 |
        |
           |
|
|
|
|
SpatialNews.com Press Release
GIS Careers - Discussion Groups - Business News
Smallworld Reports Fourth Quarter and Fiscal Year Results; Record Quarter Generates Net Profit of $2.2 Million On Revenues of $23.3 Million"The past 12 months have been a recovery period for Smallworld. I'm happy to say our commitment to increasing the operational effectiveness and profitability of Smallworld has succeeded with two record quarters in a year that put us back on track," said C. Warren Ferguson, chief executive officer of Smallworld. "Moving ahead, we're very excited and optimistic about the opportunities before us, especially in the realm of our Internet-based utilities and telecommunications applications." Fourth quarter performance Total revenues for the quarter ended June 30, 2000, were $23.3 million, a 20% increase as compared to the same period a year ago. The revenue gain, when combined with higher gross profit enabled the company to achieve a net profit of $2.2 million or $0.26 earnings per fully diluted share compared with a net profit of $1.7 million (inclusive of a restructuring credit of $0.8 million) or $0.21 earnings per diluted share in the corresponding quarter in the prior year. The gross profit was $17.9 million, an increase of 35% as compared to the corresponding quarter in fiscal 1999. Operating expenses increased by 21% to $14.2 million compared to $11.7 million (inclusive of a restructuring credit of $0.8 million) in the corresponding period in the prior fiscal year. Revenue from services and maintenance increased by 20% to $10.3 million versus $8.5 million in the same period last year, while revenue from software licenses and applications increased by 21% to $12.8 million. Gross margins increased to 77% from 69% in the corresponding quarter of the prior year. Year-end Performance Total annual revenues amounted to $78.9 million, a 10% increase over the $71.7 million achieved last year. License and applications revenues fell 5% to $41.3 million while revenues from services and maintenance increased 35% to $37.1 million. Gross profit of $56.6 million this year was 7% above last year's $52.8 million. Operating expenses fell by 10% to $54.9 million this year, compared to $60.8 million last year. Net profit for the year was $1.2 million or $0.14 per fully diluted share, compared to a net loss of $6.0 million (including restructuring costs of $2.3 million) or $0.78 loss per diluted share for fiscal 1999. Smallworld Smallworld (www.swldy.com) creates, markets and delivers network software products to the Utility & Public Systems and Communications markets globally. Smallworld's products model real world assets and services, enabling companies to understand where their facilities and customers are located and how they are connected, then seamlessly integrating this information across the enterprise. The Company's divisions provide rapid implementation and integration of Smallworld's unique object-oriented technology and vertical industry solutions, which can increase customers' revenues, improve customer service, and better utilize assets. The Company has more than 830 customers in 44 countries around the world. Smallworld is based at Elizabeth House, 1 High Street, Chesterton, Cambridge CB4 1WR, England; Telephone, +44 (0) 1223.301144, and in the United States at 5600 Greenwood Plaza Blvd., Englewood, CO 80111, +1.303.779.6980. Please note that some statements contained within this report may be of a forward-looking nature and may involve risks and uncertainties. Actual future results and outcomes may differ materially from those discussed. Factors that may cause such differences include, but are not limited to, management of growth, market acceptance of the Company's product and services, risks associated with new product versions, dependence on third party relationships and the activities of competitors. For a more detailed discussion of the risks associated with the Company's business, please see the Company's Form 20-F on file with the United States Securities and Exchange Commission.
SMALLWORLDWIDE plc AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share data)
Three months ended Year ended
June 30, June 30,
------------------ ------------------
2000 1999 2000 1999
-------- -------- -------- --------
Revenues:
Licenses $ 8,912 $ 7,795 $ 30,511 $ 31,728
Applications 3,928 2,816 10,766 11,948
Services and maintenance 10,271 8,547 37,115 27,510
Other 185 238 530 530
Total revenues 23,296 19,396 78,922 71,716
Cost of revenues:
Licenses 38 267 904 660
Applications 576 1,325 2,314 4,426
Services and maintenance 4,831 4,511 18,989 13,684
Other (32) (1) 118 156
Total cost of revenues 5,413 6,102 22,325 18,926
Gross profit 17,883 13,294 56,597 52,790
Operating expenses:
Research and development 3,346 3,121 12,845 15,868
Sales and marketing 8,786 7,583 33,428 34,404
General and administrative 2,070 1,825 8,615 8,175
Restructuring costs 0 (811) 0 2,308
Total operating expenses 14,202 11,718 54,888 60,755
Income (loss) from operations 3,681 1,576 1,709 (7,965)
Other (loss) income, net 20 (63) (6) 11
Interest on securities 128 95 434 413
Interest income, net 59 71 128 174
Income (loss) before
income taxes 3,888 1,679 2,265 (7,367)
(Provision) benefit for
income taxes (1,712) 9 (1,095) 1,366
Net income (loss) $ 2,176 $ 1,688 $ 1,170 ($ 6,001)
======== ======== ======== ========
Basic earnings (loss) per share $ 0.28 $ 0.22 $ 0.15 ($ 0.78)
======== ======== ======== ========
Diluted earnings (loss)
per share $ 0.26 $ 0.21 $ 0.14 ($ 0.78)
======== ======== ======== ========
Shares used to compute basic
earnings (loss) per share 7,867 7,740 7,788 7,731
======== ======== ======== ========
Shares used to compute diluted
earnings (loss) per share 8,526 7,889 8,229 7,731
======== ======== ======== ========
SMALLWORLDWIDE plc AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, June 30,
-------- --------
2000 1999
(unaudited)
-------- --------
ASSETS
Current assets:
Cash and equivalents $ 8,967 $ 8,286
Short-term cash investments 2,712 2,696
Accounts receivable 23,279 19,416
Income taxes receivable 0 16
Inventories 1,430 1,191
Amounts receivable from equity affiliates 398 9
Prepaid expenses and other assets 2,856 2,526
Deferred income taxes 1,882 2,320
-------- --------
Total current assets 41,524 36,460
Long-term cash investments 5,279 4,028
Property and equipment, net 5,070 5,991
Deferred income taxes 978 661
Goodwill and other intangible assets 1,353 1,283
-------- --------
TOTAL ASSETS $ 54,204 $ 48,423
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,657 $ 7,309
Income taxes payable 506 0
Personnel taxes 642 752
Accrued liabilities 9,511 7,227
Deferred revenue 7,441 6,139
Current portion of capital lease obligations 472 333
-------- --------
Total current liabilities 26,229 21,760
Accrued liabilities, less current portion 37 0
Capital lease obligations, less current portion 388 314
Deferred revenue, less current portion 134 332
-------- --------
Total liabilities 26,788 22,406
-------- --------
Shareholders' equity:
Ordinary shares 144 142
Accumulated other comprehensive income (1,346) (839)
Additional paid-in capital 26,363 25,629
Retained earnings 2,255 1,085
-------- --------
Total shareholders' equity 27,416 26,017
-------- --------
TOTAL LIABILITIES AND -------- --------
SHAREHOLDERS' EQUITY $ 54,204 $ 48,423
======== ========
CONTACT: SMALLWORLD, Cambridge, England Martin Cartwright, +44 (0) 1223 301144 Chief Financial Officer Martin.Cartwright@swldy.com or SMALLWORLD, Denver Chad Morris, +1 303.779.6980 Dir. Corp. Comm. Chad.Morris@swldy.com or Investor Relations: Manning Selvage & Lee, New York John Simmons, +1 212.213.7252 jsimmons@mslpr.com |
Sponsored by: For information regarding advertising rates Click Here! |
Copyright© 1995-2009 MindSites Group, LLC / Privacy Policy
GeoCommunity™, Wireless Developer Network™, GIS Data Depot®, and Spatial News™
including all logos and other service marks
are registered trademarks and trade communities of
MindSites Group, LLC