Apropos Technology Reports First Quarter Results27 April 2005
Apropos Technology (Nasdaq: APRS - News), a leading provider of real time multi-channel interaction management solutions, today reported revenues decreased 18% to $4.2 million for the first quarter ended March 31, 2005 from $5.2 million for the first quarter ended March 31, 2004.
Net loss for the three months ended March 31, 2005, was $511,000, or a loss of $0.03 per share. Net income for the comparable three months ended March 31, 2004, was $15,000, or income of $0.00 per share, which includes restructuring and other charges of $0.4 million, or $0.03 per share. During the first quarter, the company's cash, cash equivalents, and short term investments increased by $81,000 to $41.2 million.
"This was a difficult quarter for us," stated David McCrabb, interim chief executive officer and president. "It is taking longer for our marketing programs and lead generation efforts to reach fruition than earlier anticipated.
"We were able to expand our distribution channels during the first quarter. We signed a reseller agreement with SBC, a provider of communication services and products, that allows SBC to resell our entire product suite. SBC has already provided us with their first order in the first quarter. We also completed a restructured agreement with Mitel Networks Ltd. that allows their resellers and partners to resell Apropos. Under the previous agreement, this was not possible. Mitel channel partners provided us with two orders in the first quarter."
During the first quarter, the Company received new and add-on customer orders from Fujitsu Limited (UK); MCAP; Nokia, Inc.; Peregrine Systems, Inc. and VinCiti AQ.
A conference call will be conducted by the Company at 5:00 p.m. Eastern Time (ET) on Tuesday, April 26. The conference call will be available to all interested parties over the Internet. To listen to the call on the Internet, go to http://www.apropos.com or http://www.fulldisclosure.com at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call at http://www.apropos.com , http://www.fulldisclosure.com or by dialing 877-519-4471 or 973-341-3080 (international) and providing access code 5994082. The replay will be available by phone through May 3, and over the Internet for 30 days.
About Apropos Technology
Apropos Technology, Inc. (Nasdaq: APRS - News) develops communications management solutions for contact center operations and customer experience management. Apropos solutions are largely used in customer service and support applications for technical products and credit union member contact centers. Apropos solutions integrate with existing systems to provide multi-channel interaction management and a single, universal queuing system. Organizations rely on Apropos to differentiate, prioritize and intelligently route customers to the right agent across voice, voicemail, e-mail, web chat, VoIP, and fax communications. Founded in 1989, the company serves over 300 clients worldwide from its corporate headquarters in Oakbrook Terrace, Ill., and from its European headquarters in the United Kingdom. Additional information about Apropos and its solutions can be found at http://www.apropos.com .
Apropos Technology 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, including statements regarding Apropos Technology's expectations, anticipations, goals, beliefs, targets, hopes, intentions or strategies regarding the future. Forward-looking statements include statements regarding business model, product introduction and acceptance, future sales, sales growth and sales channels, profitability and results of operations, gross margins, operating expenses and financial stability. These forward-looking statements are subject to various risks and uncertainties as more fully set forth under the caption "Risk Factors Associated with Apropos' Business and Future Operating Results" in Apropos Technology's Annual Report on Form 10-K for the year ended December 31, 2004, as filed with the Securities and Exchange Commission. Apropos Technology's actual results and the timing of certain events may differ significantly from the results discussed in the forward-looking statements; Apropos Technology makes no commitment to disclose any revisions to forward-looking statements, or any facts, events or circumstances after the date hereof that may bear upon forward-looking statements.
Apropos Technology, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Three months ended
March 31
2005 2004
Revenue (Unaudited) (Unaudited)
Software licenses $1,099 $1,987
Services and other 3,116 3,173
Total revenue 4,215 5,160
Cost of goods and services
Cost of software 36 170
Cost of services and other 1,076 852
Total cost of goods and services 1,112 1,022
Gross margin 3,103 4,138
Operating expenses
Sales and marketing 1,738 1,674
Research and development 1,096 1,052
General and administrative 1,007 1,096
Restructuring and other charges - 368
Total operating expenses 3,841 4,190
Income (loss) from operations (738) (52)
Other income (expense)
Interest income 239 95
Other income (expense), net (12) (28)
Total other income 227 67
Net income (loss) $(511) $15
Net income (loss) per share
Basic $(0.03) $0.00
Diluted $(0.03) $0.00
Weighted-average number of shares outstanding
Basic 17,789 17,104
Diluted * 18,537
* Diluted weighted-average number of shares outstanding for 2005 is not
shown as the effect would be anti-dilutive.
Apropos Technology, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
March 31 December 31
2005 2004
Assets (unaudited)
Current assets:
Cash and cash equivalents $29,662 $12,291
Short-term investments 11,577 28,867
Accounts receivable, net 2,332 3,155
Inventory 51 34
Prepaid expenses and other current assets 583 355
Total current assets 44,205 44,702
Equipment, net 540 565
Other assets 28 21
Total assets $44,773 $45,288
Liabilities and shareholders' equity
Current liabilities:
Accounts payable $173 $155
Accrued expenses 1,709 1,854
Deferred revenues 3,547 3,403
Other current liabilities 695 856
Total current liabilities 6,124 6,268
Accrued restructuring, less current portion 98 245
Shareholders' equity
Common shares 178 176
Additional paid-in capital 103,440 103,155
Treasury stock - -
Accumulated deficit (65,067) (64,556)
Total shareholders' equity 38,551 38,775
Total liabilities and shareholders' equity $44,773 $45,288
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Source: Apropos Technology
Source: PR Newswire
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