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EXHIBIT 99.1
Analogy Reports Fiscal Third Quarter Results
BEAVERTON, Ore., Jan. 28 /PRNewswire/ Analogy, Inc. (Nasdaq: ANLG) today announced its financial results for the third fiscal quarter ended December 31, 1999.
Total revenue for the third quarter of fiscal 2000 was $5,952,000, down from the prior year's third quarter total of $7,258,000. Product license revenue decreased 15% to $3,656,000 in the third fiscal quarter this year compared to $4,316,000 in the third fiscal quarter last year. Service and other revenue decreased 22% to $2,296,000 in the third fiscal quarter this year from $2,942,000 in the third fiscal quarter last year. The net loss for the third fiscal quarter was $143,000 or a loss of $0.01 per share, compared with net income of $53,000 or $0.01 per share in the third quarter a year ago.
"While we are disappointed in the revenue this quarter as compared to the third quarter last year, we are pleased to have returned to breakeven from operations for the quarter," said Gary Arnold, Chairman, CEO and President of Analogy.
"The previously announced acquisition of Analogy by Avant! Corporation is proceeding according to our expectations. The company is planning its special meeting of shareholders to approve the transaction for mid-March. The acquisition is expected to be completed shortly thereafter."
The statements above regarding the company's expectations concerning the acquisition by Avant! Corporation are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, without limitation, the failure to satisfy conditions necessary to consummate the proposed acquisition which are outside of Analogy's and Avant!'s control, including certain regulatory approval actions. The forward-looking statements should be considered in light of these risks and uncertainties, as well as those highlighted in the company's reports filed with the Securities and Exchange Commission.
Analogy, Inc. founded in January 1985, develops and markets high performance software and model libraries for top-down design and behavioral simulation of mixed-signal and mixed-technology systems.
1
Consolidated Statements of Operations
(000, except per share data)
|
Quarter Ended December 31, |
Nine Months Ended December 31, |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
1999 |
1998 |
1999 |
1998 |
|||||||||
Revenue: | |||||||||||||
Product licenses | $ | 3,656 | $ | 4,316 | $ | 9,497 | $ | 11,196 | |||||
Service and other | 2,296 | 2,942 | 7,453 | 7,891 | |||||||||
Total revenue |
|
|
5,952 |
|
|
7,258 |
|
|
16,950 |
|
|
19,087 |
|
Cost of Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Product licenses | 511 | 478 | 1,563 | 1,407 | |||||||||
Service and other | 163 | 450 | 497 | 988 | |||||||||
Total cost of revenue |
|
|
674 |
|
|
928 |
|
|
2,060 |
|
|
2,395 |
|
Gross profit |
|
|
5,278 |
|
|
6,330 |
|
|
14,890 |
|
|
16,692 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development | 1,831 | 2,081 | 5,688 | 6,773 | |||||||||
Sales and marketing | 2,948 | 3,383 | 9,400 | 10,066 | |||||||||
General and administrative | 395 | 586 | 1,478 | 1,892 | |||||||||
Amortization of intangibles | 86 | 92 | 270 | 276 | |||||||||
Restructuring charges | | | | 557 | |||||||||
Total operating expenses |
|
|
5,260 |
|
|
6,142 |
|
|
16,836 |
|
|
19,564 |
|
Operating income (loss) |
|
|
18 |
|
|
188 |
|
|
(1,946 |
) |
|
(2,872 |
) |
Other expense, net |
|
|
(20 |
) |
|
(15 |
) |
|
(91 |
) |
|
(246 |
) |
(Loss) income before income taxes |
|
|
(2 |
) |
|
173 |
|
|
(2,037 |
) |
|
(3,118 |
) |
Income tax expense |
|
|
141 |
|
|
120 |
|
|
333 |
|
|
346 |
|
Net (loss) income | $ | (143 | ) | $ | 53 | $ | (2,370 | ) | $ | (3,464 | ) | ||
Basic net income (loss) per common share |
|
$ |
(0.01 |
) |
$ |
0.01 |
|
$ |
(0.25 |
) |
$ |
(0.37 |
) |
Diluted net income (loss) per common share | $ | (0.01 | ) | $ | 0.01 | $ | (0.25 | ) | $ | (0.37 | ) | ||
Weighted average shares outstanding Basic |
|
|
9,639 |
|
|
9,437 |
|
|
9,617 |
|
|
9,404 |
|
Weighted average shares outstanding Diluted | 9,639 | 9,674 | 9,617 | 9,404 |
2
Consolidated Balance Sheets
(000, except per share data)
|
December 31, 1999 |
March 31, 1999 |
|||||
---|---|---|---|---|---|---|---|
Cash and cash equivalents | $ | 1,385 | $ | 2,008 | |||
Accounts receivable | 6,357 | 6,738 | |||||
Prepaid expenses | 987 | 1,033 | |||||
Other assets, net | 2,132 | 2,271 | |||||
Total current assets |
|
|
10,861 |
|
|
12,050 |
|
Furniture, fixtures and equipment, net |
|
|
1,550 |
|
|
2,416 |
|
Library costs, net | 4,434 | 4,495 | |||||
Other assets, net | 1,328 | 2,257 | |||||
Total assets |
|
$ |
18,173 |
|
$ |
21,218 |
|
Accounts payable and accrued expenses |
|
|
1,588 |
|
|
1,320 |
|
Bank factoring agreement | 385 | | |||||
Short term note payable | 2,000 | | |||||
Bank line of credit | | 400 | |||||
Current portion of capital leases | 288 | 403 | |||||
Accrued salaries and benefits | 1,991 | 2,709 | |||||
Unearned revenue | 7,190 | 8,657 | |||||
Total current liabilities |
|
|
13,442 |
|
|
13,489 |
|
Non-current portion of capital leases |
|
|
87 |
|
|
219 |
|
Deferred contract revenue | 649 | 1,455 | |||||
Other liabilities | 46 | 65 | |||||
Total long-term liabilities |
|
|
782 |
|
|
1,739 |
|
Preferred stock | |||||||
Common stock | 18,936 | 18,569 | |||||
Foreign currency translation | (307 | ) | (269 | ) | |||
Accumulated deficit | (14,680 | ) | (12,310 | ) | |||
Total shareholders' equity |
|
|
3,949 |
|
|
5,990 |
|
Total liabilities and equity | $ | 18,173 | $ | 21,218 |
3
Analogy Reports Fiscal Third Quarter Results
Consolidated Statements of Operations (000, except per share data)
|