Applix, Inc. (NasdaqGS: APLX), a leading business analytics
software solutions provider, today reported that revenue for the
quarter ended March 31, 2007 was $13.90 million, a 55 percent
increase over revenue of $8.99 million in the first quarter of
2006. License revenue for the first quarter of 2007 was $7.11
million, a 60 percent increase compared to $4.43 million for the
same period in 2006. Net income for the first quarter of 2007, as
reported in accordance with U.S. generally accepted accounting
principles (GAAP), was $759,000, or $0.04 per diluted share,
compared to net income of $97,000, or $0.01 per diluted share, for
the year ago period. First quarter 2007 non-GAAP net income was
$1.42 million, or $0.08 per diluted share, after excluding $738,000
of stock-based compensation charges, $255,000 of amortization
charges primarily associated with the Company�s acquisition of
Temtec International B.V. in June 2006, $112,000 of legal expenses
related to the Securities and Exchange Commission (SEC)
investigation and the related income tax benefit of $442,000 on
these non-GAAP adjustments. In the first quarter of 2006, non-GAAP
net income was $833,000, or $0.05 per diluted share, reflecting the
exclusion of stock-based compensation, amortization charges and SEC
investigation-related legal and consulting expenses of $495,000,
$63,000 and $197,000, respectively, and the related income tax
benefit of $19,000 on these non-GAAP adjustments. The SEC
investigation was settled with respect to Applix in January 2006,
with no monetary penalty assessed. David C. Mahoney, President and
Chief Executive Officer of Applix, said, �These results demonstrate
that our market position continues to strengthen and that we are
executing well on an aggressive growth strategy as a leader in the
converging BI and BPM markets, which we call Business Analytics.
Our global presence enabled us to drive new business opportunities
and expansions in our installed base in all geographies, as we
added more channel partnerships in newer markets. Our investments
in sales and marketing programs and R&D in 2006 have already
produced results: during the first quarter this year, our sales
pipelines steadily increased while we closed 33% more six figure
deals than we did a year ago. In addition, the latest version of
our flagship product has been very well received by existing
customers, new prospects and industry analysts. Applix TM1 V9.1
extends our lead in performance and scalability as well as in
critical areas such as ease of use and return on investment. We
believe we are off to another great year and we look forward to
continuing to build on this momentum.� First Quarter Business
Highlights Applix ranked at the highest levels in customer
satisfaction and speed of implementation in the annual OLAP Survey
6, based upon customer surveys, and had the highest customer
satisfaction ratings among BPM core vendors in the BPM Partners�
Pulse Survey. Applix announced the release of Applix TM1 V9.1,
providing enhanced operational visibility and management agility
across the enterprise. Applix expanded its presence in Asia
Pacific, through offices in Hong Kong and Japan, and a new
partnership with UFIDA, China�s largest software company. First
Quarter Financial Highlights Cash and short-term investments grew
to $33.11 million at 3/31/07, up from $27.21 million at 12/31/06.
Gross margin for the first quarter of 2007 was 87.7%, compared to
88.2% in the first quarter of 2006. Days sales outstanding was 62
days at 3/31/07, compared to 75 days at 12/31/06 and 59 days at
3/31/06. Twelve customers purchased more than $100,000 in software
licenses in the first quarter of 2007, up from nine in the first
quarter of 2006. Average license deal size for transactions over
$20,000 was between $60,000 - $65,000 in the first quarter of 2007,
up from between $55,000 - $60,000 in the first quarter of 2006.
Milt Alpern, Senior Vice President and CFO of Applix, commented,
�We posted solid first quarter results while continuing our
investments in sales and marketing to drive top-line growth and
gain market share. We are also seeing the beginning of operating
margin expansion as we had anticipated, based upon attaining
greater operating leverage with those investments. These results
provide us with a strong confidence level on which to re-affirm our
outlook for 2007 at industry-leading revenue growth levels.�
Financial Outlook for 2007 Applix is today re-affirming the
financial outlook for the Company for 2007 it first provided on
February 8, 2007. The Company continues to target total revenue of
$67 - $70 million and license revenue of $38.5 - $40.5 million.
Applix is targeting diluted earnings per share for 2007 on a GAAP
basis between $0.31 - $0.38, based upon an assumed weighted average
number of diluted shares of 18,000,000 and an estimated effective
tax rate of 40%. The increase in the effective tax rate to 40% is
primarily due to the reversal of the valuation allowance on
domestic net operating losses. On a non-GAAP basis, excluding the
expected annual impact of stock-based compensation charges of $3.0
million, or $0.17 per diluted share, amortization costs of
$863,000, or $0.05 per diluted share, SEC investigation-related
expenses of $400,000, or $0.02 per diluted share, and the related
income tax benefit of $1.7 million, or $0.09 per diluted share, on
these non-GAAP adjustments, the company�s forecast for annual
earnings is between $0.46 - $0.53 per diluted share. Neither
forecast reflects the impact of foreign exchange, which cannot be
predicted. Investor Conference Call and Webcast The senior
management of Applix will host a conference call and Webcast to
discuss the first quarter results tomorrow morning, Friday, April
27, 2007 at 8:30 am ET. To access the call, please dial
1-800-299-8538, using the confirmation code 40722823.
Internationally, the call may be accessed by dialing
1-617-786-2902, using the same confirmation code. To listen via
live audio Webcast, please visit the Company�s website,
www.applix.com at least ten minutes prior to the start of the call.
The Webcast will be available as a replay starting one hour after
the call is completed at the same location. Use of Non-GAAP
Financial Measures The non-GAAP financial measures included in this
press release are different from those presented under U.S. GAAP as
these non-GAAP measures exclude certain non-cash charges, such as
amortization of intangible assets and stock-based compensation
expense, and other non-recurring items. Applix has provided these
measures in addition to U.S. GAAP financial results because
management believes that these non-GAAP measures provide a
consistent basis for comparisons between quarters and of growth
rates year-over-year that are not influenced by certain non-cash
charges, impacts of prior period acquisitions or other
non-recurring items, and therefore are helpful in understanding the
company�s underlying operating results. Reconciliations of U.S.
GAAP to non-GAAP results are presented at the end of this press
release. About Applix Applix (NasdaqGS: APLX) empowers agile
enterprises by offering a complete Business Analytics software
solution. The Company is focused exclusively on providing a single,
cohesive Performance Management and Business Intelligence solution,
with strategic planning, forecasting, consolidations, reporting and
analytics across financial, operational, sales and marketing, and
human resources departments. The Applix platform, powered by the
renowned TM1 analytics engine, reaches farther, deploys easier, and
reacts faster than any business analytics solution available today.
Applix and its global network of partners help 3,000 customers
worldwide manage their business performance and respond proactively
to the marketplace. Headquartered in Westborough, MA, Applix
maintains offices in North America, Europe and Asia Pacific. For
more information, please visit www.applix.com. Any statements in
this press release about future financial performance and future
expectations, plans and prospects for the Company, including any
statements containing the words �believes,� �anticipates,� �plans,�
�expects,� and similar expressions, constitute forward-looking
statements. Forward-looking statements necessarily involve risks
and uncertainties, and actual results could differ materially from
those indicated by such forward-looking statements as a result of
various important factors. Factors that could cause or contribute
to such differences include without limitation, competitive
pressures, changes in customer demands, adverse economic
conditions, loss of key personnel, litigation, potential
fluctuations in quarterly results, lengthy sales cycles, market
acceptance of new or enhanced products and services, factors
affecting spending by customers and other risks, uncertainties and
factors including those described in the Company's most recent Form
10-K under the heading "Risk Factors." In addition, the
forward-looking statements provided by the Company in this press
release represent the Company's views as of the date of this
release. The Company anticipates that subsequent events and
developments may cause the Company's views to change. However,
while the Company may elect to update these forward-looking
statements at some point in the future, the Company specifically
disclaims any obligation to do so, and these forward-looking
statements should not be relied upon as representing the Company's
views as of any date subsequent to the date of this release. �2007
Applix, Inc. All rights reserved. Applix and TM1 are registered
trademarks of Applix, Inc. All other trademarks and company names
mentioned are the property of their respective owners. Financial
Tables Follow (including Reg G reconciliations of U.S. GAAP to
Non-GAAP) Applix, Inc. Condensed Consolidated Statements of Income
(in thousands, except per share amounts) � Three Months Ended March
31, 2007� � 2006� Revenues: Software license $ 7,105� $ 4,427�
Professional services and maintenance 6,790� 4,566� Total revenues
13,895� 8,993� � Cost of revenues: Software license 106� 44�
Professional services and maintenance (includes $21 and $16 of
stock-based compensation for 2007 and 2006, respectively) 1,510�
1,016� Amortization of an acquired intangible asset 93� -� Total
cost of revenues 1,709� 1,060� � Gross margin 12,186� 7,933� �
Operating expenses: Sales and marketing (includes $264 and $168 of
stock-based compensation for 2007 and 2006, respectively) 6,543�
4,573� Product development (includes $194 and $120 of stock-based
compensation for 2007 and 2006, respectively) 2,287� 1,568� General
and administrative (includes $259 and $191 of stock-based
compensation for 2007 and 2006, respectively) 2,373� 1,724�
Amortization of an acquired intangible asset 162� 63� Total
operating expenses 11,365� 7,928� � Operating income 821� 5� �
Non-operating income (expense): Interest and other income, net 335�
126� Income before income taxes: 1,156� 131� Provision for income
taxes 372� 12� � � Income from continuing operations 784� 119� �
Loss from discontinued operations (25) (22) � � Net income $ 759� $
97� � � � Net income per share, basic and diluted: Continuing
operations, basic $0.05� $0.01� Continuing operations, diluted
$0.04� $0.01� Discontinued operations, basic and diluted ($0.00)
($0.00) Net income per share, basic $0.05� $0.01� Net income per
share, diluted $0.04� $0.01� � Weighted average number of shares
outstanding: Basic 15,553� 15,024� Diluted 17,950� 16,467� Applix,
Inc. Condensed Consolidated Balance Sheets (in thousands, except
share and par value amounts) � � March 31, December 31, 2007� 2006�
� ASSETS � Current assets: Cash and cash equivalents $ 31,025� $
23,487� Short-term investments 2,081� 3,723� Accounts receivable,
net 9,825� 13,582� Other current assets 2,109� 1,585� Deferred tax
assets, current 658� 619� Total current assets 45,698� 42,996� �
Restricted cash 400� 400� Property and equipment, net 1,222� 1,313�
Intangible assets, net 5,222� 5,477� Goodwill 13,320� 13,341�
Deferred tax assets, long-term 1,876� 1,876� Other assets 732� 684�
TOTAL ASSETS $ 68,470� $ 66,087� � LIABILITIES AND STOCKHOLDERS'
EQUITY � � Current liabilities: Accounts payable $ 1,976� $ 2,068�
Accrued expenses 7,438� 9,324� Accrued restructuring expenses,
current portion 51� 51� Current portion of debt 2,167� 2,167�
Deferred revenues 13,432� 11,052� Total current liabilities 25,064�
24,662� � Accrued restructuring expenses, long-term portion 149�
161� Long-term debt 3,250� 3,792� Other long-term liabilities 158�
122� Total liabilities 28,621� 28,737� � Stockholders' equity:
Preferred stock; $.01 par value; 1,000,000 shares authorized, none
issued and outstanding -� -� Common stock; $.0025 par value;
30,000,000 shares authorized; 15,885,018 and 15,657,258 shares
issued and outstanding, respectively 40� 39� Additional paid-in
capital 65,089� 63,365� Accumulated deficit (23,925) (24,604)
Accumulated other comprehensive loss (1,355) (1,450) Total
stockholders' equity 39,849� 37,350� � TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 68,470� $ 66,087� Applix, Inc.
Reconciliation of US GAAP to Non-GAAP (in thousands, except per
share amounts) � Three Months Ended March 31, 2007� � 2006�
Operating Income US GAAP Operating Income $ 821� $ 5� Plus:
Amortization of acquisition-related intangible assets 255� 63�
Stock-based compensation 738� 495� SEC investigation-related
expenses 112� 197� Non-GAAP Operating Income $ 1,926� $ 760� � Net
Income US GAAP Net Income $ 759� $ 97� Plus: Amortization of
acquisition-related intangible assets 255� 63� Stock-based
compensation 738� 495� SEC investigation-related expenses 112� 197�
Less: Income tax effect of Non-GAAP adjustments (442) (19) Non-GAAP
Net Income $ 1,422� $ 833� � Net Income Per Diluted Share US GAAP
Net Income $ 0.04� $ 0.01� Plus: Amortization of
acquisition-related intangible assets 0.01� 0.00� Stock-based
compensation 0.04� 0.03� SEC investigation-related expenses 0.01�
0.01� Less: Income tax effect of Non-GAAP adjustments (0.02) (0.00)
Non-GAAP Net Income $ 0.08� $ 0.05� � Weighted average diluted
shares outstanding - US GAAP 17,950� 16,467� Applix, Inc.
Reconciliation of US GAAP to Non-GAAP Net Income per Diluted Share
for Financial Outlook � � � Year Ending December 31, 2007 � Net
Income Per Diluted Share � US GAAP Net Income $0.31 - $0.38� Plus:
Amortization of acquisition-related intangible assets 0.05�
Stock-based compensation 0.17� SEC investigation-related expenses
0.02� Less: Income tax effect of Non-GAAP adjustments (0.09)
Non-GAAP Net Income $0.46 - $0.53� � Weighted average diluted
shares outstanding 18,000,000�
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