AXS-One Reports Financial Results for First Quarter of 2006
May 11 2006 - 4:01PM
PR Newswire (US)
RUTHERFORD, N.J., May 11 /PRNewswire-FirstCall/ -- AXS-One Inc.
(AMEX:AXO), a leading provider of high performance Records
Compliance Management (RCM) software solutions today announced its
financial results for the first quarter ended March 31, 2006. Total
revenues for the first quarter were $7.5 million, a decrease of 7.0
percent, compared with revenues of $8.1 million in the first
quarter of 2005. License revenues for the first quarter were $1.0
million, unchanged from $1.0 million in the first quarter of 2005.
Total expenses decreased 8.1 percent to $10.2 million compared to
$11.1 million in the first quarter of 2005. The Company reported a
net loss of $2.7 million for the first quarter, or $(0.08) per
diluted share compared to a net loss of $3.2 million, or $(0.11)
per diluted share in the first quarter of last year. "During the
past few months, we have experienced an increase in license deal
closures and believe that our growth prospects for 2006 remain
strong," said Bill Lyons, chairman and CEO of AXS-One. "We are
witnessing significantly improved activity as a result of the
partner programs we initiated at the beginning of this year,
fueling our confidence going forward. During the first quarter of
2006, we closed a number of deals with Sun, a clear sign that this
partnership is now delivering on its revenue opportunity. Since the
beginning of April, we have experienced even more activity with Sun
and our other partners world wide, providing further evidence that
our sales model is gaining momentum and thus creating a foundation
for future success." Highlights from the First Quarter include: *
New RCM contracts were signed with an Australian government agency,
a government agency in Canada and a large U.S. bank. * Completion
of enhancements to AXS-One Compliance Platform(TM), enabling
transition of Sun Microsystems' Infinite Mailbox customers to
commence. * Expansion of partner network: announcements with
MailFrontier and Onsite E-Discovery in North America and Automated
Systems Limited in Hong Kong. * Two industry awards: KMWorld's "100
Companies That Matter in Knowledge Management" and Lotus Advisor
Editors' Choice Award for IT Governance and Compliance. Conference
call information Management will conduct a conference call to
discuss these results at 4:30 p.m. Eastern on May 11, 2006.
Interested parties can participate in the call by dialing
706-645-0399 or can access the webcast at http://www.axsone.com/.
The webcast will be archived for 30 days following the call.
Interested parties may submit questions that they would like
answered during the conference call by e-mail to . Interested
parties may listen to the call via a live CCBN webcast that will be
available via the company website http://www.axsone.com/.
Interested parties should access the webcast approximately 10-15
minutes before the scheduled start time. About AXS-One Inc. AXS-One
(AMEX:AXO) is a leading provider of high performance Records
Compliance Management solutions. The AXS-One Compliance Platform
enables organizations to implement secure, scalable and enforceable
policies that address records management for corporate governance,
legal discovery and industry regulations such as SEC17a-4, NASD
3010, Sarbanes-Oxley, HIPAA, The Patriot Act and Gramm-Leach
Bliley. AXS-One's technology has been critically acclaimed as best
of class and delivers digital archiving, business process
management, electronic document delivery and integrated records
disposition and discovery for e-mail, instant messaging, images,
SAP and other corporate records. Founded in 1979, and headquartered
in Rutherford, NJ, AXS-One has offices worldwide including in the
United States, Australia, Singapore, United Kingdom and South
Africa. For further information, visit the AXS-One website at
http://www.axsone.com/. AXS-One, the AXS-One logo, "Access Tomorrow
Today," AXSPoint, and TransAXS are registered trademarks of, and
AXS-One Compliance Platform, AXS-One Retention Manager, "The
Records Compliance Management Company", e-Cellerator, AXS Desk,
"AXS-One Collaboration FrameWorks," SMART, AXS-Link and Tivity are
trademarks of, AXS-One Inc., in the U.S. All other company and
product names are trademarks or registered trademarks of their
respective companies. Special Note Regarding Forward-Looking
Statements: A number of statements contained in this release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the applicable statements. These
risks and uncertainties include, but are not limited to: our
ability to return to profitability in 2006; our ability to grow
license and service revenue in 2006; potential vulnerability to
technological obsolescence; the risks that its current and future
products may contain errors or defects that would be difficult and
costly to detect and correct; potential difficulties in managing
growth; dependence on key personnel; the possible impact of
competitive products and pricing; and other risks described in more
detail in AXO's Securities and Exchange Commission filings. Company
Contact: IR Contact: Joseph Dwyer Matthew Hayden AXS-One Inc.
Hayden Communications (201) 935-3400 (858) 704-5065 AXS-ONE INC.
AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands) March 31, December 31, 2006 2005 ASSETS (unaudited)
Current assets: Cash and cash equivalents $7,641 $3,613 Accounts
receivable, net of allowance for doubtful accounts 3,565 5,153
Prepaid expenses and other current assets 1,126 775 Total current
assets 12,332 9,541 Equipment and leasehold improvements, net of
accumulated depreciation 393 395 Capitalized software development
cost, net of accumulated amortization 835 1,038 Other assets 96 92
Total assets $13,656 $11,066 LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities: Accounts payable and accrued expenses $4,199
$4,843 Due to joint venture 78 52 Deferred revenue 11,421 8,224
Total current liabilities 15,698 13,119 Long-term deferred revenue
2,627 63 Stockholders' deficit (4,669) (2,116) Total liabilities
and stockholders' deficit $13,656 $11,066 The unaudited financial
information included in this document is intended only as summary
provided for your convenience, and should be read in conjunction
with the complete consolidated financial statements of the Company
(including the Notes thereto, which set forth important
information) contained in its Reports on Form 10-K and 10-Q filed
by the Company with the U.S. Securities and Exchange Commission
(SEC). Such reports are available on the public EDGAR electronic
filing system maintained by the SEC. This press release contains
forward-looking statements. Such statements are only predictions,
and actual events or result may differ materially. All
forward-looking statements involve risks and uncertainties,
including, without limitation, the risks detailed in the Company's
documents and reports filed from time to time with the Securities
and Exchange Commission. AXS-ONE INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share data)
Three Months Ended March 31, 2006 2005 Revenues: (Unaudited)
License fees $965 $1,022 Services 6,488 7,016 Other-related parties
39 20 Total revenues 7,492 8,058 Operating expenses: Cost of
license fees 443 364 Cost of services 3,435 4,659 Sales and
marketing 2,819 2,588 Research and development 2,226 2,101 General
and administrative 1,262 1,348 Total operating expenses 10,185
11,060 Operating loss (2,693) (3,002) Other income (expense):
Interest income 84 30 Interest expense (27) -- Equity in losses of
joint venture (27) (24) Other income (expense), net (83) (173)
Other income (expense), net (53) (167) Loss before income taxes
(2,746) (3,169) Income tax benefit -- -- Net loss $(2,746) $(3,169)
Basic and diluted net loss per common share $(0.08) $(0.11)
Weighted average basic and diluted common shares outstanding 34,247
28,576 The unaudited financial information included in this
document is intended only as summary provided for your convenience,
and should be read in conjunction with the complete consolidated
financial statements of the Company (including the Notes thereto,
which set forth important information) contained in its Reports on
Form 10-K and 10-Q filed by the Company with the U.S. Securities
and Exchange Commission (SEC). Such reports are available on the
public EDGAR electronic filing system maintained by the SEC. This
press release contains forward-looking statements. Such statements
are only predictions, and actual events or result may differ
materially. All forward-looking statements involve risks and
uncertainties, including, without limitation, the risks detailed in
the Company's documents and reports filed from time to time with
the Securities and Exchange Commission. DATASOURCE: AXS-One Inc.
CONTACT: Joseph Dwyer of AXS-One Inc., +1-201-935-3400, ; or
Investors, Matthew Hayden of Hayden Communications,
+1-858-704-5065, , for AXS-One Inc. Web site:
http://www.axsone.com/
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