Clarus Therapeutics (MM) (NASDAQ:CLRS)
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Clarus Announces Third Quarter 2003 Results
GREENWICH, Conn., Nov. 11 /PRNewswire-FirstCall/ -- Clarus Corporation today
announced financial results for the quarter and nine months ended September 30,
2003. Clarus reported revenues of $104,000 for the first nine months of 2003
from the recognition of deferred software service fees compared to $8.0 million
during the comparable period of 2002. Net loss for the first nine months of
2003 was $4.1 million or $0.26 per diluted share compared to a net loss of $31.0
million or $1.99 per diluted share during the comparable period of 2002. As of
September 30, 2003, Clarus' cash, cash equivalents and marketable securities
were $88.6 million (or $5.37 gross cash per share(1)) compared to $95.1 million
as of December 31, 2002. Clarus currently has approximately $128 million of net
operating losses, capital losses and other U.S. and foreign tax credit
carryforwards to offset taxable income that Clarus may recognize in the future,
subject to limitations of applicable tax laws.
Nigel Ekern, Clarus' Chief Administrative Officer stated, "We are seeking to
identify and continue to actively evaluate suitable acquisition and merger
opportunities as part of our strategy to redeploy our cash and utilize our
NOL's, to the extent available. We have seen a pick up in deal activity over
the last couple months and are encouraged by these signs that companies are
becoming more willing to engage in M&A transactions."
Clarus does not currently intend to hold conference calls to discuss quarterly
earnings releases unless and until the Company consummates an acquisition in
connection with its redeployment strategy. At such time, the Company plans to
resume holding quarterly conference calls to review earnings and Clarus'
operating performance.
Clarus, formerly a provider of e-commerce business solutions, is seeking to
redeploy its assets and use its substantial cash and cash equivalent assets to
enhance stockholder value.
(1) Gross cash per share at September 30, 2003 equals cash, cash
equivalents and marketable securities of $88.6 million divided by 16.5
million common shares outstanding.
This press release contains forward-looking statements within the meaning of the
Securities Act of 1933 and the Exchange Act of 1934. Information in this
release includes Clarus' beliefs, expectations, intentions and strategies
regarding Clarus, its future and its products and services. Assumptions
relating to the forward-looking statements involve judgments with respect to,
among other things, future economic, competitive and market conditions and
future business decisions, all of which are difficult or impossible to predict
accurately and many of which are beyond our control. Actual results could
differ materially from those projected in the forward-looking statements as a
result of certain risks including our inability to execute successfully our
planned effort to redeploy our assets to enhance stockholder value, the
unavailability of our net operating loss carry forward, and that the unaudited
financial information provided in this press release may be adjusted as a result
of the year end audit. Clarus cannot guarantee its future performance. All
forward-looking statements contained in this release are based on information
available to Clarus as of the date of this release and Clarus assumes no
obligation to update the forward-looking statement contained herein.
For further information regarding the risks and uncertainties in connection with
Clarus' business, please refer to the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and "Risk Factors" sections of
Clarus' filings with the Securities and Exchange Commission, including but not
limited to, its most recent annual report on Form 10-K and quarterly reports on
Form 10-Q, copies of which may be obtained at the SEC's web site at
http://www.sec.gov/.
CLARUS CORPORATION
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
SEPTEMBER 30, DECEMBER 31,
2003 2002
---------- ----------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $10,894 $42,225
Marketable securities 77,702 52,885
Accounts receivable, less allowance
for doubtful accounts of $0 and
$586 in 2003 and 2002, respectively -- 467
Prepaids and other current assets 980 1,262
Assets held for sale -- 48
--------- ----------
Total current assets 89,576 96,887
PROPERTY AND EQUIPMENT, NET 4 809
OTHER ASSETS:
Deposits and other long-term assets 37 68
--------- ----------
TOTAL ASSETS $89,617 $97,764
========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $1,875 $1,936
Deferred revenue 1,132 1,248
Current portion of long-term debt -- 5,000
Liabilities to be assumed -- 220
--------- ----------
Total current liabilities 3,007 8,404
LONG-TERM LIABILITIES: -- --
Other long-term liabilities -- --
--------- ----------
Total liabilities 3,007 8,404
STOCKHOLDERS' EQUITY:
Preferred stock, $.0001 par value;
5,000,000 shares authorized;
none issued -- --
Common stock, $.0001 par value;
100,000,000 shares authorized;
16,564,358 and 15,762,707 shares
issued and 16,489,358 and
15,687,707 outstanding in 2003
and 2002, respectively 2 2
Additional paid-in capital 366,393 361,715
Accumulated deficit (276,562) (272,436)
Treasury stock, at cost (2) (2)
Accumulated other comprehensive income 98 146
Deferred compensation (3,319) (65)
--------- ----------
Total stockholders' equity 86,610 89,360
--------- ----------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $89,617 $97,764
========= ==========
CLARUS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30, ENDED SEPTEMBER 30,
----------------- -----------------
2003 2002 2003 2002
---- ---- ---- ----
REVENUES:
License fees $-- $162 $-- $2,649
Services fees 25 1,354 104 5,352
----------------- -----------------
Total revenues 25 1,516 104 8,001
COST OF REVENUES:
License fees -- 5 -- 21
Services fees -- 990 -- 4,809
----------------- -----------------
Total cost of revenues -- 995 -- 4,830
OPERATING EXPENSES:
Research and development -- 1,255 -- 6,437
Sales and marketing -- 1,020 -- 7,699
General and administrative 848 2,090 4,363 7,973
Intangible impairment loss -- -- -- 10,360
Provision for
doubtful accounts (48) (300) 18 (297)
Depreciation and
amortization -- 971 762 3,859
----------------- -----------------
Total operating expenses 800 5,036 5,143 36,031
OPERATING LOSS (775) (4,515) (5,039) (32,860)
OTHER INCOME/(EXPENSE) (125) 14 3 26
INTEREST INCOME 228 568 976 1,986
INTEREST EXPENSE -- (56) (66) (169)
----------------- -----------------
NET LOSS $(672) $(3,989) $(4,126) $(31,017)
================= =================
Loss per common share:
Basic $(0.04) $(0.26) $(0.26) $(1.99)
Diluted $(0.04) $(0.26) $(0.26) $(1.99)
Weighted average shares
outstanding:
Basic 15,975 15,630 15,867 15,597
Diluted 15,975 15,630 15,867 15,597
CLARUS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
NINE MONTHS
ENDED SEPTEMBER 30,
-----------------------
2003 2002
------ ------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $(4,126) $(31,017)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization on
property and equipment 762 3,404
Loss/(Gain) on sale of marketable securities 125 (15)
Impairment of intangible assets -- 10,360
Amortization of intangible assets -- 455
Noncash sales and marketing expense -- 450
Noncash general and administrative expense 182 --
Provision for doubtful accounts 18 (297)
Loss/(Gain) on disposal of property & equipment 36 918
Changes in operating assets and liabilities:
Accounts receivable 449 1,900
Prepaid and other current assets 282 984
Assets held for sale 48 --
Deposits and other long-term assets 31 443
Accounts payable and accrued liabilities (61) (1,306)
Deferred revenue (116) (4,923)
Liabilities to be assumed (220) --
Other long-term liabilities -- (9)
------ ------
NET CASH (USED IN)/PROVIDED BY
OPERATING ACTIVITIES (2,590) (18,653)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities (100,915) (97,690)
Proceeds from sale of marketable securities 14,025 4,228
Proceeds from maturity of
marketable securities 61,899 73,717
Proceeds from sale of investments -- 200
Proceeds from sale of property & equipment 11 83
Purchases of property and equipment (4) (182)
------ ------
NET CASH (USED IN)/PROVIDED BY
INVESTING ACTIVITIES (24,984) (19,644)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercises of stock options 1,243 268
Repayment of debt (5,000) --
Proceeds from issuance of common stock
related to employee stock purchase plan -- 119
------ ------
NET CASH (USED IN)/PROVIDED BY
FINANCING ACTIVITIES (3,757) 387
------ ------
Effect of exchange rate change on cash -- 27
DECREASE IN CASH AND CASH EQUIVALENTS (31,331) (37,883)
CASH AND CASH EQUIVALENTS, Beginning of Period 42,225 55,628
------ ------
CASH AND CASH EQUIVALENTS, End of Period $10,894 $17,745
====== ======
SUPPLEMENTAL CASH FLOW DISCLOSURE:
------ ------
Cash paid for interest $-- $113
Significant Non-Cash Transaction:
Grant of restricted stock to
Warren B. Kanders on April 12, 2003 $2,680 $--
====== ======
DATASOURCE: Clarus Corporation
CONTACT: Nigel Ekern, Chief Administrative Officer of Clarus
Corporation, +1-203-302-2000,
Web site: http://www.claruscorp.com/
Company News On-Call: http://www.prnewswire.com/comp/133360.html