Here we go again....
Unify Reports First Quarter Fiscal 2005 Results
Tuesday , August 24, 2004 16:15 ET
SACRAMENTO, Calif., Aug 24, 2004 (BUSINESS WIRE) -- Unify Corp. (OTCBB:UNFY) today announced financial results for its first quarter of fiscal 2005 ended July 31, 2004.
Total revenues in the first quarter were $2.7 million, a 17 percent decrease, compared to $3.3 million in the first quarter of fiscal 2004. Software licenses revenue was $1.2 million, a decrease of 37 percent, compared to $1.8 million for the fiscal 2004 first quarter. Net loss was $474,000 or $0.02 loss per basic share, compared to a $144,000 or $0.01 loss in the first quarter of the prior year.
Unify ended the first quarter with total cash and cash equivalents of $6.0 million and stockholders' equity of $4.1 million.
"The revenue decline was due to a reduction in Unify's application development tools and database business, while Unify NXJ continued to gain traction," said Todd Wille, president and CEO of Unify. "During the quarter we saw a mix of new customers, repeat business, and accelerating distribution channels with our ISV partners and our Japan territory, as our customers discover that the Unify NXJ platform is ten times faster for delivering applications that solve critical business problems compared to competing alternatives."
Highlights for the first quarter include:
-- Acquired 13 new and repeat Unify NXJ customers for a total of
76 NXJ customers to date.
-- Administrative Systems Inc. selected Unify NXJ for its
Web-based payment and reporting solution.
-- Fox Racing selected Unify NXJ for its on-demand catalog and
inventory management solution.
-- Simarc Property Management selected Unify NXJ to speed
delivery of information and improve its administrative
efficiency.
-- Created a new distribution channel for Unify NXJ with Ashistuo
Corp. in Japan.
Conference Call
Unify will hold its quarterly conference call, open to all interested parties, on Aug. 24, 2004, beginning at 2 p.m. Pacific Time. Listeners should dial 877-692-2592 prior to the start of the conference call. The conference call will also be Webcast. Online listeners should visit www.unify.com/investors prior to the start of the call for login information. A replay of the conference call will be available until Aug. 31, 2004 by dialing 877-519-4471 and entering the passcode 5043316.
About Unify Corporation
Unify Corporation provides software solutions for connecting people, information and business. Leveraging 24 years of software innovation to more than 2,000 customers and 300 ISV partners worldwide, Unify solutions enable organizations to automate business processes and deliver actionable information in highly collaborative applications. Focused on mid-size to large companies with urgent "need it yesterday" requirements for solutions, Unify's customers include Cast & Crew Entertainment, Inc., Credit Lyonnais, Citigroup Inc., Documentum, Fox Racing, GE Healthcare, GlaxoSmithKline, Heineken, PCN, Pioneer Natural Resources, Pioneer Electronics and TravelCenters of America. Founded in 1980, Unify is headquartered in Sacramento, Calif. with offices in the U.K., France and Australia, in addition to a worldwide network of distributors. Visit Unify at www.unify.com.
This press release contains "forward-looking statements" as that term is defined in Section 21E of the Securities Exchange Act of 1934 as amended. Forward looking statements are denoted by words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," and other variations of such words and similar expressions are intended to identify such forward-looking statements. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by our forward looking statements. Such risks and uncertainties include, but are not limited to general economic conditions in the computer and software industries, domestically and worldwide, the Company's ability to keep up with technological innovations in relation to its competitors, product defects or delays, developments in the Company's relationships with its customers, distributors and suppliers, changes in pricing policies of the Company or its competitors and the Company's ability to attract and retain employees in key positions. In addition, Unify's forward looking statements should be considered in the context of other risks and uncertainties discussed in our SEC filings available for viewing on its web site at "Investor Relations," "SEC filings" or from the SEC at www.sec.gov.
UNIFY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
July 31, April 30,
2004 2004
Assets
Current assets:
Cash and cash equivalents $ 5,991 $ 6,606
Accounts receivable, net 2,216 2,848
Prepaid expense & other current assets 587 543
--------- ---------
Total current assets 8,794 9,997
Property and equipment, net 337 338
Other investments 214 214
Other assets 207 194
--------- ---------
Total assets $ 9,552 $ 10,743
========= =========
Liabilities and Stockholders' Equity
Current liabilities:
Line of credit $ 800 $ --
Current portion of long term debt 121 146
Account payable 147 523
Other accrued liabilities 953 1,340
Accrued compensation and related expenses 694 812
Deferred revenue 2,625 3,360
--------- ---------
Total current liabilities 5,340 6,181
Other long term liabilities 71 70
Commitments and contingencies
Stockholders' equity:
Common stock 28 27
Additional paid in capital 63,319 63,205
Accumulated other comprehensive gain 26 18
Accumulated deficit (59,232) (58,758)
--------- ---------
Total stockholders' equity 4,141 4,492
--------- ---------
Total liabilities and stockholders'
equity $ 9,552 $ 10,743
========= =========
UNIFY CORPORATION
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
July 31,
2004 2003
-------- --------
Revenues:
Software Licenses $ 1,164 $ 1,836
Services 1,569 1,465
-------- --------
Total revenues 2,733 3,301
-------- --------
Cost of Revenues:
Software licenses 83 86
Services 364 320
-------- --------
Total cost of revenues 447 406
-------- --------
Gross profit 2,286 2,895
Operating Expenses:
Product development 689 1,007
Selling, general and administrative 2,061 1,804
Write-down of other investments -- 175
Special charges -- 49
-------- --------
Total operating expenses 2,750 3,035
-------- --------
Loss from operations (464) (140)
Other income (expense), net (16) (2)
-------- --------
Loss before income taxes (480) (142)
Provision (recovery) for income taxes (6) 2
-------- --------
Net loss $ (474) $ (144)
======== ========
Net loss per share:
Basic $ (0.02) $ (0.01)
Dilutive $ (0.02) $ (0.01)
Shares used in computing net loss per share:
Basic 27,523 21,344
Dilutive 27,523 21,344
SOURCE: Unify Corporation
CONTACT: Unify Corporation
Deb Thornton, 916-928-6379
deb@unify.com
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KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: SOFTWARE
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STOCK SYMBOLS: [(unfy)]
