Clarus Announces Second Quarter 2005 Results STAMFORD, Conn., July
28 /PRNewswire-FirstCall/ -- Clarus Corporation (OTC:CLRS) today
announced financial results for the quarter ended June 30, 2005.
Clarus reported no operating revenues for the quarters ended June
30, 2005 and 2004, respectively. Net loss for the second quarter of
2005 was $516,000 or $0.03 per diluted share compared to a net loss
of $906,000 or $0.06 per diluted share during the comparable period
of 2004. As of June 30, 2005, Clarus' cash, cash equivalents and
marketable securities were $83.0 million (or $4.94 gross cash per
share) compared to $83.5 million as of December 31, 2004. Gross
cash per share at June 30, 2005 equals cash, cash equivalents and
marketable securities of $83.0 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
$217.1 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 carefully managing our 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) JUNE 30, DECEMBER 31, 2005 2004 -----------
----------- ASSETS CURRENT ASSETS: Cash and cash equivalents $
29,478 $48,377 Marketable securities 53,550 35,119 Accrued interest
receivable 194 350 Prepaids and other current assets 234 182
----------- ----------- Total current assets 83,456 84,028 PROPERTY
AND EQUIPMENT, NET 2,155 2,367 OTHER ASSETS: Deposits and other
long-term assets 41 42 ----------- ----------- TOTAL ASSETS $
85,652 $86,437 =========== =========== LIABILITIES AND
STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and
accrued liabilities $732 $1,468 ----------- ----------- Total
current liabilities 732 1,468 Deferred rent 171 115 -----------
----------- Total liabilities 903 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; 16,867,170 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 368,688 368,385
Accumulated deficit (280,562) (279,656) Treasury stock, at cost (2)
(2) Accumulated other comprehensive income (114) (130) Deferred
compensation (3,263) (3,745) ----------- ----------- Total
stockholders' equity 84,749 84,854 ----------- ----------- TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY $85,652 $86,437 ===========
=========== CLARUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30,
--------------- --------------- 2005 2004 2005 2004 ---- ---- ----
---- REVENUES: $-- $-- $-- $-- ------ ------ ------ ------ Total
revenues -- -- -- -- OPERATING EXPENSES: General and administrative
1,001 1,202 1,787 1,924 Depreciation and amortization 81 14 166 14
------ ------ ------ ------ Total operating expenses 1,082 1,216
1,953 1,938 OPERATING LOSS (1,082) (1,216) (1,953) (1,938) OTHER
INCOME (EXPENSE) (2) -- (2) 17 INTEREST INCOME 568 253 1,049 487
------ ------ ------ ------ NET LOSS $(516) $(963) $ (906) $(1,434)
====== ====== ====== ====== Loss per common share: Basic $(0.03)
$(0.06) $(0.06) $(0.09) Diluted $(0.03) $(0.06) $(0.06) $(0.09)
Weighted average shares outstanding: Basic 16,292 16,082 16,292
16,082 Diluted 16,292 16,082 16,292 16,082 CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN
THOUSANDS, EXCEPT SHARE AMOUNTS) SIX MONTHS ENDED JUNE 30,
------------------ 2005 2004 ------- ------- OPERATING ACTIVITIES:
Net loss $ (906) $(1,434) Adjustments to reconcile net loss to net
cash used in operating activities: Depreciation and amortization on
property and equipment 166 14 Amortization of deferred employee
compensation 157 478 Amortization of premium and discount on
securities, net 3 707 Gain on sale of marketable securities -- (17)
Changes in operating assets and liabilities: Accrued interest
receivable, prepaids and other current assets 104 (725) Accounts
payable and accrued liabilities (682) (484) Deferred rent 56 --
Deposits and other long-term assets 1 41 ------- ------- NET CASH
USED IN OPERATING ACTIVITIES (1,101) (1,420) INVESTING ACTIVITIES:
Purchases of marketable securities (35,688) (47,587) Proceeds from
sale of marketable securities -- 51,244 Proceeds from maturity of
marketable securities 17,270 19,076 Increase in transaction costs
-- (97) Additions to property and equipment (8) (1,514) -------
------- NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
(18,426) 21,122 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 (18,899) 19,753 CASH AND CASH EQUIVALENTS, Beginning of
Period 48,377 15,045 ------- ------- CASH AND CASH EQUIVALENTS, End
of Period $29,478 $34,798 ======= ======= SUPPLEMENTAL DISCLOSURE
OF NON-CASH OPERATING, INVESTING AND FINANCING ACTIVITIES: Increase
in property and equipment included in accounts payable and accrued
liabilities $-- $920 Increase in transaction costs included in
other assets and accounts payable and accrued liabilities -- 1,401
Issuance of Restricted Stock $50 $50 ======= ======= DATASOURCE:
Clarus Corporation CONTACT: Nigel Ekern, Chief Administrative
Officer of Clarus Corporation, +1-203-428-2000, Web site:
http://www.claruscorp.com/ Company News On-Call:
http://www.prnewswire.com/comp/133360.html
Copyright