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BakBone Software Announces Fourth Quarter and Full Year

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Nothing   Thursday, 06/10/10 04:07:39 PM
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BakBone Software Announces Fourth Quarter and Full Year Fiscal 2010 Financial Results PR Newswire    "Press Releases US - English "

SAN DIEGO , June 10 /PRNewswire-FirstCall/ -- BakBone Software ® (OTC Bulletin Board: BKBO), a leading provider of storage and data protection software, today announced its financial results for the fourth quarter and full fiscal year of 2010, ended March 31, 2010 .  Included in the fiscal fourth quarter and full year results was a $12.6 million non-recurring, non-cash charge for the impairment of goodwill, intangible, and other assets related to the Company's ColdSpark division.

Fourth Quarter Fiscal 2010 Financial Highlights


Consolidated Revenues
$14.7 million


Consolidated Net Loss
$(12.2) million


Storage Management Revenues
$14.4 million


Storage Management Operating Income
$1.9 million


Storage Management Bookings
$13.7 million





"With the closing of ColdSpark, we are fully focused on driving our storage management business. During the fourth fiscal quarter, we experienced growing demand for our NetVault® product suite, demonstrated by growth in new customers worldwide," said Steve Martin , senior vice president, Chief Financial Officer and Interim CEO, BakBone. "Our new NetVault: FASTRecover and NetVault: SmartDisk offerings have expanded the breadth of our product line, providing us with additional storage solutions to sell to our customer base. We hit our bookings target with $14.1 million for the quarter, which included approximately $375,000 for the discontinued ColdSpark business.

"We took steps during the quarter to reduce personnel costs in select areas of the company to align the BakBone team to better serve the needs of our channel partners and end user customers," Mr. Martin continued. "The entire organization is now directed at driving revenues of our core backup and storage business and improving profitability from continuing operations."

Fiscal Fourth Quarter Financial Results

Fiscal fourth quarter 2010 revenues of $14.7 million were two percent above revenues in the fourth quarter of fiscal 2009. The Company reported a net loss of $12.2 million , or $(0.14) per share, in the recent fourth quarter compared with a net loss of $0.9 million , or $(0.01) per share, in the fourth quarter last year. ColdSpark was acquired on May 14, 2009 , following the close of the fourth quarter of fiscal 2009, and therefore there is no contribution from the division in the fiscal fourth quarter or the full year 2009 results.

Storage management revenues for the fiscal fourth quarter 2010 totaled $14.4 million , virtually unchanged from the $14.4 million in revenues in the fourth quarter of the prior year. Operating income for the storage management business was $1.9 million in the fiscal fourth quarter 2010 compared with an operating loss of $0.3 million in the fourth quarter of fiscal 2009. Storage management net income was $1.7 million for the fiscal fourth quarter 2010.

Fiscal 2010 Financial Results

For the full fiscal year 2010, revenues totaled $61.9 million , 10% above the $56.0 million in revenues in fiscal 2009. The Company reported a net loss for fiscal 2010 of $9.8 million , or $(0.12) per share, compared with a net loss of $5.5 million , or $(0.08) per share, for fiscal 2009.  Bookings for fiscal 2010 totaled $56.5 million .

Storage management revenues totaled $60.8 million for fiscal 2010, an increase of 9% over revenues in fiscal 2009. Operating income for the storage management business was $7.6 million in fiscal 2010 compared with an operating loss of $6.1 million in the prior fiscal year. Storage management net income increased to $7.0 million .

Total cash at March 31, 2010 was $5.0 million .

Conference Call Information

The Company has scheduled a conference call for today, June 10, 2010 , at 2:00 p.m. PT to discuss the results for the quarter ended March 31, 2010 . The call will be hosted by Steve Martin , Interim CEO and Chief Financial Officer of BakBone.  

To access the conference call, please dial 800-854-3238; internationally, dial 706-634-9547 (Passcode: 76750537). This call will also be webcast and can be accessed at www.bakbone.com by clicking on "Company Info" and then "Investor Relations." The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.

About BakBone Software

BakBone makes data protection a simple, straightforward process with an award-winning product suite. From real-time data protection to deduplication, disk-based and tape backup and application protection, BakBone's solutions manage resources across all platforms, providing improved operational efficiency, reduced system downtime, improved data and application availability and enhanced security to support the business growth of enterprise environments. For more information about BakBone, visit www.bakbone.com or email info@bakbone.com.

Safe Harbor

This press release contains express and/or implied forward-looking statements including, without limitation, statements regarding anticipated financial results and market developments that involve risks, uncertainties, assumptions and other factors, which, if they do not materialize or prove correct, could cause BakBone's results to differ materially from historical results, or those expressed or implied by such forward-looking statements. The potential risks and uncertainties may include, but are not limited to: risks that the costs of exiting the ColdSpark business will be higher than anticipated; risks that the ongoing weak economic and market conditions, particularly in North America , could continue to lead to reduced spending on information technology products; competition in our target markets; potential capital needs; management of future growth and expansion; the development, implementation and execution of the Company's strategic vision; risk of third-party claims of infringement; protection of proprietary information; customer acceptance of the Company's existing and newly introduced products and fee structures; the success of the Company's brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; our ability to hire and retain qualified employees and key management personnel; and risks associated with changes in domestic and international market conditions and the entry into and development of international markets for the Company's products. Our forward-looking statements should be considered in the context of these and other risk factors disclosed in our most recent report filed with the Securities and Exchange Commission , which may be found at www.sec.gov, as well as those risk factors disclosed in our current report filed with the relevant Canadian securities regulators, which is available on SEDAR at www.sedar.com. All future written and oral forward-looking statements made by us or on our behalf are also subject to these factors. BakBone assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made, other than as required under applicable securities laws.

BakBone®, BakBone Software®, NetVault®, Application Plugin Module™, BakBone logo®, Integrated Data Protection™, NetVault: SmartDisk™, Asempra®, FASTRecover™, ColdSpark® and SparkEngine™ are all trademarks or registered trademarks of BakBone Software, Inc. , in the United States and/or in other countries. All other brands, products or service names are or may be trademarks, registered trademarks or service marks of, and used to identify, products or services of their respective owners.




Investor Contact:

Corporate Contact:

Media Contact:


Doug Sherk / Jenifer Kirtland

Steve Martin

Amber Winans


415-896-6820

858-795-7525

858-795-7584


jkirtland@evcgroup.com

IR@bakbone.com

amber.winans@bakbone.com








(Logo:  http://photos.prnewswire.com/prnh/20031120/SDBAKLOGO)


BAKBONE SOFTWARE INCORPORATED


Condensed Consolidated Balance Sheets


(in thousands)



Fiscal Period Ended  



March 31, 2010


March 31, 2009


ASSETS





Current assets:





        Cash and cash equivalents  

$              4,903


$              8,398


        Restricted cash

51


264


        Accounts receivable, net

10,582


9,646


        Prepaid expenses and other assets

739


1,159







                   Total current assets

16,275


19,467


Property and equipment, net

2,020


2,713


Intangible assets, net

1,814


824


Goodwill

7,615


7,615


Other assets

946


939







                   Total assets

$            28,670


$            31,558







LIABILITIES AND SHAREHOLDERS’ DEFICIT





Current liabilities:





         Accounts payable and accrued liabilities

$              7,942


$              9,603


         Current portion of acquisition consideration payable

809


-


         Current portion of deferred revenue

44,337


44,081







                   Total current liabilities

53,088


53,684


Deferred revenue, excluding current portion

44,840


47,684


Acquisition consideration payable, excluding current portion

6,037


-


Other liabilities

697


1,337







                   Total liabilities

104,662


102,705







Shareholders’ deficit

(75,992)


(71,147)







Total liabilities and shareholders’ deficit

$            28,670


$            31,558








BAKBONE SOFTWARE INCORPORATED


Condensed Consolidated Statements of Operations


(in thousands, except per share data)














Three months ended March 31,


Twelve months ended March 31,




2010

2009


2010

2009




(unaudited)













Revenues:








License and service

$  14,749

$ 14,414


$ 60,368

$ 56,020



Other

-

-


1,500

-



Total revenues

14,749

14,414


61,868

56,020


Cost of revenues

1,696

1,655


6,570

7,121



Gross profit

13,053

12,759


55,298

48,899


Operating expenses:








Sales and marketing

6,378

6,226


26,393

27,010



Research and development

3,474

2,416


13,159

11,220



General and administrative

2,668

4,401


12,402

16,751



Impairment of goodwill and intangible assets

12,450

-


12,450

-



Total operating expenses

24,970

13,043


64,404

54,981



Operating loss

(11,917)

(284)


(9,106)

(6,082)


Other non-operating (expense) income

(268)

(492)


(817)

985



Loss before income taxes

(12,185)

(776)


(9,923)

(5,097)


(Benefit from) provision for income taxes

(2)

107


(171)

354



Net loss

$ (12,183)

$    (883)


$ (9,752)

$ (5,451)










Net loss per common share:








Basic and diluted

$     (0.14)

$   (0.01)


$   (0.12)

$   (0.08)


















Weighted-average common shares outstanding:








Basic and diluted

84,176

64,610


84,176

64,615












BAKBONE SOFTWARE INCORPORATED



Condensed Consolidated Statements of Cash Flows



(in thousands)









Twelve months ended March 31,






2010


2009



Cash flows from operating activities:






Net loss 

$ (9,752)


$ (5,451)



Adjustments to reconcile net loss to net cash used in (provided by) operating activities:







Impairment of goodwill and intangible assets

12,450


-




Depreciation and amortization

2,519


1,626




Non-cash interest expense

565


-




Operating expenses funded by financing arrangement

320


178




Stock-based compensation

210


260




Provision for bad debt

131


258




Loss on disposal of capital assets

12


20




Other changes in assets and liabilities

(8,582)


4,595





Net cash (used in) provided by operating activities

(2,127)


1,486











Cash flows from investing activities:







Cash paid for acquisitions, net of cash received

(1,014)


-




Capital expenditures

(423)


(836)




Release of restricted cash

325


227





Net cash used in investing activities

(1,112)


(609)











Cash flows from financing activities:







Payments on capital lease obligations

(228)


(239)




Payments on long-term debt obligations

(523)


(681)





Net cash used in financing activities

(751)


(920)











Effect of exchange rates on cash and cash equivalents

495


(1,055)












Net decrease in cash and cash equivalents

(3,495)


(1,098)




Cash and cash equivalents, beginning of period

8,398


9,496




Cash and cash equivalents, end of period

$  4,903


$  8,398











BAKBONE SOFTWARE INCORPORATED


Reconciliation of Bookings to U.S. GAAP Revenue (1)


(in thousands)














Three months ended March 31,


Twelve months ended March 31,














2010


2009


2010


2009




(unaudited)






Revenues sourced from current period bookings:










Total bookings for the period

$ 14,107


$ 13,894


$ 56,502


$ 57,738



Bookings deferred into subsequent periods

(13,123)


(12,867)


(40,753)


(43,461)













Revenues from current period bookings

984


1,027


15,749


14,277












Revenues sourced from prior period bookings:

13,765


13,387


46,119


41,743













Total revenues recognized in the period

$ 14,749


$ 14,414


$ 61,868


$ 56,020












(1)  We define bookings as the gross dollars invoiced through the sale of software licenses, maintenance contracts and professional services. We utilize bookings information as an operations measure, but it is not intended to replace U.S. GAAP accounting. Under the ratable revenue recognition method, license bookings are recognized as revenue over the appropriate period (generally three to five years). In general, variations in revenues period-over-period are affected by the amortization of current and prior period license bookings. Accordingly, we believe that trends in current and historical bookings are key factors in analyzing our operating results.













BAKBONE SOFTWARE INCORPORATED


Statement of Operations by Reporting Segment


(in thousands, except per share data)






Three months ended


Twelve months ended




March 31, 2010


March 31, 2010




Storage

Message



Storage

Message





Management

Management

Consolidated


Management

Management

Consolidated




(unaudited)


(unaudited)


Revenues:










License and service

$       14,366

$            383

$       14,749


$       59,324

$         1,044

$       60,368



Other

-

-

-


1,500

-

1,500



Total revenues

14,366

383

14,749


60,824

1,044

61,868


Cost of revenues

1,482

214

1,696


5,774

796

6,570



Gross profit

12,884

169

13,053


55,050

248

55,298


Operating expenses:










Sales and marketing

5,840

538

6,378


24,786

1,607

26,393



Research and development

2,945

529

3,474


11,418

1,741

13,159



General and administrative

2,193

475

2,668


11,234

1,168

12,402



Impairment of goodwill and intangible assets

-

12,450

12,450


-

12,450

12,450



Total operating expenses

10,978

13,992

24,970


47,438

16,966

64,404



Operating income (loss)

1,906

(13,823)

(11,917)


7,612

(16,718)

(9,106)


Other non-operating expense

(266)

(2)

(268)


(808)

(9)

(817)



Income (loss) before income taxes

1,640

(13,825)

(12,185)


6,804

(16,727)

(9,923)


(Benefit from) provision for income taxes

(7)

5

(2)


(176)

5

(171)



Net income (loss)

$         1,647

$      (13,830)

$      (12,183)


$         6,980

$      (16,732)

$        (9,752)












Net income (loss) per common share:










Basic and diluted



$          (0.14)




$          (0.12)



Diluted



$          (0.14)




$          (0.12)












Weighted-average common shares outstanding:










Basic



84,176




84,176



Diluted



84,176




84,176













SOURCE BakBone Software




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