Clarus Announces First Quarter 2005 Results
05 5월 2005 - 6:30AM
PR Newswire (US)
Clarus Announces First Quarter 2005 Results STAMFORD, Conn., May 4
/PRNewswire-FirstCall/ -- Clarus Corporation (OTC:CLRS) (BULLETIN
BOARD: CLRS) today announced financial results for the quarter
ended March 31, 2005. Clarus reported no revenues for the quarters
ended March 31, 2005 and 2004, respectively. Net loss for the first
quarter of 2005 was $390,000 or $0.02 per diluted share compared to
a net loss of $471,000 or $0.03 per diluted share during the
comparable period of 2004. As of March 31, 2005, Clarus' cash, cash
equivalents and marketable securities were $83.9 million (or $4.99
gross cash per share) compared to $83.5 million as of December 31,
2004. Gross cash per share at March 31, 2005 equals cash, cash
equivalents and marketable securities of $83.9 million divided by
16.8 million common shares outstanding. Clarus has provided this
Non-GAAP measure because it believes that it is useful to investors
assessing the extent of Clarus' assets available for redeployment.
Clarus is unaware of any comparable GAAP measure. Clarus estimates
that it has available net operating loss, capital loss, research
and experimentation credit and alternative minimum tax credit
carryforwards for U.S. federal income tax purposes of approximately
$215.5 million, $15.2 million, $1.3 million and $53,000,
respectively, which expire in varying amounts beginning in the year
2009 to the extent not limited under Section 382 of the Internal
Revenue Code. Nigel Ekern, Clarus' Chief Administrative Officer
stated, "We are pleased with the progress that we have made in
managing administrative and professional expenses in connection
with the continued administration of the public company and
continue our efforts to identify and evaluate suitable acquisition
and merger opportunities as part of our strategy to redeploy our
cash and utilize our NOL's, to the extent available." Clarus does
not currently intend to hold conference calls to discuss quarterly
earnings releases unless and until it consummates an acquisition in
connection with its redeployment strategy. At such time, Clarus
plans to resume holding quarterly conference calls to review
earnings and operating performance. Clarus, formerly a provider of
e-commerce business solutions, is seeking to redeploy its assets
and use its substantial cash and cash equivalent assets to enhance
stockholder value. This press release contains forward-looking
statements within the meaning of the Securities Act of 1933 and the
Exchange Act of 1934. Information in this release includes Clarus'
beliefs, expectations, intentions and strategies regarding Clarus,
its future and its products and services. Assumptions relating to
the forward-looking statements involve judgments with respect to,
among other things, future economic, competitive and market
conditions and future business decisions, all of which are
difficult or impossible to predict accurately and many of which are
beyond our control. Actual results could differ materially from
those projected in the forward-looking statements as a result of
certain risks including our inability to execute successfully our
planned effort to redeploy our assets to enhance stockholder value,
the unavailability of our net operating loss carry forward, and
that the unaudited financial information provided in this press
release may be adjusted as a result of the year end audit. Clarus
cannot guarantee its future performance. All forward-looking
statements contained in this release are based on information
available to Clarus as of the date of this release and Clarus
assumes no obligation to update the forward-looking statements
contained herein For further information regarding the risks and
uncertainties in connection with Clarus' business, please refer to
the "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and "Factors That May Affect Our Future
Results" sections of Clarus' filings with the Securities and
Exchange Commission, including but not limited to, its most recent
annual report on Form 10-K and quarterly reports on Form 10-Q,
copies of which may be obtained at our web site at
http://www.claruscorp.com/ or the SEC's web site a
http://www.sec.gov/. CLARUS CORPORATION CONDENSED CONSOLIDATED
BALANCE SHEETS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER
SHARE AMOUNTS) MARCH 31, DECEMBER 31, 2005 2004 -------- --------
ASSETS CURRENT ASSETS: Cash and cash equivalents $ 46,988 $48,377
Marketable securities 36,891 35,119 Accrued interest receivable 196
350 Prepaids and other current assets 261 182 -------- --------
Total current assets 84,336 84,028 PROPERTY AND EQUIPMENT, NET
2,290 2,367 OTHER ASSETS: Deposits and other long-term assets 41 42
-------- -------- TOTAL ASSETS $ 86,667 $86,437 ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts
payable and accrued liabilities $1,446 $1,468 -------- --------
Total current liabilities 1,446 1,468 Deferred rent 152 115
-------- -------- Total liabilities 1,598 1,583 -------- --------
STOCKHOLDERS' EQUITY: Preferred stock, $.0001 par value; 5,000,000
shares authorized; none issued -- -- Common stock, $.0001 par
value; 100,000,000 shares authorized; 16,868,622 and 16,734,947
shares issued and 16,792,170 and 16,659,947 outstanding in 2005 and
2004, respectively 2 2 Additional paid-in capital 368,488 368,385
Accumulated deficit (280,046) (279,656) Treasury stock, at cost (2)
(2) Accumulated other comprehensive income (168) (130) Deferred
compensation (3,205) (3,745) -------- -------- Total stockholders'
equity 85,069 84,854 -------- -------- TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $86,667 $86,437 ======== ======== CLARUS
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS
ENDED MARCH 31, ---------------------- 2005 2004 -------- --------
REVENUES: $ -- $ -- -------- -------- Total revenues -- --
OPERATING EXPENSES: General and administrative 786 723 Depreciation
and amortization 85 -- -------- -------- Total operating expenses
871 723 OPERATING LOSS (871) (723) OTHER INCOME -- 17 INTEREST
INCOME 481 235 -------- -------- NET LOSS $(390) $(471) ========
======== Loss per common share: Basic $ (0.02) $(0.03) Diluted $
(0.02) $(0.03) Weighted average shares outstanding Basic 16,242
16,081 Diluted 16,242 16,081 CLARUS CORPORATION CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS,
EXCEPT SHARE AMOUNTS) THREE MONTHS ENDED MARCH 31,
---------------------- 2005 2004 -------- -------- CASH FLOWS FROM
OPERATING ACTIVITIES: Net loss $(390) $(471) Adjustments to
reconcile net loss to net cash used in operating activities:
Depreciation and amortization on property and equipment 85 --
Amortization of deferred employee compensation 15 246 Amortization
of premium and discount on securities, net 42 369 Gain on sale of
marketable securities -- (17) Changes in operating assets and
liabilities: Interest receivable, prepaids and other current assets
75 (344) Accounts payable and accrued liabilities (22) (303)
Deferred rent 37 -- Deposits and other long-term assets 1 --
-------- -------- NET CASH USED IN OPERATING ACTIVITIES (157) (520)
CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of marketable
securities (12,372) (39,829) Proceeds from maturity of marketable
securities 10,520 13,176 Proceeds from sale of marketable
securities -- 51,244 Additions to property and equipment (8) (500)
-------- -------- NET CASH PROVIDED BY (USED IN) INVESTING
ACTIVITIES (1,860) 24,091 CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from the exercises of stock options 628 51 --------
-------- NET CASH PROVIDED BY FINANCING ACTIVITIES 628 51 --------
-------- CHANGE IN CASH AND CASH EQUIVALENTS (1,389) 23,622 CASH
AND CASH EQUIVALENTS, beginning of period 48,377 15,045 --------
-------- CASH AND CASH EQUIVALENTS, end of period $46,988 $38,667
======== ======== NON CASH TRANSACTION Issuance of Restricted Stock
$-- $50 ======== ======== DATASOURCE: Clarus Corporation CONTACT:
Nigel Ekern, Chief Administrative Officer of Clarus Corporation,
+1-203-428-2000, or Web site: http://www.claruscorp.com/ Company
News On-Call: http://www.prnewswire.com/comp/133360.html
Copyright