Exhibit 99.1
 
UNIFY REPORTS FISCAL 2010
THIRD QUARTER FINANCIAL RESULTS
 
  • Total Revenue Increases 66% Over Q309
  • Company Returns to GAAP Profitability
  • Generated Operating Cash Flow of $650,000
 
ROSEVILLE, Calif., March 2, 2010
– Unify Corp. (NASDAQ: UNFY), a global provider of application development, data management, migration and content archiving solutions, today announced financial results for its fiscal third quarter 2010, ended January 31, 2010.
 
Fiscal 2010 Third Quarter Financial Results
 
The Company reported third quarter total revenues of $8.6 million, a 66% increase compared to $5.2 million in the third quarter of fiscal 2009, and a 22% increase sequentially. Included in the quarter’s total revenue was $3.2 million of AXS-One archiving revenue, which was not in the prior year period as the acquisition of AXS-One closed earlier in the fiscal year. Software licenses revenue increased to $3.4 million, a 93% increase compared to $1.7 million for the fiscal third quarter in 2009. Services revenue increased to $4.2 million, a 54% increase compared to $2.8 million in the year ago quarter. Migration solutions revenue was $1.0 million, a 45% increase compared to $718,000 in the same quarter last year.
 
Gross margin was 79%, compared to 89% for the third quarter of last year. Third quarter income from operations was $1.2 million, compared to income from operations of $1.3 million for the third quarter of fiscal 2009. Net income was $1.1 million or $0.10 per diluted share for the third quarter, compared to net income of $1.1 million or $0.15 per diluted share in the third quarter of fiscal 2009.
 
Non-GAAP net income for the quarter was $1.9 million or $0.18 per diluted share, compared to non-GAAP net income of $1.4 million or $0.20 per diluted share in the same quarter of last year. The Company achieved positive cash flow from operations of $650,000 in the third quarter.
 
Unify ended the third quarter with cash and cash equivalents of $2.3 million at January 31, 2010, compared to $6.1 million reported at April 30, 2009. This decrease was due primarily to the significant accounts payable and accrued expenses assumed from the AXS-One acquisition that were paid subsequent to the acquisition. The Company’s account receivables increased to $8.7 million, compared to $4.5 million as of April 30, 2009 and $5.3 million as of January 31, 2009. Deferred revenue increased to $12.0 million, compared to $5.6 million as of April 30, 2009 and $5.9 million as of January 31, 2009. The increase in account receivables and deferred revenue is primarily due to the AXS-One acquisition completed earlier in the year and specifically due to a larger percentage of maintenance contracts that renewed during the third quarter. Additionally, the Company’s migration business has a larger impact on deferred revenue due to differences between billing date and the timing of revenue recognition.
 
AXS-One was Unify’s fourth acquisition in the past three years, demonstrating Unify’s ability to acquire businesses and improve operating results. The Company’s acquisition strategy has generated increased total revenue and, after the initial period of integration and cost model adjustments, increased profitability and cash flow.
 
5
 

The following information was filed by Daegis Inc. (DAEG) on Thursday, March 4, 2010 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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