ViryaNet, Ltd. (VRYA) - 500 Beiträge pro Seite

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Profile:ViryaNet, Ltd., along with its subsidiaries, engages in the development, marketing, and support of integrated mobile and Web-based software applications for workforce management and the automation of field service delivery in Israel. Its principal product, the ViryaNet Service Hub, manages lifecycle of a work order, including scheduling and dispatching, mobile technology, field-level reporting, tracking materials, and managing assets. The company also provides software applications for spare parts logistics, contract management, and depot repair operations. ViryaNet serves utilities, telecommunications companies, cable/broadband companies, retail/grocery companies, insurance companies, and general service providers. The company operates in the United States, Europe, and Asia-Pacific. It has strategic alliances with Amdocs, Aspective, GE Energy, Hitachi Systems and Services, and Telvent. ViryaNet was co-founded by Samuel I. HaCohen and Vladimir Morgenstern in 1988 under the name R.T.S. Relational Technology Systems, Ltd. The name was further changed to RTS Business Systems, Ltd. in 1997; to RTS Software, Ltd. in 1998; and to ViryaNet, Ltd. in 2000. ViryaNet is headquartered in Southborough, Massachusetts.

http://www.viryanet.com/

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Tier-One U.S. Utility Chooses ViryaNet Technology to Automate Its Mobile Workforce
Tuesday January 30, 8:30 am ET
One of the Largest and Fastest-Growing Utilities Expects Increased Service Revenue, Customer Satisfaction, and Operational Efficiencies


SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--ViryaNet (NASDAQ: VRYAD - News), a leading provider of software applications that automate business processes for mobile workforce management, today announced that one of the nation's largest utility companies, located in the Southeastern United States, has chosen the ViryaNet technology to automate the activities of its field service staff. The ViryaNet technology was selected through a rigid competitive bid process that included numerous industry participants, including the incumbent provider.

This tier-one utility, one of the largest and fastest growing utilities in the United States, purchased ViryaNet technology and ongoing maintenance through a ViryaNet strategic partner, a global systems integrator. With its deployment of the ViryaNet technology, the customer expects to increase its service revenue, improve customer satisfaction, and derive significant operational efficiencies through increased process automation, advanced reporting, and analytics.

The customer intends to use the ViryaNet technology to complement its existing suite of CIS and human resource applications. The ViryaNet technology includes an advanced algorithmic optimizer and a robust mobile application that will be used by over 300 users in this initial phase. The ViryaNet technology will optimally schedule these resources based on location, skill sets, work to be done, and other corporate business requirements; ensure work is properly dispatched; and provide the field resources with a robust mobile platform for completing their work.

"In this aggressively competitive marketplace, utilities strive to improve the customer experience while reducing operational costs," stated Memy Ish-Shalom, president and CEO, ViryaNet. "We are delighted to welcome another tier-one utility customer into the ViryaNet family. This new ViryaNet customer is a testament to the successes within our partner network. Our partners' market presence combined with the world-class ViryaNet product is an unbeatable combination."

About ViryaNet

ViryaNet is a provider of software applications that improve the quality and efficiency of an organization's service operations. ViryaNet's products enable companies in the utility, telecommunications, retail, insurance, and general service sectors to manage and optimize mission-critical business processes. ViryaNet's products improve the functions of work order management, scheduling and dispatch, business activity monitoring, and mobile field communication. Embracing a business process management architecture, the ViryaNet products intelligently guide, automate, and optimize field service work - both simple and complex. The results are improved operational performance, a better customer experience, and a higher degree of regulatory compliance. Visit ViryaNet at www.viryanet.com.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding ViryaNet's expectations, beliefs, intentions, or strategies regarding the capabilities of its products, its relationships with its customers, its customer purchases, its future operational plans and objectives including integration of other businesses, its future business prospects, its future financial performance, its future cash position, and its future prospects for profitability. All forward-looking statements included in this document are based upon information available to ViryaNet Ltd. as of the date hereof, and ViryaNet Ltd. assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to ViryaNet's business include market acceptance of and demand for the Company's products, risks associated with a slow-down in the economy, risks associated with the financial condition of the company's customers, risks associated with competition and competitive pricing pressures, risks associated with increases in costs and operating expenses, risks in technology development and commercialization, the risk of operating losses, risks in product development, risks associated with international sales, and other risks that are set forth in ViryaNet's Form 20-F, dated July 15, 2005, and the other reports filed from time to time with the Securities and Exchange Commission. Reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as the date hereof. ViryaNet disclaims any obligation to publicly update or revise any such forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.



Contact:
ViryaNet
Jack McAvoy, 508-490-8600, ext 3090
VP, Marketing

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Source: ViryaNet

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ViryaNet Reports Fourth Fiscal Quarter and Full-Year 2006 Financial Results
Tuesday February 27, 6:15 pm ET
-- New Leadership Successfully Implements Initial Turnaround Strategy: Numerous New Clients; New Major Value-Added Reseller; Losses Cut by 71%; Gross Margin Improves Six Points; Debt Cut by 51%
-- Q4 Year-Over-Year Reflects Improvements: Revenues Up 10%, Software Licenses & Professional Services Revenues Increase; Net Loss $41,000 Versus $1.5 Million; Gross Margin 53% Versus 37%
-- 2007 Goals: Profitability, Increasing Revenues, Growth in New Clients


SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--ViryaNet Limited (Nasdaq: VRYA - News), a leading provider of software applications that automate business processes for mobile workforce management, today announced financial results for its fourth quarter and full-year 2006.
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Total revenues for the fourth quarter, ended December 31, 2006, were $3.4M, a 30% increase from $2.6M of revenue recorded for the third quarter of 2006, and a 10% increase from $3.1M of revenue recorded for the fourth quarter of 2005. For the fiscal year 2006, total revenues were $13.9M, compared to $14.2M of total revenues recorded in 2005.

For the fourth quarter, ended December 31, 2006, the Company reported a net loss of $41,000, or $0.02 per basic and diluted share, compared to a net loss of $1.5M, or $0.71 per basic and diluted share, for the third quarter of 2006, and compared to a net loss of $1.6M, or $1.08 per basic and diluted share, for the fourth quarter of 2005. For the fiscal year 2006, the Company reported a net loss of $1.8M, or $0.95 per basic and diluted share, compared to a net loss of $6.1M, or $4.68 per basic and diluted share, for the fiscal year 2005. Note: All per share data is reported after the effect of the 1 for 5 reverse split that occurred on January 17, 2007.

Software license revenues increased substantially to $0.6M for the fourth quarter of 2006, compared to $0.1M for the third quarter of 2006, and compared to $0.2M for the fourth quarter of 2005. For the year ended 2006, software license revenues were $1.5M, compared to $1.7M for the fiscal year 2005.

Professional services revenues increased by 9% to $2.8M for the fourth quarter of 2006, compared to $2.6M for the third quarter of 2006, and decreased 3% from $2.9M for the fourth quarter of 2005. For the year ended 2006, professional services revenues were $12.3M, compared to $12.5M for the fiscal year 2005.

The Company reported a gross profit of $1.8M for the fourth quarter of 2006, or a gross margin of 53%, compared to a gross profit of $1.0M, or a gross margin of 37%, in the third quarter of 2006, and compared to a gross profit of $1.2M, or a gross margin of 37%, in the fourth quarter of 2005. For the fiscal year 2006, the Company reported an increase in gross profit to $6.7M, or a gross margin of 48%, compared to a gross profit of $6.0M, or a gross margin of 42% in 2005. The six point increase in annual gross margin is primarily attributable to operating efficiency improvements realized in the delivery of professional services.

Operating expenses for the fourth quarter of 2006 were $2.0M, compared to $2.2M for the third quarter of 2006, and compared to $2.5M for the fourth quarter of 2005. The reduction in expenses from the third quarter to the fourth quarter of 2006 was related to the full benefit of savings realized from previous cost-reduction and organization-realignment actions taken by the Company. Operating expenses for the fiscal year 2006 decreased by 20% to $8.5M, compared to $10.7M in fiscal year 2005.

Net financial income for the fourth quarter of 2006 was $0.1M, compared to net financial expenses of $0.2M for the third quarter of 2006, and net financial expenses of $0.2M for the fourth quarter of 2005. The net financial income in the fourth quarter of 2006 included $0.2M of one-time income resulting from the conversion of $0.5M of long-term convertible note held by Jerusalem High-tech Founders, Ltd. to Preferred A Shares in December 2006. The one-time income is the difference between the net carrying amount of the note before the conversion ($0.6M) and the fair value of the Preferred A Shares issued in the conversion ($0.4M). Net financial income for the fiscal year 2006 was $0.1M, compared to net financial expenses of $1.3M in fiscal year 2005.

The Company's cash position on December 31, 2006 was $0.7M, compared to $0.4M on September 30, 2006, and compared to $2.0M on December 31, 2005. The Company's short-term and long-term bank debt position on December 31, 2006 was $2.5M, compared to $2.2M on December 31, 2005. The Company's debt position, comprised of convertible notes and bank debt, was reduced by more than half from $6.2M on December 31, 2005 to $3.0M on December 31, 2006.

The Days of Sales Outstanding (DSO) for the Company in the fourth quarter of 2006 was 28 days, compared to 46 days in the third quarter of 2006.

"During 2006, we welcomed seven new customers, introduced our new, business-focused product vision; cut our debt in half; improved gross margin performance; and reduced our net losses by seventy one percent," stated Memy Ish-Shalom, president and CEO, ViryaNet. "New senior management additions and swift organizational realignment in the early part of 2006 enabled us to deliver additional business value to our customers and improve our financial performance.

"Our expanding customer base serves as testament to our technological leadership and powerful value proposition. Our partners became increasingly autonomous - and successful - through the year in selling, deploying, and supporting the ViryaNet products. We opened up a new market opportunity in the insurance industry by forging a VAR relationship with Mitchell International, the leading provider of software solutions to the insurance industry. And in the last twelve months, GE Energy, a significant partner in the utilities industry, closed license agreements with several tier-one utilities.

"Other highlights of our fiscal year included many customer deployments, several product releases, and the Company's inaugural customer conference that was successfully conducted in October 2006.

"We enter 2007 strong and focused on our goals of continued revenue growth with sustained profitability. With the help of our partners, we will continue to expand our market presence worldwide while continuing to focus on our core target industries of utilities, telecommunications, insurance, and retail. We will invest in our sales, marketing, account management, and R&D efforts. We are well positioned to capitalize on the investments that we have made during the last 12 months."

2006 Accomplishments

2006 saw significant accomplishments, including:

New Sales -- Either through its direct sales force or through the efforts of partnerships, ViryaNet welcomed many new customers, including ADS/WPS; Building Commission of Victoria, Australia; City of Lubbock, Texas; Mitchell International; and Western Water in Australia. The Company also saw follow-on sales at Duquesne, Frontier Communications, Kroger, News America Marketing, and Publix.

Customer Deployments -- Several of ViryaNet's customers rolled out the complete ViryaNet product or finished significant milestone phases, including ADS, Kroger, Las Vegas Valley Water District, Mitchell International, News America Marketing, Singapore Power, and XO Communications.

Product and Solutions -- The Company's Product Group introduced a new product vision as part of its product roadmap that leverages advanced technologies, such as Business Activity Monitoring (BAM), Business Process Management (BPM), and Forecasting and Planning. These technologies serve as fundamental elements in the Company's initiatives to deliver business value through innovative, content-based solutions.

New Markets, New Value Added Reseller -- The Company announced during the year that Mitchell International, the leading supplier of information products, software, and e-business solutions for the insurance, property and casualty, medical claims, automotive collision repair, and glass replacement industries, chose and subsequently included the ViryaNet solution as a core component of its product suite. Mitchell is now offering that solution to its more than 16,000 existing business partners and all prospective clients. Mitchell introduced the product to the industry as Mitchell Dispatch(TM), and is ViryaNet's first major partner offering its products as Software as a Service (SaaS).

Customer Conference -- Over 75 customers and business partners gathered in Orlando for ViryaVision in October 2006. This event provided attendees with the opportunity to witness new product demonstrations, listen to presentations, participate in industry forums, and discuss best service practices.

About ViryaNet

ViryaNet is a provider of software applications that improve the quality and efficiency of an organization's service operations. ViryaNet's products enable companies in the utility, telecommunications, retail, insurance, and general service sectors to manage and optimize mission-critical business processes. ViryaNet's products improve the functions of work order management, scheduling and dispatch, business activity monitoring, and mobile field communication. Embracing a business process management architecture, the ViryaNet products intelligently guide, automate, and optimize field service work - both simple and complex. The results are improved operational performance, a better customer experience, and a higher degree of regulatory compliance. Visit ViryaNet at www.viryanet.com.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding ViryaNet's expectations, beliefs, intentions, or strategies regarding the capabilities of its products, its relationships with its customers, its customer purchases, its future operational plans and objectives including integration of other businesses, its future business prospects, its future financial performance, its future cash position, and its future prospects for profitability. All forward-looking statements included in this document are based upon information available to ViryaNet Ltd. as of the date hereof, and ViryaNet Ltd. assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to ViryaNet's business include market acceptance of and demand for the Company's products, risks associated with a slow-down in the economy, risks associated with the financial condition of the company's customers, risks associated with competition and competitive pricing pressures, risks associated with increases in costs and operating expenses, risks in technology development and commercialization, the risk of operating losses, risks in product development, risks associated with international sales, and other risks that are set forth in ViryaNet's Form 20-F, dated June 30, 2006, and the other reports filed from time to time with the Securities and Exchange Commission. Reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as the date hereof. ViryaNet disclaims any obligation to publicly update or revise any such forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

VIRYANET LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

December 31,
-----------------
2005 2006
-------- --------

ASSETS

CURRENT ASSETS:
Cash and cash equivalents $ 2,040 $ 736
Trade and unbilled receivables ,net 1,322 1,045
Other accounts receivable and prepaid expenses 785 622
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Total current assets 4,147 2,403
---------------------------------------------------- -------- --------

SEVERANCE PAY FUND 795 830
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PROPERTY AND EQUIPMENT, NET 295 163
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CUSTOMER RELATIONSHIP, NET 1,099 875
-------- --------

OTHER INTANGIBLE ASSETS AND DEBT ISSUANCE COST, NET 1,072 660
-------- --------

GOODWILL 7,048 7,088
-------- --------

Total assets $14,456 $12,019
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VIRYANET LTD. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands

December 31,
---------------------
2005 2006
---------- ----------


LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Short-term bank credit $ 253 $ 1,187
Current maturities of long-term bank loans 698 574
Trade payables 1,074 702
Deferred revenues 3,193 2,361
Other accounts payable and accrued expenses 2,241 1,834
Loan from related party 285 115
Short-term Convertible note 407 -
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Total current liabilities 8,151 6,773
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LONG-TERM LIABILITIES:
Long-term bank loan, net of current maturities 1,293 718
Long-term Convertible note 3,592 568
Accrued severance pay 1,237 1,276
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Total long-term liabilities 6,122 2,562
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COMMITMENTS AND CONTINGENT LIABILITIES

SHAREHOLDERS' EQUITY:
Share capital 1,769 2,672
Additional paid-in capital 112,789 115,900
Deferred stock compensation (135) -
Accumulated other comprehensive loss (435) (314)
Accumulated deficit (113,805) (115,574)
---------- ----------

Total shareholders' equity 183 2,684
------------------------------------------------ ---------- ----------

Total liabilities and shareholders' equity $ 14,456 $ 12,019
------------------------------------------------ ========== ==========

VIRYANET LTD. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands, except share and per share data

Three months ended Year ended December 31
December 31
-----------------------------------------------
2005 2006 2005 2006
----------- ----------- ----------- -----------
Unaudited Unaudited
----------- ----------- ----------- -----------

Revenues
Software licenses $ 231 $ 620 $ 1,720 $ 1,520
Maintenance and
services 2,877 2,790 12,487 12,340
----------- ----------- ----------- -----------

Total revenues 3,108 3,410 14,207 13,860
---------------------- ----------- ----------- ----------- -----------

Cost of revenues:
Software licenses 100 73 358 356
Maintenance and
services 1,857 1,523 7,855 6,831
----------- ----------- ----------- -----------

Total cost of revenues 1,957 1,596 8,213 7,187
---------------------- ----------- ----------- ----------- -----------

Gross profit 1,151 1,814 5,994 6,673
----------- ----------- ----------- -----------
Operating expenses:
Research and
development 513 514 2,504 2,121
Selling and
marketing 1,067 821 5,214 3,692
General and
administrative 940 627 3,004 2,735
----------- ----------- ----------- -----------

Total operating
expenses 2,520 1,962 10,722 8,548
---------------------- ----------- ----------- ----------- -----------

Operating loss (1,369) (148) (4,728) (1,875)
Financial income
(expenses), net (202) 107 (1,330) 106
----------- ----------- ----------- -----------

Net loss $ (1,571) (41) $ (6,058) $ (1,769)
=========== =========== =========== ===========

Basic and diluted net
loss per share $ (1.08) $ (0.02) $ (4.68) $ (0.95)
=========== =========== =========== ===========

Weighted average
number of shares used
in computing basic
and diluted net loss
per Ordinary share
(a) 1,459,097 2,181,316 1,294,834 1,857,217
=========== =========== =========== ===========

(a) All per share data is reported after the effect of the 1 for 5
reverse split that occurred on January 17, 2007



Contact:
ViryaNet
Albert Gabrielli, 508-490-8600, ext 3038
CFO
or
Jack McAvoy, 508-490-8600, ext 3090
VP, Corporate Communications

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Source: ViryaNet

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Major U.S. Gas Utility Company Chooses ViryaNet to Automate Complex Work Activities
Tuesday April 17, 9:00 am ET
Anticipates Higher Customer Satisfaction and Operational Efficiencies


SOUTHBOROUGH, Mass.--(BUSINESS WIRE)--ViryaNet Limited (Nasdaq: VRYA - News), a leading provider of software applications that automate business processes for mobile workforce management, today announced that a major natural gas distributor has chosen the ViryaNet Service Hub for Utilities solution to manage its complex tasks associated with construction and maintenance activities.
This prominent public utility will use ViryaNet Service Hub for Utilities to enhance the overall performance of its construction and maintenance crews. With the deployment of the ViryaNet solution, the customer expects to increase customer satisfaction and derive significant operational efficiencies through greater process automation. ViryaNet Service Hub for Utilities will coordinate the challenging task of aligning crews, resources, and equipment over long-duration work tasks, often with multiple inter-dependencies, business requirements, and customer expectations -- all of which must be optimized to ensure a least-cost solution for an organization.

ViryaNet Service Hub for Utilities is a single solution that consists of such components as work order creation, schedule and dispatch functionality, workflow, field-based mobile communication, and powerful integration software. ViryaNet is the only provider in the market today that offers a single, end-to-end solution for managing the scheduling and execution of all work that utilities confront, enabling centralized management and control of their operations. This industry-changing capability affords utilities, as well as any organization with complex service requirements, a significant competitive advantage in the market today.

"Our newest customer is a visionary organization, respected by its customers and industry peers," stated Jeff Oskin, Chief Operating Officer, ViryaNet. "We welcome them into the growing ViryaNet family, which recently added several new major utility companies. ViryaNet is a natural partner for utilities, as we are the only provider that offers a self-contained solution for scheduling all work types, coupled with a robust mobile platform."

About ViryaNet

ViryaNet is a provider of software applications that improve the quality and efficiency of an organization's service operations. ViryaNet's products enable companies in the utility, telecommunications, retail, insurance, and general service sectors to manage and optimize mission-critical business processes. ViryaNet's products improve the functions of work order management, scheduling and dispatch, business activity monitoring, and mobile field communication. Embracing a business process management architecture, the ViryaNet products intelligently guide, automate, and optimize field service work - both simple and complex. The results are improved operational performance, a better customer experience, and a higher degree of regulatory compliance. Visit ViryaNet at www.viryanet.com.

Safe Harbor Statement

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding ViryaNet's expectations, beliefs, intentions, or strategies regarding the capabilities of its products, its relationships with its customers, its customer purchases, its future operational plans and objectives including integration of other businesses, its future business prospects, its future financial performance, its future cash position, and its future prospects for profitability. All forward-looking statements included in this document are based upon information available to ViryaNet Ltd. as of the date hereof, and ViryaNet Ltd. assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to ViryaNet's business include market acceptance of and demand for the Company's products, risks associated with a slow-down in the economy, risks associated with the financial condition of the company's customers, risks associated with competition and competitive pricing pressures, risks associated with increases in costs and operating expenses, risks in technology development and commercialization, the risk of operating losses, risks in product development, risks associated with international sales, and other risks that are set forth in ViryaNet's Form 20-F, dated June 30, 2006, and the other reports filed from time to time with the Securities and Exchange Commission. Reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as the date hereof. ViryaNet disclaims any obligation to publicly update or revise any such forward-looking statements to reflect any change in our expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.



Contact:
ViryaNet
Jack McAvoy, 508-490-8600

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Source: ViryaNet