Centra (NASDAQ:CTRA)
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Centra Software, Inc. (NASDAQ: CTRA), a leading provider
of software and services for online learning and training, today
announced financial results for the fourth quarter and year ended
December 31, 2005.
Fourth Quarter 2005 Results
Revenues for the fourth quarter of 2005 were $9.8 million,
compared with $9.4 million in the third quarter of 2005 and $10.5
million in the fourth quarter of 2004. Software license revenue for
the fourth quarter of 2005 was $2.9 million, or 29 percent of total
revenues, compared with $2.6 million in the third quarter of 2005 and
$3.7 million in the fourth quarter of 2004. Software services revenues
were $2.8 million for the fourth quarter of 2005, or 28 percent of
total revenues, compared with $2.5 million in the third quarter of
2005 and $2.7 million in the same period last year. Maintenance and
professional services revenues were $4.2 million in the fourth quarter
of 2005, or 43 percent of total revenues, compared with $4.3 million
in the third quarter of 2005, and $4.1 million in the fourth quarter
of 2004.
Net income for the fourth quarter was $1.0 million, or $0.04 per
basic share, including charges of approximately $620,000 or $0.02 per
share, for merger-related costs associated with the prospective
business combination with Saba Software, Inc. This compares with net
income of $795,000, or $0.03 per share, in the third quarter of 2005,
including charges of approximately $310,000, or $0.01 per share, for
merger-related costs associated with the prospective business
combination with Saba Software, Inc. Net loss for the fourth quarter a
year ago was $1.3 million, or $0.05 per share. Gross margin percentage
for the fourth quarter of 2005 was 82.7 percent, compared with 81.8
percent in the third quarter of 2005 and 81.0 percent in the fourth
quarter of 2004.
Centra's cash, cash equivalents and short- and long-term
investments totaled $26.6 million as of December 31, 2005, compared
with $24.5 million as of September 30, 2005 and $25.9 million as of
December 31, 2004. The Company's days sales outstanding (DSO) was 60
days at the end of the fourth quarter, compared with 55 days at the
end of the third quarter of 2005 and 68 days at the end of the fourth
quarter of 2004.
2005 Results
Revenues for 2005 were $38.5 million, compared with $38.1 million
reported in 2004. Net income for 2005 was $990,000, or $0.04 per basic
share. This compares with a net loss of $11.1 million, or $0.41 per
share in 2004.
About Centra
Online learning and training solutions from Centra create
workforce efficiencies and enable organizations to share and exchange
business-critical information with geographically distributed
customers, partners, prospects and employees. Centra enables groups to
work faster and more effectively by automating critical learning and
training initiatives online through virtual classrooms, online
meetings and Web conferences. From enterprise-application training and
support to workforce development and more, Centra's software and
services help organizations deliver critical information and skills to
support their most challenging business initiatives. Currently
available in nine languages, Centra solutions can be deployed as
on-site software or through its ASP service. Organizations across
every major industry and market sector choose Centra, including
Wyndham International, Weyerhaeuser, Underwriters Laboratories, BMW
and Stanford University. Headquartered in Lexington, Massachusetts,
Centra serves a worldwide customer base throughout the Americas,
Europe, Asia and Australia. For more information, visit
www.centra.com.
Centra is a registered trademark of Centra Software, Inc. All
other trademarks referenced herein are the property of their
respective owners.
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CENTRA SOFTWARE, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
December December
31, 31,
2004 2005
Assets
Current assets
Cash, cash equivalents and short-term
investments $25,135 $26,568
Restricted cash 233 -
Accounts receivable, net 7,887 6,598
Prepaid expenses and other current assets 1,374 1,967
------- -------
Total current assets 34,629 35,133
Property and equipment, net 1,440 999
Long-term investments 743 -
Restricted cash 400 400
Other assets 16 15
------- -------
Total assets $37,228 $36,547
======= =======
Liabilities and stockholders' equity
Current liabilities
Current maturities of long-term debt $ 1,049 $ 709
Accounts payable 939 376
Accrued expenses 5,677 4,288
Deferred revenue 14,360 14,175
------- -------
Total current liabilities 22,025 19,548
Long-term debt, net of current maturities 1,012 618
Total stockholders' equity 14,191 16,381
------- -------
Total liabilities and stockholders' equity $37,228 $36,547
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CENTRA SOFTWARE, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
For the Three- and Twelve-Months Ended December 31, 2004 and 2005
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Twelve Months
ended December ended December
31, 31,
2004 2005 2004 2005
Revenues
License $ 3,678 $ 2,859 $ 11,650 $10,514
Software services 2,667 2,816 10,338 10,689
Maintenance and professional
services 4,125 4,172 16,076 17,331
------- ------- -------- -------
Total revenues 10,470 9,847 38,064 38,534
------- ------- -------- -------
Cost of revenues
License 83 136 277 551
Amortization of acquired
developed technology - - 233 -
Software services 602 552 2,386 2,226
Maintenance and professional
services 1,305 1,017 4,549 4,271
------- ------- -------- -------
Total cost of revenues 1,990 1,705 7,445 7,048
------- ------- -------- -------
Gross profit 8,480 8,142 30,619 31,486
------- ------- -------- -------
Operating expenses
Sales and marketing 5,681 3,099 22,496 13,586
Product development 2,140 2,041 10,029 8,757
General and administrative 2,047 2,201 8,630 8,753
Restructuring charges - - 788 -
------- ------- -------- -------
Total operating expenses 9,868 7,341 41,943 31,096
------- ------- -------- -------
Operating (loss) income (1,388) 801 (11,324) 390
Other income, net 67 206 219 600
------- ------- -------- -------
Net (loss) income $(1,321) $ 1,007 $(11,105) $ 990
======= ======= ======== =======
Basic net (loss) income per share $ (0.05) $ 0.04 $ (0.41) $ 0.04
Diluted net (loss) income per
share $ (0.05) $ 0.03 $ (0.41) $ 0.03
------- ------- -------- -------
Weighted average shares
outstanding
Basic 27,567 28,277 27,367 27,953
------- ------- -------- -------
Diluted 27,567 28,885 27,367 28,777
------- ------- -------- -------
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