Mon, November 9, 2009
Sun, November 8, 2009
Fri, November 6, 2009
Thu, November 5, 2009
Wed, November 4, 2009
Tue, November 3, 2009
Mon, November 2, 2009
Sun, November 1, 2009
Fri, October 30, 2009
Thu, October 29, 2009
[ Thu, Oct 29th 2009 ] - Market Wire
Option Notification
Wed, October 28, 2009
Tue, October 27, 2009

Absolute Software Reports First Quarter Fiscal 2010 Results


//science-technology.news-articles.net/content/2 .. e-reports-first-quarter-fiscal-2010-results.html
Published in Science and Technology on by Market Wire   Print publication without navigation


 Key Financial Metrics Q1-F2010 Q1-F2009 % change ------------------------------------------------------------------------- Sales Contracts reported(1.a) $19.2M $18.2M +5% Sales Contracts in constant dollars(1.b) $18.3M $18.2M +1% ------------------------------------------------------------------------- Cash from Operating Activities(1.a) $4.3M $9.1M -53% Basic and diluted operating cash per share(1.a) Basic $0.09 $0.19 -50% Diluted $0.09 $0.18 -50% ------------------------------------------------------------------------- Revenue $15.0M $12.1M +24% ------------------------------------------------------------------------- Net loss $(2.0M) $(2.2M) -7% Loss per share (diluted) $(0.04) $(0.05) -20% Q1-F2010 Highlights: - Cash, cash equivalents & investments (including long-term) were $73.9 million at September 30, 2009, up from $68.9 million at June 30, 2009 - Deferred revenue was $99.6 million at September 30, 2009, up from $95.9 million at June 30, 2009 - Increased contracted subscription base by 13% to 4.3 million, from 3.8 million in Q1-F2009 - Expanded international operations with opening of a regional office in Japan and launch of a Japanese offering - Launched Computrace(R) LoJack(R) for Laptops for new Dell Inspiron Mini Nickelodeon Edition notebook - Launched Geofencing capabilities for mobile devices - Announced Computrace support for Windows 7 
 Guidance Absolute previously issued F2010 financial guidance as follows: - Sales Contracts of $80-86 million - Cash from Operating Activities of $12-15 million 
 ABSOLUTE SOFTWARE CORPORATION Consolidated Balance Sheets (Expressed in Canadian dollars) (Unaudited) ------------------------------------------------------------------------- As At September 30, June 30, 2009 2009 -------------- -------------- ASSETS CURRENT Cash and cash equivalents $ 48,167,419 $ 56,078,004 Short-term investments 1,572,973 8,743,861 Accounts receivable, net of allowance for doubtful accounts of $1,846,000 (2009 - $2,387,000) 11,750,674 15,570,780 Prepaid expenses and other 999,769 974,564 Current portion of deferred contract costs 3,709,740 3,609,944 Current portion of future income tax assets 11,401,121 10,646,521 ------------------------------------------------------------------------- 77,601,696 95,623,674 INVESTMENTS 24,184,865 4,076,211 DEFERRED CONTRACT COSTS 3,833,090 3,765,717 PROPERTY AND EQUIPMENT 2,612,558 2,644,275 FUTURE INCOME TAX ASSETS 11,866,473 11,081,073 INTANGIBLE ASSET 95,831 127,775 ------------------------------------------------------------------------- $ 120,194,513 $ 117,318,725 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES CURRENT Accounts payable and accrued liabilities $ 4,547,802 $ 6,775,466 Income tax payable $ 3,035,000 $ 1,575,000 Current portion of accrued warranty 5,508,798 5,288,520 Current portion of deferred revenue, net 48,688,514 46,577,880 ------------------------------------------------------------------------- 61,780,114 60,216,866 ACCRUED WARRANTY 6,212,048 5,963,650 DEFERRED REVENUE, NET 50,939,843 49,278,726 ------------------------------------------------------------------------- 118,932,005 115,459,242 ------------------------------------------------------------------------- SHAREHOLDERS' EQUITY Share capital and other equity 43,205,993 41,988,977 Contributed surplus 27,044,642 26,822,975 Deficit (68,988,127) (66,952,469) ------------------------------------------------------------------------- 1,262,508 1,859,483 ------------------------------------------------------------------------- $ 120,194,513 $ 117,318,725 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ABSOLUTE SOFTWARE CORPORATION Consolidated Statements of Loss and Comprehensive Loss Three months ended September 30, 2009 and 2008 (Expressed in Canadian dollars) (Unaudited) ------------------------------------------------------------------------- 2009 2008 -------------- -------------- REVENUE $ 15,047,060 $ 12,109,048 COST OF GOODS SOLD 3,754,413 3,323,685 ------------------------------------------------------------------------- GROSS MARGIN 11,292,647 8,785,363 ------------------------------------------------------------------------- EXPENSES Sales and marketing 8,169,768 6,924,218 Research and development 1,629,108 1,702,988 General and administration 1,916,999 1,719,761 Investment tax credits (250,000) - Stock-based compensation 586,461 1,560,327 ------------------------------------------------------------------------- 12,052,336 11,907,294 ------------------------------------------------------------------------- OPERATING LOSS (759,689) (3,121,931) ------------------------------------------------------------------------- OTHER INCOME (EXPENSE) Interest and bank charges 157,707 452,143 Foreign exchange gain (loss) (1,399,246) 916,148 Unrealized gain (loss) on investment 135,570 (424,089) ------------------------------------------------------------------------- (1,105,969) 944,202 ------------------------------------------------------------------------- LOSS FOR PERIOD BEFORE INCOME TAXES (1,865,658) (2,177,729) INCOME TAX EXPENSE (170,000) - ------------------------------------------------------------------------- NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD (2,035,658) (2,177,729) DEFICIT, BEGINNING OF PERIOD (66,952,469) (56,752,618) DEFICIT, END OF PERIOD $ (68,988,127) $ (58,930,347) ------------------------------------------------------------------------- ------------------------------------------------------------------------- BASIC AND DILUTED LOSS PER SHARE $ (0.04) $ (0.05) ------------------------------------------------------------------------- ------------------------------------------------------------------------- WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED 45,920,705 47,949,560 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ABSOLUTE SOFTWARE CORPORATION Consolidated Statements of Cash Flows Three months ended September 30, 2009 and 2008 (Expressed in Canadian dollars) (Unaudited) ------------------------------------------------------------------------- 2009 2008 -------------- -------------- OPERATING ACTIVITIES Net loss for the period $ (2,035,658) $ (2,177,729) Items not involving cash Amortization of property and equipment 302,638 229,808 Stock-based compensation 586,461 1,560,327 Amortization of intangible asset 31,944 31,943 Future income taxes (1,540,000) - Unrealized loss (gain) on investment (135,570) 424,089 Change in non-cash operating working capital Accounts receivable 3,820,106 5,815,815 Prepaid expenses and other (25,205) 82,987 Deferred contract costs (167,169) (223,249) Accounts payable and accrued liabilities (2,227,664) (276,785) Income tax payable 1,460,000 - Accrued warranty 468,676 859,958 Deferred revenue 3,771,752 2,765,572 ------------------------------------------------------------------------- CASH FROM OPERATING ACTIVITIES 4,310,311 9,092,736 ------------------------------------------------------------------------- INVESTING ACTIVITIES Property and equipment purchased (270,922) (705,899) Proceeds from maturities of short term investments 7,306,458 1,570,571 Purchases of short term investments - (704,876) Purchases of investments (20,108,654) (2,438,554) ------------------------------------------------------------------------- CASH USED IN INVESTING ACTIVITIES (13,073,118) (2,278,758) ------------------------------------------------------------------------- FINANCING ACTIVITIES Issuance of common shares 852,222 893,661 ------------------------------------------------------------------------- CASH FROM FINANCING ACTIVITIES 852,222 893,661 ------------------------------------------------------------------------- NET CASH (OUTFLOW) INFLOW (7,910,585) 7,707,639 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 56,078,004 46,460,299 ------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 48,167,419 $ 54,167,938 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 

Publication Contributing Sources