UNIFY REPORTS FISCAL 2011 FOURTH QUARTER
AND FULL YEAR FINANCIAL RESULTS
Fourth Quarter Revenue of $11.8 million; Full Year Revenue of $47.0 million
Fourth Quarter Organic Growth in Daegis eDiscovery revenue > 22%
Generated Cash from Operations of $1.5 million for the fourth quarter
Recorded Goodwill/Intangibles Impairment Charge of $16.0 million
ROSEVILLE, Calif., July 6, 2011 – Unify (NASDAQ: UNFY) today reported financial results for its fourth quarter and full year ended April 30, 2011.
Fourth quarter total revenue was $11.8 million, an increase of 41% compared to $8.4 million reported last year. Fourth quarter total revenue included approximately $6.5 million from Daegis, which merged with Unify in June 2010. Adjusted EBITDA was $2.0 million, compared to $2.7 million in the fourth quarter last year (see reconciliation table). The prior year Adjusted EBITDA calculation included a $1.2 million gain related to the change in fair value of contingent consideration.
Fourth quarter GAAP net loss was $15.9 million or $1.09 loss per diluted share compared to GAAP net income of $1.7 million or $0.16 per diluted share in the prior year. The net loss included a non-cash charge of $16.0 million resulting from the write off of goodwill and intangible assets related to acquisitions made by the Company in calendar 2009. Non-GAAP net income was $1.2 million or $0.08 per diluted share, compared to Non-GAAP net income of $1.5 million or $0.14 per diluted share last year (see reconciliation table). During the fourth quarter, the Company generated cash from operations of $1.5 million and made debt repayments of $0.5 million.
Total revenue for fiscal 2011 was $47.0 million, a 64% increase compared to $28.6 million for fiscal 2010. GAAP net loss for fiscal 2011 was $16.7 million, or $1.23 loss per diluted share, compared to net income of $124,000, or $0.01 per diluted share last year.
“Fiscal 2011 was a transitional year as we focused on fully integrating the teams, products and systems of Unify and Daegis,” said Chief Executive Officer Todd Wille. “This process has been completed and the Company has emerged a leading eDiscovery solutions provider. The Daegis business performed solidly for the year achieving revenue of $23.1 million and EBITDA of $6 million during the ten months of fiscal 2011 post merger. We doubled the eDiscovery sales force, increased marketing and brand awareness activities, and added document review services to the Daegis offering, which helped us continue to win new projects from existing clients and win new clients.
The following information was filed by Daegis Inc. (DAEG) on Wednesday, July 6, 2011 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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