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UNIFY REPORTS FOURTH QUARTER
YEAR END FISCAL 2008 FINANCIAL RESULTS
- Fiscal 2008 Revenue Increases 77%
- Net Income of $1.6 Million, EPS of $0.23 for 2008
- Generates Operating Cash Flow of $3.3 Million in 2008
- Provides Fiscal 2009 Guidance
SACRAMENTO, Calif., June 24, 2008 Unify Corp. (OTC BB: UFYC), a global provider of application modernization software, today announced financial results for its fiscal fourth quarter 2008 and year-ended April 30, 2008.
Fiscal Fourth Quarter Financial Results:
The Company reported total revenues in the fourth quarter of fiscal 2008 of $5.1 million, up 28%, compared to $4.0 million in the fourth quarter of fiscal 2007. Software licenses revenue increased 26% to $2.2 million, compared to $1.7 for the fiscal fourth quarter in 2007. Services revenue was up 30% to $2.9 million, compared to $2.2 million for the same quarter of the prior year.
Gross margin was 89%, compared to 91%, for the fourth quarter of last year. Fourth quarter income from operations was $245,000, compared to a loss from operations of $281,000 for the fourth quarter of fiscal 2007. Net income was $77,000 or $0.01 per share for the fourth quarter of fiscal 2008 compared to a net loss of $584,000 or $0.10 loss per share in the fourth quarter of fiscal 2007. Included in the fiscal 2008 fourth quarters operating results is a $276,000 charge for costs related to the closure of the Companys German subsidiary.
Non-GAAP net income for the quarter was $606,000 or $0.08 per share, compared to a non-GAAP net loss of $279,000 or $0.05 loss per share in the same quarter of last year. In addition to the closure of the German subsidiary, the fourth quarters operating expenses included approximately $100,000 for Sarbanes Oxley compliance consulting and over $150,000 in year-end royalty and performance-based compensation adjustments.
Adjusted EBITDA for the fourth quarter was $785,000 compared to negative $44,000 last year.
Fiscal 2008 Financial Results:
For fiscal 2008, the Company reported total revenues of $19.8 million, up 77% as a result of organic and acquisition related growth, compared to $11.2 million for fiscal 2007. Software licenses revenue for fiscal 2008 increased 93% to $8.5 million, compared to $4.4 million for fiscal 2007. Services revenue was up 67%, to $11.3 million, compared to $6.8 million for the prior year.
Gross margin increased to 92% compared to 87% in fiscal 2007. Income from operations was $2.7 million, including the $276,000 charge for costs related to the closure of the Companys German subsidiary during the fourth quarter, compared to a loss from operations of $888,000 for fiscal 2007.
The following information was filed by Daegis Inc. (DAEG) on Wednesday, June 25, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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