netGuru, Inc. (Nasdaq:NGRU) reported financial results for fiscal
2005 fourth quarter and year ended March 31, 2005. For
fourth-quarter fiscal 2005, the Company reported net income of
$138,000, or one cent per diluted share, compared to net income of
$77,000, or one cent per diluted share, in fourth-quarter fiscal
2004. Diluted shares for the quarter were 21,187,269 versus
19,813,808 for fiscal 2004 fourth quarter. Net revenues for the
quarter were $4.70 million, compared to $4.78 million in
fourth-quarter fiscal 2004. Net revenues from engineering and
collaborative software products and services rose to $3.66 million
from $3.49 million, but net revenues from IT services declined to
$1.05 million from $1.29 million. Cost of revenues for the quarter
fell 37% to $838,000 from $1.33 million in fourth quarter last year
due to lower costs related to all products and services. Gross
profit for the quarter rose to $3.86 million, or 82% of net
revenues, compared to $3.45 million, or 72% of net revenues, in
fourth-quarter fiscal 2004. Operating expenses for the quarter were
$3.6 million, compared to $3.41 million in fourth-quarter fiscal
2004; the $186,000 increase due primarily to a $176,000 increase in
reserves for bad debt. Operating income rose to $262,000 from
$40,000 in fourth-quarter last year. Net loss for fiscal 2005
narrowed to $788,000, or four cents per share, from a net loss of
$3.11 million, or 18 cents per share, for fiscal 2004. Net loss for
fiscal 2005 included a gain from discontinued operations of
$67,000, or one cent per share, while net loss for fiscal 2004
included losses from discontinued operations of $508,000, or three
cents per share. Excluding the effects of discontinued operations
for both periods, net loss for fiscal 2005 was $855,000, or five
cents per share, versus net losses of $2.60 million, or 15 cents
per share, in fiscal 2004. Net revenues for fiscal 2005 were $15.84
million, compared to $16.56 million for fiscal 2004. Net revenues
from engineering and collaborative software products and services
were $11.64 million versus $11.55 million in fiscal 2004, and net
revenues from IT services were $4.2 million versus $5.0 million.
Cost of revenues fell 29% to $3.54 million from $4.97 million in
fiscal 2004 due to lower costs related to all products and
services. Gross profit rose to $12.30 million, or 78% of net
revenues, compared to $11.59 million, or 70% of net revenues, for
fiscal 2004. Operating expenses for fiscal 2005 fell to $12.68
million from $13.65 million in fiscal 2004. Operating losses for
fiscal 2005 narrowed to $376,000 from $2.06 million in operating
losses last year. netGuru Chairman and Chief Executive Amrit Das
commented: "We are very pleased to have achieved our profit goal
for the quarter, the second consecutive quarter of positive cash
flow from operations, and a substantial reduction in losses for the
fiscal year, and we are looking forward to making further progress
in fiscal 2006, driven primarily by revenue growth. Business
process outsourcing operations are expanding, and we are also
seeing rising activity in STAAD.Pro and eReview software, including
custom development for end users in several industries. "We have
also brought our Company's cost structure down to a level that
should not only be sustainable but is also intended to support
expected higher revenues," Das continued. "This holds positive
implications for gross and operating margins, as the revenue growth
we expect this year begins to show. As a result, we expect to
report higher revenues and a profit for fiscal 2006."
Teleconference information: netGuru management will hold a
teleconference today at 1:30 p.m. PDT (4:30 p.m. EDT) to review the
financial results. To participate in the teleconference, please
call toll-free 800-608-3625 (or 706-634-0478 for international
callers) approximately 10 minutes prior to the above start time.
The company will archive the teleconference on its website,
www.netguru.com (requires RealPlayer streaming audio software,
available at www.real.com). A telephone playback will also be
available for 48 hours beginning today at 5 p.m. PDT. The playback
can be accessed by dialing 800-642-1687 (or 706-645-9291 for
international callers) and providing Conference ID 7850385. About
netGuru, Inc. netGuru is an engineering information technology and
services company offering engineering and design collaboration
software and solutions, and professional and technical services and
support to businesses worldwide. netGuru serves its global markets
and clients through offices located in the United States, Europe,
Asia, and the Middle East, and through distributors in 40
countries. The Company licenses its engineering software and
solutions to more than 19,000 businesses in 100 countries. For more
information please visit www.netguru.com. Safe Harbor Statement
under the Private Securities Litigation Reform Act of 1995: With
the exception of historical or factual information, other matters
discussed in this press release, including revenue growth,
sustainability of cost structure, anticipated improvements in gross
and operating margins, and expected fiscal 2006 results are forward
looking statements that involve risks and uncertainties. Actual
future results may differ. Factors that could cause or contribute
to such differences in results include, but are not limited to,
market conditions regionally and worldwide, demand for engineering
services, the Company's ability to increase revenue and conduct
marketing efforts while controlling costs and expenses,
technological change, economic conditions, changes in governmental
regulations and policies, competitive products and services,
unforeseen technical issues, and other factors discussed in the
"Risk Factors" Section of the Company's Form 10-KSB for the fiscal
year ended March 31, 2005, as filed with the U.S. Securities and
Exchange Commission. -0- *T NETGURU, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share
and per share amounts) March March 31, 31, 2005 2004 (See Note 1)
-------- -------- Assets Current assets: Cash and cash equivalents
$3,681 $1,646 Short term investment - 100 Accounts receivable (net
of allowance for doubtful accounts of $705 and $615, as of March
31, 2005 and March 31, 2004, respectively) 4,334 3,340 Income tax
receivable 15 16 Notes and related party loans receivable 12 35
Deposits 96 67 Prepaid expenses and other current assets 1,343
1,174 Assets of subsidiary held for sale - 327 -------- --------
Total current assets 9,481 6,705 Property, plant and equipment, net
1,682 2,215 Goodwill 3,088 2,891 Other assets 242 219 --------
-------- $14,493 $12,030 ======== ======== Liabilities and
Stockholders' Equity Current liabilities: Current portion of
long-term debt, net of discount of $222 and $186, as of March 31,
2005 and March 31, 2004 respectively $1,397 $975 Current portion of
capital lease obligations 144 109 Accounts payable 464 600 Income
taxes payable 29 55 Accrued expenses 1,136 1,160 Deferred revenues
2,697 1,834 Other liabilities 212 208 Liabilities of subsidiary
held for sale - 186 -------- -------- Total current liabilities
6,079 5,127 Long-term bank debt, net of current portion, net of
discount of $200 and $185, as of March 31, 2005 and March 31, 2004,
respectively 2,108 1,382 Capital lease obligations, net of current
portion 343 368 Deferred gain on sale-leaseback 678 747 --------
-------- Total liabilities 9,208 7,624 -------- --------
Stockholders' equity: Preferred stock, par value $.01 (Authorized
5,000,000 shares; no shares issued and outstanding) - - Common
stock, par value $.01; authorized 150,000,000 shares; issued and
outstanding 19,117,154 and 18,087,154 shares as of March 31, 2005
and March 31, 2004, respectively 191 181 Additional paid-in capital
36,869 35,352 Accumulated deficit (31,232) (30,444) Accumulated
other comprehensive loss: Cumulative foreign currency translation
adjustments (543) (683) -------- -------- Total stockholders'
equity 5,285 4,406 -------- -------- $14,493 $12,030 ========
======== NETGURU, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except share and per share
amounts) Three Three Twelve Twelve Months Months Months Months
Ended Ended Ended Ended March March March March 31, 31, 31, 31,
2005 2004 2005 2004 (See (See Note 1) Note 1) ------- ---------
-------- -------- Net revenues: Engineering and collaborative
software products and services $3,655 $3,491 $11,636 $11,550 IT
services 1,045 1,290 4,207 5,012 ------- --------- --------
-------- Total net revenues $4,700 $4,781 $15,843 $16,562 Cost of
revenues: Engineering and collaborative software products and
services 209 301 786 1,011 IT services 629 1,026 2,757 3,960
------- --------- -------- -------- Total cost of revenues 838
1,327 3,543 4,971 ------- --------- -------- -------- Gross profit
3,862 3,454 12,300 11,591 ------- --------- -------- --------
Operating expenses: Selling, general and administrative 2,781 2,712
9,753 10,602 Research and development 363 463 1,578 2,042 Bad debt
expense 186 10 355 60 Depreciation 270 229 990 944 -------
--------- -------- -------- Total operating expenses 3,600 3,414
12,676 13,648 ------- --------- -------- -------- Operating income
(loss) 262 40 (376) (2,057) ------- --------- -------- --------
Other expense (income): Interest, net 165 129 543 658 Other (41)
(19) (102) (128) ------- --------- -------- -------- Total other
expense 124 110 441 530 ------- --------- -------- -------- Income
(loss) from continuing operations before income taxes 138 (70)
(817) (2,587) Income tax (benefit) expense - (149) 38 15 -------
--------- -------- -------- Income (loss) from continuing
operations 138 79 (855) (2,602) (Loss) income from discontinued
operations - (2) 67 (508) ------- --------- -------- -------- Net
Income (loss) $138 $77 $(788) $(3,110) ======= ========= ========
======== NETGURU, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS - continued (In thousands, except share
and per share amounts) Three Three Twelve Twelve Months Months
Months Months Ended Ended Ended Ended March March March March 31,
31, 31, 31, 2005 2004 2005 2004 (See (See Note 1) Note 1)
----------- ----------- ------------ ------------ Income (loss) per
common share: Income (loss) per common share from continuing
operations (Basic) $0.01 $0.00 $(0.05) $(0.15) Income (loss) from
discontinued operations - - 0.01 (0.03) ----------- -----------
------------ ------------ Basic net loss per common share $0.01
$0.00 $(0.04) $(0.18) ----------- ----------- ------------
------------ Diluted net income (loss) per common share $0.01 $0.01
$(0.04) $(0.18) =========== =========== ============ ============
Common shares used in computing basic net loss per common share:
19,117,154 18,044,297 18,857,866 17,602,584 =========== ===========
============ ============ Common shares used in computing diluted
net income (loss) per common share: 21,187,269 19,813,808
18,857,866 17,602,584 =========== =========== ============
============ Note 1: Reclassified for discontinued operations of
our telecom entity as filed in Form 8-K dated April 29, 2005. *T
Netguru (NASDAQ:NGRU)
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