BindView Corporation (Nasdaq:BVEW), a leading provider of IT
security compliance solutions, today announced results for the
third quarter ended Sept. 30, 2005. Financial results were in line
with updated estimates issued on Oct. 3, 2005. Revenues for the
third quarter of 2005 were $17.7 million compared with $17.2
million in the third quarter of 2004. License revenues for the
third quarter of 2005 were $8.5 million, up 8 percent from $7.8
million in the third quarter of 2004. Services revenues for the
third quarter of 2005 were $9.2 million, down slightly from $9.4
million in the third quarter of 2004. Services revenues were
comprised of maintenance revenues of $8.2 million, up from $7.7
million in the third quarter of 2004, and professional services
revenues of $1.0 million, down from $1.7 million in the same
quarter of the preceding year. Operating costs and expenses for the
second quarter of 2005 were $16.0 million, down 7 percent from
$17.2 million in the third quarter of 2004. Operating costs and
expenses for the third quarter of 2005 included expenses of
approximately $0.4 million related to the Company's previously
announced acquisition by Symantec and a $0.4 million reduction in
the Company's restructuring expenses. Net loss for the third
quarter of 2005 was $0.1 million ($0.00 per share), compared with a
net loss of $2.6 million ($0.05 per share) in the third quarter of
2004. At Sept. 30, 2005, the Company's cash and short-term
investments (including $2.25 million of restricted cash) were $30.9
million, compared with $34.9 million at Dec. 31, 2004. At Sept. 30,
2005, the Company had no outstanding debt. Planned Acquisition by
Symantec On Oct. 3, 2005, the Company announced it had entered into
an agreement to be acquired by Symantec Corporation (Nasdaq:SYMC)
for approximately $209 million. Under terms of the agreement, each
outstanding share and share equivalent of the Company's common
stock will be purchased for $4.00 in cash. The transaction is,
among other things, subject to the approval of the Company's
shareholders, and the expiration or termination of the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976. Third Quarter Highlights Regulatory Compliance Summit --
Marking the third anniversary of the enactment of The
Sarbanes-Oxley Act, the Company conducted a panel on the state of
regulatory compliance at the National Press Club in Washington,
D.C., featuring industry notables including former SEC Chairman
Arthur Levitt. Security Compliance Council -- Joined forces with
the Computer Security Institute and The Institute of Internal
Auditors to form the Security Compliance Council, a new
organization dedicated to developing metrics that provide
performance measurements for meeting IT security compliance
requirements. New e-Learning Services -- Announced the availability
of new e-learning services, accompanied by a fixed-price licensing
model for its complete coursework portfolio. Advanced Regulatory
Report Views -- Added significant enhancements to the Compliance
Center product suite. The new reports map regulatory mandates --
including Sarbanes-Oxley, FISMA, HIPAA, Basel II and GLBA -- to
industry-accepted frameworks using the Center for Internet
Security's Level-1 and Level-2 Benchmarks. General Mills Selects
BindView -- Announced that General Mills, a leading global
manufacturer and marketer of consumer foods products, selected
BindView to help meet its IT security compliance requirements. Key
Relationship with TCS -- Announced a strategic alliance with
Mumbai-based Tata Consultancy Services, with terms that call for
TCS to use the Company's Compliance Center and bv-Control product
portfolios to perform comprehensive assessments of customer
environments to determine their IT security compliance posture. New
Version of Compliance Center -- Announced significant additions to
its flagship compliance portfolio, including support for Oracle,
SQL Server and Microsoft Exchange capabilities. Additions to
Vulnerability & Configuration Management Portfolio -- Announced
bv-Control for Internet Security 8.1, which provides administrators
with a comprehensive view of the network that helps to identify and
remediate exposures, and detects both applications and devices
present on corporate networks. About BindView BindView Corporation
is a global provider of IT security compliance software. BindView
solutions remove barriers that limit an organization's ability to
cost effectively demonstrate due care and maintain compliance with
IT security policies and regulatory mandates. BindView policy
compliance; vulnerability and configuration management; and
directory and access management software combine best-practices
knowledge with automated controls to reduce risk and protect IT
assets at the lowest cost across users, systems, applications and
databases in multi-platform environments. More than 20 million
licenses have shipped to 5,000 companies worldwide, spanning all
major business segments and the public sector. Contact BindView via
e-mail at info@bindview.com, on the web at http://www.bindview.com,
and at 1-713-561-4000 or 1-800-749-8439. Statements in this news
release not based on historical fact are "forward-looking"
statements pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results could
differ materially because of factors such as the risk factors and
other matters described from time to time in BindView's Form 10-K
filings, Form 10-Q filings, and other periodic filings with the
Securities and Exchange Commission, including without limitation
the time required for large transactions to close and the general
willingness of customers to make investments in information
technology. -0- *T BindView Development Corporation Consolidated
Statements of Operations (Unaudited) (in thousands, except per
share amounts) Three Months Ended Nine Months Ended September 30,
September 30, ------------------- ------------------- 2005 2004
2005 2004 --------- --------- --------- --------- Revenues:
Licenses $8,479 $7,849 $21,950 $22,409 Services 9,173 9,377 27,860
27,529 --------- --------- --------- --------- 17,652 17,226 49,810
49,938 --------- --------- --------- --------- Cost of revenues:
Licenses 219 393 573 723 Services 1,689 2,251 5,807 5,992 ---------
--------- --------- --------- 1,908 2,644 6,380 6,715 ---------
--------- --------- --------- Gross profit 15,744 14,582 43,430
43,223 Operating costs and expenses: Sales and marketing 9,670
9,621 28,658 28,540 Research and development 4,294 5,647 13,488
15,619 General and administrative 2,131 1,922 6,465 5,844
Restructuring (433) - 709 149 Merger 383 - 383 - ---------
--------- --------- --------- 16,045 17,190 49,703 50,152 ---------
--------- --------- --------- Operating loss (301) (2,608) (6,273)
(6,929) Other income, net 310 151 832 357 --------- ---------
--------- --------- Income (loss) before income taxes 9 (2,457)
(5,441) (6,572) Provision for income taxes 69 129 162 273 ---------
--------- --------- --------- Net loss $(60) $(2,586) $(5,603)
$(6,845) ========= ========= ========= ========= Loss per share -
basic and diluted $(0.00) $(0.05) $(0.12) $(0.14) =========
========= ========= ========= Number of shares used to calculate
per Share amounts, basic and diluted 47,486 47,274 47,660 47,345
BindView Development Corporation Consolidated Balance Sheets
(Unaudited) (in thousands) ------------- ------------- September
30, December 31, 2005 2004 ------------- ------------- Cash and
cash equivalents $25,300 $25,666 Cash - restricted 2,250 2,250
Short term investments 3,315 6,974 Accounts receivable, net 8,655
14,657 Other 2,263 1,634 ------------- ------------- Total current
assets 41,783 51,181 Property and equipment, net 6,279 6,664
Investments and other 577 709 ------------- ------------- Total
assets $48,639 $58,554 ============= ============= Accounts payable
$2,323 $3,023 Accrued liabilities 3,784 5,307 Accrued compensation
3,526 3,603 Deferred revenues 13,405 11,963 -------------
------------- Total current liabilities 23,038 23,896 Deferred
revenues 1,864 2,707 Other 1,141 1,824 Common stock 1 1 Additional
paid-in capital 106,827 106,244 Accumulated deficit (82,919)
(77,316) Deferred stock compensation and other (2,507) (920)
Accumulated other comprehensive income 1,194 2,118 -------------
------------- Total shareholders' equity 22,596 30,127
------------- ------------- Total liabilities and shareholders'
equity $48,639 $58,554 ============= ============= Common shares
outstanding 48,666 47,849 *T
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