Bindview (NASDAQ:BVEW)
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BindView Corporation (Nasdaq:BVEW), a leading provider
of IT security compliance solutions, today announced results for the
third quarter ended Sept. 30, 2005. Financial results were in line
with updated estimates issued on Oct. 3, 2005.
Revenues for the third quarter of 2005 were $17.7 million compared
with $17.2 million in the third quarter of 2004. License revenues for
the third quarter of 2005 were $8.5 million, up 8 percent from $7.8
million in the third quarter of 2004. Services revenues for the third
quarter of 2005 were $9.2 million, down slightly from $9.4 million in
the third quarter of 2004. Services revenues were comprised of
maintenance revenues of $8.2 million, up from $7.7 million in the
third quarter of 2004, and professional services revenues of $1.0
million, down from $1.7 million in the same quarter of the preceding
year.
Operating costs and expenses for the second quarter of 2005 were
$16.0 million, down 7 percent from $17.2 million in the third quarter
of 2004. Operating costs and expenses for the third quarter of 2005
included expenses of approximately $0.4 million related to the
Company's previously announced acquisition by Symantec and a $0.4
million reduction in the Company's restructuring expenses.
Net loss for the third quarter of 2005 was $0.1 million ($0.00 per
share), compared with a net loss of $2.6 million ($0.05 per share) in
the third quarter of 2004.
At Sept. 30, 2005, the Company's cash and short-term investments
(including $2.25 million of restricted cash) were $30.9 million,
compared with $34.9 million at Dec. 31, 2004. At Sept. 30, 2005, the
Company had no outstanding debt.
Planned Acquisition by Symantec
On Oct. 3, 2005, the Company announced it had entered into an
agreement to be acquired by Symantec Corporation (Nasdaq:SYMC) for
approximately $209 million. Under terms of the agreement, each
outstanding share and share equivalent of the Company's common stock
will be purchased for $4.00 in cash. The transaction is, among other
things, subject to the approval of the Company's shareholders, and the
expiration or termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976.
Third Quarter Highlights
Regulatory Compliance Summit -- Marking the third anniversary of
the enactment of The Sarbanes-Oxley Act, the Company conducted a panel
on the state of regulatory compliance at the National Press Club in
Washington, D.C., featuring industry notables including former SEC
Chairman Arthur Levitt.
Security Compliance Council -- Joined forces with the Computer
Security Institute and The Institute of Internal Auditors to form the
Security Compliance Council, a new organization dedicated to
developing metrics that provide performance measurements for meeting
IT security compliance requirements.
New e-Learning Services -- Announced the availability of new
e-learning services, accompanied by a fixed-price licensing model for
its complete coursework portfolio.
Advanced Regulatory Report Views -- Added significant enhancements
to the Compliance Center product suite. The new reports map regulatory
mandates -- including Sarbanes-Oxley, FISMA, HIPAA, Basel II and GLBA
-- to industry-accepted frameworks using the Center for Internet
Security's Level-1 and Level-2 Benchmarks.
General Mills Selects BindView -- Announced that General Mills, a
leading global manufacturer and marketer of consumer foods products,
selected BindView to help meet its IT security compliance
requirements.
Key Relationship with TCS -- Announced a strategic alliance with
Mumbai-based Tata Consultancy Services, with terms that call for TCS
to use the Company's Compliance Center and bv-Control product
portfolios to perform comprehensive assessments of customer
environments to determine their IT security compliance posture.
New Version of Compliance Center -- Announced significant
additions to its flagship compliance portfolio, including support for
Oracle, SQL Server and Microsoft Exchange capabilities.
Additions to Vulnerability & Configuration Management Portfolio --
Announced bv-Control for Internet Security 8.1, which provides
administrators with a comprehensive view of the network that helps to
identify and remediate exposures, and detects both applications and
devices present on corporate networks.
About BindView
BindView Corporation is a global provider of IT security
compliance software. BindView solutions remove barriers that limit an
organization's ability to cost effectively demonstrate due care and
maintain compliance with IT security policies and regulatory mandates.
BindView policy compliance; vulnerability and configuration
management; and directory and access management software combine
best-practices knowledge with automated controls to reduce risk and
protect IT assets at the lowest cost across users, systems,
applications and databases in multi-platform environments. More than
20 million licenses have shipped to 5,000 companies worldwide,
spanning all major business segments and the public sector. Contact
BindView via e-mail at info@bindview.com, on the web at
http://www.bindview.com, and at 1-713-561-4000 or 1-800-749-8439.
Statements in this news release not based on historical fact are
"forward-looking" statements pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Actual results
could differ materially because of factors such as the risk factors
and other matters described from time to time in BindView's Form 10-K
filings, Form 10-Q filings, and other periodic filings with the
Securities and Exchange Commission, including without limitation the
time required for large transactions to close and the general
willingness of customers to make investments in information
technology.
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BindView Development Corporation
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Revenues:
Licenses $8,479 $7,849 $21,950 $22,409
Services 9,173 9,377 27,860 27,529
--------- --------- --------- ---------
17,652 17,226 49,810 49,938
--------- --------- --------- ---------
Cost of revenues:
Licenses 219 393 573 723
Services 1,689 2,251 5,807 5,992
--------- --------- --------- ---------
1,908 2,644 6,380 6,715
--------- --------- --------- ---------
Gross profit 15,744 14,582 43,430 43,223
Operating costs and expenses:
Sales and marketing 9,670 9,621 28,658 28,540
Research and development 4,294 5,647 13,488 15,619
General and administrative 2,131 1,922 6,465 5,844
Restructuring (433) - 709 149
Merger 383 - 383 -
--------- --------- --------- ---------
16,045 17,190 49,703 50,152
--------- --------- --------- ---------
Operating loss (301) (2,608) (6,273) (6,929)
Other income, net 310 151 832 357
--------- --------- --------- ---------
Income (loss) before income
taxes 9 (2,457) (5,441) (6,572)
Provision for income taxes 69 129 162 273
--------- --------- --------- ---------
Net loss $(60) $(2,586) $(5,603) $(6,845)
========= ========= ========= =========
Loss per share - basic and
diluted $(0.00) $(0.05) $(0.12) $(0.14)
========= ========= ========= =========
Number of shares used to
calculate per Share amounts,
basic and diluted 47,486 47,274 47,660 47,345
BindView Development Corporation
Consolidated Balance Sheets (Unaudited)
(in thousands)
------------- -------------
September 30, December 31,
2005 2004
------------- -------------
Cash and cash equivalents $25,300 $25,666
Cash - restricted 2,250 2,250
Short term investments 3,315 6,974
Accounts receivable, net 8,655 14,657
Other 2,263 1,634
------------- -------------
Total current assets 41,783 51,181
Property and equipment, net 6,279 6,664
Investments and other 577 709
------------- -------------
Total assets $48,639 $58,554
============= =============
Accounts payable $2,323 $3,023
Accrued liabilities 3,784 5,307
Accrued compensation 3,526 3,603
Deferred revenues 13,405 11,963
------------- -------------
Total current liabilities 23,038 23,896
Deferred revenues 1,864 2,707
Other 1,141 1,824
Common stock 1 1
Additional paid-in capital 106,827 106,244
Accumulated deficit (82,919) (77,316)
Deferred stock compensation and other (2,507) (920)
Accumulated other comprehensive income 1,194 2,118
------------- -------------
Total shareholders' equity 22,596 30,127
------------- -------------
Total liabilities and
shareholders' equity $48,639 $58,554
============= =============
Common shares outstanding 48,666 47,849
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