(556)
Bank indebtedness - beginning of period
(1,824)
Bank indebtedness - end of period
(2,380)
Bank indebtedness represented by:
Cash
(369)
Bank indebtedness
(2,011)
(2,380)
Multiactive Software Inc.
Consolidated Statement of Operations
For the three months ended February 28, 1999
(unaudited)
(in thousands of Canadian dollars)
Revenue
5,424
Cost of sales 907
Gross profit
4,517
Expenses
Selling and marketing
2,318
Customer support
271
Research and development
816
Finance, administrative and other
612
Interest on debt
41
Minority interest
23
4,081
Income before taxes 436
Income tax expense 30
Income for the period
406
Approved by the Board of Directors
Signed "Brent Halverson"
Signed "Peter Yeh"
Press Contact:
Brenda Christensen
VP, Corporate Communications
Tel: 818.884.5391
E-mail: blc@multiactive.com
Brent Halverson
President
Tel: 604.601.8168
E-mail: nek@multiactive.com
Multiactive Software Inc.
1090 West Pender St., 9th Floor
Vancouver, B.C., V6E 2N7 Canada
Phone:
Fax:
Sales (Toll Free):
604.601.8000
604.601.8001
1.888.577.7809 |
