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2016-01-27

Datawatch Corporation: Datawatch Announces First Quarter 2016 Financial Results

BEDFORD, Mass., Jan. 27, 2016 (GLOBE NEWSWIRE) -- Datawatch Corporation
(NASDAQ-CM: DWCH), a leading global provider of self-service data preparation
and visual analytics solutions, today announced that total revenue for its
first quarter of fiscal 2016 ended December 31, 2015 was $7.06 million, an
increase of 1% from revenue of $6.96 million in the first quarter of fiscal
2015. License revenue for the first quarter of fiscal 2016 was $3.15
million, a 1% decline from the $3.17 million recorded in the comparable
quarter a year ago. Net loss for the first quarter of fiscal 2016 was
($3.96) million, or ($0.34) per diluted share, compared to a net loss of
($36.88) million, or ($3.31) per diluted share, for the year ago period,
which included a $32 million non-cash charge for impairment of goodwill.
Excluding the effects of the non-cash amortization associated with the
purchase of certain intellectual property and other intangible assets,
non-cash stock compensation costs, and severance costs, the Company's
non-GAAP net loss for its first quarter of fiscal 2016 was ($2.24) million,
or ($0.19) per diluted share, compared to net loss of ($2.54) million, or
($0.23) per diluted share in the first quarter of fiscal 2015.

"In the first quarter of fiscal 2016, we continued to build momentum in
penetrating the self-service data preparation market, adding 131 new
customers for our market-leading Monarch data preparation solution, more than
double the rate of the previous quarter," said Michael A. Morrison, president
and chief executive officer of Datawatch. "At the same time, the business we
typically see from our extensive Monarch base was lower than usual due to the
timing of a few of the larger forecasted opportunities. We have implemented
specific programs and initiatives targeted at the Monarch installed base to
ensure the proper degree of focus on this important segment of our business.
Furthermore, we continue to make significant progress with our powerful
visualization platform, with its unique real-time capabilities, although the
timing of larger visualization transactions can be difficult to predict."

Mr. Morrison added, "We are capitalizing on our momentum in self-service data
preparation by maintaining a rapid cycle of agile innovation with the release
of Monarch v13.2 at the end of December, which added significant new
transformation and calculation capabilities, expanded data acquisition
options and a more powerful engine and 'just-in-time' data preparation for
large Big Data information sets. Our Monarch for data preparation solution
is receiving excellent reviews from analysts and customers alike, and we are
more encouraged than ever that our outstanding and highly differentiated
solution is the best available to address this rapidly growing market and its
business requirements."

James L. Eliason, chief financial officer, commented, "Our balance sheet at
the end of our first fiscal quarter remains strong, with our deferred license
revenue up nearly 200% year over year, aided by the new subscription pricing
model we instituted in Q3 of our last fiscal year, and the growing new
customer 'lands' for self-service data preparation. We continue to be prudent
in our investments, as reflected in our sequentially flat operating expenses,
and we expect to maintain our targeted investment philosophy this year at
approximately the same pace for the remainder of the fiscal year."

First Quarter 2016 Business Highlights

* Datawatch extended its leadership in the financial services industry with
more than 40 firms adopting Monarch for self-service data preparation,
including Wells Fargo, Cigna, SunGard, China Construction Bank, Zurich
North America, Bank of America and Citizens Financial Group.
* Imagine Software, an award-winning provider of real-time portfolio, risk
management and regulatory solutions for financial firms, entered into an
OEM agreement to embed Datawatch's real-time visualization software in its
platform.
* Datawatch entered into an exclusive partnership with DFOCUS, a Korea-based
IT consulting and services provider founded by former PwC consultants, to
bring Datawatch technology to the Korean market. DFOCUS has expertise with
data preparation, visualization and Big Data solutions, and its customers
include brand names such as Samsung, Hyundai and Allianz.
* The Marbridge Foundation, a non-profit residential community for adults
with cognitive challenges, was awarded the 2015 Ventana Research Business
Technology Leadership Award for its use of Datawatch's self-service data
preparation software to meet regulatory reporting requirements under the
Affordable Care Act.

First Quarter 2016 Financial Highlights

* Cash and short-term investments were $33.02 million at December 31, 2015,
down 6% from $35.16 million at September 30, 2015 and down 24% from $43.19
million at December 31, 2014.
* Gross margin (excluding IP amortization expense) for the first quarter of
fiscal 2016 was 89%, an increase from 85% in the first quarter of fiscal
2015.
* Days sales outstanding were 78 days at December 31, 2015, compared to 81
days at December 31, 2014.
* There were 4 six-figure deals in the first quarter this fiscal year, the
same as in the first quarter of fiscal 2015.
* The average deal size in the first quarter of fiscal 2016 was $29,000,
compared to $36,000 in the first quarter of fiscal 2015.

Conference Call

Datawatch's first quarter of fiscal year 2016 earnings conference call will
take place on Thursday, January 28, 2016 at 8:30 a.m. Eastern Time. To access
the conference call, the toll-free dial in number is (877) 407-0782.
Internationally, the call may be accessed by dialing (201) 689-8567. The
conference call will be broadcast live on the Internet
at:http://www.investorcalendar.com/IC/CEPage.asp?ID=174613. It is recommended
that listeners register to participate and download any necessary audio
software from the website 15 minutes prior to the scheduled call. An archived
replay of the broadcast will be available for 90 days at the same location.

About Datawatch Corporation

Datawatch Corporation (NASDAQ-CM: DWCH) enables ordinary users to deliver
extraordinary results with all their data. Only Datawatch can unlock data
from the widest variety of sources and prepare it for use with visualization
tools or other business processes. When real-time visibility to rapidly
changing data is critical, Datawatch enables you to visualize streaming data
for the most demanding business environments such as capital markets.
Organizations of every size worldwide use Datawatch products including 93 of
the Fortune 100. Datawatch is headquartered in Bedford, Massachusetts with
offices in New York, London, Frankfurt, Stockholm, Singapore, and Manila, and
with partners and customers in more than 100 countries worldwide. See how
Datawatch can help you by downloading a free version at www.datawatch.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995

Any statements contained in this press release that do not describe historical
facts may constitute forward-looking statements as that term is defined in
the Private Securities Litigation Reform Act of 1995. Any such statements,
including but not limited to those relating to results of operations,
contained herein are based on current expectations, but are subject to a
number of risks and uncertainties that may cause actual results to differ
materially from expectations. The factors that could cause actual future
results to differ materially from current expectations include the following:
risks associated with the continuing weak global economy; risks associated
with fluctuations in quarterly operating results due, among other factors, to
the long sales cycle with enterprise customers and the size and timing of
large customer orders; risks associated with acquisitions; the risk that our
goodwill resulting from acquisitions may become impaired and require a
write-down; limitations on the effectiveness of internal controls; rapid
technological change; Datawatch's dependence on the introduction of new
products and product enhancements and possible delays in those introductions;
competition in the software industry generally, and in the markets for next
generation analytics in particular; Datawatch's dependence on its principal
products, proprietary software technology and software licensed from third
parties; Datawatch's concentration of customers in the financial sector;
risks associated with international sales and operations; risks associated
with indirect distribution channels and co-marketing arrangements, many of
which were only recently established; the adequacy of Datawatch's sales
returns reserve; risks associated with a subscription sales model;
Datawatch's dependence on its ability to hire and retain skilled personnel;
disruption or failure of Datawatch's technology systems that may result from
a natural disaster, cyber-attack, security breach or other catastrophic
event; and uncertainty and additional costs that may result from evolving
regulation of corporate governance and public disclosure. Further information
on factors that could cause actual results to differ from those anticipated
is detailed in various publicly-available documents, which include, but are
not limited to, filings made by Datawatch from time to time with the
Securities and Exchange Commission, including but not limited to, those
appearing in the Company's Annual Report on Form 10-K for the year ended
September 30, 2015. Any forward-looking statements should be considered in
light of those factors.

© 2016 Datawatch Corporation. Datawatch and the Datawatch logo are trademarks
or registered trademarks of Datawatch Corporation in the United States and/or
other countries. All other names are trademarks or registered trademarks of
their respective companies.
Use of Non-GAAP Financial Information

We define non-GAAP income (loss) from operations as U.S. Generally Accepted
Accounting Principles ("U.S. GAAP") operating loss plus non-cash amortization
associated with the purchase of certain intellectual property and other
intangible assets, non-cash stock compensation costs and severance costs. We
discuss non-GAAP income (loss) from operations in our quarterly earnings
releases and certain other communications as we believe non-GAAP income
(loss) from operations is an important measure that is not calculated
according to U.S. GAAP. We use non-GAAP income (loss) from operations in
internal forecasts and models when establishing internal operating budgets,
supplementing the financial results and forecasts reported to our Board of
Directors and evaluating short-term and long-term operating trends in our
operations. We believe that non-GAAP income (loss) from operations assists in
providing an enhanced understanding of our underlying o...

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