Clarus Announces First Quarter 2004 Results
06 Mayo 2004 - 6:41PM
PR Newswire (US)
Clarus Announces First Quarter 2004 Results GREENWICH, Conn., May 6
/PRNewswire-FirstCall/ -- Clarus Corporation today announced
financial results for the quarter ended March 31, 2004. Clarus
reported no revenues for the first quarter of 2004, compared to
$53,000 from the recognition of deferred software service fees
during the comparable period of 2003. Net loss for the first
quarter of 2004 was $471,000 or $0.03 per diluted share compared to
a net loss of $2.4 million or $0.15 per diluted share during the
comparable period of 2003. As of March 31, 2004, Clarus' cash, cash
equivalents and marketable securities were $87.5 million (or $5.27
gross cash per share(1)) compared to $88.7 million as of December
31, 2003. Clarus has available net operating loss, capital loss,
research and experimentation credit and alternative minimum tax
credit carryforwards for U.S. federal income tax purposes of
approximately $113.7 million, $15.2 million, $1.3 million and
$53,000, respectively, which expire in varying amounts beginning in
the year 2009 to the extent not previously limited under section
382 of the Internal Revenue code. Clarus has also incurred foreign
losses in the amount of approximately $4.0 million that are
available to offset future taxable income in foreign jurisdictions.
Nigel Ekern, Clarus' Chief Administrative Officer, stated, "We
continue our efforts to identify and evaluate suitable acquisition
and merger opportunities as part of our strategy to redeploy our
cash and utilize our NOL's, to the extent available. We believe
that the transaction environment has improved and Clarus should
benefit from that in its efforts to complete the asset
redeployment." Clarus does not currently intend to hold conference
calls to discuss quarterly earnings releases unless we consummate
an acquisition in connection with our redeployment strategy. At
such time, we plan to resume holding quarterly conference calls to
review earnings and our operating performance. Clarus, formerly a
provider of e-commerce business solutions, is seeking to redeploy
its assets and use its substantial cash and cash equivalent assets
to enhance stockholder value. (1) Gross cash per share at March 31,
2004 equals cash, cash equivalents and marketable securities of
$87.5 million divided by 16.6 million common shares outstanding.
Clarus has provided this Non-GAAP measure because it believes that
it is useful to investors assessing the extent of the Clarus'
assets available for redeployment. Clarus is not aware of any
comparable GAAP measure. This press release contains
forward-looking statements within the meaning of the Securities Act
of 1933 and the Exchange Act of 1934. Information in this release
includes Clarus' beliefs, expectations, intentions and strategies
regarding Clarus, its future and its products and services.
Assumptions relating to the forward-looking statements involve
judgments with respect to, among other things, future economic,
competitive and market conditions and future business decisions,
all of which are difficult or impossible to predict accurately and
many of which are beyond our control. Actual results could differ
materially from those projected in the forward-looking statements
as a result of certain risks including our inability to execute
successfully our planned effort to redeploy our assets to enhance
stockholder value, the unavailability of our net operating loss
carry forward, and that the unaudited financial information
provided in this press release may be adjusted as a result of the
year end audit. Clarus cannot guarantee its future performance. All
forward-looking statements contained in this release are based on
information available to Clarus as of the date of this release and
Clarus assumes no obligation to update the forward-looking
statement contained herein. For further information regarding the
risks and uncertainties in connection with Clarus' business, please
refer to the "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Factors That May Affect
Our Future Results" sections of Clarus' filings with the Securities
and Exchange Commission, including but not limited to, its most
recent annual report on Form 10-K and quarterly reports on Form
10-Q, copies of which may be obtained at the SEC's web site at
http://www.sec.gov/. CLARUS CORPORATION CONDENSED CONSOLIDATED
BALANCE SHEETS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER
SHARE AMOUNTS) MARCH 31, DECEMBER 31, 2004 2003 ASSETS CURRENT
ASSETS: Cash and cash equivalents $ 38,667 $ 15,045 Marketable
securities 48,800 73,685 Accrued interest receivable 602 507
Prepaids and other current assets 381 132 Total current assets
88,450 89,369 PROPERTY AND EQUIPMENT, NET 538 38 OTHER ASSETS:
Deposits and other long-term assets 38 38 TOTAL ASSETS $ 89,026 $
89,445 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:
Accounts payable and accrued liabilities $ 1,217 $ 1,520 Deferred
revenue 1,106 1,106 Total current liabilities 2,323 2,626 Total
liabilities 2,323 2,626 STOCKHOLDERS' EQUITY: Preferred stock,
$.0001 par value; 5,000,000 shares authorized; none issued -- --
Common stock, $.0001 par value; 100,000,000 shares authorized;
16,663,240 and 16,649,048 shares issued and 16,588,240 and
16,574,048 outstanding in 2004 and 2003, respectively 2 2
Additional paid-in capital 368,452 367,031 Accumulated deficit
(277,238) (276,767) Treasury stock, at cost (2) (2) Accumulated
other comprehensive income 41 (17) Deferred compensation (4,552)
(3,428) Total stockholders' equity 86,703 86,819 TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY $ 89,026 $ 89,445 CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (IN
THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS ENDED MARCH 31,
2004 2003 REVENUES: Services fees -- 53 Total revenues -- 53
OPERATING EXPENSES: General and administrative 723 1,891 Provision
for doubtful accounts -- 67 Depreciation and amortization -- 761
Total operating expenses 723 2,719 OPERATING LOSS (723) (2,666)
OTHER INCOME/(EXPENSE) 17 (48) INTEREST INCOME 235 358 INTEREST
EXPENSE -- (56) NET LOSS $ (471) $(2,412) Loss per common share:
Basic $ (0.03) $ (0.15) Diluted $ (0.03) $ (0.15) Weighted average
shares outstanding Basic 16,081 15,739 Diluted 16,081 15,739 CLARUS
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AMOUNTS) THREE MONTHS ENDED
MARCH 31, 2004 2003 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss
$ (471) $(2,412) Adjustments to reconcile net loss to net cash used
in operating activities: Depreciation and amortization on property
and equipment -- 761 Amortization of deferred employee compensation
246 4 Amortization of premiums on purchases of marketable
securities 369 -- Provision for doubtful accounts -- (67)
Loss/(Gain) on sale of marketable securities (17) 48 Changes in
operating assets and liabilities: Accounts receivable -- 534
Interest receivable, prepaid and other current assets (344) 394
Assets held for sale -- 48 Accounts payable and accrued liabilities
(303) 224 Deferred revenue -- (53) Liabilities to be assumed --
(220) NET CASH (USED IN) OPERATING ACTIVITIES (520) (739) CASH
FLOWS FROM INVESTING ACTIVITIES: Purchase of marketable securities
(39,829) (35,765) Proceeds from maturity of marketable securities
13,176 43,629 Proceeds from sale of marketable securities 51,244 --
Additions to property and equipment (500) -- NET CASH PROVIDED BY
INVESTING ACTIVITIES 24,091 7,864 CASH FLOWS FROM FINANCING
ACTIVITIES: Proceeds from the exercises of stock options 51 391
Proceeds from issuance of common stock related to employee stock
purchase plan -- 10 NET CASH PROVIDED BY FINANCING ACTIVITIES 51
401 Effect of exchange rate change on cash -- (86) CHANGE IN CASH
AND CASH EQUIVALENTS 23,622 7,440 CASH AND CASH EQUIVALENTS,
beginning of period 15,045 42,225 CASH AND CASH EQUIVALENTS, end of
period $38,667 $49,665 SUPPLEMENTAL CASH FLOW DISCLOSURE: Cash paid
for interest $ -- $ 56 NON CASH TRANSACTION Issuance of Restricted
Stock $ 50 $ -- DATASOURCE: Clarus Corporation CONTACT: Nigel
Ekern, Chief Administrative Officer of Clarus Corporation,
+1-203-302-2000, Web site: http://www.claruscorp.com/ Company News
On-Call: http://www.prnewswire.com/comp/133360.html
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