Clarus Announces Third Quarter 2006 Results
09 Noviembre 2006 - 3:51PM
PR Newswire (US)
STAMFORD, Conn., Nov. 9 /PRNewswire-FirstCall/ -- Clarus
Corporation (OTC:CLRS.PK) today announced financial results for the
quarter ended September 30, 2006. Clarus reported no revenues for
the quarters ended September 30, 2006 and 2005, respectively. Net
income for the third quarter of 2006 was $99,000 or $0.01 per
diluted share compared to a net loss of $127,000 or $0.01 per
diluted share during the comparable period of 2005. As of September
30, 2006, Clarus' cash, cash equivalents and marketable securities
were $84.0 million (or $4.91 gross cash per share) compared to
$84.9 million as of December 31, 2005. Gross cash per share at
September 30, 2006 equals cash, cash equivalents and marketable
securities of $84.0 million divided by 17.1 million common shares
outstanding. Clarus has provided this Non-GAAP measure because it
believes that it is useful to investors assessing the extent of
Clarus' assets available for redeployment. Clarus is unaware of any
comparable GAAP measure. The results of operations for the
nine-months ending September 30, 2006 includes a charge of
approximately $1.4 million for transaction expenses arising out of
negotiations related to acquisition processes that terminated in
2006 without Clarus consummating the acquisitions. Transaction
expenses represent the costs incurred during due diligence and
negotiation of potential acquisitions such as legal, accounting and
other professional fees and related expenses. Clarus estimates that
it has available net operating loss, research and experimentation
credit and alternative minimum tax credit carryforwards for U.S.
federal income tax purposes of approximately $222.7 million, $1.3
million and $53,000, respectively, which expire in varying amounts
beginning in the year 2009 to the extent not limited under Section
382 of the Internal Revenue Code. The Company also has a capital
loss carryforward of $15.2 million which expires in varying amounts
beginning in the year 2007. Clarus does not currently intend to
hold conference calls to discuss quarterly earnings releases unless
and until it consummates an acquisition in connection with its
redeployment strategy. At such time, Clarus plans to resume holding
quarterly conference calls to review earnings and operating
performance. Clarus, formerly a provider of e-commerce business
solutions, is seeking to redeploy its assets and use its
substantial cash, cash equivalent assets and marketable securities
to enhance stockholder value. 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
statements 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 our web site at
http://www.claruscorp.com/ or the SEC's web site a
http://www.sec.gov/. CLARUS CORPORATION CONDENSED CONSOLIDATED
BALANCE SHEETS (UNAUDITED) (IN THOUSANDS, EXCEPT SHARE AND PER
SHARE AMOUNTS) SEPTEMBER 30, DECEMBER 31, 2006 2005 ------------
------------ ASSETS CURRENT ASSETS: Cash and cash equivalents $
1,362 $23,270 Marketable securities 82,666 61,601 Interest
receivable 387 320 Prepaids and other current assets 200 135
-------- -------- Total current assets 84,615 85,326 PROPERTY AND
EQUIPMENT, NET 1,745 1,996 OTHER ASSETS: Deposits and other
long-term assets -- 956 -------- -------- TOTAL ASSETS $86,360
$88,278 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable and accrued liabilities $492
$1,461 -------- -------- Total current liabilities 492 1,461
LONG-TERM LIABILITIES: Deferred rent 260 208 -------- --------
Total liabilities 752 1,669 -------- -------- STOCKHOLDERS' EQUITY:
Preferred stock, $.0001 par value; 5,000,000 shares authorized;
none issued -- -- Common stock, $.0001 par value; 100,000,000
shares authorized; 17,188,622 and 17,187,170 shares issued and
17,113,622 and 17,112,170 outstanding in 2006 and 2005,
respectively 2 2 Additional paid-in capital 367,865 370,704
Accumulated deficit (282,254) (280,947) Treasury stock, at cost (2)
(2) Accumulated other comprehensive income (3) (88) Deferred
compensation -- (3,060) -------- -------- Total stockholders'
equity 85,608 86,609 -------- -------- TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $86,360 $88,278 ======== ======== CLARUS
CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) THREE MONTHS
ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30,
-------------------- ------------------ 2006 2005 2006 2005 ----
---- ---- ---- REVENUES: $-- $ -- $-- $-- ------- ------- -------
------- Total revenues -- -- -- -- OPERATING EXPENSES: General and
administrative 850 714 2,557 2,501 Transaction costs 25 -- 1,413 --
Depreciation and amortization 86 83 259 249 ------- ------- -------
------- Total operating expenses 961 797 4,229 2,750 OPERATING LOSS
(961) (797) (4,229) (2,750) OTHER INCOME(EXPENSE) -- 2 -- --
INTEREST INCOME 1,060 668 2,922 1,717 ------- ------- -------
------- NET INCOME (LOSS) $99 $(127) $(1,307) $(1,033) =======
======= ======== ======= Income (loss) per common share: Basic
$0.01 $(0.01) $(0.08) $(0.06) Diluted $0.01 $(0.01) $(0.08) $(0.06)
Weighted average shares outstanding: Basic 16,614 16,310 16,613
16,283 Diluted 16,614 16,310 16,613 16,283 CLARUS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (IN
THOUSANDS, EXCEPT SHARE AMOUNTS) THREE MONTHS ENDED SEPTEMBER 30,
-------------------- 2006 2005 -------- -------- OPERATING
ACTIVITIES: Net loss $(1,307) $(1,033) Adjustments to reconcile net
loss to net cash used in operating activities: Depreciation and
amortization on property and equipment 259 249 Amortization of
deferred employee compensation 221 279 Amortization of premium and
discount on securities, net (1,719) (276) Changes in operating
assets and liabilities: Accrued interest receivable, prepaids and
other current assets (132) 151 Accounts payable and accrued
liabilities (969) (808) Deferred rent 52 75 Deposits and other
long-term assets 956 (1) -------- -------- NET CASH USED IN
OPERATING ACTIVITIES (2,639) (1,364) INVESTING ACTIVITIES:
Purchases of marketable securities (117,824) (66,588) Proceeds from
maturity of marketable securities 98,563 34,620 Additions to
property and equipment (8) (16) -------- --------- NET CASH USED IN
INVESTING ACTIVITIES (19,269) (31,984) FINANCING ACTIVITIES:
Proceeds from the exercises of stock options -- 844 ------- -------
NET CASH PROVIDED BY FINANCING ACTIVITIES -- 844 -------- --------
CHANGE IN CASH AND CASH EQUIVALENTS (21,908) (32,504) CASH AND CASH
EQUIVALENTS, Beginning of Period 23,270 48,377 -------- ---------
CASH AND CASH EQUIVALENTS, End of Period $ 1,362 $15,873 ========
========= DATASOURCE: Clarus Corporation CONTACT: Nigel Ekern,
Chief Administrative Officer of Clarus Corporation,
+1-203-428-2000, Web site: http://www.claruscorp.com/ Company News
On-Call: http://www.prnewswire.com/comp/133360.html
Copyright