GlobalSCAPE, Inc. (NYSE Amex: GSB), a leading developer of file
transfer solutions, today announced financial results for its first
quarter of fiscal year 2009, ended March�31, 2009.
Revenue was $3.2 million, a decline of 20 percent when compared
with revenue of $4.1 million in the same quarter last year. Net
loss for the first quarter was $244,000, or net loss of $0.01 per
diluted share. This compares with net income of $152,000, or net
income of $0.01 per diluted share, in the same period a year
ago.
�Our first quarter results reflect the impact of the economic
downturn on both consumer and business spending during the first
part of the year,� said Jim Morris, GlobalSCAPE President and CEO.
�As previously announced, we decided to continue making strategic
investments in our business, even during the downturn, to ensure
that we sustain the momentum necessary to excel as the economy
strengthens. Our recent product announcements, contract wins, and
partnerships validate this decision,� Morris continued. �We are
looking forward to a profitable second quarter, and to extending
our market leadership.�
Quarterly Highlights
In January, GlobalSCAPE announced a partnership with Network
Automation to deliver a new workflow engine for EFT Server, the
company�s enterprise information-sharing solution. The new workflow
engine saves customers time and money as they develop workflows to
streamline and automate complex processes involving file
transfer.
In March, the company released EFT Server Version 6. This newest
version of GlobalSCAPE�s flagship information-sharing solution
reflected almost two years of cumulative development effort since
the last major release of EFT Server in June 2007. No other managed
file transfer product provides an equivalent level of compatibility
with industry standards and support for regulatory compliance
initiatives.
During March, GlobalSCAPE also announced a partnership with
Carahsoft, a $300 million provider of IT solutions to the
government sector. Through the Carahsoft partnership, government
organizations can procure GlobalSCAPE�s solutions easily through
long-term, pre-approved contract vehicles. The U.S. Army awarded
GlobalSCAPE a $2.7 million U.S. Army contract, announced in April,
using Carahsoft�s GSA Schedule.
�We added numerous new enterprise-level customers during the
first quarter and expanded our presence in other customer IT
environments during the first quarter,� Morris noted. �Customers
have responded positively to our latest version of EFT Server,
recognizing the powerful new features in this solution as well as
the importance of our numerous certifications and validations
awarded during the past year. We also have received increasing
interest from other prospective partners within our industry and in
adjacent market spaces.�
Conference Call Today At 4:30 p.m. ET
GlobalSCAPE management will hold a conference call to discuss
the first quarter fiscal 2009 financial results and other corporate
matters today at 4:30 p.m. Eastern Time/3:30 p.m. Central Time.
Those wishing to join should dial 1-800-380-1061 and use Conference
ID # 96353456. A live webcast of the conference call will also be
available in the investor relations page of the company's website
at www.globalscape.com. A webcast replay of the conference call
will be available on the Company�s website through June 12,
2009.
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
(Unaudited)
� � �
Three months ended March 31, 2009 �
March
31, 2008 � OPERATING REVENUE: Software product revenues $
1,947,149 $2,889,058 Maintenance and support revenues 1,293,245 �
1,166,761
Total revenue
3,240,394
�
4,055,819
� OPERATING EXPENSES: Cost of revenues 51,916 30,025 SG&A
expenses 2,583,135 2,981,809 R&D expenses 675,192 543,270
Depreciation and amortization 172,039 � 174,019 Total operating
expenses 3,482,282 3,729,123 � OPERATING (LOSS) INCOME (241,888 )
326,696 � Other income (expense) 10,419 � 30,311 � (LOSS) INCOME
BEFORE INCOME TAXES
(231,469
)
357,007
� PROVISION FOR INCOME TAXES
12,973
�
205,074
� NET (LOSS) INCOME $ (244,442 ) $ 151,933 �
Net (loss) income per common share
� basic
$ (0.01 ) $ 0.01
Net (loss) income per common share
� diluted
$ (0.01 ) $ 0.01 Weighted average shares outstanding: Basic
17,227,371 17,322,827 Diluted � 17,227,371 � � 18,099,028
GlobalSCAPE, Inc.
Balance Sheet
� � �
March 31,
2009(Unaudited)
�
December 31,2008
Assets � � Cash and cash equivalents $6,221,773 $6,318,604
Accounts receivable (net of allowance for doubtful accounts of
$287,645 and $330,916 on March 31, 2009 and December 31, 2008,
respectively 1,787,263 2,021,293 Federal income tax receivable
125,529 19,244 Prepaid expenses 92,700 � 120,162 � Total current
assets 8,227,265 8,479,303 � Fixed assets, net 1,756,937 1,642,776
Intangible assets, net 1,058,618 1,134,000 Goodwill 619,065 619,065
Deferred tax asset - 297,183 Other assets 52,458 47,581 � Total
assets $11,714,343 � $12,219,908 � �
Liabilities and
Stockholders� Equity Current liabilities: Accounts payable
$454,885 $512,256 Accrued expenses 399,210 560,889 Deferred revenue
2,817,855 2,755,698 Deferred compensation - � 215,858 � Total
current liabilities 3,671,950 4,044,701 � Deferred tax liability
329,621 545,169 Other long term liabilities 195,357 151,497
Commitments and contingencies - - � Stockholders� equity: Preferred
stock, par value $0.001 per share, 10,000,000 authorized, no shares
issued or outstanding - - Common stock, par value $0.001 per share,
40,000,000 authorized, 17,630,952 issued at March 31, 2009 and
December 31, 2008 17,631 17,631 Additional paid-in capital
10,020,696 9,737,380 Treasury stock, 403,581 shares, at cost, at
March 31, 2009 and December 31, 2008 (1,451,805 ) (1,451,805 )
Retained deficit (1,069,107 ) (824,665 ) Total stockholders� equity
7,517,415 7,478,541 � Total liabilities and stockholders� equity �
$11,714,343 � � $12,219,908 �
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