February 14, 2008 - 4:58 PM EST
EPRS 0.05 0.00
Enterprise Informatics Announces First Quarter 2008 Results
Highlights: Revenues Up 25% vs. Year Ago Quarter; License Revenues Up 64% vs. Year Ago Quarter
Enterprise Informatics Inc. (OTCBB: EPRS), a leading provider of enterprise information management solutions, today reported results of operations for its first quarter of fiscal 2008 ended December 31, 2007.
Revenues for the first quarter of FY2008 were $2.17 million versus $1.73 million in the same period a year ago. License revenues increased 64% to $640,000 for the first quarter of FY2008 from $390,000 a year ago. Earnings before interest, taxes, depreciation and amortization excluding stock compensation ("EBITDA") for the first quarter of FY2008 were a loss of ($154,000), or ($0.00) per share, compared with income of $100,000, or $0.00 per share, for the same quarter a year ago.
Net loss available to common shareholders was ($382,000) or ($0.01) per share for the first quarter of FY 2008 after cumulative preferred dividends of $66,000 versus a net loss was ($117,000), or ($0.00) per share in the prior year after cumulative preferred dividends of $66,000. The loss for the quarter includes expense of $536,000 for retention bonuses in connection with Spescom Ltd's sale in October 2007 of its majority interest in the Company to ERP2 Holdings, LLC.
"The 64% increase in license revenues for the quarter is confirmation that our customers see the value proposition we are offering to the market," stated Alan Kiraly, Chief Executive Officer. "In addition, the recently announced addition of Dominic O'Riley as Executive Vice President Worldwide Sales is in line with our plan to continue to expand our sales and partner infrastructure in an effort to accelerate our growth."
About Enterprise Informatics
Enterprise Informatics provides an enterprise information management solution, eB, which ensures the integrity of controlled information by uniquely managing its connectivity to all other relevant information -- documents, records, physical assets, people, processes and projects. eB creates an ecosystem for the rapid access of accurate information in context that results in reducing the cost of meeting compliance and improving operational efficiency.
Key customers include Entergy, NuStart Energy, Constellation Energy, Continental Express, Ameren UE, City of Dayton, Lloyds Register of Shipping, City of Wilson, City of Lancaster, Northeast Utilities, Colorado Springs Utilities, Network Rail, Aker Kvaerner, City of Las Vegas, City of Winston Salem, and Fayetteville Public Works Commission.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements can be identified by the words, "expects," "projects," "hopes," "believes," "could," and other similar words. Actual results, events or performance could differ materially from these forward-looking statements based on a variety of factors, many of which are beyond the Company's control. Therefore, readers are cautioned not to put undue reliance on these statements. Investors are cautioned that all such statements involve risks and uncertainties, which may include risks related to market acceptance, market demand, pricing, changing regulatory environment, adequacy of the Company's financial resources to execute its business plan, the effect of the Company's accounting policies, potential seasonality, industry trends, and the Company's ability to attract, retain and motivate key personnel. Forward-looking statements contained in this press release should be considered in light of these factors, and those factors discussed from time to time in the Company's public reports filed with the Securities and Exchange Commission, such as those discussed under the heading, "Risk Factors," in the Company's most recent annual report on Form 10-K. These forward-looking statements speak only as of the date hereof. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events.
ENTERPRISE INFORMATICS INC.
Consolidated Statements of Operations
For the three months
ended December 31,
----------------------
2007 2006
---------- ----------
(Unaudited)
Revenues:
Licenses $ 640,000 $ 390,000
Services and other 1,527,000 1,337,000
---------- ----------
Total revenues 2,167,000 1,727,000
---------- ----------
Cost of revenues:
Licenses 55,000 38,000
Services and other 725,000 591,000
---------- ----------
Total cost of revenues 780,000 629,000
---------- ----------
Gross profit 1,387,000 1,098,000
---------- ----------
Operating expenses:
Research and development 433,000 258,000
Marketing and sales 571,000 460,000
General and administrative 614,000 368,000
---------- ----------
Total operating expenses 1,618,000 1,086,000
---------- ----------
Income (loss) from operations (231,000) 12,000
Interest and other income/expense (85,000) (63,000)
---------- ----------
Net loss (316,000) (51,000)
Deemed preferred dividend - -
---------- ----------
Net loss available after deemed preferred dividend (316,000) (51,000)
Cumulative preferred dividends (66,000) (66,000)
---------- ----------
Net loss available to common shareholders $ (382,000) $ (117,000)
========== ==========
Basic and diluted net loss per common share $ (0.01) $ (0.00)
========== ==========
Shares used in computing basic and diluted net
loss per common share 37,761,000 37,144,000
ENTERPRISE INFORMATICS INC.
Consolidated Balance Sheets
December 31, September 30,
2007 2007
----------- -----------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 711,000 $ 553,000
Receivables, net 1,033,000 746,000
Other current assets 217,000 204,000
----------- -----------
Total current assets 1,961,000 1,503,000
Property and equipment, net 198,000 211,000
Computer software, net 295,000 321,000
Other assets 60,000 27,000
----------- -----------
Total assets $ 2,514,000 $ 2,062,000
=========== ===========
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 389,000 $ 338,000
Preferred stock dividend payable 1,323,000 1,233,000
Accrued liabilities 1,897,000 1,465,000
Lease obligation - current portion 23,000 32,000
Deferred revenue 2,765,000 2,611,000
----------- -----------
Total current liabilities 6,397,000 5,679,000
Notes and accrued interest payable 693,000 676,000
Lease obligation 52,000 55,000
----------- -----------
Total liabilities 7,142,000 6,410,000
----------- -----------
Total shareholders' deficit (4,628,000) (4,348,000)
----------- -----------
Total liabilities and shareholders'
deficit $ 2,514,000 $ 2,062,000
=========== ===========
EBITDA Calculation
(unaudited)
For the three months
ended December 31,
------------------------
2007 2006
----------- ------------
Income (loss) from Operations $ (231,000) $ 12,000
Add back:
Depreciation and amortization 46,000 46,000
FAS 123R share-based compensation expense 31,000 42,000
EBITDA excluding FAS 123R share-based
compensation expense $ (154,000) $ 100,000
=========== ============
EBITDA per common share $ (0.00) $ 0.00
=========== ============
Shares used in computing
EBITDA per common share 37,761,000 37,144,000
COMPANY CONTACTS:
Alan Kiraly
CEO
John Low
CFO
(858) 625-3000
Source: Marketwire (February 14, 2008 - 4:58 PM EST)
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