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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Direct Line Insurance Group Plc | LSE:DLG | London | Ordinary Share | GB00BY9D0Y18 | ORD 10 10/11P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.40 | 0.52% | 268.60 | 268.40 | 268.80 | 268.80 | 265.80 | 265.80 | 1,678,766 | 09:32:50 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Fire, Marine, Casualty Ins | 2.86B | 222.9M | 0.1700 | 15.76 | 3.5B |
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RNS Number:8071A
Dialog Corporation PLC
15 November 1999
The Dialog Corporation plc
Third quarter results for the three month period
ended 30 September 1999
DIALOG REPORTS Q3 REVENUES OF #50.3M
AND PROFIT BEFORE TAX OF #6.5M
London, England/ Cary, N.C., 15 November 1999: The Dialog
Corporation plc (LSE: DLG, NASDAQ: DIAL), a leading provider
of Internet-based information, technology and eCommerce
solutions to the corporate market, today announced its third
quarter results for the three month period ending 30
September 1999.
Q3 highlights -
* Group Revenues of #50.3 million - up 18% on Q3 1998
* Gross Profit #34.1 million - up 42% on Q3 1998
* Profit Before Tax of #6.5 million
* Traditional business shows like-for-like year-on-year
growth in September for the first time in six years
Post Q3 -
* End-user Internet portals launched in conjunction with
Netscape Communications and first credit card payments
accepted
* Palo Alto data centre outsourced to ICL representing
considerable cost and management efficiencies
* Fujitsu unveils first Japanese product incorporating
Dialog's InfoSort technology
* Agreement reached to acquire remaining equity of
Muscat, consolidating control of powerful natural
language search technology on very favourable terms
Debt refinancing -
* In discussions with potential investors concerning
capital restructuring
* November debt obligations met in full out of existing
resources; next payments due May 2000
* Banking covenants relaxed to allow greater flexibility
in refinancing discussions; new warrants issued
allowing Banks to purchase 6 million ordinary shares
Allen Thomas, Chairman of The Dialog Corporation, said:
"The efforts of management and staff over the past two years
have resulted in tangible trading progress in the recent
quarter. Prospects for the business are encouraging.
However, we remain constrained by our current debt structure
from pursuing the high growth opportunities in Web Solutions
and eCommerce as well as from pursuing more aggressive
marketing of our end-user solutions in our Information
Services Division. We continue to strive for a solution
that is beneficial to our shareholders, and, on the basis of
our current discussions, the Board and I remain confident of
a successful outcome."
Overview
The third and fourth quarters are seasonally the Company's
slower quarters due to holiday-related declines in
information consumption. Revenues for the quarter,
including contributions of #11.6 million from the Group's
alliance partnership with Fujitsu (TSE: 6702), were #50.3
million, up 18% over Q3 1998, and 13% ahead of Q2 1999.
In September 1999 revenues in the traditional Dialog
Information Services business, for the first time in six
years, showed marginal growth over the previous September.
The Web Solutions Division achieved revenues of #1.1 million
that, excluding the one-time InfoSort license fee from
Fujitsu, are up 16% on the second quarter 1999.
Within the eCommerce Division, revenues for OfficeShopper
grew marginally over Q2 and we completed a follow-on sale to
Spicers of our Sparza eCommerce procurement software.
Pre-tax profit for the quarter of #6.5 million, favourably
impacted by higher margin revenue, was up 556% compared to
Q3 1998.
Debt refinancing
The Company has met its debt obligations for November out of
existing resources. This involved $11.1 million of interest
on both Senior and Subordinated Debt plus a $9.8 million
repayment of Senior Debt. The next Senior Debt principal
repayments are due in May 2000 by which time the Board is
confident that the debt refinancing will have been
successfully concluded.
The refinancing of the Company's senior debt remains a
priority, and since our statement to the market on 24th
August 1999, the Group has continued to focus on this issue.
To date, the discussions on debt refinancing have resulted
in expressions of interest being received from a number of
third parties, such expressions ranging from specific
interest in the Group's eCommerce and Web Solutions
activities through to equity stakes and possible interest in
making an offer for the Company.
In conjunction with our advisors, Salomon Smith Barney and
Chase Manhattan Bank, the Company is continuing discussions
with potential investors with a view to enabling the Company
to pursue it strategic plans with an appropriate capital
structure and in a manner consistent with the best interests
of shareholders, stakeholders and employees.
The Company's principal lenders support management's view
that the current refinancing discussions will lead to a
positive outcome and, at the Company's request, have relaxed
the existing covenant arrangements in order to allow these
discussions to be thoroughly pursued. As part of these
discussions to relax covenants the Company has issued to its
senior lenders warrants to purchase 6 million shares of the
Company's Ordinary share capital exercisable within 10
years. These warrants, along with warrants previously
issued, will be priced at average current market price and
may be re-priced in May 2000 should the share price at that
date be lower than the price at which these warrants have
been issued.
Outlook
The efforts of management and staff over the past two years
have resulted in tangible trading progress in the recent
quarter. Prospects for the business are encouraging.
However, we remain constrained by our current debt structure
from pursuing the high growth opportunities in Web Solutions
and eCommerce as well as from pursuing more aggressive
marketing of our end-user solutions in our Information
Services Division. We continue to strive for a solution
that is beneficial to our shareholders, and, on the basis of
our current discussions, the Board and I remain confident of
a successful outcome.
Allen Thomas
Chairman
15 November 1999
For further information, please contact:
Dan Wagner, Chief Executive 0171 930 6900
The Dialog Corporation plc dan_wagner@dialog.com
David Mattey, Finance Director 0171 930 6900
The Dialog Corporation plc david_mattey@dialog.com
Sara Parker, Head of Corporate 0171 930 6900
Communications sara_parker@dialog.com
The Dialog Corporation plc
John Olsen / James Longfield 0171 357 9477
Hogarth Partnership Ltd, for Dialog jolsen@hogarthpr.co.uk
The Dialog Corporation plc
Consolidated Profit And Loss Account (unaudited)
for the 9 months ended 30 September 1999
1999 1998
#'000 #'000
Turnover 137,591 131,187
Cost of sales (51,680) (56,706)
------- -------
Gross profit 85,911 74,481
Distribution costs (16,341) (16,628)
Administrative expenses (39,888) (31,824)
Amortisation of development
costs/goodwill (7,077) (5,994)
Exceptional restructuring items - (1,398)
------- -------
Operating profit 22,605 18,637
Exceptional item
- loss on termination of subsidiary (911) -
- gain on sale of fixed asset
investments - 2,069
Net interest payable (13,519) (12,730)
------- -------
Profit on ordinary activities
before taxation 8,175 7,976
Taxation on profit on
ordinary activities (1,150) (898)
------- -------
Profit on ordinary activities
after taxation 7,025 7,078
Minority equity interests 9 (145)
------- -------
Retained profit 7,034 6,933
======= =======
Earnings per share (pence) 4.6 4.6
Earnings per share excluding
exceptional gain 4.6 3.4
Shares used in computing
earnings per share (thousands) 151,613 150,418
The Dialog Corporation plc
Consolidated Balance Sheet (unaudited)
as at 30 September 1999
30 September 31 December
1999 1998
#'000 #'000
FIXED ASSETS
Intangible assets 27,062 23,154
Goodwill 7,328 7,676
Tangible assets 15,641 17,870
Investments 12,937 12,354
------- -------
62,968 61,054
------- -------
CURRENT ASSETS
Stocks 92 221
Debtors 46,165 42,781
Cash at bank and in hand 7,153 4,494
Assets held for resale - 992
------- -------
53,410 48,488
CREDITORS (amounts falling
due within one year) (60,129) (58,845)
------- -------
NET CURRENT LIABILITIES (6,719) (10,357)
------- -------
TOTAL ASSETS LESS CURRENT LIABILITIES 56,249 50,697
CREDITORS (amounts falling due
after more than one year) (142,647) (139,741)
Provisions for liabilities and charges (2,596) (4,697)
------- -------
(88,994) (93,741)
======= =======
CAPITAL AND RESERVES
Called up share capital 1,518 1,514
Share premium account 152,394 152,128
Shares to be issued 967 967
Profit and loss account (244,458) (249,427)
------- -------
Ordinary shareholders' funds (89,579) (94,818)
Minority interest 585 1,077
------- -------
Total shareholders' funds (88,994) (93,741)
======= =======
The Dialog Corporation plc
Consolidated Cash Flow Statement (unaudited)
for the 9 months ended 30 September 1999
1999 1998
#'000 #'000
NET CASH INFLOW FROM OPERATING
ACTIVITIES 22,258 14,259
------- -------
RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received 159 308
Interest paid on bank loans
and overdrafts (10,819) (9,072)
Interest paid on finance leases (5) (39)
------- -------
(10,665) (8,803)
------- -------
TAXATION PAID (534) (32)
------- -------
CAPITAL EXPENDITURE
Payments to develop intangible assets (9,813) (7,778)
Payments to acquire tangible
fixed assets (3,450) (2,405)
Receipts from sales of tangible
fixed assets 87 32
------- -------
(13,176) (10,151)
------- -------
ACQUISITIONS AND DISPOSALS
Payments to acquire minority
interest in subsidiary undertaking (429) -
Purchase of share in joint venture (1,235) (1,086)
Expenses in connection with purchase
of subsidiary undertakings (493) (472)
Proceeds from sale of investments 774 7,122
------- -------
(1,383) 5,564
------- -------
CASH (OUTFLOW)/INFLOW BEFORE THE USE
OF LIQUID RESOURCES AND FINANCING (3,500) 837
------- -------
MANAGEMENT OF LIQUID RESOURCES
Net receipts from sales of investments
with original maturity date of
less than one year - 620
------- -------
FINANCING
Net proceeds on issue of
Ordinary share capital - 458
Debt due within one year 11,564 -
Debt due after one year 14,658 -
Repayment of loans (19,852) (6,907)
Repayment of capital element
of finance leases (324) (323)
------- -------
6,046 (6,772)
------- -------
INCREASE/(DECREASE) IN CASH 2,546 (5,315)
======= =======
RECONCILIATION OF NET CASH FLOW
TO MOVEMENT IN NET DEBT
Increase/(decrease) in cash
in the period 2,546 (5,315)
Cash used to decrease lease financing 324 323
Cash acquired from short-term
borrowings (26,222) -
Cash used to repay loans 19,852 6,907
Increase in liquid resources and cash
deposits with original maturity date
of less than one year - (620)
------- -------
Change in net debt from cash flows (3,500) 1,295
Other non-cash changes (900) (710)
New finance leases (2,077) -
Effect of foreign exchange
rate changes (8,697) 5,306
------- -------
Movement in net debt in period (15,174) 5,891
Net debt at beginning of period (144,197) (145,904)
------- -------
Net debt at end of period (159,371) (140,013)
======= =======
The Dialog Corporation plc
Composition of turnover (unaudited)
for the 9 months ended 30 September 1999
1999 1998
#'000 % #'000 %
Information Services 129,509 94.1% 126,898 96.7%
Web Solutions and Internet
software 7,134 5.2% 2,925 2.2%
eCommerce 948 0.7% -
Other - 1,364 1.0%
------------------------------------ -------
137,591 100.0% 131,187 100.0%
==================================== =======
These results are unaudited and do not constitute statutory
accounts within the meaning of Section 240 of the Companies
Act 1985. The financial statements for the year ended 31
December 1998 have been reported on by the Company's
auditors, PricewaterhouseCoopers, and delivered to the
Registrar of Companies. The audit report was not qualified
and neither did it contain any statements under Section 237
(2) or (3) of the Companies Act 1985. The unaudited results
for the nine months ended 30 September 1999 have been
prepared in accordance with the accounting policies stated
in the 1998 Annual Report and Accounts.
END
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