ENTERPRISE INFORMATICS ANNOUNCES
4th QUARTER AND 2007 YEAR END RESULTS
2007 Highlights:
Revenue Up 28% vs. 2006
EBITDA $1.8 million vs. 2006 Loss
SAN DIEGO, CA, January 2, 2008– Enterprise Informatics Inc. (OTCBB: EPRS), a leading provider of enterprise information management solutions, today reported results of operations for its fourth quarter and fiscal year ended September 30, 2007.
Revenues for the fourth quarter of FY2007 were $1.7 million versus $1.6 million in the same period a year ago. Earnings before interest, taxes, depreciation, amortization and stock compensation expense (“EBITDA”) for the fourth quarter of FY2007 was a loss of ($25,000), or ($0.00) per share. These results compare to an EBITDA loss of ($160,000) or ($0.00) per share for the same quarter a year ago.
Net loss available to common shareholders for the fourth quarter was ($217,000) or ($0.01) on a basic and diluted basis versus a net loss of ($370,000) or ($0.01) per share in the prior year.
Revenues for FY2007 were $9.0 million versus $7.0 million reported a year ago. EBITDA for FY2007 was $1,808,000, or $0.05 and $0.04 per share on a basic and diluted basis, respectively. These results compare to an EBITDA loss of ($415,000) or ($0.01) per share reported a year ago.
Net income available to common shareholders for FY 2007 was $1.0 million or $0.03 and $0.02 per share on a basic and diluted basis, respectively, versus a net loss of ($2,376,000) or ($0.06) per share in the prior year.
“2007 was a year of significant accomplishments for the company. Of note, we had positive net earnings for the first time in over 10 years, we re-branded and re-launched the Company as Enterprise Informatics positioning ourselves as a significant player in the Enterprise Information Management (EIM) market and we obtained Microsoft Windows Vista certification for our flagship product, eB,” stated Alan Kiraly, Chief Executive Officer. “We enter 2008 with a new majority shareholder, a renewed focus and excitement about the immediate and long term future of the Company.”
COMPANY
CONTACT: Alan Kiraly, CEO
John Low, CFO
(858) 625-3000
About EnterpriseInformatics
Enterprise Informatics is a leading provider of enterprise information management solutions that enable organizations to reduce the cost of meeting compliance requirements, minimize business risk and optimize process efficiency. Enterprise Informatics’ advanced software product, eB, ensures the integrity of the controlled information by uniquely managing the connectivity to all relevant information such as documents, records, assets, people, processes and projects – creating an ecosystem for the rapid access of accurate information in context. eB vastly improves the integrity, visibility and access to all relevant information at the time it is needed.
Key customers include Entergy, NuStart Energy, Constellation Energy, Florida Power & Light, Continental Express, Ameren UE, City of Dayton, Lloyds Register of Shipping, Northeast Utilities, Network Rail, Aker Kvaerner, City of Las Vegas, City of Winston Salem, Fayetteville Public Works Commission and many others. www.enterpriseinformatics.com
Except for historical information contained herein, the matters set forth in this release include forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory environment, the effect of the company’s accounting policies, potential seasonality and other risk factors detailed in the Company’s SEC filings.
-tables follow-
ENTERPRISE INFORMATICS INC.
Consolidated Statements of Operations
| | | For the three months | | | For the year | |
| | | ended September 30, | | | ended September 30, | |
| | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
| | | (Unaudited) | | | (Unaudited) | | | (Unaudited) | | | | |
| Revenues: | | | | | | | | | | | | |
| Licenses | | $ | 309,000 | | | $ | 304,000 | | | $ | 3,107,000 | | | $ | 1,775,000 | |
| Services and other | | | 1,393,000 | | | | 1,277,000 | | | | 5,867,000 | | | | 5,231,000 | |
| Total revenues | | | 1,702,000 | | | | 1,581,000 | | | | 8,974,000 | | | | 7,006,000 | |
| | | | | | | | | | | | | | | | | |
| Cost of revenues: | | | | | | | | | | | | | | | | |
| Licenses | | | 42,000 | | | | 52,000 | | | | 169,000 | | | | 324,000 | |
| Services and other | | | 608,000 | | | | 567,000 | | | | 2,477,000 | | | | 2,370,000 | |
| Total cost of revenues | | | 650,000 | | | | 619,000 | | | | 2,646,000 | | | | 2,694,000 | |
| | | | | | | | | | | | | | | | | |
| Gross profit | | | 1,052,000 | | | | 962,000 | | | | 6,328,000 | | | | 4,312,000 | |
| | | | | | | | | | | | | | | | | |
| Operating expenses: | | | | | | | | | | | | | | | | |
| Research and development | | | 332,000 | | | | 284,000 | | | | 1,152,000 | | | | 1,058,000 | |
| Marketing and sales | | | 465,000 | | | | 519,000 | | | | 1,936,000 | | | | 2,410,000 | |
| General and administrative | | | 354,000 | | | | 387,000 | | | | 1,719,000 | | | | 1,622,000 | |
| Total operating expenses | | | 1,151,000 | | | | 1,190,000 | | | | 4,807,000 | | | | 5,090,000 | |
| | | | | | | | | | | | | | | | | |
| Income (loss) from operations | | | (99,000 | ) | | | (228,000 | ) | | | 1,521,000 | | | | (778,000 | ) |
| | | | | | | | | | | | | | | | | |
| Interest and other income | | | 2,000 | | | | - | | | | 2,000 | | | | 4,000 | |
| Interest and other expense | | | (79,000 | ) | | | (71,000 | ) | | | (261,000 | ) | | | (248,000 | ) |
| Net income (loss) | | | (176,000 | ) | | | (299,000 | ) | | | 1,262,000 | | | | (1,022,000 | ) |
| | | | | | | | | | | | | | | | | |
| Provision for income taxes | | | 25,000 | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) | | | (151,000 | ) | | | (299,000 | ) | | | 1,262,000 | | | | (1,022,000 | ) |
| | | | | | | | | | | | | | | | | |
| Deemed preferred dividend | | | - | | | | - | | | | - | | | | (1,000,000 | ) |
| Net income (loss) available after deemed preferred dividend | | | (151,000 | ) | | | (299,000 | ) | | | 1,262,000 | | | | (2,022,000 | ) |
| | | | | | | | | | | | | | | | | |
| Cumulative preferred dividends | | | (66,000 | ) | | | (71,000 | ) | | | (264,000 | ) | | | (354,000 | ) |
Net income (loss) available to common shareholders | | $ | (217,000 | ) | | $ | (370,000 | ) | | $ | 998,000 | | | $ | (2,376,000 | ) |
| | | | | | | | | | | | | | | | | |
| Earnings (loss) per share: | | | | | | | | | | | | | | | | |
| Basic | | $ | (0.01 | ) | | $ | (0.01 | ) | | $ | 0.03 | | | $ | (0.06 | ) |
| | | | | | | | | | | | | | | | | |
| Diluted | | $ | (0.01 | ) | | $ | (0.01 | ) | | $ | 0.02 | | | $ | (0.06 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 37,504,000 | | | | 36,895,000 | | | | 37,324,000 | | | | 36,876,000 | |
| | | | | | | | | | | | | | | | | |
| Diluted | | | 37,504,000 | | | | 36,895,000 | | | | 49,841,000 | | | | 36,876,000 | |
ENTERPRISE INFORMATICS INC.
Consolidated Balance Sheets
| | September 30, | | September 30, |
| | 2007 | | 2006 |
| | (Unaudited) | | |
| ASSETS |
| Current assets: | | | |
| Cash | $ 553,000 | | $ 95,000 |
| Receivables, net | 746,000 | | 854,000 |
| Other current assets | 204,000 | | 190,000 |
| Total current assets | 1,503,000 | | 1,139,000 |
| | | | |
| Property and equipment, net | 211,000 | | 131,000 |
| Computer software, net | 321,000 | | 425,000 |
| Other assets | 27,000 | | 28,000 |
| Total assets | $ 2,062,000 | | $ 1,723,000 |
| | | | |
| LIABILITIES AND SHAREHOLDERS' DEFICIT |
| | | | |
| Total liabilities | $ 6,410,000 | | $ 9,601,000 |
| | | | |
| Total shareholders' deficit | (4,348,000) | | (7,878,000) |
| | | | |
| Total liabilities and shareholders' deficit | $ 2,062,000 | | $ 1,723,000 |
EBITDA Calculation
(Unaudited)
| | | For the three months | | | For the year | |
| | | ended September 30, | | | ended September 30, | |
| | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
| | | | | | | | | | | | | |
| Income (loss) from operations | | $ | (99,000 | ) | | $ | (228,000 | ) | | $ | 1,521,000 | | | $ | (778,000 | ) |
| Add back: | | | | | | | | | | | | | | | | |
| Depreciation and amortization | | | 43,000 | | | | 49,000 | | | | 173,000 | | | | 167,000 | |
| FAS 123R stock compensation expense | | | 31,000 | | | | 19,000 | | | | 114,000 | | | | 196,000 | |
| | | | | | | | | | | | | | | | | |
EBITDA excluding FAS 123R stock compensation expense | | $ | (25,000 | ) | | $ | (160,000 | ) | | $ | 1,808,000 | | | $ | (415,000 | ) |
| | | | | | | | | | | | | | | | | |
| EBITDA per common share | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.00 | | | $ | 0.00 | | | $ | 0.05 | | | $ | (0.01) | |
Diluted | | $ | 0/00 | | | $ | 0.00 | | | $ | 0.04 | | | $ | (0.01) | |
| | | | | | | | | | | | | | | | | |
| Shares used in computing EBITDA per share | | | | | | | | | | | | | | | | |
| Basic | | | 37,504,000 | | | | 36,895,000 | | | | 37,324,000 | | | | 36,876,000 | |
| Diluted | | | 37,504,000 | | | | 36,895,000 | | | | 49,841,000 | | | | 36,876,000 | |
| | | | | | | | | | | | | | | | | |
