· Annual Revenue of $56.9 million, up 35%
· Net Income for the year of $4.7 million or $.41 per share
DataMirror Corporation (Nasdaq: DMCX; TSE: DMC), a leading provider of enterprise application integration and resiliency solutions, today announced its annual and fourth quarter financial results for the fiscal year 2001.
Revenue for the year ended January 31, 2001 was $56,911,000, compared to $42,174,000 for the previous year, an increase of 35%. Net income for the year ended January 31, 2001 was $4,708,000 or $0.41 per share, compared to a loss of $1,429,000 in the previous fiscal year. Income excluding the equity loss, and dilution gain resulting from the Company’s investment in PointBase, Inc. (“adjusted net income”) for the year ended January 31, 2001 was $3,231,000, an improvement of $3,367,000 over the 2000 fiscal year.
Revenue for the fourth quarter of fiscal 2001 was $16,254,000, an increase of 29% over the fourth quarter of fiscal 2000. Adjusted net income for the fourth quarter was $241,000 or $0.02 per share, compared to $1,168,000 or $0.12 per share for the same period in fiscal 2000. EBITDA for the period was $1,762,000. The loss for the quarter after equity accounting for the Company’s investment in PointBase was $735,000 or $0.06 per share compared to net income of $109,000 or $0.01 per share for the fourth quarter of fiscal 2000.
Operating expenses for the fourth quarter were $12,048,000 compared to $9,038,000 for the same period in fiscal 2000 and down from $12,094,000 for the third quarter of fiscal 2001. Overall headcount increased from 305 to 319 during the quarter.
“With advice from the Board and in light of the slowing economic climate, the Company considered it prudent to take higher reserves for revenue, channel sales and bad debts." commented Nigel Stokes, CEO of DataMirror. "DataMirror did achieve a slight quarterly sales increase and posted a seventh straight quarter of positive operating results, however the results are below plan. Accounts Receivable balances have increased significantly over the past six months. We believe that particularly in North America the worsening economic outlook is having a dampening impact on some smaller business partners and resellers."
For the first quarter of fiscal 2002, DataMirror expects to achieve revenue in the range of $14.0 - $14.5 million, and a small operating loss, expected to be less than $.05 per share.
Milestones achieved in the fourth quarter of fiscal 2001 included:
· Customer count exceeds 1400 – DataMirror added 89 new customers in the fourth quarter to reach a total of 1403. Key customer wins for the quarter included ADP, Inc., Banc of America Securities LLC, Bank Handlowy w Warszawie SA, The BFGoodrich Company, Cott Corporation, Groupe Algeco SA, Reckitt Benckisser, Royal Caribbean Cruises Ltd., Telefónica DataCorp, The United Kingdom Ministry of Defense and 3M.
· DataMirror and Midas-Kapiti International Sign Reseller Arrangement – Under the terms of the agreement, Midas-Kapiti International (MKI), a leading supplier of application solutions and services to the global financial community, will remarket DataMirror's product family to its strong customer base. Over 1,400 institutions use MKI products, including 96 percent of the world's top 50 banks and 60 percent of the top 250.
· iCluster Version 1.5 launched – Resiliency Software for IBM iSeries empowers users with an enhanced Java graphical user interface that has been designed from the ground up specifically to enhance the user's ability to administer clustered environments. iCluster 1.5 also includes full support for ClusterProven applications.
· iCluster and High Availability Suite to Support IBM MQSeries – DataMirror resiliency software will include exclusive adapters to automatically configure MQSeries EAI environments after a primary to recovery system switchover. This will allow customer-facing and B2B systems to be thoroughly backed up and resilient.
· Crossroads 2001 A-List Award – High Availability Suite receives a coveted Crossroads 2001 A-List Award. The Crossroads A-List Awards are based on customer references and recognize the best newly proven products and services that meet today's critical business challenges in the enterprise.
· DataMirror Extends Partnership with J.D. Edwards – iCluster software helps leading collaborative solutions provider J.D. Edwards achieve ClusterProven status by IBM. DataMirror iCluster helps J.D. Edwards® OneWorld® applications operate successfully in a clustered environment, providing customers with application resiliency and continuous availability in the event of downtime.
· Asia Pacific Operation Expands to Shanghai, China – DataMirror Asia Pacific, headquartered in Hong Kong, opens new office in Shanghai, China. The expansion is part of the Company’s ongoing strategy to accelerate the worldwide adoption of DataMirror technology and to push forward with its commitment to the Asia Pacific region as a key market.
· New Chief Financial Officer – Mr. Peter Cauley was promoted to the role of Chief Financial Officer. Mr. Cauley is a Chartered Accountant with over ten years of industry experience including public financings and M&A activity.
· Approval for Nasdaq Listing – DataMirror common shares begin trading on the Nasdaq National Market on January 18th, 2001 under the symbol "DMCX."
· SAP® Certification – DataMirror has achieved interface certification by SAP for deployments of its DataMirror Constellar Hub application integration software suite with the SAP R/3 software suite. SAP/ALE Connector interface certification enables current and potential DataMirror customers to benefit from easy integration of information in SAP with other enterprise applications.
“More and more companies are realizing in today’s economy that, without integration, business gets complicated. While the 1980’s and 1990’s were about database products and ERP applications, the business focus today and in the future will be on integrating databases and applications into a real-time network for business insight. The key to achieving 21st century competitiveness is enterprise application integration (EAI) or the ability to seamlessly integrate different applications, computing systems and data sources into a powerful data-rich infrastructure,” said Nigel Stokes, CEO, DataMirror Corporation. “Over the last year, DataMirror has taken a number of steps to address the growing enterprise application integration market. Through EAI-focused product enhancements such as support for IBM MQSeries as well as the acquisition of the assets of leading EAI vendor Constellar Corporation, we believe DataMirror is well positioned to provide customers with a proven EAI infrastructure to support their e-Business, CRM and business-to-business (B2B) initiatives.”
"DataMirror offers great integration software products and the Company has an excellent team of people who help customers solve their business and application integration problems.” said Mr.Stokes. “In the current slowing economic climate we remain cautious but optimistic that more and more customers will see how our technology can save them time and money. The powerful and cost-effective DataMirror solutions are designed to integrate data across all core business applications as well as new CRM and e-Business applications that provide outward-facing connectivity to customers and business partners. Our technology helps customers build a scalable and resilient EAI infrastructure and empowers employees and business partners alike with real-time flows of data and information.”
About DataMirror Corporation
DataMirror (Nasdaq: DMCX; TSE: DMC) delivers solutions that let customers integrate their data across their enterprises. DataMirror’s comprehensive family of products includes advanced real-time capture, transform and flow (CTF) technology that gives customers the instant access, integration and availability they demand today across all computers in their business.
Over 1,400 companies use DataMirror to integrate their data. Real-time data drives all business. DataMirror is headquartered in Toronto, Canada, and has offices worldwide. DataMirror has been ranked in the Deloitte and Touche Fast 500 as one of the fastest growing technology companies in North America. For more information, call 1-800-362-5955 or visit the DataMirror web site at http://www.datamirror.com
Media and Financial Contacts:
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This press release contains both historical information and forward-looking statements. Forward-looking statements in this press release, including statements regarding DataMirror Corporation’s business which are not historical facts, are made pursuant to the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements of plans, objectives, strategies and expectations for future operations and results. The words “anticipate”, “believe”, “estimate” and “expect” and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Numerous important factors affect DataMirror's operating results and could cause DataMirror's actual results to differ materially from the results indicated by this press release or by any forward-looking statements made by, or on behalf of, DataMirror, and there can be no assurance that future results will meet expectations, estimates or projections. These factors include, but are not limited to, the following: variability of quarterly operating results and the tendency of a significant percentage of quarterly sales to be completed close to the end of each quarter, making estimation of operating results prior to the end of a quarter extremely uncertain; dependence upon on the continued growth and success of DataMirror’s software products, including Transformation Server, Constellar Hub and other software products; competition for DataMirror's products is intense and continues to increase; rapid technological change and new product introductions make the success of software products and product strategies uncertain; dependence upon continued growth in the database and enterprise data integration markets; dependence upon relationships with complementary software and hardware vendors; dependence upon distribution channels; the ability of the Company to recruit and retain qualified key personnel; risks of international operations, including currency exchange rate fluctuations and global economic conditions; possible software errors or defects; possible claims by third parties that the Company’s products infringe their intellectual property rights; as well as the risk factors discussed in the Company’s Annual Information Form and other periodic filings with the United States Securities and Exchange Commission and other regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected. The Company disclaims and does not assume any obligation to update these forward-looking statements.
Copyright 2001 DataMirror Corporation. All rights reserved. DataMirror, Transformation Server, Constellar Hub, High Availability Suite, iCluster and XtremeCache are trademarks or registered trademarks of DataMirror Corporation. ClusterProven is a trademark of IBM Corporation. ®Crossroads is a registered trademark, and Crossroads A-List is a trademark of Open Systems Advisors, Inc. All other brand or product names are trademarks or registered trademarks of their respective companies.
Consolidated Statements of Income (Loss)
(NOTE: Please contact Rainier for tabulated information)
Note to Consolidated Financial Statements
Year Ended January 31, 2001
1. Accounting for income taxes
Effective February 1, 2000 the Company changed its method of accounting for income taxes from the deferral method to the liability method of tax allocation as provided for in the new recommendations of The Canadian Institute of Chartered Accountants. As permitted under the new recommendations, the prior year’s consolidated financial statements have not been restated. The cumulative effect, as at February 1, 2000, of adopting these recommendations was not material. Also, adoption of these recommendations did not have a material effect on the results of the quarter or year ended January 31, 2001.
2. Acquisition of the Assets of Constellar Corporation
Effective September 1, 2000, the Company completed the acquisition of certain assets and liabilities of Constellar Corporation in a transaction valued at approximately $15 million. Approximately U.S. $5 million is payable in future periods with approximately U.S. $3 million of that amount contingent on reaching certain sales milestones. At January 31, 2001, U.S. $266,000 of that contingent consideration had been earned and therefore that amount has been accrued as intangibles in these financial statements. Any future contingent consideration will be recognised when earned and added to intangibles at that time.
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