LOWELL, Mass., July 27 /PRNewswire/ -- DATAWATCH CORPORATION
(Nasdaq: DWCH) today announced results for its third fiscal quarter. Revenues
for the quarter ended June 30, 2000 were $6,874,000 up from $6,687,000 in the
same period of fiscal 1999. The Company had net income of $4,000 or $.00 per
share which compares to a net loss of $453,000 or $.05 per share in the same
period of fiscal 1999.
Revenues for the nine months ended June 30, 2000 were $20,767,000 up from
$20,371,000 for the same period of fiscal 1999. Net loss for the nine months
ended June 30, 2000 was $522,000 or $.06 per share compared to a net loss of
$3,418,000 or $.37 per share for the same of fiscal 1999.
Commenting on the results, Bruce R. Gardner, Datawatch's President & CEO
said: "During this quarter, we are pleased to have achieved our objective of
a return to operating profitability. Sales of Datawatch's Monarch product
offering during the quarter were strong, particularly Monarch ES, our
enterprise reporting software, which more than doubled in sales from the March
2000 quarter. The current levels of customer interest in our enterprise
reporting software lead us to expect growth within this product offering to
continue in the ensuing quarters. During the quarter, however, sales of third
party software were off, producing slightly lower total revenues compared with
our March 2000 quarter. We are very optimistic about improving our results in
future quarters particularly with the interest levels expressed in our product
offerings and with new product releases anticipated in early fiscal 2001."
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995. Any such
statements contained herein are based on current expectations, but are subject
to a number of risks and uncertainties that may cause actual results to differ
materially from expectations. The factors that could cause actual future
results to differ materially from current expectations include the following:
the Company's dependence on its principal products, risks associated with
international sales, an unfavorable result in any litigation, market
acceptance of the new products, dependence on the introduction of new products
and possible delays in those introductions. Further information on factors
that could cause actual results to differ from those anticipated is detailed
in various publicly-available documents, which include, but are not limited
to, filings made by the Company from time to time with the Securities and
Exchange Commission, including but not limited to, those appearing in the
Company's Annual Report on Form 10-K for the year ended September 30, 1999.
Any forward-looking statements should be considered in light of those factors.
About Datawatch
Datawatch Corporation, headquartered in Lowell, Mass., is a leading
provider of enterprise reporting and support center solutions that help
organizations increase productivity, reduce costs and gain competitive
advantage. Datawatch products are used in more than 20,000 companies,
institutions and government agencies worldwide.
Datawatch works with VARs, integrators, consultants and independent
software vendors who sell and support Datawatch products. In addition,
Datawatch works with OEM customers who embed Datawatch components and
technologies in their own solutions. The corporate address for Datawatch is
Tower III, 5th Floor, 900 Chelmsford Street, Lowell, MA 01851-8100; telephone
(978) 441-2200, fax (978) 441-1114;
datawatch.com.
Monarch, Monarch/ES, Monarch/ES Report Portal, Quetzal and Quetzal/SC are
trademarks of Datawatch Corporation.
DATAWATCH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
Amounts in Thousands (except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
06/30/00 06/30/99 06/30/00 06/30/99
Net sales $6,874 $6,687 $20,767 $20,371
Costs and expenses:
Cost of sales 1,578 1,546 5,083 4,768
Product development 424 573 1,381 1,949
Selling, general and
administration 4,853 4,979 14,775 16,878
Restructuring and
centralization costs -- 449 -- 649
Income (loss) from
operations 19 (860) (472) (3,873)
Other income (expense) (15) (5) (50) 43
Provision (benefit) for
income tax -- (412) -- (412)
Net income (loss) $4 $(453) $(522) $(3,418)
Loss per share - basic
and diluted $(.00) $(.05) $(.06) $(.37)
Weighted average shares
outstanding - basic 9,301 9,157 9,245 9,151
Weighted average shares
outstanding - diluted 9,579 9,157 9,245 9,151
DATAWATCH CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
Amounts in Thousands
(Unaudited)
June 30, 2000 September 30, 1999
ASSETS:
Cash and investments $2,483 $3,164
Accounts receivable, net 7,382 7,282
Income tax recoverable 231 231
Inventories 443 410
Prepaid expenses 969 714
Total current assets 11,508 11,801
Property and equipment, net 1,287 1,493
Other assets 1,295 1,487
Total Assets $14,090 $14,781
LIABILITIES AND STOCKHOLDERS' EQUITY:
Accounts payable and accrued expenses $3,714 $3,987
Borrowings under credit lines 1,175 1,314
Deferred revenue 1,927 1,620
Current portion of long-term debt 4 42
Total current liabilities 6,820 6,963
Stockholders' equity 7,270 7,818
Total Liabilities & Stockholders' Equity $14,090 $14,781
SOURCE Datawatch Corporation
-0- 07/27/2000
/CONTACT: Bruce R. Gardner of Datawatch Corporation, 978-441-2200,
ext. 8201/
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