TORONTO, March 8, 2013 /CNW/ - Angoss Software Corporation (Angoss) (TSX-V: ANC) today announced unaudited results for the three and twelve months ended November 30, 2012 (See attached).
For the three and twelve months ended November 30, 2012, the Company reported a net loss of $359,084 and $1,159,181 respectively compared with the 2011 three and twelve month net loss of $826,234 and $2,805,022 based on earned revenues. In 2011, the Company reported a loss from discontinued operations for the three and twelve months ended November 30 of $402,260 and $1,981,003 respectively. Earned revenue in the three months ended November 30, 2012 increased by 26.9% over 2011. Earned revenue in the twelve months ended November 30, 2012 was up 1.5% respectively over 2011. Earned revenue in any quarter is a function of both previously deferred revenue plus the earned portion of direct billings in the current fiscal quarter. Billed revenue on the other hand reflects orders received and invoiced in that quarter. The Company is required to report earned revenue; however, although billed revenue is not a standardized earnings measure, management believes that understanding billed revenue trends is an important means of analysing the Company's performance.
For the three months ended November 30, 2012, billed initial software and solution revenue increased 27.0%. For the twelve months ended November 30, 2012, billed initial software and solution revenue increased 29.3%. For the three months ended November 30, 2012, billed renewal revenue increased 20.6%. For the twelve months ended November 30, 2012, billed renewal revenue increased 8.5%. For the three and twelve months ended November 30, 2012, year over year billed revenues increased 24.5% and 20.3% respectively.
"We are pleased to have achieved four consecutive quarters of year over year billed revenue growth and we are very pleased that these results were achieved without incremental sales and marketing expense for the period." commented Martin Galligan, President & CEO, "We believe that our efforts to date focussing on our key sales and marketing processes, key performance metrics and our revitalized coverage strategy has yielded the bulk of this success and is evident in the earned revenue growth of 26.9% for the fourth quarter. Although the fourth quarter of 2012 was cash flow positive we continue to be hampered by inadequate working capital to fully execute our go-to-market strategy. That being said we anticipate 15-20% overall billed revenues for the first quarter of 2013"
On January 28, 2013, the Company announced that it had entered into a Binding Letter Agreement dated January 25, 2013 with Peterson Partners, Inc., an arm's length party, in connection with a proposed acquisition (the "Transaction") by an affiliate of Peterson Partners of 100% of the outstanding securities of Angoss. The board of directors of Angoss considered the Transaction and unanimously recommended that Angoss security holders vote in favour of the Transaction at an upcoming special meeting of Angoss shareholders, which will be held to consider and vote on the Transaction. This recommendation remains subject to the receipt by the board of a fairness opinion, and to any superior proposals that are presented to Angoss by third parties prior completion of the Transaction. The special meeting of Shareholders is currently scheduled for April 16, 2013 and materials will be sent to shareholders shortly.
About Angoss Software Corporation
Angoss is a global leader in delivering predictive analytics to businesses looking to improve performance across sales, marketing and risk. With a suite of desktop, client-server and in-database software products and Cloud solutions, Angoss delivers powerful approaches to turn information into actionable business decisions and competitive advantage. Angoss software products and solutions are user-friendly and agile, making predictive analytics accessible and easy to use. Many of the world's leading financial services, insurance, retail, health care and information communication and technology organizations use Angoss predictive analytics software products and solutions to grow revenue, increase sales productivity and improve marketing effectiveness while reducing risk and cost. Headquartered in Toronto, Canada, Angoss has offices in the United States and United Kingdom. For more information, visit www.angoss.com.
This press release includes forward-looking statements within the meaning of applicable securities laws. Forward looking statements relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may involve, but are not limited to, comments relating to preliminary results, guidance, strategies, expectations, planned operations or future actions. Forward-looking statements are identified by the use of terms and phrases such as "preliminary", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would", and similar terms and phrases, including references to assumptions.
Forward-looking statements, by their nature, are based on assumptions, including those described herein and are subject to important risks and uncertainties. Forward-looking statements cannot be relied upon due to, amongst other things, changing external events and general uncertainties of the business. Actual results may differ materially from results indicated in forward-looking statements due to a number of factors, including without limitation: the risk that the sale of our products and services involves a long sales cycle; the risk that the economic environment and business conditions will remain difficult to predict; the risk of competition in our target markets; the risk that we may not respond adequately to evolving technologies; the risk that we or our customers may have difficulties in introducing our products or services; the risk that we will encounter difficulties in continuing to offer services; the risks of conducting our operations in a variety of international locations; the risks relating to the costs that we may incur as a result of litigation against us; the risk of future capital needs and uncertainty of additional financing; the risk of the need for the Company to manage its planned growth and expansion; the risk of the effects of product development and need for continued technology change; the risk of protection of proprietary rights; the effect of government regulation and compliance on the Company and the industry; network security risks; the risk of the ability of the Company to maintain properly working systems; the risk of reliance on key personnel; the risk of volatile securities markets impacting security pricing unrelated to operating performance; as well as the factors identified throughout this news release and those identified in section entitled "Risks and Uncertainties" of the Company's MD&A filed on www.sedar.com. The forward-looking statements contained in this news release represent the Company's expectations as of the date of this news release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Note: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: ANGOSS Software Corporation
For further information:
Chief Financial Officer
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