Spescom Software Announces Fourth Quarter and Yearend 2006 Results
Dec 26, 2006 08:00:23 (ET)
SAN DIEGO, CA, Dec 26, 2006 (MARKET WIRE via COMTEX) --
Highlights:
Revenues up over 32% vs. 2005 quarter
License revenue up 30% vs. 2005 quarter
Net loss drops to ($299,000) vs. ($1,568,000) in 2005 quarter
Spescom Software, Inc. (SPCO, Trade ), a leading provider of enterprise information management solutions, today reported results of operations for its fourth quarter and year ended September 30, 2006.
Revenues for the fourth quarter of FY2006 totalled $1.6 million, an increase of 32% versus revenues of $1.2 million in the same period a year ago. The increase brought total FY2006 revenues to $7.0 million versus $5.8 million in FY2005.
Earnings before interest, taxes, depreciation and amortization excluding stock compensation ("EBITDA") for the fourth quarter of FY2006 were ($160,000), or ($0.00) per share, compared with ($1.4 million), or ($0.04) per share, the quarter a year ago. The FY2006 EBITDA loss of ($415,000), or ($0.01) per share was a substantial improvement over the loss of ($3.2 million), or ($0.09) per share, a year ago.
The net loss available to common shareholders was ($370,000) or ($0.01) per share for the fourth quarter of FY2006. The comparable quarter a year ago was a net loss available to common shareholders of ($1.6 million) or ($0.04) per share.
Net loss available to common shareholders was ($2.4 million) or ($0.06) per share for FY2006 after deemed and cumulative preferred dividends of $1.4 million. The net loss available to common shareholders was ($6.0 million), or ($0.17) per share in the prior year after deemed and cumulative preferred dividends of $2.5 million.
"The substantial improvement in operating results in 2006 is attributable to the significant growth in license revenue while successfully executing the company's cost control plans," stated Alan Kiraly, Chief Executive Officer. "The license growth demonstrates the demand for the company's eB product and validates our technology commitment to Microsoft's .NET platform. In addition, the company success in focusing on its strengths in the Nuclear Utilities and Local Government markets lead to the growth this year and positioning the company for continued success 2007."
"With the recently announced sales to Jacksonville Energy Authority (JEA) and Defense Threat Reduction Agency of the US Department of Defense combined with the company's expanding relationship with Microsoft as a Gold Certified Partner and a member of several Microsoft Vista and Office 2007 System early adopter programs, we have created significant momentum entering into fiscal year 2007, and are excited about our prospects."
About Spescom Software, Inc.
Spescom Software (SPCO, Trade ) develops and delivers solutions for regulated organizations with vast quantities of inter-dependent documents that need to be managed and controlled through their lifecycle. Customers are generally focused on meeting regulatory compliance requirements and reducing business risk while optimizing process efficiency to lower the cost of operations and compliance. The company's product "eB" is an Enterprise Information Management solution that vastly improves the integrity, visibility and access to all relevant information at the time it is needed by uniquely connecting information with relevant assets, people, processes, projects and functions to create a framework for rapid access to accurate information in context.
Key customers include Constellation Energy, Continental Express, AmerenUE, Cities of Las Vegas and Dayton, Lloyds Register of Shipping, Entergy, Northeast Utilities, Network Rail, and many others.
Except for historical information contained herein, the matters set forth in this release include forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, the effect of the company's accounting policies, potential seasonality and other risk factors detailed in the Company's SEC filings.
