GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of file
transfer solutions, today announced that it increased cash on hand
by 21 percent during 2008 while taking a non-cash write-down of
approximately $9 million.
Cash on hand at the end of 2008 grew to $6.3 million with
revenue of $15.8 million in 2008, versus $5.7 million of cash and
$18.4 million of revenue in 2007. Excluding a $2.8 million
non-recurring sale in 2007, revenues increased 2 percent in 2008
mainly due to higher earned maintenance and support revenues.
GlobalSCAPE�s sales of maintenance and support services continued
to increase in 2008, as evidenced by the company�s 24 percent
higher deferred revenue balance, which will provide for steady
revenue in 2009. �Given the general economic downturn during 2008
as well as our executive management changes, the improvement in our
baseline revenue is particularly noteworthy and I am pleased with
our year end results,� stated Jim Morris, GlobalSCAPE CEO.
GlobalSCAPE�s write-down during 2008 is related to goodwill and
long-lived assets associated with the company�s 2006 acquisition of
Availl. GlobalSCAPE recorded a goodwill impairment of $5.7 million
and a $3.2 million impairment of long-lived assets following an
annual goodwill impairment test as required by generally accepted
accounting principles. With the write-downs and other non-recurring
charges taken during the fourth quarter, GlobalSCAPE reported a net
loss of $7.66 million for 2008, breaking a string of 18 consecutive
quarters of net income. The impairments recorded in 2008 are
non-cash in nature and do not affect GlobalSCAPE�s liquidity or
cash flow. �Although a write-down of this magnitude results in a
negative EPS of $0.44 per share, basic and diluted, this impairment
is a non-event from a cash perspective and puts us in a solid
financial position for 2009 and beyond,� Morris continued. �We are
pleased to have increased our cash on hand and baseline revenue
during 2008, while continuing to operate with no long-term debt,
and increasing our investments in accordance with our business
strategy.�
Morris, who joined GlobalSCAPE in August 2008, points out that
the company continues to increase its focus on research and
development, industry certifications, selling and technology
partnerships, and brand development. �Our strong financial position
will allow us to extend our leadership position in the file
transfer market while making the strategic investments that
potentially will allow us to enter other lucrative markets that
require trusted and secure exchange of information.�
About GlobalSCAPE
GlobalSCAPE, Inc. (NYSE Amex: GSB), headquartered in San
Antonio, TX, is a global provider of managed file transfer (MFT)
solutions for securely exchanging critical information over the
Internet, within an enterprise, or to business partners. Since the
release of CuteFTP in 1996, GlobalSCAPE's solutions have continued
to evolve to meet the business and technology needs of an
increasingly interconnected global marketplace. For more
information about GlobalSCAPE's products, visit
www.globalscape.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. The words
�would,� �exceed,� �should,� �anticipates,� believe,� �steady,�
�dramatic,� and variations of such words and similar expressions
identify forward-looking statements, but their absence does not
mean that a statement is not a forward-looking statement. These
forward-looking statements are based upon the Company�s current
expectations and are subject to a number of risks, uncertainties
and assumptions. The Company undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. Among the important factors that could
cause actual results to differ significantly from those expressed
or implied by such forward-looking statements are risks that are
detailed in the Company�s Annual Report on Form 10-K for the 2008
calendar year, filed with the Securities and Exchange Commission on
March 31, 2009.
Summary Financial Data
� �
GlobalSCAPE,
Inc.Statements of Operations
Years Ended
December 31,2008
� �
December 31,2007
� �
December 31,2006
� OPERATING REVENUE: Software product revenues $ 10,901,887
$14,826,197 $ 9,395,445 Maintenance and support revenues 4,890,355
3,534,144 1,578,236
Total revenue
15,792,242
18,360,341
10,973,681
� OPERATING EXPENSES: Cost of revenues 188,942 250,439 468,515
SG&A expenses 10,943,821 10,049,430 6,142,299 R&D expenses
2,819,791 1,919,253 1,230,400 Impairment of goodwill 5,773,010
--
--
Impairment of long-lived assets 3,243,945
--
--
Depreciation and amortization 957,036 279,573 99,213 Total
operating expenses 23,926,545 12,498,695 7,940,427 � OPERATING
(LOSS) INCOME (8,134,303) 5,861,646 3,033,254 � Other income
(expense) 94,131 63,549 (67,104) � (LOSS) INCOME BEFORE INCOME
TAXES (8,040,172) 5,925,195 2,966,150 � (BENEFIT) PROVISION FOR
INCOME TAXES (380,211) 2,282,928 1,003,618 � NET (LOSS) INCOME $
(7,659,961) $ 3,642,267 $ 1,962,532
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