LOOKS LIKE THE RESULTS ARE GO WNDR!!!!
Monday January 26, 4:32 pm Eastern Time
Company Press Release
Wonderware Reports Financial Results for Fiscal 1997, Including Record Revenues & Income for Fourth Quarter
IRVINE, Calif.--(BUSINESS WIRE)--Jan. 26, 1998--Wonderware Corp. (Nasdaq: WNDR - news) Monday reported its financial results for the fiscal year ended Dec. 31, 1997, including record revenues for both the fourth quarter and the full year.
Revenues for the fourth quarter of 1997 increased 25 percent to $23,679,000, from the $18,964,000 reported for the fourth quarter of 1996. The company reported record net income of $3,345,000, or $0.23 per share for the current quarter, versus a net loss of $4,395,000, or $0.32 per share in the fourth quarter of 1996.
Revenues for the year rose 27 percent to $82,519,000, from the $64,924,000 recorded in 1996. The company reported net income of $4,284,000, or $0.29 per share for 1997, versus a net loss of $6,121,000, or $0.45 per share in the previous year. Included in the year-end results was a $1.9 million charge related to a litigation settlement. Net income for the year, before the legal settlement, would have amounted to approximately $5,666,000.
''We are pleased with our results and the overall outlook for our business,'' said Roy H. Slavin, chairman, president and chief executive officer. ''The company has been focused for the past two years on creating the most advanced suite of automation software development tools for use in discrete manufacturing, batch production and continuous process applications. These efforts resulted in our integrated, Windows NT-based FactorySuite package of industrial automation software, which began shipping in the spring of 1997.
''This unique package was successful right from the start, quickly growing to more than 14 percent of our sales for the year -- and with the recent release of the FactorySuite 2000 version we anticipate that the FactorySuite could well become the de facto standard for PC-based industrial automation applications for both small and large companies,'' Slavin said.
''We were pleased at the growth rate in our sales for the year,'' said Sam M. Auriemma, vice president and chief financial officer. ''Our European and North American business continues to perform well and we have not been severely impacted by the economic problems in Asia, since only about 9 percent of our revenues came from Asian operations, compared to 10 percent in 1996,'' he said. ''We certainly expect to see slower short-term growth within certain countries in Asia. However, we believe Asia to be a viable long-term growth opportunity for Wonderware.
''We have continued to restrain our expenses with overall operating expenses for the year increasing by 5 percent from their levels of one year ago. Such expenses have continued to decline as a percentage of sales now for the last five quarters, and for the last two quarters these expenses are less than year ago levels in absolute dollars.'' Auriemma continued. ''Our personnel ranks also continue to remain under control with slightly more than 400 employees worldwide at the end of the current year, down from levels of one year ago.''
This news release and supporting materials contain forward-looking statements that involve risks and uncertainties. The actual future results of Wonderware may differ materially from these statements due to a number of factors, including but not limited to market acceptance of the FactorySuite products, sales of runtime versions of the software, competition and pricing in the software industry, seasonality of revenues and management of the company's growth and expenses related thereto. These and other factors are more fully discussed in the company's most recent annual report on Form 10-K and quarterly report on Form 10-Q.
Wonderware Corp. is the leading independent supplier of Windows-based software for the industrial automation marketplace. Founded in 1987, the company has headquarters in Irvine, and regional offices in the United States, Europe, South America and Asia to provide support to its worldwide network of more than 130 distributor offices.
For more information, contact Sam Auriemma, Vice President of Finance and CFO, or Tammy Trenkmann, Investor Relations, Wonderware Corp., 100 Technology Drive, Irvine, CA 92618. Phone: 714/727-3200. Fax: 714/453-6693.
Wonderware Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended Year ended
Dec. 31, Dec. 31,
1997 1996 1997 1996
(unaudited) (unaudited)
Total Revenues $23,679 $18,964 $82,519 $64,924
Cost of Sales 1,951 1,279 6,536 4,298
Gross profit 21,728 17,685 75,983 60,626
Operating expenses:
Research and
development 5,130 4,992 19,778 18,789
Selling, general and
Administrative 12,424 14,705 50,614 48,427
Operating income
(loss) before
restructuring
charges, acquired
R&D, and legal
settlement 4,174 (2,012) 5,591 (6,590)
Restructuring
charges -- 2,350 -- 2,350
Acquired R&D -- 1,300 -- 1,300
Legal settlement -- -- 1,900 --
Operating
income (loss) 4,174 (5,662) 3,691 (10,240)
Other income, net 423 751 2,202 2,714
Income (loss) before
provision (benefit)
for income
taxes 4,597 (4,911) 5,893 (7,526)
Provision (benefit)
for income
taxes 1,252 (516) 1,609 (1,405)
Net income (loss)$3,345 $(4,395) $4,284 $(6,121)
Net income (loss) per
share:
Diluted $ 0.23 $ (0.32) $ 0.29 $ (0.45)
Basic 0.24 (0.32) 0.30 (0.45)
Weighted average common
used in computing per
share amounts:
Diluted 14,844 13,838 14,569 13,658
Basic 14,225 13,838 14,093 13,658
-0-
Wonderware Corporation
Consolidated Balance Sheets
(in thousands)
Dec. 31, Dec. 31,
1997 1996
ASSETS
Current assets:
Cash and cash equivalents $23,500 $26,488
Short-term investments 28,561 25,682
Accounts receivable, net 16,834 12,187
Inventories 1,025 1,100
Deferred taxes 1,450 2,184
Prepaid expenses and other
current assets 3,377 2,796
Total current assets 74,747 70,437
Property and equipment, net 12,421 13,396
Investments 2,275 --
Goodwill, net 4,345 4,830
Noncurrent deferred taxes 3,573 3,736
Other assets 734 1,100
Total assets $98,095 $93,499
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit $ 547 $ 289
Accounts payable 3,127 5,211
Accrued incentive compensation 909 978
Accrued commissions 71 310
Income taxes payable 112 80
Accrued payroll and related costs 2,370 2,845
Other accrued liabilities 3,049 3,538
Deferred revenue 1,454 1,642
Total current liabilities 11,640 14,893
Stockholders' equity:
Common stock 14 14
Additional paid-in capital 90,376 86,424
Unrealized gain (loss)
on short-term investments 38 (15)
Accumulated translation loss (440) --
Accumulated deficit (3,532) (7,817)
Total stockholders' equity 86,455 78,606
Total liabilities and
stockholders' equity $ 98,095 $ 93,499
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Contact:
Wonderware Corp., Irvine
Sam Auriemma or Tammy Trenkmann, 714/727-3200
Fax: 714/453-6693
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