TORONTO, March 8, 2013 /CNW/ - Angoss Software Corporation (Angoss)
(TSX-V: ANC) today announced unaudited results for the three and twelve
months ended November 30, 2012 (See attached).
For the three and twelve months ended November 30, 2012, the Company
reported a net loss of $359,084 and $1,159,181 respectively compared
with the 2011 three and twelve month net loss of $826,234 and
$2,805,022 based on earned revenues. In 2011, the Company reported a
loss from discontinued operations for the three and twelve months ended
November 30 of $402,260 and $1,981,003 respectively. Earned revenue in
the three months ended November 30, 2012 increased by 26.9% over 2011.
Earned revenue in the twelve months ended November 30, 2012 was up 1.5%
respectively over 2011. Earned revenue in any quarter is a function of
both previously deferred revenue plus the earned portion of direct
billings in the current fiscal quarter. Billed revenue on the other
hand reflects orders received and invoiced in that quarter. The
Company is required to report earned revenue; however, although billed
revenue is not a standardized earnings measure, management believes
that understanding billed revenue trends is an important means of
analysing the Company's performance.
For the three months ended November 30, 2012, billed initial software
and solution revenue increased 27.0%. For the twelve months ended
November 30, 2012, billed initial software and solution revenue
increased 29.3%. For the three months ended November 30, 2012, billed
renewal revenue increased 20.6%. For the twelve months ended November
30, 2012, billed renewal revenue increased 8.5%. For the three and
twelve months ended November 30, 2012, year over year billed revenues
increased 24.5% and 20.3% respectively.
"We are pleased to have achieved four consecutive quarters of year over
year billed revenue growth and we are very pleased that these results
were achieved without incremental sales and marketing expense for the
period." commented Martin Galligan, President & CEO, "We believe that
our efforts to date focussing on our key sales and marketing processes,
key performance metrics and our revitalized coverage strategy has
yielded the bulk of this success and is evident in the earned revenue
growth of 26.9% for the fourth quarter. Although the fourth quarter of
2012 was cash flow positive we continue to be hampered by inadequate
working capital to fully execute our go-to-market strategy. That being
said we anticipate 15-20% overall billed revenues for the first quarter
of 2013"
On January 28, 2013, the Company announced that it had entered into a
Binding Letter Agreement dated January 25, 2013 with Peterson Partners,
Inc., an arm's length party, in connection with a proposed acquisition
(the "Transaction") by an affiliate of Peterson Partners of 100% of the
outstanding securities of Angoss. The board of directors of Angoss
considered the Transaction and unanimously recommended that Angoss
security holders vote in favour of the Transaction at an upcoming
special meeting of Angoss shareholders, which will be held to consider
and vote on the Transaction. This recommendation remains subject to
the receipt by the board of a fairness opinion, and to any superior
proposals that are presented to Angoss by third parties prior
completion of the Transaction. The special meeting of Shareholders is
currently scheduled for April 16, 2013 and materials will be sent to
shareholders shortly.
About Angoss Software Corporation
Angoss is a global leader in delivering predictive analytics to
businesses looking to improve performance across sales, marketing and
risk. With a suite of desktop, client-server and in-database software
products and Cloud solutions, Angoss delivers powerful approaches to
turn information into actionable business decisions and competitive
advantage. Angoss software products and solutions are user-friendly and
agile, making predictive analytics accessible and easy to use. Many of
the world's leading financial services, insurance, retail, health care
and information communication and technology organizations use Angoss
predictive analytics software products and solutions to grow revenue,
increase sales productivity and improve marketing effectiveness while
reducing risk and cost. Headquartered in Toronto, Canada, Angoss has
offices in the United States and United Kingdom. For more information,
visit www.angoss.com.
This press release includes forward-looking statements within the
meaning of applicable securities laws. Forward looking statements
relate to analyses and other information that are based on forecasts of
future results and estimates of amounts not yet determinable. These
statements may involve, but are not limited to, comments relating to
preliminary results, guidance, strategies, expectations, planned
operations or future actions. Forward-looking statements are identified
by the use of terms and phrases such as "preliminary", "anticipate",
"believe", "could", "estimate", "expect", "intend", "may", "plan",
"predict", "project", "will", "would", and similar terms and phrases,
including references to assumptions.
Forward-looking statements, by their nature, are based on assumptions,
including those described herein and are subject to important risks and
uncertainties. Forward-looking statements cannot be relied upon due to,
amongst other things, changing external events and general
uncertainties of the business. Actual results may differ materially
from results indicated in forward-looking statements due to a number of
factors, including without limitation: the risk that the sale of our
products and services involves a long sales cycle; the risk that the
economic environment and business conditions will remain difficult to
predict; the risk of competition in our target markets; the risk that
we may not respond adequately to evolving technologies; the risk that
we or our customers may have difficulties in introducing our products
or services; the risk that we will encounter difficulties in continuing
to offer services; the risks of conducting our operations in a variety
of international locations; the risks relating to the costs that we may
incur as a result of litigation against us; the risk of future capital
needs and uncertainty of additional financing; the risk of the need for
the Company to manage its planned growth and expansion; the risk of
the effects of product development and need for continued technology
change; the risk of protection of proprietary rights; the effect of
government regulation and compliance on the Company and the industry;
network security risks; the risk of the ability of the Company to
maintain properly working systems; the risk of reliance on key
personnel; the risk of volatile securities markets impacting security
pricing unrelated to operating performance; as well as the factors
identified throughout this news release and those identified in section
entitled "Risks and Uncertainties" of the Company's MD&A filed on www.sedar.com. The forward-looking statements contained in this news release
represent the Company's expectations as of the date of this news
release (or as of the date they are otherwise stated to be made), and
are subject to change after such date. However, the Company disclaims
any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required under applicable securities regulations.
Note: Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
PDF available at: http://stream1.newswire.ca/media/2013/03/08/20130308_C3678_DOC_EN_24435.pdf
SOURCE: ANGOSS Software Corporation
