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CorVu Reports Strong Fourth Quarter and Full-Year Results
FY2006 Revenues Jump 17% and Net Income Turns Positive
MINNEAPOLIS, July 27 /PRNewswire-FirstCall/ -- CorVu(R) Corporation (OTC Bulletin Board: CRVU), an innovative provider of Performance Management software solutions, today announced substantially improved financial results for the fourth quarter and the twelve month period ended June 30, 2006. Fourth-quarter revenues increased 27% to $4.1 million, compared to $3.2 million in the year-ago fourth quarter. For the fourth quarter, the company reported net income of approximately $680,000 or $0.01 per diluted share, compared to a net loss of $3.2 million or ($0.10) per diluted share in the prior year's quarter. For FY2006, revenues grew 17% to $15.4 million, compared to $13.2 million in FY2005. For FY2006, the company reported net income of approximately $1.2 million or $0.02 per diluted share, compared to a net loss of $6.6 million or ($0.20) per diluted share in the same period last year. Cash and cash equivalents also increased to $3.1 million in FY2006, compared to $2.2 million at the close of FY2005. "We are pleased to report substantially improved results for our FY2006 fourth quarter and full year," said Joseph Caffarelli, president and CEO of CorVu Corporation. "Our revenues grew significantly, and we turned the corner into profitability as we continued to execute well on our sales initiatives and maintained our focus on expense control. The 27% growth in our year-over- year fourth-quarter revenue was driven by a 145% increase in license revenue. Most importantly, we added 315 new customers during the year, which bodes well for the future. Finally, during the year we generated over $940,000 of cash." During FY2006, CorVu captured a number of significant contracts from a diverse group of customers, which represent considerable revenue over the contract lifetimes for software licenses, maintenance, and services. The company won a major order from a large defense organization with an estimated value of $800,000; an order from a major international auditing firm with an estimated value of $700,000; orders from two governmental agencies with an estimated aggregate value of $800,000; and an order from a large Middle Eastern mining company with an estimated value of over $300,000. Financial Highlights - Total revenue of $4.1 million for the fourth quarter, a 27% increase compared to $3.2 million in the year-ago quarter. - License revenue of $1.7 million for the fourth quarter, a 145% increase from $0.7 million in the year-ago quarter. - Total revenue of $15.4 million for the year, a 17% increase compared to $13.2 million in the prior year. - License revenue of $6.4 million for the year, a 53% increase from $4.2 million in the prior year. - Net income totaled $1.2 million for the year, representing 8% return on revenue and a $7.8 million improvement from last year's net loss of $6.6 million. - Cash at June 30, 2006 totaled $3.1 million versus $2.2 million at the end of last year.
Revenue Summary Revenues for the fourth quarter totaled $4.1 million, an increase of 27% compared to the year-ago quarter. Software and license fee revenues totaled $1.7 million for the fourth quarter, an increase of 145% compared to the year- ago period. Maintenance fees were $1.6 million for the fourth quarter, a decrease of 8% compared to the year-ago period. Consulting and other revenues amounted to $0.8 million for the fourth quarter, essentially unchanged from the year-ago quarter. Total revenues for the year ended June 30, 2006 were $15.4 million, an increase of 17% from last year. Software and license fee revenues were $6.4 million for the year ended June 30, 2006, an increase of 53% compared to the year-ago period. Maintenance fees totaled $6.0 million for the year, an increase of 3% from last year. Consulting and other revenues were $3.0 million for the year, compared to $3.1 million for the same period last year. Expense Summary Total expenses for the fourth quarter were $3.4 million, down 10% from $3.8 million in the prior year's quarter. Total expenses for the year ended June 30, 2006 were $14.1 million, a 17% reduction from $17.0 million for the same period last year. Expense reductions were driven by restructuring actions taken at the end of last fiscal year and the first two quarters of fiscal 2006 which specifically targeted improved operational, logistical and selling efficiencies. These lower costs, along with redeployed resources and refocused initiatives, have contributed to improved results.
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Joseph Caffarelli, President and Chief Executive Officer Mr. Caffarelli has extensive management experience in growth environments including key management roles with both domestic and international midsize and start-up companies. He has been a key participant in three IPOs on NASDAQ aggregating $400 million as well as securing pre-IPO private equity funding. Mr. Caffarelli has held executive management positions at MedSource Technologies Inc., Airspan Networks Inc. and Physio-Control International Corporation during their start-up, private-funding, IPO and public phases. Previously, Mr. Caffarelli spent nineteen years in a variety of financial management positions at General Electric Company including a four year assignment at GE's Corporate headquarters as a financial analyst working for GE's charismatic CEO, Jack Welch.
CEO just bought shares 08/10/2006 CAFFARELLI, JOSEPH 400 B Buy 08/09/2006 CAFFARELLI, JOSEPH 400 B Buy 08/08/2006 CAFFARELLI, JOSEPH 400 B Buy 08/07/2006 CAFFARELLI, JOSEPH 300 B Buy
-------------------- This is not a recommendation to buy or sell securities. Posts: 1206 | Registered: Feb 2006
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