Insightful Corporation (NASDAQ: IFUL), a leading provider of
predictive analytics and reporting solutions, today announced
operating results for the fourth quarter and year ended December
31, 2007. Insightful reported revenues of $5.7 million for the
fourth quarter of 2007, a decrease of 24% compared to revenues of
$7.5 million for the fourth quarter of 2006. The company reported a
net loss of $1.2 million, or $0.09 per diluted share, for the
fourth quarter of 2007, compared to net income of $0.3 million, or
$0.02 per diluted share, for the fourth quarter of 2006. For the
full year 2007, Insightful reported revenues of $22.3 million, a
decrease of 7% compared to revenues of $24.0 million for 2006.
Revenues from the company�s core data analysis business decreased
5% for 2007 compared to 2006. Net loss for 2007 was $1.7 million,
or $0.13 per diluted share. Net loss for 2007 includes a gain of
$3.5 million on the sale of the company�s InFact search technology
and associated intellectual property rights. Net income for 2006
was $0.2 million, or $0.01 per diluted share. Non-GAAP results were
a loss of $1.0 million, or $0.08 per diluted share, for the fourth
quarter of 2007, compared to earnings of $0.7 million, or $0.05 per
diluted share, for the fourth quarter of 2006. Non-GAAP results for
2007 were a loss of $4.4 million, or $0.34 per diluted share,
compared to earnings of $1.4 million, or $0.11 per diluted share,
for 2006. As described in the section below entitled �Use of
Non-GAAP Financial Measures,� non-GAAP earnings or loss differs
from net income or loss reported under accounting principles
generally accepted in the United States (GAAP) due to the exclusion
of stock-based compensation expense, amortization of intangible
assets and, for 2007 results, the gain on the sale of InFact. A
reconciliation of Insightful�s GAAP net income or loss to its
non-GAAP earnings or loss for the fourth quarters and fiscal years
ended December 31, 2007 and 2006 is set forth at the end of this
release. Insightful�s cash, cash equivalents, and short and
long-term investments balances totaled $11.0 million at December
31, 2007, compared to $10.2 million at December 31, 2006. Deferred
revenues were $6.0 million at December 31, 2007, compared to $6.2
million at December 31, 2006. �While we are clearly disappointed in
our year-over-year revenue decline and net loss during the fourth
quarter, we believe that our recent cost reductions, product
releases and executive management addition all point us in the
right direction,� said Jeff Coombs, president and chief executive
officer of Insightful. �The cost reductions we implemented in the
fourth quarter will help put us back on the path toward
profitability. The release of S-PLUS 8.0 Enterprise Server in the
third quarter and the release shortly thereafter of our first
packaged life sciences solution, Insightful Clinical Graphics, are
important milestones on our strategic direction to deliver
predictive analytics across our customers� enterprises. In
addition, Bob Fitzgerald�s joining us as vice president of
worldwide field operations is helping to drive a unified worldwide
sales and operations function that will enable us to better sell to
and support global organizations.� �While we did not close any
seven- or high six-figure deals during this quarter as we did in
the fourth quarter of 2006, we did close our first Insightful
Clinical Graphics sale to a large pharmaceutical company, for which
revenue will be recognized in the first quarter of 2008, and we
have a pipeline of additional prospects for the solution,�
continued Coombs. Fourth Quarter 2007 Highlights Software license
revenues were $2.1 million in the fourth quarter of 2007, a
decrease of 42% compared to $3.6 million in the fourth quarter of
2006. Software maintenance revenues were $2.1 million in the fourth
quarter of 2007, an increase of 8% compared to $2.0 million in the
fourth quarter of 2006. Professional services and other revenues
were $1.4 million in the fourth quarter of 2007, a decrease of 22%
compared to $1.9 million in the fourth quarter of 2006. Funded
research, which is an offset to research and development expense in
the company�s statement of operations, was $0.4 million in the
fourth quarter of 2007, a decrease of 32% compared to $0.6 million
in the fourth quarter of 2006. The decrease resulted primarily from
reduced billings on InFact related research grants, due to the sale
of the InFact search technology in the third quarter of 2007. The
Domestic segment accounted for 51% of total revenues and the
International segment accounted for 49% of total revenues in the
fourth quarter of 2007, compared to 54% Domestic and 46%
International in the fourth quarter of 2006. The company released
Insightful Clinical Graphics (iCG), a software and services
solution for defining and repurposing statistical graphics across
all functional areas in drug discovery, development and marketing.
iCG is designed to simplify the creation and re-use of statistical
graphics and elimination of redundant work processes, reducing the
time and resources necessary to meet graphics requirements. During
the quarter, the company decreased its ongoing cost structure by
reducing its headcount from 152 employees at September 30, 2007 to
119 employees at December 31, 2007. While the reductions impacted
many parts of the organization, the largest reductions were in
research and development. In addition to lower personnel-related
costs, the reduced headcount is expected to enable the company to
consolidate leased space and decrease its ongoing rent expense.
Fiscal Year 2007 Highlights Software license revenues were $7.5
million in 2007, a decrease of 29% compared to $10.6�million in
2006. Revenues from the company�s core data analysis license
revenues decreased 27% in 2007 compared to 2006. Software
maintenance revenues were $8.3 million in 2007, an increase of 11%
compared to $7.5�million in 2006. Professional services and other
revenues were $6.6 million in 2007, an increase of 10% compared to
$6.0 million in 2006. The Domestic segment accounted for 51% of
total revenues and the International segment accounted for 49% of
total revenues in 2007, compared to 59% Domestic and 41%
International in 2006. Gross profit margin was 71% in 2007,
compared to 76% in 2006. Cash flows used in operations were $2.5
million in 2007, compared to cash generated by operations of $2.0
million in 2006. In the third quarter, the company sold its InFact
search technology and associated intellectual property rights for
$3.65 million in cash. In the third quarter, the company released
S-PLUS� 8 Enterprise Server, a newly architected analytic platform
for statistical data analysis and predictive analytics that
provides improved scalability, reliability and compliance with IT
standards for deployment of analytics applications across the
enterprise. The company also released S-PLUS� 8 Enterprise
Developer, the latest major release of its software platform, and
S+FinMetrics� 3.0, an updated version of its software library for
advanced financial data analysis. The company opened new offices in
New York, Zurich and Hong Kong to provide better support and
services for its existing customers and to enhance its ability to
do business with new customers. Use of Non-GAAP Financial Measures
The non-GAAP financial measure of earnings or loss included in this
press release is different from the GAAP measure of net income or
loss, as this non-GAAP measure excludes certain items otherwise
included in the computation of net income or loss. Insightful
believes this non-GAAP measure is useful to enhance an overall
understanding of its past financial performance and also its
prospects for the future. These adjustments to the company�s GAAP
results are presented with the intent of providing both management
and investors a more complete understanding of Insightful�s
underlying operating results and trends. This non-GAAP measure is
among the primary indicators management uses as a basis for
planning and forecasting of future periods. The items excluded from
Insightful�s GAAP results include stock-based compensation expense,
amortization of intangible assets arising from the 2004 acquisition
from Lucent Technologies, Inc. of the title to the software code
underlying the �S� programming language and, for 2007 results, the
gain on the sale of the company�s InFact search technology and
associated intellectual property rights. Stock-based compensation
expense and amortization of intangible assets have no current
effect on cash or the future uses of cash. Insightful�s stock-based
compensation expense fluctuates with changes in the company�s stock
price and interest rates. For this reason, changes in stock prices
and interest rates could mask variation and trends in Insightful�s
GAAP operating results that may otherwise be important to an
understanding of the company�s results. The acquisition of
intangible assets and the sale of the InFact-related technology and
related intellectual property were events outside of the course of
Insightful�s normal business operations. For these reasons,
management believes that exclusion of stock-based compensation
expense, amortization of intangible assets and the gain in the sale
of InFact may be important to an understanding of Insightful�s
ongoing operating performance. Reconciliations of GAAP to non-GAAP
results are as follows: � Quarter Ended Quarter Ended Year Ended
Year Ended 31-Dec-07 31-Dec-06 31-Dec-07 31-Dec-06 DilutedEPS
DilutedEPS DilutedEPS DilutedEPS Net income (loss) as reported
($1,199 ) � ($0.09 ) $ 327 � $ 0.02 ($1,671 ) � ($0.13 ) $ 156 � $
0.01 Add Back - Stock Compensa-tion Expense Cost of revenues 2 11
22 31 Sales and marketing 14 39 152 114 Research and develop-ment
17 42 73 111 General and admini-strative 124 � � 116 481 � � 437
158 � 0.01 � � 208 � 0.02 729 � 0.06 � � 693 � 0.06 Subtract- Gain
on Sale of InFact - - - - (3,486 ) ($0.27 ) - - Add Back -
Amortiza-tion of Intangi-bles - � - � � 147 � 0.01 - � - � � 588 �
0.04 Non-GAAP earnings (loss) ($1,041 ) ($0.08 ) $ 682 $ 0.05
($4,429 ) ($0.34 ) $ 1,437 $ 0.11 ABOUT INSIGHTFUL CORPORATION
Insightful Corporation (NASDAQ:IFUL) is a provider of predictive
analytics and reporting solutions that gives companies the
knowledge to act�. Insightful products S-PLUS�, Insightful Miner�
and S-PLUS� Enterprise Server allow companies to perform
sophisticated statistical data analysis and data mining and to
create high-quality graphics and reports. Insightful consulting
services provide specialized expertise and proven processes for the
design, development and deployment of customized solutions.
Insightful has been delivering industry-leading, high-ROI solutions
to thousands of companies in financial services, life sciences,
telecommunications, and manufacturing, as well as government and
research institutions, for 20 years. Headquartered in Seattle,
Insightful has offices in New York, North Carolina, France,
Switzerland, the United Kingdom and Hong Kong, with distributors
around the world. For more information, visit www.insightful.com,
email info@insightful.com or call 1-800-569-0123. NOTE TO INVESTORS
ABOUT FORWARD-LOOKING STATEMENTS Forward-looking statements
include, but are not limited to, statements about our future
financial results, the expected benefits and market adoption of our
products and solutions, the anticipated financial benefit of our
cost reduction measures, the anticipated performance and
contribution of our new worldwide vice president of field
operations and the anticipated results of our strategic direction.
Words such as �expects,� �believe,� �plan,� �anticipate,� and
similar expressions are intended to identify forward-looking
statements, but their absence does not necessarily mean that the
statement is not forward-looking. Forward-looking statements are
based on the judgment and opinions of management at the time the
statements are made. These statements are not guarantees of future
performance, and inaccurate assumptions and known and unknown risks
and uncertainties can affect their accuracy. Actual results could
differ materially from those expressed or implied by the
forward-looking statements for a number of reasons, including, but
not limited to, the risk that we may not achieve growth at all or
of the size or at the rate we anticipate, the risk that we do not
realize the benefits we anticipate from our investments in research
and development, the risk that we do not realize the expected
benefits of our cost reduction measures or that the anticipated
negative effects of our cost reduction measures on research and
development programs are greater than or different than those we
anticipate, the risks associated with recruiting and retaining
qualified personnel, and the risk that our new products and
solutions do not perform as expected or achieve market acceptance.
More detailed information regarding these and other factors that
could affect our actual results is set forth in our filings with
the Securities and Exchange Commission, including our most recent
report on Form 10-QSB. You should not unduly rely on these
forward-looking statements, which apply only as of the date of this
release. We undertake no obligation to update publicly any
forward-looking statements to reflect new information, events or
circumstances after the date of this release or to reflect the
occurrence of anticipated events. INSIGHTFUL CORPORATION AND
SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS,
EXCEPT SHARE DATA) � � December 31, � December 31, � 2007 � � 2006
� (Unaudited) ASSETS Current assets: Cash and cash equivalents $
6,663 $ 7,320 Accounts receivable, net 4,181 6,201 Other
receivables 303 588 Short term investments 1,899 499 Prepaid
expenses and other current assets � 558 � � 535 � Total current
assets 13,604 15,143 Long term investments in marketable securities
2,405 2,361 Property and equipment, net 2,457 2,757 Purchased
technology, net - 49 Goodwill and other intangibles, net 800 800
Other assets � 109 � � 86 � $ 19,375 � $ 21,196 � LIABILITIES AND
STOCKHOLDERS� EQUITY Current liabilities: Accounts payable 630 745
Accrued expenses and other current liabilities 1,900 2,793 Deferred
revenue � 5,861 � � 6,197 � Total current liabilities $ 8,391 $
9,735 Deferred revenue - long term $ 152 $ 51 Commitments and
contingencies Stockholders� equity: Preferred stock, $0.01 par
value� Authorized�1,000,000 shares Issued and outstanding�none � �
Common stock, $0.01 par value� Authorized�30,000,000 shares Issued
and outstanding� 12,979,925 and 12,813,842 shares at December 31,
2007 and December 31, 2006, respectively $ 130 $ 128 Additional
paid-in capital 38,873 37,843 Accumulated deficit (27,916 ) (26,245
) Other accumulated comprehensive loss � (255 ) � (316 ) Total
stockholders� equity � 10,832 � � 11,410 � Total liabilities and
stockholders� equity $ 19,375 � $ 21,196 � INSIGHTFUL CORPORATION
AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA) � � � � Three Months Ended
Year Ended December 31, December 31, December 31, December 31, �
2007 � � 2006 � � 2007 � � 2006 � (Unaudited) (Unaudited)
(Unaudited) � Revenues: Software licenses $ 2,130 $ 3,643 $ 7,478 $
10,579 Software maintenance 2,130 1,968 8,265 7,466 Professional
services and other � 1,441 � � 1,855 � � 6,576 � � 5,970 � Total
revenues � 5,701 � � 7,466 � � 22,319 � � 24,015 � Cost of
revenues: Software related 277 399 1,117 1,648 Professional
services and other � 1,244 � � 1,176 � � 5,313 � � 4,001 � Total
cost of revenues � 1,521 � � 1,575 � � 6,429 � � 5,649 � Gross
profit � 4,180 � � 5,891 � � 15,890 � � 18,366 � Operating
expenses: Sales and marketing 2,839 3,001 10,760 9,580 Research and
development 1,730 1,883 7,631 6,932 Less�funded research � (387 ) �
(566 ) � (1,859 ) � (2,288 ) Research and development, net 1,343
1,317 5,772 4,644 General and administrative � 1,274 � � 1,381 � �
4,938 � � 4,505 � Total operating expenses 5,456 5,699 21,470
18,729 Gain on sale of intangible assets � - � � - � � 3,486 � � -
� Income (loss) from operations (1,276 ) 192 (2,094 ) (363 ) Other
income, net � 78 � � 157 � � 457 � � 548 � Income (loss) before
income taxes (1,198 ) 349 (1,637 ) 185 Income tax expense � (1 ) �
(22 ) � (34 ) � (29 ) Net Income (loss) $ (1,199 ) $ 327 � $ (1,671
) $ 156 � � Basic net income (loss) per share $ (0.09 ) $ 0.03 � $
(0.13 ) $ 0.01 � Diluted net income (loss) per share $ (0.09 ) $
0.02 � $ (0.13 ) $ 0.01 � � Weighted-average number of common
shares outstanding used to calculate net income (loss) per share:
12,957 12,783 12,904 12,673 - Basic - Diluted 12,957 13,119 12,904
13,219
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