Unify Corporation Reports Third Quarter Results
Tuesday February 25, 4:20 pm ET
Company Achieves Quarterly Profit and Positive Cash Flow
SACRAMENTO, Calif.--(BUSINESS WIRE)--Feb. 25, 2003--Unify Corporation (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 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 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 President and Chief Executive Officer Todd 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."
"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. |
