re : CRVU.OB $1.06 .. Corvu - 10K out - Great results
As I excpected - the company posts great annual resutls for the current fiscal year 2003. Their repurchase of common stock issued at very low prices this summer (See 13D/A filing entry August 19th) and the new managerial additions of heavyweight sales & marketing power all pointed in this direction...
If you compare the 10K results with the 9month results from the last 10Q (9 month data) you will see this operational statistics for the last fiscal quarter 2003 -
CRVU - 2003Q4
Revenues - $4.2m
Earnings before Tax benefits $0,2m ($0,01 EPS)
Earnings from Tax benefits $1.9m
Total Earning Q4 - $2100m
New major ("Blue Chip") customers were taken onboard also:
"Major new accounts included American Home Mortgage, Cable & Wireless West Indies, Carrier Corporation, Catholic Health Initiatives, City of Atlanta, Crown Castle USA, Dunlop Slazenger Group, ENERGEX, Marriott Vacation Club, May Gurney, NHS 24, Sensis, Sun Microsystems EMEA, Toyota Finance Australia Limited, University of Pennsylvania, and Wessex Water Services"
biz.yahoo.com
Most importantly, shareholders equity went up from -$5.6m to -$2.0m. However there is also a "deferred revenue" item in the amount of approx. $4m. IF you adjust the equity by the odd effects (for software companies) caused by now manadated new GAAP revenue recognition guidelines, you actually have positive shareholders equity in the amount of $2m. And this fiscal year the tide should turn and even the GAAP statement will show a positive number finally..
Here is the earnings PR : biz.yahoo.com
CorVu Reports Record Revenues and Record Income for Fiscal Year 2003
MINNEAPOLIS, Sept. 18 -- Continuing to show improved performance year-on-year, CorVu® Corporation (OTC BB: CRVU), a leading provider of enterprise performance management solutions, today announced revenue and net income in excess of all previous annual results for CorVu for its fiscal year ended June 30, 2003.
For the year ended June 30, 2003, revenues were $15.7 million, up 27% from $12.3 million for 2002. Operating income was up by 89% to $1.1 million in fiscal year 2003, which equates to $.05 per common share outstanding on a fully diluted basis, from $600,000 in fiscal year 2002.
Net income for the year ended June 30, 2003 was $3.7 million, including a benefit from income taxes related to the recording of a deferred tax asset of $2.6 million, which represents the value of its accumulated net operating losses that are expected to be utilized in future periods to offset federal and state income taxes due to the Company's continuing positive financial performance.
Revenues for the fourth quarter ended June 30, 2003, were $4.2 million. This represents a 33% increase from revenues of $3.2 million reported for the third quarter, ended March 31, 2003. (All figures are stated in U.S. dollars)
"Our continued success in the market has resulted in a year of strong growth in both revenue and profits for CorVu", commented Justin MacIntosh, president and CEO of CorVu. "During the year we have acquired a record number of new blue chip customers, including City of Atlanta, Marriott Vacation Club International, NHS24, Crown Castle, Australia Post, and University of Pennsylvania."
"Late in FY 2003 we completed and launched CorStrategy.Finance, our budgeting and financial consolidation software, which has been enthusiastically welcomed by our customer base as well as the market, and we expect this exciting new product to contribute to our targeted growth in FY 2004," MacIntosh continued. "For the new year, we plan on further growing our revenues and profit through continued focus on geographical expansion, our core products, salesforce expansion and improvement, strategic customer account development, and increasing recurring revenues. We will continue to pursue new growth opportunities through our corporate strategy initiatives."
About CorVu Corporation
CorVu Corporation is a leading global provider of enterprise performance management solutions that empower organizations to achieve strategic goals and improve operational and financial performance. Offering comprehensive Balanced Scorecard, risk management, corporate governance, budgeting/financial consolidation, business intelligence, reporting and analytical solutions, CorVu helps over 4,500 organizations drive profitability. With CorVu, leading suppliers in aerospace, banking, financial services, healthcare, hospitality, insurance, manufacturing, mining, the public sector, telecommunications, and transportation have achieved more effective decision-making, efficient management reporting and increased accountability. For more information on how CorVu can help drive breakthrough performance at your organization, please visit corvu.com or call 800.610.0769. |
