SpatialNews Press Release
MapInfo Announces Fourth Quarter and Fiscal Year Financial Results
www.mapinfo.com
TROY, N.Y., Nov. 1, 2001--
Company Signs Contract with Large Network Infrastructure Provider to
Deliver Wireless LBS Solutions to Global Wireless Operators
MapInfo Corporation (Nasdaq: MAPS) today announced financial results for the three months and fiscal year ended September 30, 2001.
Revenues for the fourth quarter of fiscal 2001 were $26.4 million, a 2% decrease over revenues of $27.0 million for the same quarter last year. Net loss for the fourth quarter of fiscal
2001 was $2.1 million, or $0.14 per share, compared to net income of $2.8 million, or $0.19 per share for the fourth quarter of 2000. Fourth quarter 2001 results include a $1.3 million
pre-tax provision for the write down of equity investments, amounting to $0.06 per share after-tax. The Company ended the quarter with $29.3 million in cash and cash equivalents,
having generated $1.9 million in cash flow from operations in the fourth fiscal quarter.
For fiscal year 2001, revenues were $110.0 million, a 14% increase over the $96.2 million reported for fiscal 2000. Net income was $2.9 million, or $0.19 per share compared to
$8.1 million, or $0.54 per share, for fiscal 2000.
"The modest fourth quarter revenue growth we realized in our overseas markets was offset by a decline in the Americas, where IT spending, amid a weakening economic environment
and tightening budgets, nearly ground to a halt, especially toward the end of the quarter," said Mark Cattini, president and chief executive officer of MapInfo.
Cattini continued, "Nonetheless, there were a number of positives during the quarter; the most significant being that in September we signed a contract with a large network
infrastructure provider to deliver miAware(TM), MapInfo's mobile location platform, integrated within its location-enabling server to global wireless operators. We also made definitive
progress with our CRM partners to location-enhance customer relationship management applications."
In response to the continued weakening of the world economy, the Company announced it has completed a program to reduce its annual operating costs by approximately $8 million,
or 8%, to achieve breakeven financial performance at approximately $26.5 million of total revenues per quarter. The program included a reduction in the number of employees and in
other operating costs. The Company anticipates recording a one-time charge associated with these cost reduction actions of approximately $600,000 in the quarter ending December 31,
2001.
Concluded Cattini, "As we enter fiscal 2002, we are aware that the world has changed, and we are prepared for the challenges of operating in a weak global economic environment
while staying focused on with our growth initiatives. We anticipate increased activity from the public sector, and we are expanding into the broader analytical CRM market, where we
provide location-based insight to help organizations maximize customer relationships. Finally, we intend to capitalize on the beachhead we have established in the wireless location-based
services market."
Conference Call
The MapInfo Fourth Fiscal Quarter Earnings Conference Call will be held at 8:30AM (EDT) on Thursday, November 1, 2001. The conference call will be Webcast live at
www.vcall.com. A recording of the call will be available starting at 12:00N (EDT) on November 1, 2001, through 5:30PM (EDT) on November 8, 2001. To access the recording,
domestic callers may dial into 888-836-6074 and international callers into 703-925-2505 (Code: 5634508). Replays of the Webcast are available at www.vcall.com for 7 days
following the call and at www.mapinfo.com/investors.
About MapInfo
MapInfo Corporation enables customers to use location to transform information into business advantage. A global company and technology leader, MapInfo provides business
intelligence solutions that are deployed across organizations to help them better understand their markets and customers. MapInfo solutions are available in 21 languages through a
network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, NY, MapInfo Corporation is on the World Wide Web at www.mapinfo.com.
Of Note
This press release contains forward-looking statements that involve a number of risks and uncertainties, including any statement that is not a statement of historical fact, such as
statements concerning MapInfo's future financial results, prospects and future business strategy. Among the important factors that could cause actual results to differ from those indicated
by such forward-looking statements are deteriorating economic conditions; slowdown in technology spending; a lengthening in customers' decision cycles; delays in product development
schedules; pricing pressures; currency exchange rates and other international risks; the possibility of reduced revenues from telecommunications companies; risks and uncertainties
associated with the wireless market, including the continuation of the relationship between MapInfo and its partners; unanticipated problems relating to the integration of the technologies
of MapInfo and its partners; the adoption rate of mobile location services by wireless providers; and the other risk factors detailed in the Company's Annual Report on Form 10-K for
fiscal 2000 and Form 10-Q for the quarter ended June 30, 2001. MapInfo takes no responsibility to update any forward-looking statements.
MapInfo Corporation and Subsidiaries
Income Statements
(in thousands, except per share data)
(unaudited)
Three Months Fiscal Year
Ended September 30, Ended September 30,
------------------ -------------------
2001 2000 2001 2000
Net revenues $ 26,407 $27,006 $110,034 $96,160
Cost of revenues 7,437 6,362 27,063 20,953
------- ------- ------- -------
Gross profit 18,970 20,644 82,971 75,207
------- ------- ------- -------
Operating expenses:
Research and
development 5,241 3,692 19,144 14,514
Selling and marketing 11,289 9,674 43,198 36,984
General and
administrative 4,560 3,166 16,127 12,524
------- ------- ------- -------
Total operating
expenses 21,090 16,532 78,469 64,022
------- ------- ------- -------
Operating income
(loss) (2,120) 4,112 4,502 11,185
Other income (expense)
- net (1,302) 372 (384) 1,599
------- ------- ------- -------
Income (loss)
before provision
for income taxes (3,422) 4,484 4,118 12,784
Provision for (benefit from)
income taxes (1,329) 1,659 1,235 4,730
------- ------- ------- -------
Net income (loss) $ (2,093) $ 2,825 $ 2,883 $ 8,054
======= ======= ======= =======
Diluted earnings (loss)
per share $ (0.14) $ 0.19 $ 0.19 $ 0.54
Average shares
outstanding 15,259 15,207 15,553 14,879
MapInfo Corporation and Subsidiaries
Balance Sheets
(in thousands)
September 30, September 30,
2001 2000
----------- ----------
ASSETS (unaudited)
Current Assets:
Cash and investments $ 29,274 $ 39,023
Receivables 25,190 24,341
Inventories 455 491
Other current assets 4,727 3,428
----------- ----------
Total current assets 59,646 67,283
Property and equipment - net 17,572 6,845
Product development costs - net 618 667
Deferred income taxes 9,996 2,434
Intangible assets - net 13,565 5,864
Investments and other assets 6,682 6,626
----------- ----------
Total assets $ 108,079 $ 89,719
=========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable and accrued
expenses $ 20,401 $ 19,423
Deferred revenue 9,377 8,084
----------- ----------
Total current liabilities 29,778 27,507
Deferred revenue, long term 1,018 394
----------- ----------
Total liabilities 30,796 27,901
----------- ----------
Stockholders' Equity:
Common stock 31 28
Paid-in capital 49,798 37,372
Retained earnings 27,454 24,881
----------- ----------
77,283 62,281
Less treasury stock, at cost - 463
----------- ----------
Total stockholders' equity 77,283 61,818
----------- ----------
Total liabilities and
stockholders' equity $ 108,079 $ 89,719
=========== ==========
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