Breaking News

Tweet TWEET

EXCALIBUR TECHNOLOGIES ANNOUNCES

fourth quarter and year-end financial results 
Business Editors/Computers & Electronics 
VIENNA, Va.--(BUSINESS WIRE)--March 11, 1997-- 
Excalibur RetrievalWare Product Line Achieves Record Growth 
Excalibur Technologies Corp. (NASDAQ:EXCA), the leading provider
of software solutions for knowledge retrieval, Tuesday reported 
financial results for its fourth quarter and year ended Jan. 31, 1997. 
Total revenue for the fourth quarter rose to a record $6.1
million, an increase of 6% over total revenue of $5.8 million
reported for the same quarter last fiscal year. 
For the quarter, the company recorded a net loss of $1.4 million,
or 11 cents per common share, compared to net income of $110,000, or
1 cent per common share, in the fourth quarter last fiscal year. 
For the fiscal year ended Jan. 31, 1997, total revenue was
$20.3 million, an increase of 8% over total revenue of $18.7 million
in the prior year.  The net loss for the fiscal year ended Jan. 31, 1997
was $7.2 million, or 58 cents per common share, compared to a net
loss of $884,000 or 8 cents per common share, for the same period
last fiscal year. 
"We began the year recognizing the need for a next class of
application in our marketspace - knowledge retrieval solutions,"
said Patrick C. Condo, Excalibur president and chief executive 
officer. 
"In positioning the Company to lead this new market, we set four
primary goals in fiscal 1997; invest in our corporate infrastructure,
deliver new products, build industry alliances, and increase brand
recognition. 
"We've made significant progress reaching these goals and are now
delivering new solutions to a market whose time has come.  The market
is responding positively as evidenced by the dramatic growth of
Excalibur RetrievalWare which achieved product revenue growth of 96%
for the year and 295% in the fourth quarter over the fourth quarter a
year ago.  Excalibur RetrievalWare product revenue represented 59%
of total product revenues for the fiscal year and 71% in the fourth
quarter." 
"During the year, Excalibur made several significant
announcements and once again raised the bar in the industry by
shifting the focus in the marketplace from search engines and text
retrieval, which is where our competition still play, to knowledge
retrieval solutions. 
"This positioned Excalibur as the innovative leader in high-performance, enterprise-wide solutions that enable organizations to
accurately access, search and retrieve any type of data , no matter
where it is stored, in whatever form." 
In the fourth quarter, Excalibur was selected by dozens of companies
and organizations needing mission-critical knowledge retrieval solutions.
Some of the industry notables include: 
UCLA    -- using Excalibur RetrievalWare to create a campus-wide
knowledge retrieval system. 
Korea Electric Power Company -- integrating Korean language
capabilities into Excalibur RetrievalWare for sale to South Korean
businesses. 
BTG -- extended partnership to include rights to sell Excalibur
RetrievalWare. 
During fiscal 1997, Excalibur continued its international
expansion and reported record international product revenue growth of
57% over the previous year. 
The company recently established new operating facilities in
Germany, enhanced operating infrastructures for its UK and French
offices, and signed a new distribution agreement with OCS of Madrid,
one of the largest document management companies in Spain. 
Other contributing factors to this growth include recently
announced customer agreements with Whitbread, PLC, a leading U.K.
food, hospitality and leisure company, and Grupo Clarin, the
Argentinean media giant. 
Excalibur Technologies Corp. 
Since 1980, Excalibur Technologies Corp. (NASDAQ: EXCA) has set
the standard for excellence in knowledge retrieval solutions,
empowering organizations and enabling people to transform information
into knowledge. 
Only Excalibur RetrievalWare(TM) and Visual RetrievalWare(TM)
deliver a unified software solution for text and visual information
retrieval.  Excalibur products combine as a proven solution for
large-scale knowledge retrieval applications where accuracy,
scalability and reliability are paramount. 
This release may make comments about our future expectations,
performance, plans and prospects which might constitute forward-looking
statements within the meaning of the Private Securities Litigation
Act of 1995. 
Actual results may differ materially from our expectations as the
result of various important factors including, but not limited to,
the success of our relationships with strategic partners, Excalibur's
ability to continue to develop competitive products and make timely
product releases, effects of competition, and the rapidly changing
marketplace. 
These and other risks relating to Excalibur's business and
product development efforts are as set forth in the companies'
respective Form 10-K and form 10-Qs as filed with the Securities and
Exchange Commission. 
Contact Excalibur in North America at 800/788-7758 or
703/761-3700, in the United Kingdom at 44-1344-893-444, via e-mail at
info@excalib.com or visit our web site at www.excalib.com . 
Excalibur Technologies Corp. and the Excalibur logo are registered
trademarks of Excalibur Technologies Corp. APRP, RetrievalWare and
Visual RetrievalWare are trademarks of Excalibur Technologies Corp. 
Other brands or product names are the trademarks or registered trademarks
of the respective organizations named above. 


 
    The condensed, consolidated statements of operations (unaudited)
for the company appear below and are presented in accordance with
accounting principles generally accepted in the United States.  All
amounts are expressed in thousands of U.S. dollars except per share
amounts.


                       Three Months Ended      Fiscal Year Ended
                           Jan. 31,                Jan. 31
                        1997    1996            1997      1996
                        ----   -----           -----      -----

Revenues               $6,128  $5,771          $20,259    $18,675

Expenses:


  Sales and marketing   3,973   2,547           14,429      8,791
  Research and product
   development          2,137   1,450            7,694      4,972
   administrative         966     720            3,906      3,330
   administrative         966     720            3,906      3,330

  Cost of sales           494     419            1,843      1,867
  Restructure and
   merger costs            --     653               --      1,143
                       ------  ------           ------     ------

     Total expenses     7,570   5,789           27,872     20,103


Operating Loss         (1,442)  (  18)          (7,613)    (1,428)

Interest and Other
 Income, net               31     128              440        544
                       ------  ------           ------     ------

Net (Loss) Income     $(1,411)  $ 110          $(7,173)    $( 884)
                       ------  ------           ------     ------

Net (Loss) Income
 Per Common Share     $( 0.11)  $0.01          $ (0.58)    $(0.08)
                       ------  ------           ------     ------

Weighted-Average
 Number of Common
 Shares Outstanding
 (in thousands)        12,440  11,772           12,351     11,496
                       ------  ------           ------     ------
-0-
 
    The condensed, consolidated balance sheets (unaudited) for the
Company appear below and are presented in accordance with accounting
principles generally accepted in the United States.  All amounts are
expressed in thousands of U.S. dollars.


               ASSETS              Jan. 31, 1997       Jan. 31, 1996

                                  --------------      --------------

Current Assets
    Cash and cash equivalents       $   2,685            $   2,903
    U.S. government securities          8,427               10,341
    Accounts receivable, net            9,383                6,942
    Prepaid expenses and other          1,655                  582
                                    ---------            ---------

        Total current assets           22,150               20,768

Other Assets, net                       3,997                2,278
                                    ---------            ---------

Total                               $  26,147            $  23,046
                                    ---------            ---------


LIABILITIES AND SHAREHOLDERS' EQUITY



Current Liabilities


    Accounts payable                $   1,680           $    1,005
    Accrued expenses                    2,310                2,999
    Deferred revenues                   2,693                2,759
    Deferred compensation                 901                1,032
                                    ---------            ---------

        Total current liabilities       7,584                7,795

Shareholders' Equity                   18,563               15,251
                                    ---------            ---------

        Total                       $  26,147            $  23,046

 
Press spacebar to pause and continue. Press esc to stop.