NetManage Reports Financial Results for Fourth Quarter and Fiscal Year 2007
Monday February 4, 4:05 pm ET
CUPERTINO, Calif., Feb. 4, 2008 (PRIME NEWSWIRE) -- NetManage, Inc. (NasdaqGM:NETM - News), a software company that provides the fastest way to transform legacy applications into new Web-based business solutions, today reported financial results for the fourth quarter and fiscal year ended December 31, 2007.
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Net revenues for the fourth quarter of 2007 increased 27% to $10.9 million, compared to $8.7 million in the fourth quarter of 2006 and $8.7 million reported for the third quarter of 2007. Net income for the fourth quarter of 2007 increased to $1.7 million, or $0.17 per fully diluted share compared to a net loss of $916,000 or ($0.10) per fully diluted share in the prior year period and a net income of $456,000 in the third quarter of 2007.
For the fiscal year 2007, net revenues increased to $36.1 million, compared to net revenues of $35.6 million for fiscal year 2006. Net loss for fiscal year 2007 decreased to $1.3 million, or ($0.13) per fully diluted share, compared to a net loss for fiscal year 2006 of $2.5 million, or ($0.27) per fully diluted share.
Cash, cash equivalents and investments were $25.4 million at December 31, 2007 compared to $28.6 million, reported at December 31, 2006.
On December 12, 2007, Rocket Software, Inc. (http://www.rs.com), a privately held corporation (``Rocket''), and NetManage, Inc. (NasdaqGM:NETM - News) (``NetManage''), jointly announced that their respective boards of directors have approved, and both companies have signed, a definitive agreement for Rocket to acquire NetManage in a merger transaction. On January 22, 2008, NetManage reported that the due diligence has been completed for the acquisition and that more time will be required to syndicate the financing.
Management Commentary
``We are pleased to wrap up the year with strong revenue growth and our third consecutive quarter of profitability,'' said Zvi Alon, chairman, president and CEO of NetManage. ``In the fourth quarter, we signed 9 new technology deals with notable partners such as Cordys and introduced a number of advanced solution updates and packages. During 2007, we focused on driving revenues from new and existing partnerships, introducing new customer solutions, improving operational efficiencies and achieving profitability. I am excited about the progress we have made throughout the year and believe the company is well positioned to capture future market opportunities.''
Customer Wins
During the quarter, the Company received new and renewed business from such customers as AIG, Brick Warehouse LP and Rogers Communication.
Recent Operational Highlights:
-- Toledo Molding & Die, Inc., a full service automotive supplier,
selected NetManage's OnWeb solution to automate its weekly three-
way match accounting process of receipts, purchase orders and
invoices from vendors at its manufacturing facilities in Ohio and
Alabama.
-- Diego Zamora Group, an established global beverage distribution
company, chose NetManage's OnWeb to simplify and modernize the
company's commercial liquor and wine distribution system for its
international product line.
-- NetManage opened an office in Shanghai, China, offering a suite of
integration technology tools and professional services to our
global customer base.
-- The Company released upgrades to entire product suite, including
OnWeb Server, OnWeb for iSeries, OnWeb Web-to-Host, RUMBA,
RUMBA FTP and ViewNow X Server.
-- The Company launched a new solution package which reinforces its
commitment to the iSeries market. The package's attractive
offering and its ease-of use solutions, will allow NetManage
customers to align more closely to their real business needs and
provide technical answers in less time, while, as always, gaining
the maximum return on their previous investments.
Conference Call Information
The Company has scheduled a conference call to review the results at 1:30 p.m. PT (4:30 p.m. ET) on Monday, February 4, 2008. The conference will be broadcast live via the investor relations section of the NetManage Web site at http://www.netmanage.com or by dialing 719-325-4748 and entering pass code 7243542#. A playback of the conference call will be available on the NetManage investor relations Web site or by dialing 719-457-0820 and entering the pass code 7243542#, until February 11, 2008.
NetManage will furnish this press release to the Securities and Exchange Commission on Form 8-K and will post this release in the Investors section of its Web site prior to its conference call.
About NetManage
NetManage, Inc. (NasdaqGM:NETM - News), is a software company that provides the fastest way to transform legacy applications into new Web-based business solutions. More than 10,000 customers worldwide, including the majority of the Fortune 500, have chosen NetManage for mission critical application integration. For more information, visit http://www.netmanage.com.
NetManage, the NetManage logo, the lizard-in-the-box logo, Chameleon and Chameleon design, Incremental SOA, OnWeb, Librados, RUMBA, ONESTEP, ViewNow, SupportNow, Librados, and OnWeb are either trademarks or registered trademarks of NetManage, Inc. in the United States and/or other countries. All other trademarks are the property of their respective owners.
The NetManage logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2691
update
NETMANAGE INC(NasdaqGM: NETM)
6.95 2.80 (+67.47%) as of 8:57AM ET on 05/01/08
Micro Focus to acquire NetManage
Thursday May 1, 6:51 am ET
Micro Focus strikes deal to acquire NetManage for $73.3 million in cash
CUPERTINO, Calif. (AP) -- Business software company Micro Focus International PLC said Thursday it will acquire fellow software company NetManage Inc. for $73.3 million in cash.
London-listed Micro Focus will pay $7.20 per share for NetManage, a premium of 73 percent over that company's $4.15 close Wednesday on the Nasdaq.
The deal is expected to close in June, subject to customary conditions.
Micro Focus shares rose more than 11 percent in London trading on the news.