AXS-One Inc. News
AXS-One Reports 2007 Financial Results
RUTHERFORD, N.J.,
Total revenues for the fourth quarter of 2007 were
For the year ended
Highlights for the Fourth Quarter and 2007 include: — Seventeen enterprise customer wins contributing to license revenue for the AXS-One Compliance Platform(TM) across the world during the fourth quarter. This includes the Company's first win in Japan. — The Company's largest order for Microsoft Exchange-based archiving and electronic records management with more than 30,000 seats which will be deployed worldwide. — Wins were recorded across multiple industry sectors and for all components of the AXS-One Compliance Platform. — Additional license revenue from existing customers around the world. This includes expansion of the Company's largest Lotus Notes-based customer to 125,000 users and implementations in five data centers globally. — Announcement of a major new release of the AXS-One Compliance Platform — Data Preservation Edition — featuring advanced functionality required to address FRCP (Federal Rules of Civil Procedure) requirements for data preservation. Also, next generation functionality for Lotus Notes message archiving and management. — Industry recognition, including Lotus Advisor Editors Choice Award for the third consecutive year. — Two rounds of financing, reduction of expense structure and renewal of bank line of credit. There was significant participation from the Board of Directors in the last round of financing. Members of the Board and senior management bought more than 3.5 million additional shares of AXS-One in the second half of 2007.
Conference call information
Management will conduct a conference call to discuss these results at
About AXS-One Inc.
AXS-One Inc. (OTC Bulletin Board: AXSO) is a leading provider of high performance Records Compliance Management software 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 award-winning 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 1978, and headquartered in Rutherford, NJ, AXS-One has offices worldwide including in the
AXS-One, the AXS-One logo, "Access Tomorrow Today," and AXSPoint are registered trademarks of, and AXS-One Compliance Platform, AXS-One Central, AXS-One Retention Manager, AXS-One Rapid-AXS, AXS-Link for Desktop, AXS-Link for SAP, AXS-Link for Lotus Notes, AXS-Link for Microsoft Exchange, AXS-One Data Archive Translator, AXS-Link for File System Archiving, AXS-Link for .PST Management, AXS-One Supervision, AXS-One Case Management, "The Records Compliance Management Company" and AXS-Link 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 improve financial and sales performance; potential vulnerability to technological obsolescence; the risks that our 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 AXS-One's most current Form 10-K and other Securities and Exchange Commission filings.
Company Contact: IR Contact: Joseph Dwyer Brett Maas AXS-One Inc. Hayden Communications jdwyer@axsone.com brett@haydenir.com (201) 935-3400 (646) 536-7331 -Tables Follow- AXS-ONE INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) December 31, December 31, 2007 2006 ASSETS (unaudited) Current assets: Cash and cash equivalents $3,362 $7,492 Accounts receivable, net of allowance for doubtful accounts 2,208 2,258 Prepaid expenses and other current assets 838 1,262 Total current assets 6,408 11,012 Equipment and leasehold improvements, net of accumulated depreciation 253 419 Other assets 283 102 Total assets $6,944 $11,533 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued expenses $4,934 $4,503 Deferred revenue 3,233 2,594 Liabilities from discontinued operations - 981 Total current liabilities 8,167 8,078 Long-term convertible debt, net of discount 7,037 - Long-term deferred revenue 120 44 Other long-term liabilities 212 - Total long-term liabilities 7,369 44 Stockholders' equity (deficit) (8,592) 3,411 Total liabilities and stockholders' equity $6,944 $11,533 The 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 and to be 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. AXS-ONE INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2007 2006 2007 2006 Revenues: License fees $1,213 $700 $4,058 $2,432 Services 2,030 1,839 7,891 7,864 Total revenues 3,243 2,539 11,949 10,296 Operating expenses: Cost of license fees 118 289 489 1,181 Cost of services 1,468 1,883 5,680 8,219 Sales and marketing 1,915 2,362 8,021 9,623 Research and development 1,616 1,570 6,996 6,454 General and administrative 1,117 1,155 4,416 4,649 Restructuring costs and other costs 468 432 468 432 Total operating expenses 6,702 7,691 26,070 30,558 Operating loss (3,459) (5,152) (14,121) (20,262) Other income (expense): Interest income 31 73 191 229 Interest expense (337) (52) (660) (149) Other income (expense), net (39) 545 (69) 567 Total other income (expense), net (345) 566 (538) 647 Loss before income taxes (3,804) (4,586) (14,659) (19,615) Income tax provision 248 - 287 - Loss from continuing operations (4,052) (4,586) (14,946) (19,615) Income from discontinued operations: Income from discontinued operations net of tax provision of $ — for all periods - 920 - 7,875 Gain on sale of discontinued operations net of tax provision of $200 for 2006 - 17,241 - 17,241 Net income (loss) $(4,052) $13,575 $(14,946) $5,501 Basic & diluted net income (loss) per common share: Loss from continuing operations $(0.11) $(0.13) $(0.42) $(0.57) Income from discontinued operations - 0.02 $- $0.23 Gain on sale of discontinued operations $- 0.50 $- $0.50 Net income (loss) $(0.11) $0.39 $(0.42) $0.16 Weighted average basic & diluted common shares outstanding 36,604 34,527 35,318 34,405 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 and to be 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.
SOURCE AXS-One Inc.
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