For Information, Contact:
Susan Salvesen
Chief Financial Officer
Unify Corporation
408-467-4500
http://www.unify.com
San Jose, CA, November 18, 1996 - Unify Corporation (NASDAQ: UNFY), a leading provider of client/server software solutions for the development, deployment, and management of high-end, business critical applications for intranets and the Internet, today announced results for the 1997 second quarter ended October 31, 1996.
For the 1997 second quarter, Unify recorded total revenues of $7.3 million, unchanged from the year earlier period. However, revenues attributable to the Company's VISION product line of mission-critical client/server application development tools increased 73% to $1.7 million in the fiscal 1997 second quarter from $1.0 million for the comparable period in fiscal 1996. Total license revenues for the second quarter of fiscal 1997 were $4.8 million, equal to fiscal 1996 second quarter. Unify reported a net loss of $1.6 million or $0.20 per share, compared with a net loss of $362,000 or $0.06 per share for the fiscal 1996 second quarter. Weighted average shares outstanding increased 41% to 7.9 million as a result of the Company's initial public offering in June 1996.
"While the Company is experiencing lengthening sales cycles on its larger VISION transactions, we continue to see enthusiasm among potential customers evaluating our new VISION 3.0 and VISION/Web offerings. We believe these products are creating numerous opportunities for Unify, and we're pleased with the recent increase in customer and industry visibility these products have received," observed Reza Mikailli, Chief Executive Officer. VISION 3.0 and VISION/Web are high-end application development tools that enable programmers to automatically generate Java code while building complex, transactional applications that run on both intranets and Internet clients and servers. In September, VISION 3.0 began shipping to commercial customers. Also during October, VISION/Web entered Beta, and general availability of this software is expected by the end of calendar 1996. Over the past thirty days Unify has participated in two major industry the Netscape Developers' conference and Sun Microsystems' JavaStation launch. As a co-sponsor of the Netscape conference, Unify experienced good interest in its VISION/Web product. Additionally, VISION was the only high-end development tool invited by Sun to be part of their JavaStation launch.
This announcement may contain forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results described in such statements. Factors that might cause such a difference include, but are not limited to, those discussed in the "Risk Factors" section of the Company's Final Prospectus dated June 14, 1996 and the Company's reports on Form 10-Q and 8-K filed with the Securities and Exchange Commission, copies of which are available on request from the Company.
Unify's flagship product, Unify VISION, is designed to enable
organizations to develop, deploy and manage business critical
applications with increased return on investment by providing the
benefits of low cost of entry, rapid time-to-market and low cost of
ownership. VISION and its companion product -VISION/Web- are the
first advanced client/server development environments to generate
Java code, without the need for Java programming, and to enable
developers to build high-end transactional applications that run on
both Web and non-Web clients and servers.
Unify Corporation develops, markets and supports advanced
application development environments for the development,
deployment and management of high-end, business critical
client/server applications. The Company's flagship product, Unify
VISION, combines a powerful and scalable client/server architecture
with a flexible and easy-to-use rapid application development
technology. Additional Unify products include VISION AppMan,
ACCELL/SQL and the DataServer product family.
Headquartered in San Jose, California, Unify has direct sales
offices throughout North America, Europe and Japan, with a network
of distributors, VARs, OEMs, and systems integrators worldwide.
Unify has over 350,000 users worldwide, including leaders in
telecommunications, financial services, commercial industries and
government. Unify product and service information is located on
the World Wide Web at http://www.unify.com.
|
|
||||||
Assets | |||||||
Cash and equivalents and short-term investments | $20,824 | $3,028 | |||||
Accounts receivable, net | 10,147 | 5,270 | |||||
Prepaid expenses and other current assets | 695 |
1,012 |
|||||
Total current assets | 31,666 | 9,310 | |||||
Property and equipment, net | 3,416 | 3,358 | |||||
Other assets | 250 |
239 |
|||||
Total assets | $35,321 ====== |
$12,997 ====== |
|||||
Liabilities and shareholders' equity | |||||||
Notes Payable | $2,217 | $0 | |||||
Current portion of long-term debt | 218 | 255 | |||||
Accounts payable | 1,376 | 1,865 | |||||
Amounts due to minority interest stockholders | 1,413 | 1,392 | |||||
Accrued compensation | 2,582 | 1,655 | |||||
Other accrued liabilities | 3,362 | 2,675 | |||||
Deferred revenue | 3,785 |
4,651 |
|||||
Total current liabilities | 14,953 | 12,493 | |||||
Long-term debt, net of current portion | 133 | 2,456 | |||||
Minority interest | 493 | 495 | |||||
Redeemable preferred stock | 0 | 26,726 | |||||
Stockholders' equity (deficit) | 19,742 |
(29,173) |
|||||
$35,321 ====== |
$12,997 ====== |
||||||
November 19, 1996 |
| |||||||
| |||||||
Three Months Ended October 31, | Six Months Ended October 31, | ||||||||||
1996 |
1995 |
1996 |
1995 |
||||||||
Revenues: | |||||||||||
Software licenses-Graphical | $1,749 | $1,012 | $3,943 | $1,552 | |||||||
Software licenses-Character | 3,098 | 3,765 | 7,433 | 6,843 | |||||||
Services | 2,498 |
2,484 |
5,009 |
4,978 |
|||||||
Total revenues | 7,345 |
7,261 |
16,385 |
13,373 |
|||||||
Cost of revenues: | |||||||||||
Software licenses | 287 | 509 | 643 | 1,058 | |||||||
Services | 1,164 |
960 |
2,292 |
2,029 |
|||||||
Total cost of revenues | 1,451 |
1,469 |
2,935 |
3,087 |
|||||||
Gross Margin | 5,894 |
5,792 |
13,450 |
10,286 |
|||||||
Operating expenses: | |||||||||||
Product development | 1,683 | 1,532 | 3,374 | 2,933 | |||||||
Selling, general and administrative | 5,800 |
4,611 |
11,467 |
8,822 |
|||||||
Total Operating Expenses | 7,483 |
6,143 |
14,841 |
11,755 |
|||||||
Income (loss) from operations | (1,589) |
(351) |
(1,391) |
(1,469) |
|||||||
Other income, net | 67 |
33 |
114 |
237 |
|||||||
Income (loss) before income taxes | (1,522) | (318) | (1,277) | (1,232) | |||||||
Provision for income, net | (54) |
(44) |
(112) |
(109) |
|||||||
Net Income (loss) | ($1,576) ====== |
($362) ====== |
($1,389) ====== |
($1,341) ====== |
|||||||
Net income (loss) per share | ($0.20) ====== |
($0.06) ====== |
($0.19) ====== |
($0.24) ====== |
|||||||
Shares used in per share computations | 7,917 ====== |
5,627 ====== |
7,292 ====== |
5,690 ====== |
|||||||
November 19, 1996 |