Software? --> Aremissoft (AREM/920865) rasante Entwicklung in schwieriger Zeit - 500 Beiträge pro Seite
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1. | 1. | 18.576,72 | -0,40 | 98 | |||
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8. | Neu! | 20,280 | -1,74 | 31 |
Nach ausführlicher Recherche bin ich von Aremissoft (AREM, WKN 920865) mehr als begeistert.
Die Firma erstellt betriebliche Software für Krankenhäuser und und sonstige kleinere kaufmännische Einheiten.
Das jährliche Wachstum beläuft sich auf 40% die nächsten 5 Jahre. Marge und Eigenkapitalrendite: vergleichbar Microsoft.
Short Ratio nur 2,8%. Analystenempfehlung: 2 x Strong Buy. Die Institutionellen kaufen wie nicht gscheit.
Zwei Links zur eigenen Recherche:
http://finance.yahoo.com/q?s=arem&d=5d
http://www.insidertrader.com/freestuff/ticker_summary.asp?se…
Bin Donnerstag zu 44,75$ rein, jetzt geht Sie ab. Wenn die Fonds eingedeckt sind, kommen noch mehr Analystenempfehlungen.
Wünsche gute Gewinne.
sm
Die Firma erstellt betriebliche Software für Krankenhäuser und und sonstige kleinere kaufmännische Einheiten.
Das jährliche Wachstum beläuft sich auf 40% die nächsten 5 Jahre. Marge und Eigenkapitalrendite: vergleichbar Microsoft.
Short Ratio nur 2,8%. Analystenempfehlung: 2 x Strong Buy. Die Institutionellen kaufen wie nicht gscheit.
Zwei Links zur eigenen Recherche:
http://finance.yahoo.com/q?s=arem&d=5d
http://www.insidertrader.com/freestuff/ticker_summary.asp?se…
Bin Donnerstag zu 44,75$ rein, jetzt geht Sie ab. Wenn die Fonds eingedeckt sind, kommen noch mehr Analystenempfehlungen.
Wünsche gute Gewinne.
sm
Wer heute immer noch nicht eingestiegen ist, den kann ich nur bedauern. Nasdaq down, Aremis up!
eine gute wahl meine herren, habe das papier erstmahls vor 2 jahren am markt um 12 USD gekauft trotz krise läuft da alles in die richtige richtung
hurra, ein Mitsteiter!
Für alle, die auf ein Sonderangebot gewartet haben: zu 22$ (nach Split) ist immer noch ein guter Kauf, zumal die nächsten Zahlen zufriedenstellend ausfallen werden:
Friday December 22, 7:49 am Eastern Time
Press Release
AremisSoft Comments on Fourth Quarter of Fiscal 2000
NEW YORK--(BUSINESS WIRE)--Dec. 22, 2000--AremisSoft Corporation (Nasdaq:AREM - news) a leading international
supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction
industries, today commented on its fourth quarter outlook.
``Based upon preliminary figures, it is clear that we are concluding an excellent year,`` stated Dr. Lycourgos Kyprianou, Chairman and Founder of AremisSoft.
``With our backlog, visibility remains good. As a result of these factors, we are comfortable with the consensus estimates for the quarter and optimistic about our
business prospects for 2001.``
``Although it is not our practice to make pre-announcements on quarterly results, given the recent concerns about demand for technology products and services, we
felt it important to reconfirm our continued confidence in our current operating results to our shareholders,`` commented Roys Poyiadjis President and Chief
Executive Officer.
AremisSoft will announce results for the fourth quarter ended December 31, 2000 during the latter part of February 2001. Roys Poyiadjis and Paul Bloom,
Executive Vice President of Corporate Development, at that time will host a conference call with analysts and investors to discuss the Company`s operating
performance.
About AremisSoft Corporation
AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare,
hospitality and construction industries. The Company`s software products help streamline and enhance an organization`s ability to manage and execute mission-critical
functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $73.4 million for the twelve
months ended December 31, 1999 and net income of $12.1 million before extraordinary gains for the same period. AremisSoft has approximately 800 employees,
with sales in over 20 countries and a customer base in excess of 7,200. The Company also operates a software development and support facility in India, with over
300 employees, which provides significant organizational efficiencies and cost advantages in software development and support.
sm
Für alle, die auf ein Sonderangebot gewartet haben: zu 22$ (nach Split) ist immer noch ein guter Kauf, zumal die nächsten Zahlen zufriedenstellend ausfallen werden:
Friday December 22, 7:49 am Eastern Time
Press Release
AremisSoft Comments on Fourth Quarter of Fiscal 2000
NEW YORK--(BUSINESS WIRE)--Dec. 22, 2000--AremisSoft Corporation (Nasdaq:AREM - news) a leading international
supplier of enterprise-wide software and Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction
industries, today commented on its fourth quarter outlook.
``Based upon preliminary figures, it is clear that we are concluding an excellent year,`` stated Dr. Lycourgos Kyprianou, Chairman and Founder of AremisSoft.
``With our backlog, visibility remains good. As a result of these factors, we are comfortable with the consensus estimates for the quarter and optimistic about our
business prospects for 2001.``
``Although it is not our practice to make pre-announcements on quarterly results, given the recent concerns about demand for technology products and services, we
felt it important to reconfirm our continued confidence in our current operating results to our shareholders,`` commented Roys Poyiadjis President and Chief
Executive Officer.
AremisSoft will announce results for the fourth quarter ended December 31, 2000 during the latter part of February 2001. Roys Poyiadjis and Paul Bloom,
Executive Vice President of Corporate Development, at that time will host a conference call with analysts and investors to discuss the Company`s operating
performance.
About AremisSoft Corporation
AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare,
hospitality and construction industries. The Company`s software products help streamline and enhance an organization`s ability to manage and execute mission-critical
functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $73.4 million for the twelve
months ended December 31, 1999 and net income of $12.1 million before extraordinary gains for the same period. AremisSoft has approximately 800 employees,
with sales in over 20 countries and a customer base in excess of 7,200. The Company also operates a software development and support facility in India, with over
300 employees, which provides significant organizational efficiencies and cost advantages in software development and support.
sm
Die neuesten Zahlen sind ja wohl wirklich nicht von schlechten Eltern:
Wednesday February 21, 4:01 pm Eastern Time
Press Release
AremisSoft Y/Y Q4 Revenue Increases 86% to Record $43.4 Million
Y/Y Pro forma EPS increases 105% to $0.33
8th Consecutive Quarter of Record Performance
NEW YORK--(BUSINESS WIRE)--Feb. 21, 2001--AremisSoft Corporation (Nasdaq:AREM - news) an international supplier of enterprise-wide software and
Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today announced its financial results for the fourth quarter and
twelve months ended December 31, 2000.
The Company reported revenue of $43.4 million, a 86.5% increase from $23.3 million reported for the fourth quarter of 1999 and a sequential increase of 36.7%
from $31.7 million in the 2000 third quarter. On a pro forma basis, net income for the 2000 fourth quarter increased 125.9% year-over-year to $12.1 million
compared to $5.3 million, and diluted earnings per share increased 104.7% to $0.33 from $0.16 in the year-ago quarter, exceeding the consensus estimate of
$0.27.
Pro forma net income and earnings per share for the stated periods exclude amortization of goodwill and purchased intangible assets and non-recurring operating
expenses related to recent acquisitions, as well as one time gains associated with the sale of the UK healthcare business, and one time costs associated with a
postponed secondary financing. Pro forma results also exclude the tax benefit realized from the reversal of prior periods accrued taxes.
During the fourth quarter, AremisSoft recorded a reversal of accrued income taxes as a result of a decision by the relevant tax authorities that a large portion of the
taxes accrued in prior periods are not payable, leading to a $5.64 million positive adjustment to income taxes in the fourth quarter. AremisSoft intends to use an
effective tax rate of 15% for 2001.
As reported net income and earnings per share on a fully diluted basis for the 2000 fourth quarter were $17.0 million and $0.46, respectively, compared to as
reported net income and earnings per share of $6.7 million and $0.20, respectively, for the same period last year.
Revenue for the twelve months ended December 31, 2000 was $123.6 million, which is 68.4% higher than the $73.4 million reported in the comparable 1999
period. Pro forma net income was $29.2 million, a 141.2% increase from $12.1 million in the prior year period. Pro forma earnings per diluted share for the twelve
months ended December 31, 2000 increased 84.5% to $0.83 from $0.45 in the year ago period. As reported net income and earnings per diluted share increased
146.3% and 89.2% to $32.7 million and $0.93, respectively, compared to $13.3 million and $0.49, respectively, in the prior year period.
Software license revenue increased 98.9% to $23.7 million for the three months ended December 31, 2000, from $11.9 million in the fourth quarter of 1999, and
increased 34.7% from $17.6 million in the third quarter of 2000. Maintenance and services revenue was $17.0 million, a 87.5% increase from $9.1 million in the
year-ago quarter, and a 32.0% sequential increase from $12.9 million in the third quarter. Hardware sales for the quarter were $2.7 million as compared to $2.3
million in the prior year period.
Roys Poyiadjis, AremisSoft`s Co-CEO and President of the US Group, stated, ``We closed our second year as a public company with our eighth consecutive
quarter of record performance. These exemplary financial results are based upon the hard work of the AremisSoft team as well as effective execution of our sound
growth model, which includes targeting Tier 3 customers, emerging market expansion, strategic acquisitions and cost-effective operations in India. Our fourth quarter
success was the result of the same factors that have fueled our progress throughout the year -- a solid extensible product line and strength in emerging markets,
where our solutions have been extremely well received. In addition, our Europe and US business Groups performed well during the fourth quarter. The integration of
the acquired hospitality and lodging business (Eltrax hospitality) from Verso Technologies has gone particularly smooth, providing us with a US based management
team that is intended to form the nucleus of our worldwide hospitality business.
``During the fourth quarter, strong license revenue growth drove AremisSoft to achieve a historic high pro forma operating margin of 33.9%, despite absorption of
the Eltrax hospitality business which is in a building phase. This clearly attests to the economies of scale implicit in our operating model, which relies heavily on our
cost-effective India based development facilities.``
Dr. Lycourgos Kyprianou, AremisSoft`s Founder, Chairman of the Board, and Co-CEO, stated, ``We now have in place the organizational infrastructure,
technology and financial resources, to aggressively pursue the market consolidation part of our strategic plan. We believe that AremisSoft has an unparalleled
opportunity to consolidate sectors of the worldwide enterprise application software market. AremisSoft has a unique operating model that enables the Company to
cost-effectively integrate application software companies, without disadvantaging any customer base with respect to future product enhancement and new
functionality. Clearly our low cost development facilities in India will play a key role in this process. Our recent organizational changes were designed to create a
management structure that is aligned with this goal. In addition, we will continue to look for product, technology, and other acquisition opportunities to further our
position in emerging markets.
``The fourth quarter marked success in a number of new geography endeavors. AremisSoft continues to expand in Eastern Europe, the Middle East and the Far East
with key projects in Bulgaria (healthcare), Czech Republic (manufacturing), Croatia (manufacturing), Romania (healthcare), Ukraine (manufacturing), Kazakhstan
(manufacturing); United Arab Emirates (retail), Kuwait (retail), Jordan (healthcare), Oman (retail), Malaysia (healthcare) and Philippines (healthcare). Currently there
are approximately 105 personnel operating out of our offices in Bulgaria, which is the hub for our Eastern European business, and Dubai, which is the hub for our
business in the Middle East. Our Bulgarian Healthcare project has been an excellent reference site for us in targeting healthcare related business in emerging market
countries.``
Mr. Poyiadjis concluded, ``Finally, AremisSoft currently has a very strong cash position in excess of $60 million, which is the result of our positive operating cash
flow, issuance of common stock, and the exercise of stock options by officers, directors and employees.``
During the fourth quarter, the days sales outstanding (DSO) was 82 days, which includes a full quarter of receivables from Eltrax hospitality of $6.3 million, while the
Company recorded $3.3 million of Eltrax related revenue, reflecting less than a full quarter of operating results. Excluding from the DSO calculation receivables
attributable to Eltrax, as well as E-chaRM and Denon International, which provided a similar distortion, the DSO was 72 days in the fourth quarter. AremisSoft had
strong positive operating cash flow, which amounted to $11.0 million in the fourth quarter and $19.0 million for the year.
Recent Highlights
AremisSoft Partners with InternetINNS.com. AremisSoft has become the exclusive information technology systems provider for InternetINNS.com, the world`s first
Internet-based global hospitality brand membership company. The partnership underscores the opportunities arising from the new worldwide AremisSoft Hospitality
division. AremisSoft will provide member hotels with the AREMIS Central Reservation System and Web Booking Engine, allowing visitors to the
InternetINNS.com web site to book and confirm hotel rooms online using the actual information on room inventory and rates.
Organizational, Executive and Board Member Realignment. Designed to position the Company for future growth, AremisSoft created three operating groups under a
new organizational structure in order to enhance its ability to deliver key strategic and financial goals. The US Group, Emerging Markets Group, and Europe Group
will work together to coordinate product and business development as well as market strategy to maximize business opportunities. Dr. Lycourgos Kyprianou,
Founder and Chairman of the Board, assumed the role of Co-Chief Executive Officer. Roys Poyiadjis, assumed the position of Co-CEO and President of the US
Group. Dr. Kyprianou and Mr. Poyiadjis will share responsibility for the executive management of AremisSoft. The Co-CEO structure is intended to provide
maximum top executive involvement in the business while enabling AremisSoft to pursue an increasingly wide range of geographic and product-based growth
opportunities.
M.C. Mathews and Noel Voice, were appointed Presidents of the Emerging Markets Group and Europe Group, respectively. Mr. Bala Gopal-Karat has been
appointed Chief Technology Officer, replacing Dr. Kyprianou while Mr. Alex Eapen has been named as Senior Vice President of India Software Development
Facilities. Additions to the Board of Directors include Michael Tymvios, Chief Financial Officer of AremisSoft, and Stan J. Patey, Managing Director of Capital
Strategies Inc.
Departures from the Board of Directors include M.C. Mathews and Noel Voice. In addition, Mr. George Ellis has left the Board and will work in an advisory
capacity with AremisSoft on acquisitions and operations. Mr. Theodoros Fessas of Info-quest S. A. has also left the Board in order to rebalance Board
representation from the wide range of AremisSoft constituencies.
AremisSoft Expands its Geographic Market Presence in the Middle East. By acquiring Denon International Ltd., AremisSoft further broadened its vertical market
enterprise product offering to include comprehensive retail, trading, distribution, and construction management applications. The acquisition brings over 40 customers
primarily located in the Middle East as well as Romania, Turkey, Greece, and the Ukraine. Denon International has a total of approximately 87 employees, including
55 developers in Dubai and India, and a complete sales and marketing, and management staff. AremisSoft is integrating the India-based development personnel into
its India facilities. The Company projects the acquisition will add $6.0 million in revenue and $0.01 to pro forma earnings per share in 2001.
AremisSoft Expands its e-business Offering of CRM. AremisSoft recently acquired e-ChaRM India Pvt Ltd. e-ChaRM is a supplier of web-based Customer
Relationship Management (CRM), and Hospital Management Systems (HMS). The acquisition positions AremisSoft to address and benefit from the rapidly
expanding market for e-business solutions and next generation e-health systems. It also brings over 200 customers including approximately 40 hospitals to the
Company. In addition, AremisSoft will deliver a proven comprehensive web-enabled HMS system to market quicker than originally planned. e-ChaRM has a full
compliment of software industry and corporate professionals totaling approximately 127, including 97 software developers as well as management, marketing, and
support personnel. AremisSoft is integrating the e-ChaRM operations into its India facilities and expanding its vertical market enterprise product offerings with
integrated CRM capabilities. The Company projects the acquisition will add $5-6 million in revenue and $0.01 to pro forma earnings per share in 2001.
Hospitality Doubles Customer Base and Becomes World`s Second Largest Hospitality Systems Provider. AremisSoft acquired assets and assume liabilities of
Atlanta-based Verso Technologies` lodging and international hospitality business (Eltrax hospitality), a leading supplier of property management systems to the
hospitality industry, for $10 million in cash. With this acquisition, AremisSoft has more than 3100 Property Management System customers and a revenue run rate of
approximately $50 million in hospitality products and services. AremisSoft expects the acquisition will add approximately $0.04 to pro forma earnings per share in
2001 and revenue of $20+ million. On October 18, 2000, AremisSoft closed the acquisition of the U.S. based operations of Eltrax hospitality with the international
entities closing in the fourth quarter.
AremisSoft Stock Splits 2-for-1. On January 8, 2001, AremisSoft stock split 2-for-1, giving shareholders one additional share of common stock for each share held
on the record date December 28, 2000. The stock split doubled the number of shares outstanding to approximately 35 million, allowing increased marketability,
liquidity, and distribution of the stock. All share and per share amounts have been restated to reflect the effects of the split.
AremisSoft Files Shelf Registration. AremisSoft filed a Form S-3 ``shelf`` registration statement with the Securities and Exchange Commission to periodically sell up
to 6 million shares of its common stock, which was declared effective on February 8, 2001. The Company may sell the securities in one or more separate offerings in
amounts, at prices and on terms to be determined at the time of sale. The Company believes that the ``shelf`` registration may afford it flexibility in accessing capital in
the future.
AremisSoft Comments on Indian Operations. The earthquake in western India`s Gujarat state has had no impact on its operations in India. Management expressed
their sincerest condolences to the numerous families devastated by the horrific earthquake, and were relieved to report that no AremisSoft employees were directly
affected. Furthermore, the earthquake caused no damage to the facilities in Bangalore and New Delhi and there has been no disruption in the Company`s satellite
communications.
Notice of Conference Call
As a reminder, AremisSoft will be hosting a conference call to discuss earnings on Wednesday, February 21, at 4:45 p.m. EST. To participate in the conference call,
local and international callers can dial 212-676-5262. Callers from the United States and Canada can dial 800-847-8127. A replay is available approximately one
hour after the call until midnight on February 28. The replay number is 858-812-6440, passcode: 17937335. The conference call will also be available via the
Internet by accessing the AremisSoft web site: www.aremissoft.com. Follow the directions on the main page to link to the audio. The call will also be available on the
Vcall web site: www.vcall.com.
About AremisSoft Corporation
AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare,
hospitality and construction industries. The Company`s software products help streamline and enhance an organization`s ability to manage and execute mission-critical
functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $123.6 million for the
twelve months ended December 31, 2000 and pro forma net income of $29.2 million for the same period. AremisSoft has over 835 employees, with sales in over
20 countries and a customer base in excess of 7,200. The Company also operates a software development and support facility in India, with over 325 employees,
which provides significant organizational efficiencies and cost advantages in software development and support.
Cautionary Statement for Purposes of the ``Safe Harbor`` Provisions of the Private Securities Litigation Reform Act of 1995: All statements, other than historical
facts, included in the foregoing press release regarding the Company`s financial position, business strategy, and plans of management for future operations are
``forward looking statements.`` These statements are based on management`s beliefs and assumptions, and on information currently available to management.
Forward looking statements include, but are not limited to, statements in which words such as ``expect,`` ``see,`` ``anticipate,`` ``intend,`` ``plan,`` ``believe,``
``estimate,`` ``consider,`` or similar expressions are used. Forward looking statements are not guarantees of future performance. They involve risks, uncertainties, and
assumptions, including risks discussed under ``Risk Factors`` in the Company`s annual report on Form 10-K, SEC File No. 0-25713, all of which are incorporated
herein by reference. The Company`s actual results and stockholder values may differ materially from those anticipated or expressed in these forward looking
statements. Many of the factors that will determine these results and values are beyond the Company`s ability to control or predict. Readers of this press release are
cautioned not to put undue reliance on any forward looking statement. The Company undertakes no obligation to publicly update these forward looking statements,
whether as a result of new information, future events or otherwise.
AremisSoft Corporation
Pro Forma Statements of Operations
(Excludes write-off of offering costs, amortization of intangible
assets, and certain non-recurring operating income and
expenses)
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues
Software licenses $23,672 $11,903 $67,842 $37,224
Maintenance and services 17,036 9,085 49,517 30,435
Hardware and other 2,656 2,266 6,250 5,727
Total revenues 43,364 23,254 123,609 73,386
Cost of revenues
Software licenses 2,468 1,318 7,181 4,468
Maintenance and services 4,649 1,842 14,454 8,620
Hardware and other 1,502 1,138 4,188 3,625
Amortization of purchased
software and capitalized
software development
costs 79 116 301 298
------------- --------------
Total cost of revenues 8,698 4,414 26,124 17,011
Gross profit 34,666 18,840 97,485 56,375
Operating expenses:
Sales and marketing 13,678 7,550 41,842 25,518
Research and development 2,088 2,050 8,568 5,916
General and administrative 4,194 2,651 11,513 7,108
Total operating expenses 19,960 12,251 61,923 38,542
Profit from operations 14,706 6,589 35,562 17,833
Other income
Interest income (expense),
net 393 477 969 (661)
Non-operating income -- 42 -- 42
Income before income taxes 15,099 7,108 36,531 17,214
Income tax expense 3,020 1,762 7,306 5,097
Net income $12,079 $5,346 $29,225 $12,117
Pro forma basic earnings
per share $0.37 $0.18 $0.93 $0.47
Pro forma diluted earnings
per share $0.33 $0.16 $0.83 $0.45
Basic weighted average shares
outstanding 32,908 30,260 31,262 25,524
Diluted weighted average
shares outstanding 36,626 33,188 35,042 26,926
AremisSoft Corporation
Consolidated Statement of Operations
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues
Software licenses $23,672 $11,903 $67,842 $37,224
Maintenance and services 17,036 9,085 49,517 30,435
Hardware and other 2,656 2,266 6,250 5,727
Total revenues 43,364 23,254 123,609 73,386
Cost of revenues
Software licenses 2,468 1,318 7,181 4,468
Maintenance and services 4,649 1,842 14,454 8,620
Hardware and other 1,502 1,138 4,188 3,625
Amortization of purchased
software and capitalized
software development
costs 79 116 301 298
Total cost of revenues 8,698 4,414 26,124 17,011
Gross profit 34,666 18,840 97,485 56,375
Operating expenses:
Sales and marketing 13,678 7,550 41,842 25,518
Research and development 2,088 2,050 8,568 5,916
General and administrative 4,194 2,651 12,063 7,108
Amortization of intangible
assets 1,962 (264) 5,415 --
Non-recurring operating
expenses 166 -- 166 --
Profit on disposition of
subsidiary (42) (42)
Total operating expenses 22,088 11,945 68,054 38,500
Profit from operations 12,578 6,895 29,431 17,875
Other income
Interest income (expense),
net 393 477 969 (661)
Non-operating income (397) -- 1,926 --
Income before income taxes 12,574 7,372 32,326 17,214
Income tax expense
(benefit) (4,378) 1,850 (376) 5,097
Income after taxes before
extraordinary item $16,952 $5,522 $32,702 $12,117
Extraordinary item --
gain on debt forgiveness -- 1,163 -- 1,163
Net Income $16,952 $6,685 $32,702 $13,280
Basic earnings per share
before extraordinary item $0.52 $0.18 $1.05 $0.47
Diluted earnings per share
before extraordinary item $0.46 $0.17 $0.93 $0.45
Basic earnings per share
after extraordinary item $0.52 $0.22 $1.05 $0.52
Diluted earnings per share
after extraordinary item $0.46 $0.20 $0.93 $0.49
Basic weighted average shares
outstanding 32,908 30,260 31,262 25,524
Diluted weighted average
shares outstanding 36,626 33,188 35,042 26,926
AremisSoft Corporation
Consolidated Balance Sheets
(In thousands, except share and per share data)
As of As of
December 31, December 31,
2000 1999
ASSETS
Current Assets
Cash and cash equivalents $33,331 $13,386
Accounts receivable, net of allowances
for doubtful accounts at
Dec. 31, 1999 and Dec. 31, 2000 38,660 18,115
Accounts receivable - disposition proceeds -- 2,592
Other receivables 2,229 705
Inventory 1,413 1,603
Deposits paid on services and maintenance
contracts 4,719 3,712
Prepaid expenses and other assets 3,885 2,423
Total Current Assets 84,237 42,536
Investments 1,803 1,803
Property and equipment, net 3,402 1,847
Purchased and developed software, net of
accumulated amortization of
$5,893 and $6,194 at Dec. 31, 1999
and Dec. 31, 2000, respectively 783 948
Intangible assets, net of accumulated
amortization of $11,534 and $16,949 and
at Dec. 31, 1999 and Dec. 31, 2000,
respectively 34,799 13,810
Total Assets $125,024 $60,944
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payables $4,290 $6,910
Accrued payroll taxes 1,479 574
Accrued value added taxes 1,181 1,055
Accrued income taxes 6,006 6,572
Current portion of capital lease
obligations 34 24
Other accrued expenses 2,348 2,371
Deferred revenue 12,056 7,190
Total Current Liabilities 27,394 24,696
Capital lease obligations, less
current portion 45 2
Total Liabilities $27,439 $24,698
Stockholders` equity:
Series-A convertible preferred stock,
par value $0.001; authorized 2,100
shares; and no shares issued and
outstanding -- --
Series-B convertible preferred stock, par
value $0.001; authorized 3,500 shares;
no shares issued and outstanding,
liquidating preference at par
value -- --
Common stock, par value $0.001, authorized
85,000 shares; 15,193 and 35,198 shares
issued and outstanding at Dec. 31, 1999
and Dec. 31, 2000, respectively 35 15
Additional paid-in capital 85,831 57,325
Accumulated deficit 13,781 (18,921)
Accumulated other comprehensive income (2,062) (2,173)
Total stockholders` equity 97,585 36,246
Total Liabilities and Stockholders`
Equity $125,024 $60,944
AremisSoft Corporation
Consolidated Statements of Cash Flows
(In thousands)
For the Twelve Month Period
Ending December 31,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $32,702 $13,280
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation 867 1,093
Amortization and write-off of capitalized
software and intangible assets 5,716 298
Extraordinary item -- (1,163)
Gain on disposition of subsidiary (2,309) (42)
Changes in assets and liabilities, net of
disposition
Accounts receivable (18,944) (6,477)
Other receivables 1,446 (129)
Inventory 368 (723)
Deposits paid on service and maintenance
contract (1,272) (283)
Prepaid expenses and other assets (1,326) (1,210)
Accounts payable (3,105) 3,867
Deferred revenue 4,021 692
Accrued taxes payable 893 4,298
Other accrued expenses (43) (447)
Net cash provided by operating activities 19,014 13,054
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (1,725) (1,355)
Proceeds from disposition 3,018 --
Capitalized software development costs (137) --
Loan to related party (net) -- (1,781)
Payment for acquisition, net of cash
acquired (28,266) (14,537)
Proceeds from disposal of property and
equipment 28 82
Net cash provided by (used in) investing
activities (27,082) (17,591)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of stock 27,526 30,223
Principal repayments of long-term
borrowings (24) (9,204)
Principal payments of capital lease
obligations (22) (61)
Loan from related party -- 1,886
Short-term demand facility -- (4,705)
Net cash provided by financing activities 27,480 18,139
Effect of foreign currency exchange rates
on cash and cash equivalents 533 (365)
Net increase in cash and cash equivalents 19,945 13,237
Cash and cash equivalents, at
Wednesday February 21, 4:01 pm Eastern Time
Press Release
AremisSoft Y/Y Q4 Revenue Increases 86% to Record $43.4 Million
Y/Y Pro forma EPS increases 105% to $0.33
8th Consecutive Quarter of Record Performance
NEW YORK--(BUSINESS WIRE)--Feb. 21, 2001--AremisSoft Corporation (Nasdaq:AREM - news) an international supplier of enterprise-wide software and
Internet-enabled solutions for the manufacturing, hospitality, healthcare and construction industries, today announced its financial results for the fourth quarter and
twelve months ended December 31, 2000.
The Company reported revenue of $43.4 million, a 86.5% increase from $23.3 million reported for the fourth quarter of 1999 and a sequential increase of 36.7%
from $31.7 million in the 2000 third quarter. On a pro forma basis, net income for the 2000 fourth quarter increased 125.9% year-over-year to $12.1 million
compared to $5.3 million, and diluted earnings per share increased 104.7% to $0.33 from $0.16 in the year-ago quarter, exceeding the consensus estimate of
$0.27.
Pro forma net income and earnings per share for the stated periods exclude amortization of goodwill and purchased intangible assets and non-recurring operating
expenses related to recent acquisitions, as well as one time gains associated with the sale of the UK healthcare business, and one time costs associated with a
postponed secondary financing. Pro forma results also exclude the tax benefit realized from the reversal of prior periods accrued taxes.
During the fourth quarter, AremisSoft recorded a reversal of accrued income taxes as a result of a decision by the relevant tax authorities that a large portion of the
taxes accrued in prior periods are not payable, leading to a $5.64 million positive adjustment to income taxes in the fourth quarter. AremisSoft intends to use an
effective tax rate of 15% for 2001.
As reported net income and earnings per share on a fully diluted basis for the 2000 fourth quarter were $17.0 million and $0.46, respectively, compared to as
reported net income and earnings per share of $6.7 million and $0.20, respectively, for the same period last year.
Revenue for the twelve months ended December 31, 2000 was $123.6 million, which is 68.4% higher than the $73.4 million reported in the comparable 1999
period. Pro forma net income was $29.2 million, a 141.2% increase from $12.1 million in the prior year period. Pro forma earnings per diluted share for the twelve
months ended December 31, 2000 increased 84.5% to $0.83 from $0.45 in the year ago period. As reported net income and earnings per diluted share increased
146.3% and 89.2% to $32.7 million and $0.93, respectively, compared to $13.3 million and $0.49, respectively, in the prior year period.
Software license revenue increased 98.9% to $23.7 million for the three months ended December 31, 2000, from $11.9 million in the fourth quarter of 1999, and
increased 34.7% from $17.6 million in the third quarter of 2000. Maintenance and services revenue was $17.0 million, a 87.5% increase from $9.1 million in the
year-ago quarter, and a 32.0% sequential increase from $12.9 million in the third quarter. Hardware sales for the quarter were $2.7 million as compared to $2.3
million in the prior year period.
Roys Poyiadjis, AremisSoft`s Co-CEO and President of the US Group, stated, ``We closed our second year as a public company with our eighth consecutive
quarter of record performance. These exemplary financial results are based upon the hard work of the AremisSoft team as well as effective execution of our sound
growth model, which includes targeting Tier 3 customers, emerging market expansion, strategic acquisitions and cost-effective operations in India. Our fourth quarter
success was the result of the same factors that have fueled our progress throughout the year -- a solid extensible product line and strength in emerging markets,
where our solutions have been extremely well received. In addition, our Europe and US business Groups performed well during the fourth quarter. The integration of
the acquired hospitality and lodging business (Eltrax hospitality) from Verso Technologies has gone particularly smooth, providing us with a US based management
team that is intended to form the nucleus of our worldwide hospitality business.
``During the fourth quarter, strong license revenue growth drove AremisSoft to achieve a historic high pro forma operating margin of 33.9%, despite absorption of
the Eltrax hospitality business which is in a building phase. This clearly attests to the economies of scale implicit in our operating model, which relies heavily on our
cost-effective India based development facilities.``
Dr. Lycourgos Kyprianou, AremisSoft`s Founder, Chairman of the Board, and Co-CEO, stated, ``We now have in place the organizational infrastructure,
technology and financial resources, to aggressively pursue the market consolidation part of our strategic plan. We believe that AremisSoft has an unparalleled
opportunity to consolidate sectors of the worldwide enterprise application software market. AremisSoft has a unique operating model that enables the Company to
cost-effectively integrate application software companies, without disadvantaging any customer base with respect to future product enhancement and new
functionality. Clearly our low cost development facilities in India will play a key role in this process. Our recent organizational changes were designed to create a
management structure that is aligned with this goal. In addition, we will continue to look for product, technology, and other acquisition opportunities to further our
position in emerging markets.
``The fourth quarter marked success in a number of new geography endeavors. AremisSoft continues to expand in Eastern Europe, the Middle East and the Far East
with key projects in Bulgaria (healthcare), Czech Republic (manufacturing), Croatia (manufacturing), Romania (healthcare), Ukraine (manufacturing), Kazakhstan
(manufacturing); United Arab Emirates (retail), Kuwait (retail), Jordan (healthcare), Oman (retail), Malaysia (healthcare) and Philippines (healthcare). Currently there
are approximately 105 personnel operating out of our offices in Bulgaria, which is the hub for our Eastern European business, and Dubai, which is the hub for our
business in the Middle East. Our Bulgarian Healthcare project has been an excellent reference site for us in targeting healthcare related business in emerging market
countries.``
Mr. Poyiadjis concluded, ``Finally, AremisSoft currently has a very strong cash position in excess of $60 million, which is the result of our positive operating cash
flow, issuance of common stock, and the exercise of stock options by officers, directors and employees.``
During the fourth quarter, the days sales outstanding (DSO) was 82 days, which includes a full quarter of receivables from Eltrax hospitality of $6.3 million, while the
Company recorded $3.3 million of Eltrax related revenue, reflecting less than a full quarter of operating results. Excluding from the DSO calculation receivables
attributable to Eltrax, as well as E-chaRM and Denon International, which provided a similar distortion, the DSO was 72 days in the fourth quarter. AremisSoft had
strong positive operating cash flow, which amounted to $11.0 million in the fourth quarter and $19.0 million for the year.
Recent Highlights
AremisSoft Partners with InternetINNS.com. AremisSoft has become the exclusive information technology systems provider for InternetINNS.com, the world`s first
Internet-based global hospitality brand membership company. The partnership underscores the opportunities arising from the new worldwide AremisSoft Hospitality
division. AremisSoft will provide member hotels with the AREMIS Central Reservation System and Web Booking Engine, allowing visitors to the
InternetINNS.com web site to book and confirm hotel rooms online using the actual information on room inventory and rates.
Organizational, Executive and Board Member Realignment. Designed to position the Company for future growth, AremisSoft created three operating groups under a
new organizational structure in order to enhance its ability to deliver key strategic and financial goals. The US Group, Emerging Markets Group, and Europe Group
will work together to coordinate product and business development as well as market strategy to maximize business opportunities. Dr. Lycourgos Kyprianou,
Founder and Chairman of the Board, assumed the role of Co-Chief Executive Officer. Roys Poyiadjis, assumed the position of Co-CEO and President of the US
Group. Dr. Kyprianou and Mr. Poyiadjis will share responsibility for the executive management of AremisSoft. The Co-CEO structure is intended to provide
maximum top executive involvement in the business while enabling AremisSoft to pursue an increasingly wide range of geographic and product-based growth
opportunities.
M.C. Mathews and Noel Voice, were appointed Presidents of the Emerging Markets Group and Europe Group, respectively. Mr. Bala Gopal-Karat has been
appointed Chief Technology Officer, replacing Dr. Kyprianou while Mr. Alex Eapen has been named as Senior Vice President of India Software Development
Facilities. Additions to the Board of Directors include Michael Tymvios, Chief Financial Officer of AremisSoft, and Stan J. Patey, Managing Director of Capital
Strategies Inc.
Departures from the Board of Directors include M.C. Mathews and Noel Voice. In addition, Mr. George Ellis has left the Board and will work in an advisory
capacity with AremisSoft on acquisitions and operations. Mr. Theodoros Fessas of Info-quest S. A. has also left the Board in order to rebalance Board
representation from the wide range of AremisSoft constituencies.
AremisSoft Expands its Geographic Market Presence in the Middle East. By acquiring Denon International Ltd., AremisSoft further broadened its vertical market
enterprise product offering to include comprehensive retail, trading, distribution, and construction management applications. The acquisition brings over 40 customers
primarily located in the Middle East as well as Romania, Turkey, Greece, and the Ukraine. Denon International has a total of approximately 87 employees, including
55 developers in Dubai and India, and a complete sales and marketing, and management staff. AremisSoft is integrating the India-based development personnel into
its India facilities. The Company projects the acquisition will add $6.0 million in revenue and $0.01 to pro forma earnings per share in 2001.
AremisSoft Expands its e-business Offering of CRM. AremisSoft recently acquired e-ChaRM India Pvt Ltd. e-ChaRM is a supplier of web-based Customer
Relationship Management (CRM), and Hospital Management Systems (HMS). The acquisition positions AremisSoft to address and benefit from the rapidly
expanding market for e-business solutions and next generation e-health systems. It also brings over 200 customers including approximately 40 hospitals to the
Company. In addition, AremisSoft will deliver a proven comprehensive web-enabled HMS system to market quicker than originally planned. e-ChaRM has a full
compliment of software industry and corporate professionals totaling approximately 127, including 97 software developers as well as management, marketing, and
support personnel. AremisSoft is integrating the e-ChaRM operations into its India facilities and expanding its vertical market enterprise product offerings with
integrated CRM capabilities. The Company projects the acquisition will add $5-6 million in revenue and $0.01 to pro forma earnings per share in 2001.
Hospitality Doubles Customer Base and Becomes World`s Second Largest Hospitality Systems Provider. AremisSoft acquired assets and assume liabilities of
Atlanta-based Verso Technologies` lodging and international hospitality business (Eltrax hospitality), a leading supplier of property management systems to the
hospitality industry, for $10 million in cash. With this acquisition, AremisSoft has more than 3100 Property Management System customers and a revenue run rate of
approximately $50 million in hospitality products and services. AremisSoft expects the acquisition will add approximately $0.04 to pro forma earnings per share in
2001 and revenue of $20+ million. On October 18, 2000, AremisSoft closed the acquisition of the U.S. based operations of Eltrax hospitality with the international
entities closing in the fourth quarter.
AremisSoft Stock Splits 2-for-1. On January 8, 2001, AremisSoft stock split 2-for-1, giving shareholders one additional share of common stock for each share held
on the record date December 28, 2000. The stock split doubled the number of shares outstanding to approximately 35 million, allowing increased marketability,
liquidity, and distribution of the stock. All share and per share amounts have been restated to reflect the effects of the split.
AremisSoft Files Shelf Registration. AremisSoft filed a Form S-3 ``shelf`` registration statement with the Securities and Exchange Commission to periodically sell up
to 6 million shares of its common stock, which was declared effective on February 8, 2001. The Company may sell the securities in one or more separate offerings in
amounts, at prices and on terms to be determined at the time of sale. The Company believes that the ``shelf`` registration may afford it flexibility in accessing capital in
the future.
AremisSoft Comments on Indian Operations. The earthquake in western India`s Gujarat state has had no impact on its operations in India. Management expressed
their sincerest condolences to the numerous families devastated by the horrific earthquake, and were relieved to report that no AremisSoft employees were directly
affected. Furthermore, the earthquake caused no damage to the facilities in Bangalore and New Delhi and there has been no disruption in the Company`s satellite
communications.
Notice of Conference Call
As a reminder, AremisSoft will be hosting a conference call to discuss earnings on Wednesday, February 21, at 4:45 p.m. EST. To participate in the conference call,
local and international callers can dial 212-676-5262. Callers from the United States and Canada can dial 800-847-8127. A replay is available approximately one
hour after the call until midnight on February 28. The replay number is 858-812-6440, passcode: 17937335. The conference call will also be available via the
Internet by accessing the AremisSoft web site: www.aremissoft.com. Follow the directions on the main page to link to the audio. The call will also be available on the
Vcall web site: www.vcall.com.
About AremisSoft Corporation
AremisSoft develops, markets, implements and supports enterprise-wide applications software targeted at mid-sized organizations in the manufacturing, healthcare,
hospitality and construction industries. The Company`s software products help streamline and enhance an organization`s ability to manage and execute mission-critical
functions such as accounting, purchasing, manufacturing, customer service and sales and marketing. AremisSoft reported total revenue of $123.6 million for the
twelve months ended December 31, 2000 and pro forma net income of $29.2 million for the same period. AremisSoft has over 835 employees, with sales in over
20 countries and a customer base in excess of 7,200. The Company also operates a software development and support facility in India, with over 325 employees,
which provides significant organizational efficiencies and cost advantages in software development and support.
Cautionary Statement for Purposes of the ``Safe Harbor`` Provisions of the Private Securities Litigation Reform Act of 1995: All statements, other than historical
facts, included in the foregoing press release regarding the Company`s financial position, business strategy, and plans of management for future operations are
``forward looking statements.`` These statements are based on management`s beliefs and assumptions, and on information currently available to management.
Forward looking statements include, but are not limited to, statements in which words such as ``expect,`` ``see,`` ``anticipate,`` ``intend,`` ``plan,`` ``believe,``
``estimate,`` ``consider,`` or similar expressions are used. Forward looking statements are not guarantees of future performance. They involve risks, uncertainties, and
assumptions, including risks discussed under ``Risk Factors`` in the Company`s annual report on Form 10-K, SEC File No. 0-25713, all of which are incorporated
herein by reference. The Company`s actual results and stockholder values may differ materially from those anticipated or expressed in these forward looking
statements. Many of the factors that will determine these results and values are beyond the Company`s ability to control or predict. Readers of this press release are
cautioned not to put undue reliance on any forward looking statement. The Company undertakes no obligation to publicly update these forward looking statements,
whether as a result of new information, future events or otherwise.
AremisSoft Corporation
Pro Forma Statements of Operations
(Excludes write-off of offering costs, amortization of intangible
assets, and certain non-recurring operating income and
expenses)
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues
Software licenses $23,672 $11,903 $67,842 $37,224
Maintenance and services 17,036 9,085 49,517 30,435
Hardware and other 2,656 2,266 6,250 5,727
Total revenues 43,364 23,254 123,609 73,386
Cost of revenues
Software licenses 2,468 1,318 7,181 4,468
Maintenance and services 4,649 1,842 14,454 8,620
Hardware and other 1,502 1,138 4,188 3,625
Amortization of purchased
software and capitalized
software development
costs 79 116 301 298
------------- --------------
Total cost of revenues 8,698 4,414 26,124 17,011
Gross profit 34,666 18,840 97,485 56,375
Operating expenses:
Sales and marketing 13,678 7,550 41,842 25,518
Research and development 2,088 2,050 8,568 5,916
General and administrative 4,194 2,651 11,513 7,108
Total operating expenses 19,960 12,251 61,923 38,542
Profit from operations 14,706 6,589 35,562 17,833
Other income
Interest income (expense),
net 393 477 969 (661)
Non-operating income -- 42 -- 42
Income before income taxes 15,099 7,108 36,531 17,214
Income tax expense 3,020 1,762 7,306 5,097
Net income $12,079 $5,346 $29,225 $12,117
Pro forma basic earnings
per share $0.37 $0.18 $0.93 $0.47
Pro forma diluted earnings
per share $0.33 $0.16 $0.83 $0.45
Basic weighted average shares
outstanding 32,908 30,260 31,262 25,524
Diluted weighted average
shares outstanding 36,626 33,188 35,042 26,926
AremisSoft Corporation
Consolidated Statement of Operations
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues
Software licenses $23,672 $11,903 $67,842 $37,224
Maintenance and services 17,036 9,085 49,517 30,435
Hardware and other 2,656 2,266 6,250 5,727
Total revenues 43,364 23,254 123,609 73,386
Cost of revenues
Software licenses 2,468 1,318 7,181 4,468
Maintenance and services 4,649 1,842 14,454 8,620
Hardware and other 1,502 1,138 4,188 3,625
Amortization of purchased
software and capitalized
software development
costs 79 116 301 298
Total cost of revenues 8,698 4,414 26,124 17,011
Gross profit 34,666 18,840 97,485 56,375
Operating expenses:
Sales and marketing 13,678 7,550 41,842 25,518
Research and development 2,088 2,050 8,568 5,916
General and administrative 4,194 2,651 12,063 7,108
Amortization of intangible
assets 1,962 (264) 5,415 --
Non-recurring operating
expenses 166 -- 166 --
Profit on disposition of
subsidiary (42) (42)
Total operating expenses 22,088 11,945 68,054 38,500
Profit from operations 12,578 6,895 29,431 17,875
Other income
Interest income (expense),
net 393 477 969 (661)
Non-operating income (397) -- 1,926 --
Income before income taxes 12,574 7,372 32,326 17,214
Income tax expense
(benefit) (4,378) 1,850 (376) 5,097
Income after taxes before
extraordinary item $16,952 $5,522 $32,702 $12,117
Extraordinary item --
gain on debt forgiveness -- 1,163 -- 1,163
Net Income $16,952 $6,685 $32,702 $13,280
Basic earnings per share
before extraordinary item $0.52 $0.18 $1.05 $0.47
Diluted earnings per share
before extraordinary item $0.46 $0.17 $0.93 $0.45
Basic earnings per share
after extraordinary item $0.52 $0.22 $1.05 $0.52
Diluted earnings per share
after extraordinary item $0.46 $0.20 $0.93 $0.49
Basic weighted average shares
outstanding 32,908 30,260 31,262 25,524
Diluted weighted average
shares outstanding 36,626 33,188 35,042 26,926
AremisSoft Corporation
Consolidated Balance Sheets
(In thousands, except share and per share data)
As of As of
December 31, December 31,
2000 1999
ASSETS
Current Assets
Cash and cash equivalents $33,331 $13,386
Accounts receivable, net of allowances
for doubtful accounts at
Dec. 31, 1999 and Dec. 31, 2000 38,660 18,115
Accounts receivable - disposition proceeds -- 2,592
Other receivables 2,229 705
Inventory 1,413 1,603
Deposits paid on services and maintenance
contracts 4,719 3,712
Prepaid expenses and other assets 3,885 2,423
Total Current Assets 84,237 42,536
Investments 1,803 1,803
Property and equipment, net 3,402 1,847
Purchased and developed software, net of
accumulated amortization of
$5,893 and $6,194 at Dec. 31, 1999
and Dec. 31, 2000, respectively 783 948
Intangible assets, net of accumulated
amortization of $11,534 and $16,949 and
at Dec. 31, 1999 and Dec. 31, 2000,
respectively 34,799 13,810
Total Assets $125,024 $60,944
LIABILITIES AND STOCKHOLDERS` EQUITY
Current liabilities:
Accounts payables $4,290 $6,910
Accrued payroll taxes 1,479 574
Accrued value added taxes 1,181 1,055
Accrued income taxes 6,006 6,572
Current portion of capital lease
obligations 34 24
Other accrued expenses 2,348 2,371
Deferred revenue 12,056 7,190
Total Current Liabilities 27,394 24,696
Capital lease obligations, less
current portion 45 2
Total Liabilities $27,439 $24,698
Stockholders` equity:
Series-A convertible preferred stock,
par value $0.001; authorized 2,100
shares; and no shares issued and
outstanding -- --
Series-B convertible preferred stock, par
value $0.001; authorized 3,500 shares;
no shares issued and outstanding,
liquidating preference at par
value -- --
Common stock, par value $0.001, authorized
85,000 shares; 15,193 and 35,198 shares
issued and outstanding at Dec. 31, 1999
and Dec. 31, 2000, respectively 35 15
Additional paid-in capital 85,831 57,325
Accumulated deficit 13,781 (18,921)
Accumulated other comprehensive income (2,062) (2,173)
Total stockholders` equity 97,585 36,246
Total Liabilities and Stockholders`
Equity $125,024 $60,944
AremisSoft Corporation
Consolidated Statements of Cash Flows
(In thousands)
For the Twelve Month Period
Ending December 31,
2000 1999
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $32,702 $13,280
Adjustments to reconcile net income to net
cash used in operating activities:
Depreciation 867 1,093
Amortization and write-off of capitalized
software and intangible assets 5,716 298
Extraordinary item -- (1,163)
Gain on disposition of subsidiary (2,309) (42)
Changes in assets and liabilities, net of
disposition
Accounts receivable (18,944) (6,477)
Other receivables 1,446 (129)
Inventory 368 (723)
Deposits paid on service and maintenance
contract (1,272) (283)
Prepaid expenses and other assets (1,326) (1,210)
Accounts payable (3,105) 3,867
Deferred revenue 4,021 692
Accrued taxes payable 893 4,298
Other accrued expenses (43) (447)
Net cash provided by operating activities 19,014 13,054
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment (1,725) (1,355)
Proceeds from disposition 3,018 --
Capitalized software development costs (137) --
Loan to related party (net) -- (1,781)
Payment for acquisition, net of cash
acquired (28,266) (14,537)
Proceeds from disposal of property and
equipment 28 82
Net cash provided by (used in) investing
activities (27,082) (17,591)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from issuance of stock 27,526 30,223
Principal repayments of long-term
borrowings (24) (9,204)
Principal payments of capital lease
obligations (22) (61)
Loan from related party -- 1,886
Short-term demand facility -- (4,705)
Net cash provided by financing activities 27,480 18,139
Effect of foreign currency exchange rates
on cash and cash equivalents 533 (365)
Net increase in cash and cash equivalents 19,945 13,237
Cash and cash equivalents, at
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