Tomorrow should be an excellent day
Tuesday August 17, 4:15 pm Eastern Time
Company Press Release
Unify Corporation Reports Record First Quarter Results Reflecting 500% Increase On Earnings and Continued Momentum With E-commerce Solutions
SAN JOSE, Calif.--(BUSINESS WIRE)--Aug. 17, 1999--Unify Corporation (NASDAQ: UNFY - news), a leading provider of software solutions for e-commerce, today announced results for the fiscal 2000 first quarter ended July 31, 1999.
Total revenues for the first quarter of fiscal 2000 were $8.7 million as compared to $6.7 million from the prior year, representing an increase of 31%. Revenue from internet product license fees was $3.8 million, reflecting a 78% increase from the first quarter last year. Total revenues from license fees were $6.0 million versus $4.2 million in the same period last year, an increase of 42%. License revenues represent 69% of total revenues in the current period, as compared to 64% for the first quarter of fiscal 1999. The first quarter fiscal 2000 net income was $1.7 million or $0.20 per basic share, as compared to net income of $258 thousand or $0.03 per basic share for the first quarter of last year. Net income was $0.18 per diluted share in the current quarter versus $0.03 per diluted share in the same quarter last year, representing a 500% increase year over year.
``We are encouraged by the increased performance of our vertical application partner channels, in the both domestic and international markets. These partners continue to commit to Unify as they realize the benefits of our solutions,' stated Reza Mikailli, president and chief executive officer. ``We are also pleased by the positive response to our new product offerings. We believe that the combination of Unify VISION, Unify WebNow! and Unify eWave provides the most complete and comprehensive solution set for development of Internet and e-commerce applications available on all major platforms - UNIX, NT and Linux.'
Sales for the first quarter include the following organizations: Bear Stearns, California Lottery, Cbill, Inc., CCI/Triad, Comtech, Credit Lyonnais, CSC/Enron, Databyte, French Navy, Japan Railroad, Lucent, NEC, Mediware, Memorial Health, Miroku Information Service, NTT, Open SA, Prime Clinical Systems, Queens Medical Labs, Software Engineering AG, SMI Systems Engineering, Telecom of Ecuador and TOA Systems.
This announcement contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results described in such statements. Factors that might cause such a difference include, but are not limited to, those discussed in the ``Risk Factors' section of the Company's Annual Reports on Form 10-K, as well as its reports on Forms 10-Q and 8-K filed with the Securities and Exchange Commission, copies of which are available on request from Unify.
About Unify Corporation
Unify Corporation is a leading provider of Internet application server solutions that enable businesses to deliver their Internet and e-commerce applications quickly and cost effectively. Unify's professional services organization provides a full range of services to help customers successfully deliver their application initiatives. Unify's product line includes the Unify VISION, Unify eWave, Unify WebNow!, ACCELL/SQL and the Unify DataServer product families.
Headquartered in San Jose, California, Unify has direct sales offices throughout North America, Europe and Japan, with a global network of distributors, OEMs, and over 400 vertical application partners delivering software solutions to millions of users in telecommunications, financial services, healthcare, commercial industries and government agencies. Unify product and service information is located on the World Wide Web at unify.com.
UNIFY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended July 31,
1999 1998
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Revenues:
Software licenses-Graphical $ 3,817 $ 2,150
Software licenses-Character 2,187 2,092
Services 2,704 2,418
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Total revenues 8,708 6,660
Cost of revenues:
Software licenses 229 226
Services 1,143 1,053
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Total cost of revenues 1,372 1,279
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Gross margin 7,336 5,381
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Operating expenses:
Product development 1,564 1,449
Selling, general and administrative 4,033 3,653
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Total operating expenses 5,597 5,102
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Income (loss) from operations 1,739 279
Other income, net 135 23
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Income before income taxes 1,874 302
Provision for income taxes (128) (44)
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Net earnings $ 1,746 $ 258
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Net income per share:
Basic $ 0.20 $ 0.03
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Diluted $ 0.18 $ 0.03
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Shares used in computing net
income (loss) per share:
Basic 8,800 8,388
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Diluted 9,618 8,524
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UNIFY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
July 31, April 30,
1999 1999
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ASSETS
Current assets:
Cash and equivalents
and short-term investments $12,657 $11,387
Accounts receivable, net 8,636 9,156
Prepaid expenses and other
current assets 662 732
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Total current assets 21,955 21,275
Property and equipment, net 1,290 1,417
Other assets 368 242
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Total assets $23,613 $22,934
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 1,059 1,138
Amounts due to minority
interest stockholders 517 608
Accrued compensation and
related expenses 1,347 1,650
Other accrued liabilities 2,103 2,621
Deferred revenue 2,891 3,326
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Total current liabilities 7,917 9,343
Minority interest 313 265
Stockholders' equity 15,383 13,326
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Total liabilities and
stockholders' equity $23,613 $22,934
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