MKS Announces First Quarter Results for Fiscal 2003
Waterloo, ON - August 28, 2002: MKS Inc. (MKS) (TSE:MKX) today announced its financial results for the first quarter of fiscal 2003.
Waterloo, ON - August 28, 2002: MKS Inc. (MKS) (TSE:MKX) today announced its financial results for the first quarter of fiscal 2003. 1
Total revenue for the quarter ended July 31, 2002 was $6.5 million, a decrease of 2.6 percent from $6.6 million in the quarter ended July 31, 2001. The Company's earnings before interest, taxes, depreciation and amortization (EBITDA) were ($1.6) million or $(0.04) per share for the first quarter of fiscal 2003, compared to EBITDA of $(1.0) million or $(0.03) per share in the first quarter of fiscal 2002. The net loss for the first quarter of fiscal 2003 was $(1.5) million, or $(0.04) per share, compared to a year-earlier loss of $(1.4) million or $(0.04) per share in the first quarter of fiscal 2002.
Highlighting the quarter was substantial growth in the Company's software configuration management revenues. During the first quarter of fiscal 2003, SCM revenues increased to $4.4 million, representing 15.3 percent growth over SCM revenues of $3.9 million in the first quarter of fiscal 2002.
"Our SCM business showed extremely strong new license growth which offset the lower than expected Interoperability and SCM services revenue," said Philip C. Deck, chairman and chief executive officer of MKS Inc. "The results for the quarter were in line with our expectations for the first quarter, traditionally the weakest of the year, and put us in good shape to meet our revenue goals for the entire year."
During the first quarter of fiscal 2003 MKS welcomed to its enterprise SCM customer roster Campbells Soup Company, H.E. Butt Grocery Company and expanded deployments of enterprise SCM technology with several key accounts, including The Social Security Administration, Wincorp Nixdorf, and Carl Zeiss Group. MKS's interoperability business also expanded its deployment of MKS Toolkit with long-term customers Alcatel and Northrop Grumman.
Conference Call Details
The company will hold a conference call at 5:00 p.m. EST to discuss first quarter performance and results. Interested parties may access the call by dialing (877) 323-2092 (international) or (416) 695-9705 (domestic). An operator assisted rebroadcast of the call will be available for one (1) week following the call during the hours of 7am-11pm and may be accessed by dialing (888) 509-0081 or (416) 695-9728.
For details and numbers, click here.
MKS Inc. ("MKS") (TSE:MKX) provides software solutions enabling development teams to analyze, build and deploy traditional and web-based software systems quickly and reliably. The company's award-winning family of MKS Integrity software configuration management (SCM) products, offer advanced technology with robust workflow, code management, and impact analysis capabilities. MKS also provides interoperability solutions under its popular MKS Toolkit brand for UNIX-Windows co-existence, cross-platform development, and system administration that significantly cut development and administrative costs and reduce time to market while enabling enhanced performance. Founded in 1984 with over 10,000 customers worldwide, MKS has built its brand on the foundation of advanced technology, superior quality and extraordinary customer service. More information about MKS can be found at http://www.mks.com, or by calling 1-800-265-2797 (US & Canada), +49-711-351775-0 (Germany), and +44-1483-733900 (United Kingdom).
1Reported in US dollars under US Generally Accepted Accounting Principles (US GAAP).
MKS, MKS Source Integrity, MKS Integrity Manager, MKS Integrity Solution, and MKS Toolkit are trademarks or registered trademarks of MKS Inc. All other trademarks mentioned in this release are the property of their respective owners.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made including those factors detailed from time to time in filings made by the Company with Canadian securities regulatory authorities. 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 described herein as intended, planned, anticipated or expected. The Company does not intend and does not assume any obligation to update these forward-looking statements. Earnings before interest, taxes, depreciation and amortization or EBITDA is used by the Corporation to measure its operating results. EBITDA may not be consistent with the calculation of similar measures for other companies and should not be viewed as an alternative to net income or other measures of performance calculated in accordance with generally accepted accounting principles. Similarly, EBITDA margins may not be comparable to similar measures reported by other companies.
Doug Sawatzky, CFO