I wrote a long ago , LGTY a new MANU ..and here it is as SA called a buy on it this afternoon..
Logility Completes Record FY98
Strong License Fee Growth of 63% Sets Pace for Year
ATLANTA, June 8 /PRNewswire/ -- Logility (Nasdaq: LGTY), the leading
supplier of collaborative value chain planning solutions via the Internet,
announced today its operating results for the fourth quarter and fiscal year
ended April 30, 1998.
Software license fees for the quarter were a record $5.4 million, an
increase of 51%, when compared with the same quarter of the prior year.
Services revenues increased 44% to $2.2 million from $1.6 million in the prior
year. Maintenance revenues rose 36% to $1.8 million from $1.4 million in the
previous year. Total revenues for the quarter were a record $9.5 million, a
46% increase over $6.5 million a year ago. Net earnings for the quarter were
$926,000 or $.07 per share compared to a loss of ($377,000) or ($.03) per
share a year ago.
"Logility's continued success can be directly attributed to our dual focus
on strategic market and product development, while carefully managing
bottom-line performance," said Mike Edenfield, chief executive officer of
Logility.
For the year ended April 30, 1998, software license fees drove the
organization's outstanding growth, increasing 63% to $20.1 million from $12.4
million in the prior year period. In addition, services revenues grew 67% to
$7.4 million, while maintenance revenues increased 42% to $7.2 million, over
the previous year. Total revenues rose 59% to $34.7 million from $21.8
million in the prior year. Net income reached $2.6 million, or $.20 per share
for the year ended April 30, 1998. This compares to a loss of ($1.9 million)
or ($.17) per share for the previous year.
"During the past year, Logility achieved a number of impressive corporate
milestones including our acquisition of both transportation and warehouse
products, the completion of our initial public offering and the release of
Value Chain Designer and Event Planning," said Mike Edenfield. "Our continued
strong growth reflects the achievements of our customers who benefit from the
value of a fully integrated end-to-end product suite, rapid implementation
through Logility's ExpressROI(TM) program and collaborative planning via the
Internet."
Fourth Quarter Highlights Include:
-- Logility added a new module to the Logility Value Chain Solutions(TM)
suite, called Value Chain Designer, based on a reseller relationship
and pending purchase of an equity interest in Insight. Offering both
domestic and global modeling capabilities, Value Chain Designer
optimizes strategic location decisions, resource allocation, customer
assignment and transportation strategies.
-- Notable new customers included Fisher Scientific, Continental General
Tire and Ecko, a manufacturer of kitchen tools and bakeware. Logility
was also selected by Subaru of America, who will implement the
Company's award-winning Internet-based collaborative planning modules,
Demand and Supply Chain Voyager.
-- Logility announced general availability of its Event Planning module.
By seamlessly connecting promotional marketing plans with distribution
and manufacturing, Event Planning will help manufacturers maximize
both profitability and sales.
-- The Company completed development and certification of an interface
between its Replenishment Planning module and SAP R/3.
FY98 Achievements Also Included:
-- The expansion of Logility Value Chain Solutions to include logistics
execution functionality via the addition of Transportation Planning,
Transportation Management and WarehousePRO. With these modules,
Logility is the first in the industry to offer advanced planning
solutions coupled with robust transportation and warehouse management
capabilities. Customers can now synchronize demand opportunities and
supply constraints with logistics operations across the entire value
chain.
-- Completion of a successful initial public offering in fall of 1997 of
2.5 million shares. The Company raised approximately $34 million in
net proceeds, which will be used for research and development, sales
and marketing, working capital and other general corporate purposes
and possible acquisitions.
-- The addition of five new distributors, expanding the Company's
international coverage to include the rapidly growing market of Latin
America. Logility now has an extensive network of international
distributors covering Europe, Asia, the Middle East, Africa and Latin
America.
-- The release of Transportation Planning, Transportation Management and
WarehousePRO on Windows NT, offering the entire Logility Value Chain
Solutions suite in a Windows NT environment.
-- An increasing number of customers purchased multiple modules from the
Logility Value Chain Solutions suite including Appleton Papers, CITGO
Petroleum, Fisher Scientific, Levitz Furniture, Subaru of America,
Tiffany and VDK Frozen Foods.
-- The development and certification of multiple integration points
between SAP R/3 and Logility Value Chain Solutions. Logility
developed this integration to SAP R/3 as part of an ongoing effort to
provide standard, seamless integration to leading ERP systems.
About Logility
Headquartered in Atlanta, Logility Inc. develops, markets, installs and
supports state-of-the-art software applications that optimize operations
throughout the value chain. Backed by a global sales and support organization
and key industry alliances, Logility Value Chain Solutions deliver advanced
collaborative planning and synchronization between demand opportunities,
supply constraints and logistics operations. Logility is proud to serve such
customers as Eastman Chemical, Heineken USA, Newell, Pharmacia & Upjohn,
Reynolds Metals, Sony Electronics, Timex and VF Corp.
Forward Looking Statements
It should be noted that this press release contains forward-looking
statements that are subject to substantial risks and uncertainties. There are
a number of factors that could cause actual results to differ materially from
those anticipated by statements made herein. These factors include, but are
not limited to, changes in general economic conditions, technology and other
changes in the market for the Company's products and services, the timely
availability and market acceptance of these products and services, the effect
of competitive products and pricing, and the irregular pattern of revenues, as
well as a number of other risk factors which could affect the future
performance of the Company.
For more information, contact: Logility Inc., 470 E. Paces Ferry Rd.,
Atlanta, GA 30305, 800-762-5207; Fax: 404-238-8450; Home page:
logility.com.
Logility, Inc.
Statements of Operations
Unaudited
(in thousands except per share data)
Quarter Ended
April 30, Fiscal Year
Pct Pct
1998 1997 Chg. 1998 1997 Chg.
Revenues:
License $5,405 $3,589 51% $20,138 $12,359 63%
Maintenance 1,832 1,352 36% 7,167 5,051 42%
Services 2,225 1,550 44% 7,357 4,414 67%
Total Revenues 9,462 6,491 46% 34,662 21,824 59%
Cost of Revenues:
License 1,348 1,273 6% 5,299 3,970 33%
Maintenance 458 363 26% 1,582 1,219 30%
Services 1,189 627 90% 3,683 1,969 87%
Total Cost
of Revenues 2,995 2,263 32% 10,564 7,158 48%
Gross Margin 6,467 4,228 53% 24,098 14,666 64%
Operating expenses:
Research and
development 2,544 1,956 30% 8,761 6,278 40%
Less: capitalized
development (893) (636) 40% (3,169) (2,795) 13%
Sales and
marketing 3,463 2,592 34% 13,676 10,628 29%
General and
administrative 827 693 19% 3,111 2,509 24%
Total operating
expenses 5,941 4,605 29% 22,379 16,620 35%
Operating
income (loss) 526 (377) nm 1,719 (1,954) nm
Other income 400 --- nm 863 --- nm
Income (loss)
before taxes 926 (377) nm 2,582 (1,954) nm
Income taxes (a) --- --- nm --- --- nm
Net Income $926 $(377) nm $2,582 $ (1,954) nm
Net income (loss)
per common share $0.07 $(0.03) nm $0.20 $(0.17) nm
Weighted average
common shares 13,696 11,300 12,676 11,300
(a) Reflects the utilization of net operating losses based on a separate
company basis income tax provision.
SOURCE Logility Inc.
CO: Logility, Inc.
ST: Georgia
IN: CPR MLM
SU: ERN
06/08/98 16:26 EDT prnewswire.com
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