BKBO BakBone Software Reports Fourth Quarter and Full Year Fiscal 2009 Financial Results
Fourth Quarter Bookings of $13.9 Million; Conference Call Today at
2:00 p.m. PT
BakBone
Software, Incorporated (OTCBB: BKBO stock news), a leading provider of
Universal Data Management solutions, today announced its financial
results for the fourth quarter and full fiscal year ended March 31, 2009.
“Our fiscal fourth quarter financial results represented a solid finish
to a very productive year for BakBone,” said Jim Johnson, president and
CEO, BakBone. “We completed several long-standing corporate priorities,
including bringing our financial filings current and working with
Canadian regulators to lift the cease trade orders so that our Canadian
shareholders can once again trade their shares. We continued to
implement new product enhancements and features, which allowed the
Company to finish the year with $57.7 million in bookings and to
generate GAAP revenue growth of 10% for the fiscal year.
“Our team is working hard to capitalize on opportunities throughout the
world for our core product lines as we execute our growth strategy. Our
recent acquisitions are part of our overall goal to increase our product
portfolio and our industry presence. The ColdSpark acquisition enables
us to enter the rapidly growing enterprise message management market
with a unique set of technologies that help customers manage and control
their e-mail and messaging environments based upon pre-defined policies.
Corporate e-mail continues to be the most used system in many companies,
accounting for more than 50% of network traffic in many environments,
and this creates numerous compliance and data security challenges that
companies need to address when leveraging these systems. The technology
acquired from Asempra expands our disk-based, real-time data protection
capabilities for Microsoft Exchange, SQL Server and Windows file
servers, and minimizes the amount of time customers spend on recovering
lost data. We recently launched NetVault: FASTRecover, the BakBone
solution based on certain technologies acquired from Asempra. Through
these acquisitions and our emergence as a leader in Universal Data
Management, we are expanding our market opportunities, and we expect to
begin to demonstrate our growth potential in the latter part of this
fiscal year. At this point, we currently expect to generate
approximately $62 to $64 million in bookings for fiscal 2010,” concluded
Johnson.
Financial Results
For the quarter ended March 31, 2009, total revenue, which consists of
software revenue and maintenance and professional services revenue,
increased 5% to $14.4 million from $13.7 million in the fourth quarter
of fiscal year 2008. The operating loss was $0.3 million in the fourth
quarter of fiscal year 2009 and included a $1.2 million charge for the
negotiated settlement of an overpayment of royalties from an OEM
customer. The adjusted non-GAAP operating income of $0.9 million in the
fourth quarter of fiscal 2009 compares favorably to the $2.1 million
operating loss in the fourth quarter of fiscal year 2008. The GAAP net
loss totaled $0.9 million, or ($0.01) per share, in the fourth quarter
of fiscal year 2009 compared with a net loss of $1.2 million or ($0.02)
per share, in the fourth quarter of fiscal year 2008.
Cash provided from operating activities was $1.5 million in the fiscal
year ended March 31, 2009, an improvement of $2.5 million from fiscal
2008. Total cash at March 31, 2009, totaled $8.7 million, an increase of
approximately $0.9 million from December 31, 2008, relating primarily to
the increase in operating income. The $1.2 million general and
administrative expense charge related to the negotiated settlement is
reflected at the net present value of the cash offsets due over the next
three years from future customer royalty revenues.
For the fiscal year ended March 31, 2009, revenue totaled $56.0 million
as compared with $50.9 million for the fiscal year ended March 31, 2008.
Net loss totaled $5.5 million, or ($0.08) per share, for the fiscal year
ended March 31, 2009, compared with a net loss of $8.1 million or
($0.13) per share, for the fiscal year ended March 31, 2008.
1Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including
non-GAAP operating income, may be considered non-GAAP financial
measures. BakBone believes this information is useful to investors
because it provides a basis for measuring BakBone’s available capital
resources, the operating performance of BakBone’s business and BakBone’s
cash flow, excluding the negotiated settlement of an overpayment of
royalties from an OEM customer that would normally be included in the
most directly comparable measures calculated and presented in accordance
with Generally Accepted Accounting Principles. BakBone’s management uses
these non-GAAP financial measures along with the most directly
comparable GAAP financial measures in evaluating BakBone’s operating
performance, capital resources and cash flow. Non-GAAP financial
measures should not be considered in isolation from, or as a substitute
for, financial information presented in compliance with GAAP, and
non-financial measures as reported by BakBone may not be comparable to
similarly titled amounts reported by other companies.
Conference Call Information
The Company has scheduled a conference call for June 23, 2009 at 2:00
p.m. PT to discuss the results for the quarter ended March 31, 2009. The
call will be hosted by Jim Johnson, CEO of BakBone and Steve Martin, CFO
of BakBone.
To access the conference call, please dial 800-854-3238;
internationally, dial 706-634-9547 (Passcode: 14172008). This call will
also be webcast and can be accessed at www.bakbone.com
by clicking on “Company Info” and then “Investor Relations.” The webcast
is also being distributed through the Thomson StreetEvents Network.
Individual investors can listen to the call at www.earnings.com,
Thomson’s individual investor portal, powered by StreetEvents.
Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com),
a password-protected event management site.
About BakBone Software Stock Profile BKBO
BakBone Software is the leader in Universal Data Management. This
provides a data-centric approach to integrating data protection,
centralizing policy management and managing organizations’ messaging
infrastructure to optimize performance, increase data availability and
improve corporate compliance. Learn more about BakBone's Universal Data
Management vision at www.bakbone.com
or email info@bakbone.com.
