TORONTO, Oct. 24, 2012 /CNW/ - Angoss Software Corporation (Angoss) (TSX-V: ANC) today announced unaudited results for the three and nine months ended August 31, 2012 (See attached).
For the three and nine months ended August 31, 2012, the Company reported a net loss of $125,925 and $800,097 respectively compared with the 2011 three and nine month net loss of $90,954 and $1,978,788 based on earned revenues. In 2011, the Company reported a loss from discontinued operations for the three and nine months ended August 31 of $60,479 and $1,578,743 respectively. Earned revenue in the three months ended August 31, 2012 increased by 5.4% over 2011. Earned revenue in the nine months ended August 31, 2012 was down 6.1% 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.
"We are pleased to see that our earned revenues for the quarter experienced growth of 5.4% and attribute this to strong billed revenue performance both in the quarter and earlier periods. The Company has achieved a 24.3% year over year growth in Analytical Software licenses and Solution billed revenues in the third quarter. Year to date growth for these two areas was 30.4%. Renewal license revenue was up 4.3% year to date. We continue to experience strong year to date performance in billed revenue and we are pleased with this achievement. We anticipate solid billed revenue growth for the balance of year" said Martin Galligan, President & CEO of Angoss. "We have also received very positive feedback from clients with respect to the product enhancements and new functionality released in Version 8.0 of our analytical software suite in May, 2012. In keeping with our commitment to our product roadmap, on September 27th, 2012, the Company announced the availability of KnowledgeEXCELERATOR, a powerful visual data discovery and prediction tool for knowledge workers. KnowledgeEXCELERATOR guides new and novice business analysts unfamiliar with the power of advanced analytics through visual data discovery and prediction of their own data with an intuitive user interface. Users apply the basics of data mining and predictive analytics with step by step guided workflow without needing to create models, understand complex algorithms or program code. We see this product as bridging the gap between business intelligence and reporting users and the traditional advanced analyst community. Overall we continue to be very satisfied with our progress year to date and see continued growth and product innovation moving forward."
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