Angoss Reports Fourth Quarter and Fiscal 2009 Results
Demand for Hosted Predictive Analytics Solutions Drives Growth in Revenue and Operating Income
2009 revenues were
2009 operating income tripled to
The Company also reported a net loss of
Billed revenues were
"We delivered a solid performance in a challenging 2009 business environment" commented Angoss
Fourth Quarter and Fiscal Year Highlights
Marketing Analytics Solutions: Integration and Expansion of IntelliMaxx(TM) Capabilities
During 2009 the Company successfully completed its acquisition of IntelliMaxx(TM) bringing stability and improved breadth and quality of service to IntelliMaxx(TM) customers. In addition to introducing more advanced analytics capabilities to selected IntelliMaxx(TM) clients, the Company began introducing IntelliMaxx(TM) integrated marketing capabilities to the Company's own client base. The Company completed the year by finalizing the terms of an innovative "pay for performance" solution for a financial services organization to be introduced in 2010 which reflects a potential future business and revenue model change for the IntelliMaxx(TM) business. The Company has also commenced development of a proprietary, analytics enriched consumer data asset, incorporating predictive models and behavioral scores intended to provide marketers with significantly better insights into consumer segments and their buying behaviors and preferences. This asset will be made available initially to Canadian marketers for market planning and campaign execution during fiscal 2010. On demand marketing analytics solutions now offered under the IntelliMaxx(TM) brand represent approximately 25% of the Company's business.
Sales Analytics Solutions: Expansion of FundGUARD and Completion of First KnowledgeSEEKER(R) for Salesforce.com Integration
During 2009 the Company successfully expanded its FundGUARD(TM) sales analytics solution for the mutual fund and wealth management industry with several renewing clients, new customer additions, and new solution capabilities highlighted by fully integrated Angoss predictive analytics for sales force effectiveness embedded within the Salesforce.com platform. Angoss plans for FY 2010 include awareness raising activities within Salesforce.com and across its client base in financial services and ICT verticals, with additional planned initiatives through Dreamforce 2010. Sales Analytics solutions, focused around the Company's KnowledgeSEEKER(R) for Salesforce.com offering, represent approximately 25% of the Company's business. Using the mutual fund and wealth management industry as a launch pad the Company plans to extend the solution to the sales organizations of financial services and ICT clients and prospects in coming quarters.
Risk Analytics Solutions: Expansion In Credit Risk and Claims Fraud Detection
During 2009 the Company continued to expand its KnowledgeSTUDIO(R) footprint in major financial services organizations such as Citigroup, Bank of America, Wells Fargo, Chase, Royal Bank of
ANGOSS Software Corporation
Income Statement Information
(unaudited, stated in Canadian dollars)
For the period ended Three months ended YTD - Twelve Months
November 30, November 30, November 30, November 30,
2009 2008 2009 2008
Revenues $2,239,017 $1,855,106 $8,572,308 $7,541,523
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Operating Expenses
General and
administration 375,053 418,674 1,571,969 1,643,625
Sales and marketing 1,124,603 1,239,243 4,526,429 4,593,452
Research and
development, net 386,612 178,054 1,398,538 912,218
------------------------- -------------------------
1,886,268 1,835,971 7,496,936 7,149,295
------------------------- -------------------------
Income before the
following 352,749 19,135 1,075,372 392,228
Other income - - - 19,895
Amortization of
capital assets (129,418) (93,482) (387,887) (366,339)
Amortization of
intangible assets (185,000) - (335,000) -
Interest expense (37,840) 3,212 (150,149) (27,243)
Preferred share
expenses - (11,827) - (63,837)
Foreign exchange
gain (loss) (57,342) 273,023 (221,060) 398,251
Stock based
compensation (9,333) 11,420 (44,674) (18,700)
------------------------- -------------------------
Net (loss) income and
comprehensive (loss)
income for the period $(66,184) $201,481 $(63,398) $334,255
------------------------- -------------------------
------------------------- -------------------------
Basic and diluted (loss)
earnings per share $(0.01) $0.03 $(0.01) $0.05
------------------------- -------------------------
------------------------- -------------------------
Weighted average number
of shares outstanding
Basic 7,256,612 7,256,612 7,256,612 7,380,744
Diluted 7,256,612 7,291,626 7,256,612 7,406,943
Selected Cash Flow Information
(unaudited, stated in Canadian dollars)
For the period ended Three months ended YTD - Twelve Months
------------------------- -------------------------
November 30, November 30, November 30, November 30,
2009 2008 2009 2008
Cash provided by
operating activities $755,856 $395,886 $889,311 $529,594
Cash used in investing
activities (33,589) (32,079) (548,252) (225,068)
Cash provided (used) by
financing activities (93,235) (659,066) (107,207) (981,290)
Effect of foreign
exchange rate
fluctuations on cash
and cash equivalents (36,049) 131,705 (136,183) 145,651
Net increase (decrease)
in cash during the
period 592,983 (163,554) 97,669 (531,113)
Selected Balance Sheet Information
November 30, November 30,
(unaudited, stated in Canadian dollars) 2009 2008
Cash and cash equivalents $1,523,663 $1,425,994
Restricted investments 391,000 423,000
Accounts receivable 1,860,796 2,035,651
Prepaid expenses and other assets 425,179 414,201
-------------------------
Total current assets 4,200,638 4,298,846
Capital assets, net 978,438 721,197
Intangible assets, net 1,655,000 -
-------------------------
Total assets $6,834,076 $5,020,043
-------------------------
Accounts payable and accrued liabilities $719,641 $659,678
Current portion of deferred revenue 3,627,590 3,875,058
Current portion of capital leases 182,311 102,853
Current portion of term debt 214,286 214,286
Other 151,219 27,763
-------------------------
Total current liabilities 4,895,047 4,879,638
-------------------------
Long-term debt 1,980,379 -
Deferred revenue 128,963 67,045
Capital leases 149,377 121,970
Term debt 267,857 482,143
Lease inducement 56,882 94,952
-------------------------
Total liabilities 7,478,505 5,645,748
Total shareholders' equity (644,429) (625,705)
-------------------------
Liabilities and shareholders' equity $6,834,076 $5,020,043
-------------------------
About Angoss Software Corporation
Angoss Software empowers people to make "Better Business Decisions. Every Day."(TM)
Some of the world's leading financial services, telecom, life sciences, and retail organizations use Angoss predictive analytics software and services to grow revenues, while reducing risk and cost. Angoss helps our clients utilize business data to discover the key drivers of behavior, predict future trends and events, and act with confidence when making business decisions.
Angoss combines powerful market proven software with focused industry services expertise in the deployment, integration and use of predictive analytics in enterprise environments. Our differentiators include broad user acceptance, a commitment to open standards, rich functionality, rapid deployment, exceptional ease-of-use and affordability.
For more information, visit www.angoss.com.
This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including: the risk that the sale of our products and services involves a long sales cycle; the risk that the economic environment and business conditions will remain difficult to predict; the risk of competition in our target markets; the risk that we may not respond adequately to evolving technologies; the risk that we or our customers may have difficulties in introducing our products or services; the risk that we will encounter difficulties in continuing to offer services; the risk that we will encounter difficulties in integrating the operations of acquired companies with our own; the risks of conducting our operations in a variety of international locations; the risk that we may need to record future write-downs of assets arising from our investments in other companies; the risks relating to the costs that we may incur as a result of litigation against us; and other risks described in our filings with securities regulatory authorities, including our annual reports, interim financial statements and similar disclosure documents. ANGOSS Software does not undertake any obligation to update this forward-looking information after the date of its initial publication, except as required under applicable law.
Note: The
For further information: Lon Vining, Chief Financial Officer, (416) 593-2420, [email protected]
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