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Spescom Software Announces Second Quarter Results
SAN DIEGO, May 16 /PRNewswire-FirstCall/ -- Spescom Software Inc. (OTC
Bulletin Board: SPCO), a leading provider of enterprise content and
configuration management solutions, today reported results of operations for
its fiscal second quarter ended March 31, 2005.
Total revenue for the second quarter of 2005 was $1.7 million, an increase of
4% versus revenue of $1.6 million in the year earlier quarter. Net loss before
deemed and cumulative dividends for the second quarter of 2005 was ($508,000),
or ($0.02) per share, compared with net loss before deemed and cumulative
dividends of ($573,000), or ($0.02) per share, for the three months ended March
31, 2004. After the effect of the cumulative dividends totalling $86,000 to
preferred shareholders in the second quarter of 2005, the net loss available to
common shareholders was ($594,000) or ($0.02) per share. In the same period of
the prior year after the cumulative dividends totalling $66,000 the net loss
available to common shareholders in the second quarter was ($639,000) or
($0.02) per share.
For the six months ended March 31, 2005, total revenues were $3.3 million
versus $3.7 million in the same period of the prior year. Net loss before
deemed and cumulative dividends for the 2005 six month period was ($1,112,000),
or ($0.03) per share, compared with net loss before deemed and cumulative
dividends of ($562,000), or ($0.02) per share, for the six-months ended March
31, 2004. After the effect of the deemed dividend $2,200,000 and cumulative
dividends of $169,000 to the preferred shareholders for the first six months of
2005, the net loss available to common shareholders was ($3,481,000) or ($0.10)
per share. In the same period of the prior year after the cumulative dividends
totalling $132,000 to preferred shareholders, the net loss available to common
shareholders was ($694,000), or ($0.02) per share.
"In the second quarter we continued to expand our marketing and sales efforts
and direct the Company's focus as outlined in the recently announced strategic
plan. The market opportunities for our solutions remains strong and our
expectation is that we will begin to see the results of focus in the second
half of this year," commented Carl Mostert, CEO, Spescom Software.
About Spescom Software
Spescom Software is a developer and marketer of leading-edge content and
configuration management software and solutions for complex applications in
energy, homeland security, defense and other sectors that provide the unique
ability to manage disparate types of content and other data on a single
platform. The Company's proprietary eB platform provides extensive enterprise
content management (ECM) functionality, together with best-of-breed
configuration management capabilities. These capabilities enable the secure
capture and storage of both structured and unstructured information, in
addition to the ability to organize, control and manage this information.
Spescom's eB software solution revolutionizes data management through an
innovative new paradigm of data management that re-invents how organizations
store, track, access, and use their enterprise's data to maximize efficiency
and guarantee accuracy and integrity of the data. Key customers include
Constellation Energy, Continental Express, AmerenUE, Cities of Las Vegas and
Dayton, Lloyds Register, United Space Alliance, Entergy, Northeast Utilities,
London Underground, Network Rail, and many others. The Company is headquartered
in San Diego, Calif., with an international sales and support center in London.
Cautionary Statement
Except for historical information contained herein, the matters set forth in
this release include forward-looking statements that are dependent on certain
risks and uncertainties, including such factors, among others, as market
acceptance, market demand, pricing, changing regulatory environment, the effect
of the Company's accounting policies, potential seasonality and other risk
factors detailed in the Company's SEC filings. For a discussion of additional
risk factors relating to Spescom's business, see Spescom's annual report on
Form 10-K for the fiscal year ended September 30, 2004 and quarterly reports on
Form 10-Q for the quarter ended December 31, 2004, including the discussion in
Management's Discussion and Analysis of Financial Condition and Results of
Operations contained therein.
SPESCOM SOFTWARE INC.
Consolidated Statements of Operations
(Unaudited)
For the three months For the six months
Ended March 31, ended March 31,
2005 2004 2005 2004
Revenues:
Licenses $86,000 $359,000 $354,000 $1,478,000
Services and other 1,587,000 1,242,000 2,972,000 2,248,000
Total revenues 1,673,000 1,601,000 3,326,000 3,726,000
Cost of revenues:
Licenses 64,000 53,000 108,000 141,000
Services and other 620,000 541,000 1,234,000 1,107,000
Total cost of revenues 684,000 594,000 1,342,000 1,248,000
Gross profit 989,000 1,007,000 1,984,000 2,478,000
Operating expenses:
Research and development 174,000 336,000 520,000 668,000
Marketing and sales 914,000 726,000 1,738,000 1,331,000
General and
administrative 373,000 482,000 772,000 989,000
1,461,000 1,544,000 3,030,000 2,988,000
Loss from operations (472,000) (537,000) (1,046,000) (510,000)
Interest and other income 2,000 1,000 2,000 6,000
Interest and other expense (38,000) (37,000) (68,000) (58,000)
Net income (loss) (508,000) (573,000) (1,112,000) (562,000)
Deemed preferred dividend - - (2,200,000) -
Net income (loss) available
after deemed preferred
dividend (508,000) (573,000) (3,312,000) (562,000)
Cumulative preferred
dividends (86,000) (66,000) (169,000) (132,000)
Net loss available to common
shareholders $(594,000) $(639,000) $(3,481,000) $(694,000)
Basic and diluted net (loss)
per common share $(0.02) $(0.02) $(0.10) $(0.02)
Shares used in computing
basic and diluted net
(loss) per common share 34,215,000 33,979,000 34,187,000 30,954,000
SPESCOM SOFTWARE INC.
Consolidated Balance Sheets
March 31, September 30,
2005 2004
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $1,031,000 $109,000
Receivables, net 914,000 954,000
Other current assets 176,000 209,000
Total current assets 2,121,000 1,272,000
Property and equipment, net 102,000 116,000
Computer software, net 249,000 15,000
Other assets 28,000 27,000
Total assets $2,500,000 $1,430,000
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable $442,000 $440,000
Payable to Spescom Ltd. 51,000 90,000
Preferred stock dividend payable to Spescom Ltd. 417,000 271,000
Accrued liabilities 1,326,000 1,226,000
Notes and accrued interest Payable to Spescom
Ltd. 588,000 -
Lease obligation - current portion 17,000 19,000
Deferred revenue 2,232,000 1,919,000
Total current liabilities 5,073,000 3,965,000
Notes payable and accrued interest to Spescom
Ltd. - 557,000
Lease obligation 35,000 44,000
Total liabilities 5,108,000 4,566,000
Total shareholders' deficit (2,608,000) (3,136,000)
Total liabilities and shareholders' deficit $2,500,000 $1,430,000
DATASOURCE: Spescom Software Inc.
CONTACT: Carl Mostert or John Low, +1-858-625-3000, Spescom Software
Inc.
Web site: http://www.spescomsoftware.com/