Extended Systems Incorporated (Nasdaq:XTND), a leading provider of
mobile software solutions, today reported net revenue of $10.7
million for the fourth quarter of fiscal 2005 ended June 30, 2005,
an increase of 37% over net revenue of $7.8 million for the fourth
quarter of fiscal 2004. Extended Systems attributed the revenue
growth to payments received from Samsung Electronics for ESI
products included in previously shipped handsets. Extended Systems
also reported growth from enterprise mobility products as more
enterprise customers purchased and deployed Extended Systems'
mobility solution. For the fiscal year ended June 30, 2005, the
Company reported revenue of $40.1 million, an increase of 25% over
$32.2 million reported for fiscal year 2004. Extended Systems
reported net income of $636,000, or $0.04 per share, for the fourth
quarter of fiscal 2005, compared to a net loss of $188,000, or
$(0.01) per share, for the same quarter last year. Net income for
the fiscal year ended June 30, 2005, was $4.0 million or $0.25
cents per share as compared to a net loss of $3.3 million or
($0.23) per share for fiscal year 2004. Cash and cash equivalents
were $13.6 million as of June 30, 2005, compared to $9.8 million as
of March 31, 2005, and $7.2 million as of June 30, 2004. On July
29, Extended Systems reported that it signed a definitive agreement
to be acquired by Sybase, Inc. (NYSE:SY) for approximately $71.3
million, or $4.460847 per share. The transaction, which is subject
to regulatory approval, Extended Systems' stockholder approval and
other specified closing conditions, is expected to close in the
fourth calendar quarter of 2005. Other Highlights: -- Announced
that British Airways has equipped its top managers with wireless
e-mail capabilities using OneBridge Mobile Groupware. -- Helped
Grania Willis, correspondent with The Irish Times, send wireless
e-mail messages during her ascent of the technically challenging
north side of Mount Everest. The story, which received global
attention, solidified the point that OneBridge can be used in any
place at any time to connect people to information. -- Awarded
"Best Mobile Solution" by the editors of Windows IT Pro and SQL
Server Magazine during Microsoft's annual TechEd 2005 conference.
-- Launched OneBridge Mobile Platform 4.5. This release enables
developers to retrofit existing, legacy applications with real-time
push capabilities. -- Announced partnership with mobile security
vendor Pointsec. Extended Systems and Pointsec will work together
to bring secure mobile solutions to the enterprise. The partnership
allows each company to offer an integrated OEM version of the
other's solutions to its customers. Conference Call Extended
Systems will hold a conference call today at 5 p.m. Eastern to
discuss its quarterly financial results, business highlights and
outlook. Those wishing to participate should dial 866-323-7215 for
domestic callers and 706-679-0866 for international callers and
reference Conference ID number 8092213 at approximately 4:50 p.m.
Eastern. At this time, management will answer questions concerning
business and financial developments and trends, management's
current view on revenue and earnings forecasts and other business
and financial matters affecting Extended Systems. A simultaneous
live web cast and replay of the call will be available on the
Extended Systems' web site at www.extendedsystems.com/q4call. A
replay of the call will also be available by telephone two hours
after completion of the conference call through August 9, 2005. To
hear the replay dial 800-642-1687 for domestic callers and
706-645-9291 for international callers and enter Conference ID
number 8092213. About Extended Systems Extended Systems provides
the expertise, strategy and solutions to help enterprise
organizations streamline their business processes through mobile
technology. The Company's OneBridge mobile solutions suite enables
companies to mobilize critical enterprise applications such as
e-mail, field service, sales force automation (SFA), enterprise
resource planning (ERP) and customer relationship management (CRM).
Extended Systems has more than 2,500 enterprise customers worldwide
and key alliance relationships. Founded in 1984, Extended Systems
has offices and subsidiaries in the United States and worldwide.
For more information, call 1-800-235-7576 or visit the Company web
site. This press release contains forward-looking statements,
including statements relating to the Company's position as a
leading provider of mobile software solutions, the Company's
ongoing relationships with British Airways and Pointsec, the
success and capabilities of OneBridge Mobile Platform 4.5, the
proposed transaction between Sybase and Extended Systems, the
expected timetable for completing the merger transaction, benefits
of the transaction, future opportunities for the combined company
and products and any other statements regarding Sybase's or
Extended Systems' future expectations, beliefs, goals or prospects.
These statements are subject to risks and uncertainties. These
risks and uncertainties include the success of the Company's
customer relationships and other key business relationships;
overall economic conditions and the level of information technology
spending by existing and potential customers; the timing of
purchases by significant customers; the Company's ability to
control costs; the perceived and realized benefits of mobile
devices; the acceptance of specific industry-wide standards and
protocols; the timely development and acceptance of new products
and technologies; the risks associated with development of new
products and product enhancements; the impact of competitive
products and pricing; the risks associated with international sales
and operations; the Company's ability along with Sybase to
consummate the transaction; the conditions to the completion of the
merger transaction may not be satisfied, or the regulatory
approvals required for the transaction may not be obtained on the
terms expected or on the anticipated schedule; the possibility that
the parties may be unable to achieve all of the benefits of the
merger within the expected time-frames or at all and to
successfully integrate Extended Systems' operations into those of
Sybase; operating costs, customer loss and business disruption
(including, without limitation, difficulties in maintaining
relationships with employees, customers, clients or suppliers) may
be greater than expected following the transaction; the retention
of certain key employees at Extended Systems and other risks as
detailed from time-to-time in the Company's SEC filings, including
its 2004 Annual Report on Form 10-K filed on September 29, 2004 and
its 2005 Quarterly Reports on Form 10-Q. Additional Information and
Where to Find It In connection with the merger, Extended Systems
has agreed to file a proxy statement and other relevant documents
concerning the transaction with the Securities and Exchange
Commission (SEC). STOCKHOLDERS OF EXTENDED SYSTEMS ARE URGED TO
READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED
WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. Investors and security holders can obtain
free copies of the proxy statement and other documents when they
become available by contacting Investor Relations, Extended
Systems, 5777 North Meeker Avenue, Boise, Idaho 83713 (Telephone:
800-235-7576 ext. 6276). In addition, documents filed with the SEC
by Extended Systems will be available free of charge at the SEC's
web site at http://www.sec.gov. Information regarding the identity
of the persons who may, under SEC rules, be deemed to be
participants in the solicitation of stockholders of Extended
Systems in connection with the transaction, and their interests in
the solicitation, will be set forth in a proxy statement that will
be filed by Extended Systems with the SEC. -0- *T Extended Systems
Incorporated CONSOLIDATED STATEMENT OF OPERATIONS DATA (in
thousands, except per share amounts) (unaudited) Three months Years
ended June 30, ended June 30, 2005 2004 2005 2004 ------- -------
------- ------- Revenue: License fees and royalties $ 8,270 $ 6,124
$31,148 $25,028 Services and other 2,443 1,693 8,925 7,158 -------
------- ------- ------- Total net revenue 10,713 7,817 40,073
32,186 Costs and expenses: Cost of license fees and royalties 173
24 470 382 Cost of services and other 1,116 860 4,260 4,059
Amortization of identifiable intangibles 43 139 204 621 Research
and development 2,155 1,870 7,858 6,858 Marketing and sales 3,951
3,348 15,096 13,391 General and administrative 2,108 1,307 6,480
5,312 Restructuring charges - - - 1,446 Patent litigation fees,
license and settlement - - - 3,425 Non-cash stock-based
compensation 38 153 516 490 ------- ------- ------- ------- Total
costs and expenses 9,584 7,701 34,884 35,984 ------- -------
------- ------- Income (loss) from operations 1,129 116 5,189
(3,798) Other income (expense), net (148) (97) (341) (51) Gain on
sale of land - - - 1,058 Interest expense (120) (135) (511) (453)
------- ------- ------- ------- Income (loss) before income taxes
861 (116) 4,337 (3,244) Income tax provision 225 72 379 94 -------
------- ------- ------- Income (loss) from continuing operations
636 (188) 3,958 (3,338) Income from discontinued operations, net of
tax - - - 88 ------- ------- ------- ------- Net income (loss) $
636 $ (188) $ 3,958 $(3,250) ======= ======= ======= =======
Earnings (loss) per share from continuing operations: Basic $ 0.04
$ (0.01) $ 0.26 $ (0.23) Diluted $ 0.04 $ (0.01) $ 0.25 $ (0.23)
Earnings per share from discontinued operations: Basic $ 0.00 $
0.00 $ 0.00 $ 0.00 Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00 Earnings
(loss) per share: Basic $ 0.04 $ (0.01) $ 0.26 $ (0.23) Diluted $
0.04 $ (0.01) $ 0.25 $ (0.23) Number of shares used in per share
calculations: Basic 15,614 14,776 15,313 14,370 Diluted 15,882
14,776 15,546 14,370 Extended Systems Incorporated CONSOLIDATED
BALANCE SHEET DATA (in thousands, except par value amounts)
(unaudited) June 30, June 30, 2005 2004 --------- --------- ASSETS
Current: Cash and cash equivalents $ 13,617 $ 7,225 Receivables,
net of allowances of $549 and $446 7,058 6,772 Prepaid and other
1,620 1,449 -------- -------- Total current assets 22,295 15,446
Property and equipment, net 4,703 4,331 Construction in progress 12
384 Goodwill 12,489 12,489 Intangibles, net 373 576 Other long-term
assets 114 130 -------- -------- Total assets $ 39,986 $ 33,356
======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current:
Accounts payable $ 1,835 $ 1,639 Accrued expenses 5,346 3,556
Deferred revenue 3,543 3,569 Accrued restructuring - 116 Note
payable 579 - Current portion of long-term debt - 325 Current
portion of capital leases 11 25 -------- -------- Total current
liabilities 11,314 9,230 Non-current: Long-term debt 4,800 4,800
Capital leases 7 17 Other long-term liabilities 92 153 --------
-------- Total non-current liabilities 4,899 4,970 --------
-------- Total liabilities 16,213 14,200 Stockholders' equity:
Preferred Stock; $0.001 par value per share, 5,000 shares
authorized; no shares issued or outstanding - - Common stock;
$0.001 par value per share, 75,000 shares authorized; 15,623 and
15,078 shares issued and outstanding 16 15 Additional paid-in
capital 49,501 48,005 Treasury stock; $0.001 par value per share, 4
and 0 common shares - - Accumulated deficit (23,175) (27,134)
Unamortized stock-based compensation (63) (231) Accumulated other
comprehensive loss (2,506) (1,499) -------- -------- Total
stockholders' equity 23,773 19,156 -------- -------- Total
liabilities and stockholders' equity $ 39,986 $ 33,356 ========
======== *T
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