Datastream Provides Preliminary Fourth-Quarter Results and Nasdaq Listing Update
07 Fevereiro 2005 - 7:36PM
PR Newswire (US)
Datastream Provides Preliminary Fourth-Quarter Results and Nasdaq
Listing Update GREENVILLE, S.C., Feb. 7 /PRNewswire-FirstCall/ --
Datastream Systems, Inc. (NASDAQ:DSTME) released today preliminary
financial results for the quarter ending December 31, 2004 and
provided an update on its Nasdaq listing status. Based on
preliminary information, Datastream expects to announce between
$23.9 million and $24.4 million in total revenues and between $6.8
million and $7.3 million in license revenues for the quarter ending
December 31, 2004, exceeding internal targets. The strength of the
quarter came from over 60 new Datastream 7i software license sales,
approximately half of which were to new customers. For the fourth
quarter, Datastream expects to report a profitable quarter and its
seventeenth consecutive quarter of positive operating cash flow,
contributing to cash and cash equivalents of approximately $50.0
million at year end. These results are preliminary and unaudited,
and the final results could differ from the results described
herein due to, among other reasons, the financial review described
below. On November 16, 2004, based on its delayed Form 10-Q filing
for the quarter ended September 30, 2004, the Company was informed
by the Nasdaq Stock Market that the Company's securities would no
longer be listed on the Nasdaq National Market on November 26, 2004
unless the Company requested a hearing before the Nasdaq Listing
Qualification Panel (the "Panel"). On November 23, 2004, the
Company requested a hearing before the Panel and on December 21,
2004, the Company presented before the Panel. On February 1, 2005,
the Company was informed by the Nasdaq Stock Market that the Panel
had granted the Company's request for continued listing on the
Nasdaq National Market, subject to specified conditions, including:
* On or before February 7, 2005, the Company must update the Nasdaq
Hearings Department on the results of Datastream's Audit
Committee's investigation. The Company has submitted such
information as requested. In this submission, the Company noted
that it has expanded its review of international revenue
recognition, and the Company indicated that it has not yet
determined whether any adjustments will require a restatement of
its previous financial statements. The Company expects to incur
expenses related to this review of approximately $1.2 in the fourth
quarter of 2004, and the Company will continue to incur expenses
related to this review in the first quarter of 2005. * On or before
February 15, 2005, the Company must file its Form 10-Q for the
quarter ended September 30, 2004 with the Securities and Exchange
Commission ("SEC"), and any necessary restatements. The Company has
requested that Nasdaq extend the February 15, 2005 deadline for
filing its 10-Q. * The Company must timely file all periodic
reports for all reporting periods ending on or before December 31,
2005 and satisfy all other requirements for continued listing. In
the event the Company does not demonstrate compliance with the
aforementioned conditions, the Company's common stock may no longer
be approved for trading on the Nasdaq National Market. The Panel
reserves the right to reconsider the conditions for continued
listing of the Company's common stock based on any event, condition
or circumstance that exists or develops that would, in the opinion
of the Panel, make continued listing of the Company's common stock
inadvisable or unwarranted. The Nasdaq Listing and Hearing Review
Council has the right to review the Panel's decision within 45 days
of the issuance of the decision and may affirm, modify, reverse,
dismiss or remand the decision to the Panel. Datastream and
Datastream 7i are marks of Datastream Systems, Inc. ("Datastream"
or the "Company"). All other products or company names mentioned
are used for identification purposes only and may be trademarks of
their respective owners. This press release contains
forward-looking statements that involve a number of risks and
uncertainties. Factors that could cause actual results to differ
materially include, but are not limited to: the results of the
investigation of the Company's Chinese operations and the results
of the review by the Company of its international revenues could
cause the Company to make adjustments to the financial results
previously disclosed by the Company; the Company may not be able to
file its Form 10-Q for the quarter ended September 30, 2004 by the
deadline required by Nasdaq (whether or not extended) if the
Company cannot complete its review and the independent auditors
cannot complete their necessary procedures; the Company may not be
able to comply with the other conditions for continued listing
described above; if the Company cannot comply with the conditions
for continued listing, the Company's common stock may no longer be
approved for trading on the Nasdaq Stock Market, which could
adversely affect the liquidity of the trading market for our common
stock, and, therefore, could adversely affect the trading price of
our common stock; with respect to the Company's review of its
internal controls, the Company cannot be certain that it will
comply with the requirements of Section 404 of the Sarbanes-Oxley
Act of 2002 in a timely manner or that it will be able to assess
that the Company's internal controls are working effectively;
increasing competition in the markets in which the Company
competes; the stability of the Company's strategic relationships
with third party suppliers and technologies; the ability of the
Company to: sell larger and more complex software solutions,
successfully transition to the development of further
Internet-based products, successfully manage its international
operations, enhance its current products and develop new products
and services that address technological and market developments;
and other risk factors listed from time to time in Datastream's SEC
reports, including, but not limited to the "Risk Factors" contained
in Datastream's Annual Report on Form 10-K for the fiscal year
ended December 31, 2003. Datastream does not have, and expressly
disclaims, any obligation to release publicly any updates or any
changes in the Company's expectations or any changes in events,
conditions or circumstances on which any forward-looking statement
is based. DATASOURCE: Datastream Systems, Inc. CONTACT: Andy Murphy
of SparkSource, Inc., +1-781-274-6061,
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