Unify Corporation Reports First Quarter 2003 Results
SACRAMENTO, Calif.--(BUSINESS WIRE)--Aug. 20, 2002--Unify Corporation (OTC System: UNFY), a leading provider of business application platform solutions, today announced financial results for the first quarter ended July 31, 2002.
Revenues in the first quarter were $2.6 million, compared to $3.0 million for the first quarter of fiscal 2002, a 13 percent decrease. Net loss for the first quarter was $285,000, or one cent loss per basic share, compared to net income of $14,000, or zero cents per basic and diluted share, in the first quarter of fiscal 2002. Details regarding Unify's reported results are in the financial tables at the end of this release.
The Company ended the first quarter with $2.8 million in cash. The Company's stockholders' equity at the end of the first quarter was flat at $971,000, as compared to the fourth quarter of fiscal 2002.
"I am very disappointed with our first quarter results," said Todd Wille, president and CEO of Unify. "Traditionally, our first quarter is our slowest and this quarter was no exception. We continue to be affected by flattened IT budget spending, as we saw a number of deals, primarily from end user customers, move into future quarters. We saw softness in the market worldwide; however, we were encouraged to see North America revenues increase 22 percent from the fourth quarter of fiscal 2002."
"Unify has enviable strengths in its customer base of more than 2,000 companies, world-class employees and excellent products. We will continue to leverage these strengths in the development of our new business application platform, which we are excited to bring to the market at the end of Q2," Wille added.
During the first quarter, Unify had a number of wins across vertical and geographic markets including AMAS Computer Services, Astraues Ltd., Capral Aluminum, Citibank Philippines, General Fiber Communications, GE Capital Aro Lease B.V., International Missions, Netherlands Police, Puffer-Sweiven, Science Application International and Telecommunications Management.
Business Outlook
The following statements are estimates based on management's expectations on Aug. 20, 2002. For the second quarter of fiscal 2003, the Company anticipates achieving 15 percent revenue growth to allow the Company to return to profitability.
Conference Call
Unify will hold its conference call, open to all interested parties, on Tuesday, Aug. 20, 2002 at 2 p.m. Pacific Time. Listeners should dial 888-243-3996 prior to the start of the conference call. The conference call will also be Webcast. Online listeners should visit www.unify.com/investors 15 minutes prior to the start of the call. A replay of the conference call will be available until Aug. 30, 2002 by dialing 877-519-4471 and entering |
