Insightful Corporation (NASDAQ:IFUL), a leading provider of
predictive analytics and reporting solutions, today announced its
operating results for the second quarter ended June 30, 2008.
Insightful reported total revenues of $5.4 million for the second
quarter of 2008, a decrease of 2% compared to revenues of $5.5
million for the second quarter of 2007. For the second quarter of
2008, Insightful reported a net loss of $0.5 million, or $0.04 per
share, compared to a net loss of $1.3 million, or $0.10 per share,
for the second quarter of 2007. Included in operating results for
the second quarter of 2008 are $0.8 million in expenses directly
related with the proposed acquisition of the company by TIBCO
Software Inc. Non-GAAP operating results, which exclude stock-based
compensation expense, were a loss of $0.3 million, or $0.03 per
share, for the second quarter of 2008, compared to a loss of $1.1
million, or $0.08 per share, for the second quarter of 2007. 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. The reconciliation of Insightful�s GAAP net
loss to its non-GAAP operating results for the quarters ended June
30, 2008 and 2007 are set forth at the end of this release. �We are
pleased that, excluding costs directly associated with the proposed
acquisition by TIBCO, we were profitable for the quarter,� said
Jeff Coombs, president and CEO of Insightful. Insightful�s cash,
cash equivalents, and short and long-term investments totaled $11.5
million at June 30, 2008, up from $11.0 million at December 31,
2007. On June 19, 2008, Insightful announced that it had signed a
definitive agreement to be acquired by TIBCO Software Inc.
(NASDAQ:TIBX) in a transaction valued at approximately $25 million,
including the value of certain assumed options. Under the terms of
the agreement, following the closing, Insightful stockholders will
receive $1.87 in cash for each outstanding share of common stock
they own. On July 24, 2008, Insightful filed a definitive proxy
statement related to the proposed acquisition with the Securities
and Exchange Commission (SEC). Insightful will hold a special
meeting of stockholders to vote on the proposed transaction at 9:00
a.m. Seattle time on August 29, 2008, at the offices of RR
Donnelly, 999 Third Avenue, Suite 3201, Seattle, Washington 98104.
Stockholders at the close of business on July 8, 2008, the record
date, will be entitled to vote on the transaction. Quarterly
Financial Highlights Software license revenues were $1.7 million in
the second quarters of both 2008 and 2007. License revenues
declined slightly domestically and increased slightly
internationally. Maintenance revenues were $2.3 million in the
second quarter of 2008, compared to $2.0 million in the second
quarter of 2007. Maintenance revenue increased primarily as a
result of increases in our maintenance renewal rates and the late
renewal of a number of maintenance contracts that had expired in
earlier quarters. Professional services and other revenues were
$1.4 million in the second quarter of 2008, compared to $1.8
million in the second quarter of 2007. The entire decline in
professional services revenues was in the company�s domestic
segment. Domestic revenues were $2.5 million in the second quarter
of 2008, compared to $2.9 million in the second quarter of 2007.
International revenues were $2.9 million in the second quarter of
2008, compared to $2.6 million in the second quarter of 2007.
Funded research, which is an offset to research and development
expense in the company�s income statement, was $250,000 in the
second quarter of 2008, compared to $511,000 in the second quarter
of 2007. The decline was due to several�billable research employees
moving to our data analysis product group in 2007 and�several
others leaving Insightful in 2007 and 2008. Total operating
expenses were $4.8 million in the second quarter of 2008, including
$0.8 million in expenses directly related to the proposed
acquisition of the company by TIBCO Software Inc., compared to $5.4
million in the second quarter of 2007. Gross profit margin was 77%
in the second quarter of 2008 compared to 72% in the second quarter
of 2007. The increase resulted from a smaller percentage of the
company�s total revenues coming from lower-margin professional
services revenues in 2008 than in 2007. Use of Non-GAAP Financial
Measures The non-GAAP financial measure of loss included in this
press release is different from the GAAP measure of net loss, as
this non-GAAP measure excludes certain expenses otherwise included
in the computation of net 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 expenses excluded from Insightful�s GAAP results for
the second quarters of 2008 and 2007 include stock-based
compensation expense. Stock-based compensation expense has 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. For these
reasons, management believes that exclusion of stock-based
compensation expense may be important to an understanding of
Insightful�s ongoing operating performance. Reconciliations of GAAP
to non-GAAP results are as follows (in thousands, except share
data): � Three-Month � � Three-Month Period Ended Period Ended June
30, 2008 June 30, 2007 � Diluted � Diluted EPS EPS Net loss as
reported $ (499) $ (0.04) $ (1,258) $ (0.10) � Add Back - Stock
Compensation Expense Professional services and other cost of
services 4 3 Sales and marketing 47 43 Research and development 22
17 General and administrative � 78 � 117 � 151 � 0.01 � 180 � 0.01
� Non-GAAP loss $ (348) $ (0.03) $ (1,078) $ (0.08) ABOUT
INSIGHTFUL CORPORATION Insightful Corporation (NASDAQ:IFUL) is a
provider of predictive analytics and reporting solutions.
Insightful products S-PLUS�, Insightful Miner� and S-PLUS�
Enterprise Server allow companies to perform sophisticated
statistical data analysis and data mining and create high-quality
graphics and reports. Insightful has been delivering
industry-leading, high-ROI solutions to thousands of companies in
financial services, life sciences, telecommunications, and
manufacturing, plus government and research institutions, for 20
years. Headquartered in Seattle, Insightful has offices in New
York, North Carolina, the United Kingdom, Switzerland, France 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: FORWARD-LOOKING STATEMENTS
Forward-looking statements include, but are not limited to,
statements about the expected closing of the proposed acquisition
by TIBCO and other statements that are not historical facts. 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 the proposed acquisition by TIBCO
does not close as expected. 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-Q. 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. NOTE TO
INVESTORS: SECURITIES LAW DISCLOSURE Insightful has filed with the
Securities and Exchange Commission (the �SEC�) a definitive proxy
statement and other relevant materials in connection with the
merger. The proxy statement has been mailed to the stockholders of
Insightful. Before making any voting or investment decision with
respect to the merger, investors and stockholders of Insightful are
urged to read the proxy statement and the other relevant materials
when they become available because they will contain important
information about the merger, Insightful and TIBCO. Investors and
security holders may obtain free copies of these documents and
other documents filed with the SEC at the SEC�s web site at
www.sec.gov. In addition, investors and security holders may obtain
free copies of the documents filed with the SEC by Insightful at
Insightful�s corporate website at www.insightful.com (under
Investors). Insightful and its officers and directors may be deemed
to be participants in the solicitation of proxies from Insightful
stockholders with respect to the acquisition. A description of any
interests that these officers and directors have in the acquisition
is available in the proxy statement. Information concerning
Insightful�s directors and executive officers also is set forth in
the definitive proxy statement. The definitive proxy statement is
available free of charge at the SEC�s web site at www.sec.gov or at
Insightful�s corporate website at www.insightful.com (under
Investors). INSIGHTFUL CORPORATION AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (In thousands, except share and per
share data) � � June 30, December 31, 2008 2007 (unaudited) �
ASSETS Current Assets: Cash and cash equivalents $ 5,530 $ 6,663
Trade accounts receivable, net 3,168 4,181 Short-term investments
4,499 1,899 Other receivables 294 303 Prepaid expenses and other
current assets � 433 � � 558 � � Total current assets 13,924 13,604
Long-term investments 1,510 2,405 Property and equipment, net 2,111
2,457 Goodwill 800 800 Other assets � 111 � � 109 � � Total assets
$ 18,456 � $ 19,375 � � LIABILITIES AND STOCKHOLDERS� EQUITY
Current Liabilities: Accounts payable 395 630 Accrued expenses and
other current liabilities 2,181 1,900 Deferred revenue - short term
� 5,455 � � 5,861 � � Total current liabilities 8,031 8,391
Deferred revenue - long term 143 152 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-13,014,636 and 12,979,925 shares at June 30, 2008 and
December 31, 2007 130 130 Additional paid-in capital 39,183 38,873
Accumulated deficit (28,788 ) (27,916 ) Other accumulated
comprehensive loss � (243 ) � (255 ) � Total stockholders� equity �
10,282 � � 10,832 � � Total liabilities and stockholders� equity $
18,456 � $ 19,375 � INSIGHTFUL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except per share data) (unaudited) � Three months ended June 30,
2008 � 2007 Revenues: Software licenses $ 1,703 $ 1,718 Software
maintenance 2,305 2,043 Professional services and other � 1,382 � �
1,758 � � Total revenues � 5,390 � � 5,519 � � Cost of revenues:
Software related 256 242 Professional services and other � 1,007 �
� 1,276 � � Total cost of revenues � 1,263 � � 1,518 � � Gross
profit � 4,127 � � 4,001 � � Operating expenses: Sales and
marketing 1,944 2,753 Research and development 1,144 2,054
Less�Funded research � (250 ) � (511 ) � Research and development,
net 894 1,543 General and administrative � 1,929 � � 1,123 � �
Total operating expenses � 4,767 � � 5,419 � � Loss from operations
(640 ) (1,418 ) Other income, net � 143 � � 171 � � Loss before
income taxes (497 ) (1,247 ) Income tax expense � (2 ) � (11 ) �
Net Loss $ (499 ) $ (1,258 ) � Basic and diluted net loss per share
$ (0.04 ) $ (0.10 ) � Basic and diluted weighted average common
shares outstanding 12,983 12,886
Insightful (NASDAQ:IFUL)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Insightful (NASDAQ:IFUL)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024