![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Maclaren Minerals Ltd | CSE:MRN | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.065 | 0.06 | 0.08 | 0 | 01:00:00 |
Merant (U.S. Headquarters) Gerald Perkel, +1 (503) 617 2735 Gerry.Perkel@merant.com or Scott Hildebrandt, +1 (503) 617 2401 Scott.Hildebrandt@merant.com or Taylor Rafferty (London office) Paul Scott, +44 (0) 20 7936 0400 or Taylor Rafferty (New York office) Brian Rafferty, +1 (212) 889 4350 Merant Announces Second Quarter Financial Results Merant (Nasdaq:MRNT)(LSE:MRN), a leading provider of software and services for managing code, content and other business-critical assets, announces results for the second fiscal quarter ended 31 October 2003. Financial figures and comparisons presented below are on the basis of continuing operations. Highlights on Second Quarter Fiscal 2004 Results: -- Operating profits (EBITA) grew significantly to $2.4 million (8 percent of sales) from the $0.4 million reported in the second quarter of the prior year -- Exceeded all independent research analysts profit expectations for the quarter -- Highest reported quarterly net profit after tax in over five years -- Revenues grew 2.6 percent to $30.0 million compared to the second quarter of fiscal 2003 -- Positive operating cash flow of $3.3 million, excluding cash restructuring costs -- Licence fees included 15 transactions valued at over $100,000, including two enterprise-wide (distributed and mainframe environment) deals -- Licence fee transactions related to the Company's Web Content Management product (Merant Collage) increased to 21 in the second quarter, compared to 15 in the first quarter -- Continued investments in R&D focused at driving future revenue growth -- Cash of $66.6 million, with no debt -- Improved product positioning going into the Company's second half: -- New release of Merant Dimensions Enterprise Edition in Q1, extending the Dimensions product into the mainframe environment -- New release of Merant Professional 8 in Q2, with increased functionality and performance US $, in millions Q2 Q2 Fiscal Fiscal 2004 2003 ---------------------------------------------------------------------- Revenue 30.0 29.3 Operating Profit (EBITA) (Earnings before interest, taxes, amortisation and exceptional charges) 2.4 0.4 PBT (Profit before taxes including interest income)(a) 2.6 0.8 EPS (Earnings per share)(a) 0.03 0.01 Goodwill amortisation, taxes and other exceptional charges (1.2) (7.1) Net Profit/(Loss) 1.4 (6.3) ---------------------------------------------------------------------- (a) Before exceptional restructuring charges, taxes and goodwill amortisation Financial information is reported in accordance with UK GAAP (Revenue also in accordance with U.S. GAAP) Gerry Perkel, President and CEO of Merant commented: "We were very pleased to see significant improvement in our second quarter operating profits, climbing to approximately 8 percent of sales," commented Gerry Perkel, President and CEO. "This performance is ahead of our schedule in achieving our longer term goal of 15 percent operating profits as a percentage of sales, and represented the highest quarterly net profit after tax for the Company in over five years. In addition, we continue to see companies and organisations such as AdvancePCS, the U.S. Bureau of Customs and Border Protection, and others experience significant productivity and quality improvements using our products in their respective software development processes." Second Quarter Fiscal 2004 Results: Operating profits before interest and taxes (excluding charges for goodwill amortisation and restructuring) in the second quarter increased to $2.4 million compared to the $0.4 million reported in the second quarter of fiscal 2003. Revenue for the second quarter increased 2.6 percent to $30.0 million compared to the $29.3 million reported in the second quarter of the previous year. Licence fee revenue accounted for approximately 32 percent of total revenue for the second quarter. "We were pleased to see the volume of lower-dollar transactions increase sequentially, driven by growth in our Professional product line sales," continued Perkel. The Company noted that the second quarter included no licence fee transactions valued at over $1 million, while the first quarter of the fiscal year included one transaction valued over $1 million. Licence fee revenue from transactions greater than $100,000 continued to be challenging as customers continued to heavily scrutinize larger purchases and extend buying decisions. However, licence fee revenue from transactions less than $100,000 remained solid, increasing 10 percent sequentially, and accounted for 74 percent of total licence fee revenue. The Company's Web Content Management (WCM) product, Merant Collage, showed good progress during the second quarter, with total revenue of $1.5 million. Second quarter licence fees increased over 60 percent sequentially to $831,000. "We continue to seek growth in WCM, while at the same time balancing the resulting financial impacts to our overall business," noted Perkel. The Company estimated that the WCM business incurred an operating loss of approximately $300,000 on an incremental basis in the second quarter. Maintenance fee revenue grew in the second quarter, based in part on strong renewals, and represented 56 percent of total revenue. Consulting and training revenue represented 12 percent of total revenue reported in the second quarter. Geographically, North American sales for the second quarter represented 59 percent of total revenue. European sales represented 34 percent of total revenue with Asia-Pacific sales accounting for 7 percent. Gross margins of 80.8 percent during the second quarter of fiscal 2004 increased approximately two percentage points compared to the 78.9 percent in the second quarter of fiscal 2003, due in part to improvement in gross profit margins in the Company's consulting business. Total costs associated with continuing operations, excluding goodwill amortisation and restructuring charges, were $27.7 million, down 4 percent from the same quarter a year ago as the Company continued to closely manage expenses. However, the Company remained focused on maintaining research and development investments to help drive the product innovation necessary to fuel future revenue growth, launching two new exciting products, Merant Dimensions for Microsoft .NET and Merant Professional 8. The Company's second quarter ending balance sheet continued to be very strong. Cash and marketable securities ended at $66.6 million, while the Company continued to maintain no debt. In addition, the Company posted positive operating cash flow (excluding cash impacts from previous restructuring actions) of $3.3 million during the second quarter. The Company ended the second quarter of fiscal 2004 with 570 employees. Business Outlook: For the second half of fiscal 2004, the Company expects improvement over the first half in terms of its available product offerings as new versions of both Professional and Dimensions are now available to the market. In addition, the pipeline for the Company's Dimensions Enterprise Edition product is maturing, providing additional opportunities for the Company. However, the Company continues to feel that a conservative outlook regarding revenue growth is prudent in the short term, given the economic uncertainties that continue to exist. The Company remains focused on enhancing profitability toward its stated goals even in the face of this conservative stance on general economic improvement. To that end, the Company will be taking actions in its third quarter to further improve its overall cost structure and organisational productivity moving forward. The Company remains committed to evolving its product line through organic investments in research and development and by pursuing strategic acquisitions and partnerships to drive revenue growth opportunities in the future. Conference Call A conference call has been scheduled for today at 4:00 p.m. London Time (11:00 a.m. US EDT) for investors, analysts and press. For those wishing to participate in the call, the telephone numbers are UK: +44 (0)208 515 2327; US: +1 800 240 8658. The replay of the conference call will be available for two weeks after the conference call. The replay number is +1 303 590 3000, PIN: 560943. A web-cast of the call will also be available. Please visit the Company's investor site at www.merant.com for more information. About Merant Merant delivers the industry's most flexible and comprehensive enterprise change management solutions. Thousands of organisations across the globe rely on Merant's software and services to dramatically enhance the productivity, quality and ROI of their technology initiatives by allowing them to easily track, manage and control modifications in business-critical information assets. For more information, please visit www.merant.com. Forward-Looking Statements The following statement is made in accordance with the U.S. Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that include statements regarding expectations for future financial results and results of operations, business strategy, and prospects, including the growth and/or performance of our software configuration management and other businesses and related revenues. When used in this release, the words 'anticipate,' 'plan', 'believe', 'estimate', 'intend', 'expect', 'goal,' 'realize', 'likely', 'unlikely', and other similar expressions, as they relate to Merant, its business or its management, are intended to identify these forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. Actual results could differ materially from those anticipated by these forward-looking statements. Factors that could cause actual results to differ materially include, among others, the extent to which the current weakness and uncertainty in the economic climate generally and in IT spending in particular continues, the inability of Merant to effectively manage its costs against uncertain revenue expectations and reduce costs quickly in response to a revenue shortfall, the potential for a decrease in revenue or a slowdown in revenue growth which may be caused by delays in the timing of sales and the delivery of products or services, especially such delays associated with higher dollar orders, the ability of Merant to develop, release, market and sell products and services to customers in the highly dynamic market for the Company's products, the potential need for software configuration management and web content management products to shift based on changes in technology and customer needs, the effect of competitors' efforts to enter Merant's markets and the possible success of new and existing competitors in those markets, Merant's ability to recruit and retain key personnel, especially in the sales and business units and at the management level, and Merant's ability to manage and integrate acquired businesses or other businesses that it may acquire in the future. Further information on potential factors which could affect Merant's financial results and operations are found in filings or submissions on Form 6-K as periodically submitted to the SEC, and in Merant's Annual Report on Form 20-F for the year ended April 30, 2003. Merant undertakes no obligation to release publicly any updates or revisions to any forward-looking statements contained in this release that may reflect events or circumstances occurring after the date of this release. Financial Statement Information The financial information contained in this report does not represent the Company's full statutory accounts. The financial information relating to fiscal 2004 and the quarterly periods within fiscal 2003 and fiscal 2004 are unaudited and no accounts have been delivered to the U.K. Registrar of Companies. Statutory accounts dealing with fiscal 2003 have been delivered to the U.K. Registrar of Companies and the Company's auditors made a report under section 235 on these accounts which was unqualified and did not contain a statement under section 237(2) or section 237(3) of the Companies Act 1985. The Company's financial statements are reported in UK GAAP, with the exception of Revenue which is recorded in accordance with UK and U.S. GAAP. Fiscal 2004 interim statements for the 6 months ending October 31, 2003 will be mailed to shareholders by December 3, 2003. U.S. Securities Filings Copies of Merant's Annual Report to Shareholders and Annual Report on Form 20-F for the year ended April 30, 2003, as well as its periodic reports on Form 6-K, are available upon request to Merant's offices in Hillsboro, OR or St. Albans, United Kingdom and are also available on the SEC website located at http://www.sec.gov. Merant plc Management Trading Statement using UK GAAP results in USD (unaudited) Three months ending: Oct-31 Oct-31 2003 2002 $'000 $'000 ====================================================================== Revenue: Licence fees 9,533 10,765 Maintenance subscriptions 16,765 14,899 Training and consulting 3,736 3,620 ---------------------------------------------------------------------- Total revenue 30,034 29,284 ====================================================================== Cost of revenue: Cost of licence fees 727 855 Cost of maintenance subscriptions 1,912 1,946 Cost of training and consulting 3,130 3,390 ---------------------------------------------------------------------- Total cost of revenue 5,769 6,191 ====================================================================== Gross profit 24,265 23,093 ====================================================================== Operating expenses Research and development 7,174 6,989 Sales and marketing 11,444 11,979 General and administrative 3,273 3,709 ---------------------------------------------------------------------- Total operating expenses, excluding amortisation 21,891 22,677 ====================================================================== Operating profit before interest and amortisation 2,374 416 Interest income, net 176 337 ---------------------------------------------------------------------- Profit before taxes and amortisation 2,550 753 Amortisation of goodwill (1,357) (7,066) ---------------------------------------------------------------------- Profit (Loss) before taxation 1,193 (6,313) Taxation 243 0 ---------------------------------------------------------------------- Profit (Loss) for the period from continuing operations, after taxation 1,436 (6,313) Earnings per share before taxes and amortisation Earnings per ordinary share: basic $0.03 $0.01 Earnings per ordinary share: diluted $0.03 $0.01 Earnings per ADR equivalent: basic $0.13 $0.04 Earnings per ADR equivalent: diluted $0.13 $0.04 ====================================================================== Net Earnings (Loss) per share for the period Earnings (Loss) per ordinary share: basic $0.01 ($0.06) Earnings (Loss) per ordinary share: diluted $0.01 ($0.06) Earnings (Loss) per ADR equivalent: basic $0.07 ($0.32) Earnings (Loss) per ADR equivalent: diluted $0.07 ($0.32) ====================================================================== Ordinary shares - basic 98,128 99,110 Ordinary shares - diluted 101,385 99,272 ADR equivalents - basic 19,626 19,822 ADR equivalents - diluted 20,277 19,854 ====================================================================== The profit and loss was translated from GBP to USD using the monthly average rates Merant plc - CONSOLIDATED PROFIT & LOSS ACCOUNT (unaudited) Three months ending: Oct-31 Oct-31 2003 2002 $'000 $'000 ====================================================================== Revenue: Licence fees 9,533 10,765 Maintenance subscriptions 16,765 14,899 Training and consulting 3,736 3,620 ---------------------------------------------------------------------- Total revenue 30,034 29,284 ====================================================================== Cost of revenue: continuing business Cost of licence fees 727 855 Cost of maintenance subscriptions 1,912 1,946 Cost of training and consulting 3,130 3,390 ---------------------------------------------------------------------- Total cost of revenue 5,769 6,191 ====================================================================== Gross profit 24,265 23,093 ====================================================================== Operating expenses Research and development 7,174 6,989 Sales and marketing 11,444 11,979 General and administrative 3,273 3,709 ---------------------------------------------------------------------- Total operating expenses, excluding amortisation 21,891 22,677 ====================================================================== Operating profit before amortisation 2,374 416 Amortisation of goodwill (1,357) (7,066) ---------------------------------------------------------------------- Operating profit (loss) 1,017 (6,650) Interest income, net 176 337 ---------------------------------------------------------------------- Profit (loss) before taxation 1,193 (6,313) Taxation 243 0 ---------------------------------------------------------------------- Profit (loss) for the period after taxation 1,436 (6,313) ====================================================================== Earnings (loss) per ordinary share: basic $0.01 ($0.06) Earnings (loss) per ordinary share: diluted $0.01 ($0.06) Ordinary shares - basic 98,128 99,110 Ordinary shares - diluted 101,385 99,272 ====================================================================== The profit and loss was translated from GBP to USD using the monthly average rates Merant plc - CONSOLIDATED BALANCE SHEET (unaudited) Oct-31 Apr-30 2003 2003 $000 $000 ====================================================================== Fixed assets Intangible fixed assets 13,233 13,754 Tangible fixed assets 4,029 3,148 Investment 16,288 11,176 ---------------------------------------------------------------------- Total fixed assets 33,550 28,078 ====================================================================== Current assets: Stock 97 144 Trade debtors 23,368 25,376 Other debtors and prepaid expenses 3,844 5,722 Cash and bank deposits 66,566 72,779 ---------------------------------------------------------------------- Total current assets 93,875 104,021 ---------------------------------------------------------------------- Creditors: amounts falling due within one year Trade creditors 1,608 1,977 Accrued employee compensation 7,768 8,868 Current corporation tax 10,454 9,570 Accrued expenses and other current liabilities 8,158 9,754 Deferred revenue 37,333 41,526 ---------------------------------------------------------------------- Total current liabilities 65,321 71,695 ====================================================================== Net current assets 28,554 32,326 ====================================================================== Total assets less current liabilities 62,104 60,404 Provision for liabilities and charges 4,337 7,158 ---------------------------------------------------------------------- Net assets 57,767 53,246 ====================================================================== Capital and reserves Called up share capital 3,571 3,321 Share premium account 344,726 322,422 Capital redemption reserve 1,590 1,498 Profit and loss account (292,120) (273,995) ---------------------------------------------------------------------- Total shareholders' equity 57,767 53,246 ====================================================================== Each balance sheet account was translated from GBP to USD at the closing rate for each period Merant plc - CONSOLIDATED CASH FLOW STATEMENT Oct-31 2003 $'000 ====================================================================== (i) Reconciliation of operating(loss) to "Net cash (outflow)/inflow from operating activities" Operating profit/(loss) 1,017 Depreciation charges 474 Amortisation charges 1,377 EBT costs 215 Changes in operating assets and liabilities (581) Exceptional items 0 Loss on disposal of fixed assets 0 ---------------------------------------------------------------------- Net cash (outflow)/inflow from operating activities 2,501 ====================================================================== CONSOLIDATED CASH FLOW STATEMENT UK FORMAT Net cash (outflow)/inflow from operating activities (note i) 2,501 Returns on investments and servicing of finance 176 Taxation 454 Capital expenditure and financial investment (5,495) Acquisitions and disposals 0 ---------------------------------------------------------------------- Cash (outflow)/inflow before financing (2,364) ---------------------------------------------------------------------- Financing 1,388 ---------------------------------------------------------------------- (Decrease)/increase in cash (976) ====================================================================== (ii) Reconciliation to net funds ---------------------------------------------------------------------- (Decrease) Increase in cash during the period (976) ---------------------------------------------------------------------- Translation difference 401 ---------------------------------------------------------------------- Movement in cash during the period (575) ---------------------------------------------------------------------- Net funds, beginning of period 67,141 ---------------------------------------------------------------------- Net funds, end of period 66,566 ======================================================================
1 Year Maclaren Minerals Chart |
1 Month Maclaren Minerals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions