Rogue Wave (NASDAQ:RWAV)
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Rogue Wave Software Reports Financial Results for Fiscal Fourth Quarter and 2003
Fiscal Year
Revenue and EPS Exceed Expectations for Quarter and Year End
BOULDER, Colo., Oct. 28 /PRNewswire-FirstCall/ -- Rogue Wave Software, Inc. , a
global software application infrastructure and consulting services company,
today reported the following results for its fiscal fourth quarter and year
ended September 30, 2003.
-- Fourth quarter revenue was $7.6 million, representing a decline of 18%
from the $9.3 million achieved in the fourth quarter of fiscal 2002.
For fiscal year 2003, revenue totaled $32.9 million, representing a
decline of 24% from the $43.3 million achieved in fiscal year 2002.
Previous guidance for fiscal 2003 ranged from $29.5 million to
$32.0 million.
-- Net income for the quarter was $2.7 million or $0.26 per basic and
$0.25 per diluted share. This compares with a net loss of
($4.8 million) or ($0.45) per basic and diluted share in the fourth
quarter of fiscal 2002. Net income for fiscal 2003 was $1.5 million or
$0.15 per basic and diluted share. A net loss of ($7.3 million) or
($0.68) per basic and diluted share was reported in fiscal 2002. Fourth
quarter and fiscal year 2003 EPS guidance ranged from ($0.15) to $0.13
and ($0.26) to $0.02, respectively.
-- Cash and short-term investments increased to $32.7 million at
September 30, 2003 from $28.8 million at June 30, 2003. This compares
to a cash position of $28.3 million at September 30, 2002.
"We are pleased to report that we have achieved a third quarter of consecutive
profitability. We are especially proud of our performance in Q4. We defined a
very challenging business plan earlier this year and we successfully executed
it. The results are rewarding to all of us at Rogue Wave, and they are serving
as a new source of motivation that is driving the successful execution of our
newly defined and equally challenging plan for 2004," stated Kathleen Brush, CEO
of Rogue Wave Software.
Brush continued, "Fiscal 2003 was a turning point for Rogue Wave Software. Our
financial results are solid evidence that our refocusing efforts and commitment
to sound business practices are working. It gives us great satisfaction to tell
our stockholders that we have surpassed our revenue and earnings guidance for
the year. We are also encouraged that the revenue of our core SourcePro product,
which had witnessed several quarters of revenue decline, has had two quarters of
stabilization. This combined with cost restructuring in the Stingray product
line, gives us two profitable products to support a healthy bottom line and to
fund our new product initiatives.
"We also take some comfort in the continued momentum for LEIF, in the two forms
of an increasing number of customers and a growing pipeline." Brush concluded,
"While we are encouraged with the signs of stabilization in SourcePro revenue,
and the initial traction of LEIF, we know that 2004 will be another challenging
year for Rogue Wave. The success of our new product strategy, which includes
LEIF and other still to be introduced products, relies upon the technology
adoption curve for Web services. Because of this we must remain cautious in our
2004 outlook."
Revenue for fiscal 2004 is expected to range from $28.0 million to $30.0
million. EPS for the year is expected to be between $0.30 - $0.35 per share.
Rogue Wave Software's earnings call will be available live via its Web site at
http://www.roguewave.com/ or by calling 800-299-8538 for domestic, and
617-786-2902 for international, beginning at 4:30 p.m. EST today. The
participant pass code is 88181040.
There will also be an on-demand webcast replay of the conference call beginning
two hours after the conclusion. The replay will be available at
http://www.roguewave.com/ through November 11, 2003, or by dialing 888-286-8010
for domestic, and 617-801-6888 for international. The participant pass code is
18421669.
About Rogue Wave Software, Inc.
Rogue Wave Software, Inc. (NASDAQ:RWAV) is leading global software and
consulting services company. Its large-scale, platform-independent business
frameworks, components and services provide the fastest way to deliver durable
mission-critical applications. Today more than 300,000 developers at the world's
leading companies use Rogue Wave products to develop comprehensive,
enterprise-level general business and e-business applications. With headquarters
in Boulder, Colo., Rogue Wave has offices located throughout the United States,
Europe and Asia and can be found on the Internet at http://www.roguewave.com/ .
Rogue Wave is a registered trademark of Rogue Wave Software, Inc. All other
trademarks are the property of their respective owners.
This release may contain projections or other forward-looking statements
regarding future events or the future financial performance of the company that
involve risks and uncertainties. These statements include, but are not limited
to, estimates of fiscal 2004 revenue and net income and other expressions of
management's belief or expectations. Readers are cautioned that these
forward-looking statements are only predictions and may differ materially from
actual future events or results. Readers are referred to the documents filed by
Rogue Wave with the SEC, specifically the most recent reports on Form 10-K and
10-Q which identify important risk factors that could cause actual results to
differ from those contained in the forward-looking statements, including risks
associated with acquisition strategy, dependence on new product offerings,
competition, patents, intellectual property and licensing, future growth, rapid
technological and market change, manufacturing and sourcing risks, Internet
infrastructure and regulation, international operations, volatility of stock
price, financial risk management, and potential volatility in operating results,
among others. Rogue Wave undertakes no obligation to publicly update or revise
any forward-looking statements to reflect events or circumstances that may arise
after the date of this press release.
ROGUE WAVE SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
September 30, September 30,
ASSETS 2003 2002
Current assets:
Cash and short-term investments $32,728 $28,256
Accounts receivable, net 6,161 8,144
Prepaid and other current assets 444 2,057
Total current assets 39,333 38,457
Equipment, net 968 2,933
Other assets, net 396 1,552
Total assets $40,697 $42,942
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $80 $137
Accrued expenses 3,087 4,961
Deferred revenue 6,679 9,102
Total current liabilities 9,846 14,200
Stockholders' equity:
Common stock 10 10
Additional paid-in capital 39,706 39,944
Accumulated deficit (9,776) (11,325)
Other comprehensive income (loss) 911 113
Total stockholders' equity 30,851 28,742
Total liabilities and
stockholders' equity $40,697 $42,942
ROGUE WAVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Three months ended Twelve months ended
September 30, September 30,
2003 2002 2003 2002
Revenue:
License revenue $4,505 $4,691 $19,040 $22,877
Service and maintenance
revenue 3,100 4,577 13,867 20,422
Total revenue 7,605 9,268 32,907 43,299
Cost of revenue:
Cost of license revenue 205 321 645 942
Cost of service and
maintenance revenue 378 1,102 2,698 6,213
Total cost of revenue 583 1,423 3,343 7,155
Gross profit 7,022 7,845 29,564 36,144
Operating expenses:
Product development 1,173 2,829 6,233 12,355
Sales and marketing 2,128 5,708 13,559 22,739
General and administrative 801 1,019 3,829 5,377
Restructuring, severance
and goodwill amortization - - 4,123 1,315
Total operating
expenses 4,102 9,556 27,744 41,786
Income (loss) from
operations 2,920 (1,711) 1,820 (5,642)
Other income(expense), net (192) 44 (75) 412
Income (loss) before
income taxes 2,728 (1,667) 1,745 (5,230)
Income tax expense (benefit) 75 3,166 196 2,065
Net income (loss) $2,653 $(4,833) $1,549 $(7,295)
Basic income (loss) per
share $0.26 $(0.45) $0.15 $(0.68)
Shares used in basic per
share calculation 10,180 10,663 10,113 10,742
Diluted income (loss) per
share $0.25 $(0.45) $0.15 $(0.68)
Shares used in diluted per
share calculation 10,447 10,663 10,172 10,742
DATASOURCE: Rogue Wave Software, Inc.
CONTACT: Sherry Beck of Rogue Wave Software, Inc., +1-303-545-3264,
Web site: http://www.roguewave.com/