Clarus Announces Second Quarter 2007 Results
09 8월 2007 - 6:05AM
PR Newswire (US)
STAMFORD, Conn., Aug. 8 /PRNewswire-FirstCall/ -- Clarus
Corporation (Pink Sheets: CLRS) today announced financial results
for the quarter ended June 30, 2007. Clarus reported no revenues
for the quarters ended June 30, 2007 and 2006, respectively. Net
income for the second quarter of 2007 increased $105,000 to $81,000
or $0.00 per diluted share compared to a net loss of $24,000 or
$0.00 per diluted share during the comparable period of 2006. The
increase in net income was primarily a result of a $100,000
reduction in transaction expenses, an $85,000 increase in interest
income due to higher interest rates on our cash, cash equivalents
and marketable securities partially offset by an $80,000 increase
in general and administrative costs. Prior year transaction
expenses relate to an acquisition process that terminated without
Clarus consummating the acquisition and include the costs incurred
during due diligence and negotiation of potential acquisitions such
as legal, accounting and other professional fees and related
expenses. As of June 30, 2007, Clarus' cash, cash equivalents and
marketable securities were $85.3 million, (or $4.96 gross cash per
share) compared to $84.4 million as of December 31, 2006. Gross
cash per share at June 30, 2007 equals cash, cash equivalents and
marketable securities of $85.3 million divided by 17.2 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, research and
experimentation credit and alternative minimum tax credit
carryforwards for U.S. federal income tax purposes of approximately
$222.9 million, $1.3 million and $53,000, respectively, which
expire in varying amounts between 2009 and 2026, after application
of the limitation under Section 382 of the Internal Revenue Code.
Of the approximately $222.9 million of net operating loss
carryforwards available to offset taxable income, approximately
$206.4 million does not expire until 2020 or later, subject to
compliance with Section 382 of the Internal Revenue Code. Clarus
also has capital loss carryforwards of $14.0 million which expire
in 2007 and 2008. 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, cash equivalent assets and marketable securities
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 "Risk Factors" 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 at http://www.sec.gov/. CLARUS CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE
AND PER SHARE AMOUNTS) JUNE 30, DECEMBER 31, 2007 2006 ----------
------------ ASSETS CURRENT ASSETS: Cash and cash equivalents
$14,246 $1,731 Marketable securities 71,057 82,634 Interest
receivable 87 402 Prepaids and other current assets 312 207
-------- -------- Total current assets 85,702 84,974 PROPERTY AND
EQUIPMENT, NET 1,555 1,699 -------- -------- TOTAL ASSETS $87,257
$86,673 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable and accrued liabilities $471
$680 -------- -------- Total current liabilities 471 680 LONG-TERM
LIABILITIES: Deferred rent 310 277 -------- -------- Total
liabilities 781 957 -------- -------- STOCKHOLDERS' EQUITY:
Preferred stock, $.0001 par value; 5,000,000 shares authorized;
none issued -- -- Common stock, $.0001 par value; 100,000,000
shares authorized; 17,241,747 and 17,188,622 shares issued and
17,166,747 and 17,113,622 outstanding in 2007 and 2006,
respectively 2 2 Additional paid-in capital 368,447 367,945
Accumulated deficit (281,955) (282,238) Treasury stock, at cost (2)
(2) Accumulated other comprehensive (loss) income (16) 9 --------
-------- Total stockholders' equity 86,476 85,716 -------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $87,257 $86,673 ========
======== CLARUS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS SIX MONTHS ENDED JUNE 30, ENDED JUNE 30,
------------------- ------------------- 2007 2006 2007 2006 ----
---- ---- ---- REVENUES: $-- $-- $-- $-- ------- ------- -------
------- Total revenues -- -- -- -- OPERATING EXPENSES: General and
administrative 899 826 1,683 1,707 Transaction costs 8 108 8 1,388
Depreciation 91 85 181 173 ------- ------- ------- ------- Total
operating expenses 998 1,019 1,872 3,268 OPERATING LOSS (998)
(1,019) (1,872) (3,268) OTHER INCOME(EXPENSE) -- 1 (1) -- INTEREST
INCOME 1,079 994 2,156 1,862 ------- ------- ------- ------- NET
INCOME (LOSS) $81 $(24) $283 $(1,406) ======= ======= =======
======== Income (loss) per common share: Basic $0.00 $ 0.00 $0.02
$(0.08) Diluted $0.00 $ 0.00 $0.02 $(0.08) Weighted average shares
outstanding: Basic 16,659 16,614 16,640 16,613 Diluted 17,156
16,614 17,078 16,613 CLARUS CORPORATION CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE
AMOUNTS) SIX MONTHS ENDED JUNE 30, -------------------- 2007 2006
-------- -------- OPERATING ACTIVITIES: Net income (loss) $283
$(1,406) Adjustments to reconcile net income (loss) to net cash
used in Operating activities: Depreciation on property and
equipment 181 173 Amortization of deferred employee compensation
134 148 Amortization of discount and premium on securities, net
(1,489) 1,927 Changes in operating assets and liabilities: Decrease
(increase) in interest receivable, prepaids and other current
assets 210 (105) Decrease in accounts payable and accrued
liabilities (209) (1,191) Increase in deferred rent 33 36 Decrease
in deposits and other long-term assets -- 956 -------- -------- NET
CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES (857) 538 INVESTING
ACTIVITIES: Purchases of marketable securities (71,195) (77,257)
Proceeds from maturity of marketable securities 84,236 59,735 Sale
of property and equipment 2 -- Purchase of property and equipment
(39) (4) -------- --------- NET CASH PROVIDED BY (USED IN)
INVESTING ACTIVITIES 13,004 (17,526) FINANCING ACTIVITIES: Proceeds
from the exercises of stock options 368 -- ------- ------- NET CASH
PROVIDED BY FINANCING ACTIVITIES 368 -- -------- -------- CHANGE IN
CASH AND CASH EQUIVALENTS 12,515 (16,988) CASH AND CASH
EQUIVALENTS, Beginning of Period 1,731 23,270 -------- ---------
CASH AND CASH EQUIVALENTS, End of Period $14,246 $6,282 ========
========= SUPPLEMENTAL DISCLOSURE: Cash paid for franchise and
property taxes $320 $418 DATASOURCE: Clarus Corporation CONTACT:
Philip Baratelli, Chief Financial Officer of Clarus Corporation,
+1-203-428-2000, or Web site: http://www.claruscorp.com/ Company
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