DataMirror Corporation Reports Second Quarter Results For Fiscal 2002
biz.yahoo.com
Toronto, Ontario
DataMirror Corporation (Nasdaq: DMCX - news; TSE: DMC - news), a leading provider of enterprise application integration and resiliency solutions, today announced its financial results for the second quarter of fiscal 2002.
Revenue for the second quarter of fiscal 2002 was $13,843,000, an increase of 6% over the second quarter of fiscal 2001. The loss excluding the pro rata share of losses resulting from the Company's investment in PointBase (``adjusted net loss'') was $382,000 or $0.03 per share, compared to adjusted net income of $1,116,000 or $0.10 per share for the same period in fiscal 2001. EBITDA for the quarter was $436,000 or $0.04 per share, compared to $1,442,000 or $0.12 per share for the second quarter of fiscal 2001. The net loss for the quarter was $1,511,000 or $0.13 per share compared to net income of $4,947,000 or $0.43 per share for the second quarter of fiscal 2001. Cash flow from operations for the quarter was $1,676,000, down slightly from the same period in fiscal 2001. Cash and cash equivalents were $34,805,000 or $3.01 per common share, while shareholders' equity stood at $61,459,000 or $5.32 per common share. Days sales outstanding decreased from 99 days at the end of the first quarter of fiscal 2002 to 87 days.
Revenue from licence sales was 50.2% of total revenue in the second quarter with a gross margin of 99.0%, as compared to 68.3% of total revenue and gross margin of 99.2% in the second quarter of fiscal 2001. The gross margin on maintenance and services for the quarter was 53.6% up significantly from 47.6% in the second quarter of fiscal 2001, and an improvement from 49.4% in the first quarter of fiscal 2002. As a result of the decline of licence sales as a percentage of total revenue, the overall gross margin for the quarter decreased to 76.4% from 82.8% for the same period in fiscal 2001, but showed improvement from 72.8% in the first quarter of fiscal 2002. Operating expenses for the second quarter were $11,409,000 compared to $9,998,000 for the same period in fiscal 2001 and up marginally from $10,866,000 in the first quarter of fiscal 2002. Overall headcount increased to 331 from 328 at the end of the first quarter.
Revenue for the six months ended July 31, 2001 was $27,204,000, compared to $24,446,000 for the same period last year, an increase of 11%. The adjusted net loss for the six months ended July 31, 2001 was $1,114,000 or $0.10 per share, compared to adjusted net income of $1,813,000 or $0.16 in the previous fiscal year. Cash flow from operations for the six months was $8,477,000 or $0.73 per share compared to $4,029,000 or $0.36 per share for the same period in fiscal 2001.
``The second quarter of fiscal 2002 was within the guidelines we set at the end of our first quarter,'' said Peter Cauley, CFO of DataMirror. ``The slowdown in IT spending continues to impact new customer adoption, however licence revenue from our install base and our recurring maintenance and service revenue continue to be strong. We continue to closely monitor spending. Total costs for the quarter were $14.7 million, up only $200,000 from the first quarter due largely to the increased headcount and amortization of intangibles resulting from the saipx and BDI acquisitions. We do not intend to increase our spending any further until new customer adoption rates return to the level we saw in early fiscal 2001. Our balance sheet was further strengthened during the quarter, with positive cash flow from operations of almost $1.7 million and a decrease of 12 days in our DSO.''
Business Outlook: In the third quarter of fiscal 2002, DataMirror expects to achieve revenue in the range of $14.2 -$15.0 million and break on operations even before accounting for the impact of PointBase.
Since the beginning of the second quarter of fiscal 2002, the Company has achieved the following milestones:
* Added 50 new customers - Key customer wins for the quarter
included Bode Chemie Hamburg, Credit Bureau Associates, Hallmark
Cards, Harsco Corporation, Nationwide Building Society, Robert
Wiseman Dairies, Southwest Florida Water Management District,
Tower Group International, V-Zug AG and Wheatland Tube Company.
In addition, existing customers such as Campbell Soup Company,
Crown Castle International, EMC Corporation, GE Capital, Scottish
Power, Tiffany & Co., Trinks AG and UBS AG made significant
additional purchases of our technology.
* Named to Software Magazine's 19th Annual Software 500 - The
Company was recognized for the third consecutive year in Software
Magazine's annual Software 500 as one of the world's leading
software companies.
* Formed Alliance with Business Objects - DataMirrror joined
Business Objects Data Integration Initiative to offer customers
a choice of technologies for the creation of data warehouses and
data marts. Business Objects is one of the world's leading
providers of business intelligence (BI) solutions.
* Acquired the Assets of BDI Systems, Inc. - DataMirror purchased
the technology and certain related assets of BDI Systems, Inc.
("BDI"). BDI builds bi-directional, Java-based, XML-driven data
transformation software that exchanges data between XML,
relational database and text formats.
* Acquired the Assets of saipx, Inc. - DataMirror purchased the
technology and certain related assets of saipx Inc., a leader in
pervasive mobile computing and turnkey solutions for SAP.
* Received recognition in Profit 100 - Canada's most authoritative
ranking of top growth companies recognized DataMirror's 4,542%
growth over five years. This is the second consecutive year
DataMirror has been ranked among the top 20 fastest growing
Canadian companies.
* Ranked in the Deloitte & Touche Canadian Technology Fast 50 - For
the second year in a row, the Company was ranked as one of the 50
fastest growing technology companies in Canada.
``During the quarter, we took steps to integrate the technologies acquired from saipx and BDI Systems into our growing product family,'' said Nigel Stokes, Chairman, President and CEO. ``Early business results from the strategic acquisition of these technologies are extremely positive and encouraging. We were also pleased to see sales of our High Availability Suite solution for IBM iSeries return to historical levels. The Company was also named for the second consecutive year to both the Deloitte & Touche Canadian Technology Fast 50 and the PROFIT 100 list of top Canadian companies. In an era where the lifespan of technology companies is often too short, DataMirror continues to enjoy a strong international reputation for innovation and consistent growth with a business model that can withstand current economic pressures |
