DataMirror Achieves Record Results for First Quarter of Fiscal 2008
Market Wire, May, 2007
DataMirrorĀ® (TSX: DMC) today announced its financial results for the quarter ended April 30, 2007.
Revenue for Q1 fiscal 2008 was $12,614,000 compared to $10,318,000 for Q1 fiscal 2007, an increase of 22.3%. License revenue in Q1 fiscal 2008 was $5,647,000 compared to $3,528,000 for Q1 fiscal 2007, an increase of 60.1%. Net income for Q1 fiscal 2008 was $1,865,000 or $0.30 per share compared to net income of $743,000 or $0.09 per share for Q1 fiscal 2007, an increase of 151.0%. Cash and cash equivalents stood at $18,033,000 at the end of the quarter.
The overall gross margin for Q1 fiscal 2008 was 84.6%, compared to 82.9% for Q1 fiscal 2007. Total costs, including costs of revenue, were $10,232,000 for Q1 fiscal 2008, up 9.2% from $9,372,000 in Q1 fiscal 2007. Total headcount was 229 at April 30, 2007, compared to 215 at April 30, 2006.
"The first quarter proved to be a great start for the year," commented Nigel Stokes, CEO of DataMirror. "The steady growth in business momentum that we experienced throughout the second half of last year appears to be building and we are now expecting improved growth and profitability for the remainder of the year."
DataMirror Q1 Fiscal 2008 Highlights
The first quarter was particularly notable for DataMirror, as the Company announced several important technological and business advances, specifically:
- The enhancement of Transformation Server/ES ("Event Server") to provide real-time end-to-end integration between databases and messaging infrastructure. New features in Event Server now enable the product to process high volume 3rd party message structures directly from queues and parse and embed that data without programming into relational database formats;
- the release of iReflect 3.1, which extends the product's support for the Oracle database and further improves its performance to empower enterprises in achieving their business objectives;
- the opening of new offices in Milan and Rome, Italy and Amsterdam, The Netherlands to support the Company's rapidly growing customer and partner base in Europe;
- the release of Transformation Server 6.0, which includes improved SQL Server support, support for multi-byte character sets including traditional Chinese, simplified Chinese, Korean and Japanese, monitoring enhancements and a new intuitive graphical user interface which makes it easier to manage Transformation Server.
Business Outlook
During the second quarter of fiscal 2008, the Company expects revenue of between $12.5 million and $13.5 million, with net income in the range of $0.28 to $0.35 per share. For the 2008 fiscal year, the Company expects revenue of between $55.0 million and $57.0 million, with net income of between $1.35 and $1.50 per share.
DataMirror management will hold a webcast and conference call to present the results for the first quarter and to outline the prospects for the business going forward at 5:00 p.m. EST today, May 23, 2007. Participants are asked to dial 1-800-475-3716 approximately five minutes before the call using reservation number 8945768. Participants may also view an online presentation during the call by visiting https://datamirror.webex.com/datamirror and selecting the meeting "DataMirror Announces First Quarter Results." Alternatively, the conference call can be accessed via audio webcast at http://www.datamirror.com/investors.
For those who are unable to attend the conference call, a replay will be available via the DataMirror website or by dialing 1-888-203-1112, using the same reservation number indicated above. The replay and online presentation will be available from May 23, 2007, at 8 p.m. EST until May 29, 2007, at 12 midnight EST.
About DataMirror
DataMirror (TSX: DMC), a leading provider of real-time data integration and data protection solutions, improves the integrity and reliability of information across all of the systems that create and store data. DataMirror's flexible and innovative integration solutions allow customers to easily and continuously detect, translate, and communicate all information changes throughout the enterprise. DataMirror helps customers make better decisions by providing access to the continuous, accurate information they need to take timely action and move forward faster. More than 2,200 companies have gained tangible competitive advantage from DataMirror software. DataMirror is headquartered in Markham, Canada, and has offices around the globe. For more information, visit www.datamirror.com .
Note to Readers: This press release contains certain statements that constitute forward-looking information or statements within the meaning of applicable securities laws ("forward-looking statements"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results or performance to differ from the projected results or performance contained in such forward-looking statements. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. DataMirror cautions you not to place undue reliance upon such forward-looking statements, which speak only as of the date they are made. The words "anticipate", "believe", "estimate" and "expect" and similar expressions are intended to identify forward-looking statements. Numerous important factors affect DataMirror's operating results and could cause DataMirror's actual results to differ materially from the results indicated by this press release or by any forward-looking statements made by, or on behalf of, DataMirror, and there can be no assurance that future results will meet expectations, estimates or projections. These factors include, but are not limited to, the following: the difficulty of developing, marketing and selling new products successfully; variability of quarterly operating results; dependence upon the continued growth and success of DataMirror's software products; competition; rapid technological change and new product introductions; dependence upon continued growth in the database and enterprise data integration markets; dependence upon relationships with complementary vendors and distribution channels; the ability to recruit and retain key personnel; risks of international operations, including currency exchange rate fluctuations and global economic conditions; possible software errors or defects; possible infringement claims by third parties; and other factors discussed in DataMirror's Annual Information Form and other periodic filings with applicable securities regulators. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those indicated in any forward-looking statements. DataMirror disclaims and does not assume any obligation to update these forward-looking statements.
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