And here is the quarter release...
Inching its way there ...
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PR Newswire, Wednesday, October 22, 1997 at 16:19
Revenues Increase by 15 Percent; Operating Expenses Drop by 14 Percent
MAHWAH, N.J., Oct. 22 /PRNewswire/ -- Novadigm, Inc. (NASDAQ:NVDM) today
reported financial results for the Company's second fiscal quarter ended
September 30, 1997.
Revenues were $4.5 million, an increase of 15.5 percent over revenues of
$3.9 million for the same period a year earlier. Net loss was $2.5 million,
or a loss of $0.14 per share, compared with a loss of $4.1 million, or a loss
of $0.23, in the second fiscal quarter of last year.
"During the quarter we continued to build our client base while carefully
managing operating costs," said Wallace Ruiz, Novadigm's chief financial
officer. "Our improved revenues were primarily due to a 90 percent jump in
Enterprise Desktop Manager(TM) (EDM) license fees, driven by our success in
direct sales to companies within North America. Compared to last year, our
overall operating expenses dropped while our balance sheet continued to be
strong, with $22.7 million in cash and marketable securities as of September
30," he added. "We continue to track to our plan."
Highlights of the quarter included:
* Signing of 13 new customer and 10 expanded customer license agreements.
During the quarter, the Company also announced the signing of an enterprise
license agreement with Scientific-Atlanta, a leading supplier of broadband
communications systems, in partnership with Technology Builders, Inc. (TBI),
an integrated technology solutions provider. Scientific-Atlanta will use
Novadigm's EDM to manage resources on more than 4,000 desktops and has
estimated savings of $1 million/year by using EDM.
* Follow-on orders from several Fortune 500 customers with pilot licenses,
and the completion of multiple, large-scale production implementations of EDM
at Kaiser Permanente, MCI, MetLife, Northwest Airlines, BankBoston, Carpenter
Technology Corp. and The Gap, Inc.
* The addition of Deborah McWhinney, executive vice president of business
planning and strategy, VISA International, to the Novadigm board of directors.
With this quarter's new licenses, the Company has expanded its EDM user
base to approximately 150 organizations in 17 countries.
The Company recently announced the release of Radia(TM), the Company's new
Internet product line, and EDM 4.0, the latest upgrade of the Company's
flagship product as well as the successful completion of the Company's first
User Group meetings in both North America and Europe.
"This was a very important quarter for Novadigm," said Albion J.
Fitzgerald, founder, chairman and CEO of Novadigm. "Events such as the
release of a newly enhanced version of our successful EDM software and the
completion of seven Fortune 500 implementations in North America underscore
the positive steps we are taking to expand our customer base and solidify our
market position. In addition, we recently hosted two users conferences which
brought together more than 120 users for the first time to share EDM
strategies and give us feedback on our products.
"Our commitment to pushing the limits of software technology continues
with the recent introduction of our long-awaited Internet product line -- the
Radia Active-Component Manager. This innovative product line, based on our
patented technology, takes a radically new approach to enabling organizations
to exploit the potential of the Internet and corporate intranets for software
distribution and maintenance. This breakthrough approach goes beyond what is
currently available in push technologies because of its superior ability to
adapt to any system or network challenge," he added. "Not only does Radia
synergize very well with our existing EDM channels and markets, but it also
opens a variety of new market opportunities for us."
"In addition, we are pleased to have an executive of the caliber of Ms.
McWhinney join our board. Her expertise and insights into business planning
and strategy, particularly in the financial services industry, will be
valuable assets as Novadigm expands into new markets and technologies,"
Fitzgerald said.
Revenues for the first half ended September 30, 1997, were $9.0 million,
down 11 percent from $10.1 million for the same period last year. Net loss
for the first half of fiscal 1998 was $4.5 million, or a loss of $0.26 per
share, compared with $5.4 million, or a loss of $0.31, a year ago.
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