Exhibit 99.1
Logility Reports First Quarter of Fiscal Year 2005 Results
License Fee Revenue Increases 27%
ATLANTA, Aug. 18 /PRNewswire-FirstCall/ -- Logility, Inc. (Nasdaq: LGTY),
a leading supplier of collaborative solutions to optimize the supply chain,
today announced financial results for the first quarter of fiscal year 2005.
The first quarter total revenues were $5.4 million, including software
license fees of $1.4 million, compared to total revenues of $5.4 million and
$1.1 million of software license fees in the same period last year. Services
and other revenues were $1.3 million, compared to $1.5 million in the same
period last year. Maintenance revenues were $2.8 million for both periods. For
the first quarter, the Company reported operating income of $266,000 compared
to operating income of $324,000 for the same quarter last year and net income
of $377,000 or earnings per share (diluted) of $0.03, compared to a net income
of $370,000 or earnings per share (diluted) of $0.03 for the same quarter in
the prior year.
The overall financial condition of the Company remains strong with cash
and investments of approximately $31.5 million. The Company's cash and
investment position increased approximately $4.9 million compared to July 31,
2003.
"We are pleased with our ability to grow license revenues by 27% during
the quarter when compared to the same period last year," said J. Michael
Edenfield, Logility president and Chief Executive Officer. "Logility's strong
balance sheet, which included cash and investments of approximately
$31.5 million at the close of the quarter, reinforces our ability to provide
long-term support and innovation for our customers."
"Logility offers a wide range of supply chain applications targeted at the
specific needs of distribution-intensive manufacturing, wholesale and retail
organizations seeking to drive out costs and boost revenues. Our goal is to
provide our customers faster access to better information about supply chain
performance, future plans and corrective measures to increase their customer
service while reducing inventory investments," continued Edenfield.
Highlights for the first quarter and fiscal year 2005 include:
Customers
- Notable new and existing customers placing orders with Logility during
the quarter include: Broyhill Furniture Industries, Cytec Industries,
Dow Chemical, Rheem Air Conditioning, Robert Horne Paper, Trelleborg
Wheel Systems and Tyco Adhesives.
- Komatsu Europe International (KEISA), a worldwide leader in the field
of construction and mining equipment, announced its implementation of
Logility Voyager Solutions(TM) to improve forecasting accuracy,
centralize supply chain planning and maintain consistent customer
service levels across its distribution network. Logility is a key
component in KEISA's efforts to continuously improve supply chain
efficiencies, and has contributed to an inventory reduction of four
million euros (5.8 million $US).
- ProcureNet, a provider of mission critical purchasing, distribution,
and materials management services to government and commercial
customers, announced its selection of Logility Voyager Solutions to
improve customer service through better forecast accuracy, reduced
inventory levels and increase inventory turns.
- A. O. Smith Water Products Company extended its deployment of Logility
Voyager Solutions to include collaboration for better internal and
external communications and planning for optimizing inventory based on
accurate forecasts and lead times.
- Logility announced that Intertape Polymer Group Inc., a recognized
leader in the development and manufacture of specialized polyolefin
plastic and paper packaging products, selected Logility Voyager
Solutions to enable collaborative planning and forecasting for improved
supply chain performance.
- Rheem Manufacturing's Air Conditioning Division, one of North America's
leading producers of premium heating and cooling equipment, selected
Logility Voyager Solutions to gain improved visibility of demand and
inventory, reduce costs and increase customer service levels for
service parts and finished goods. Rheem has used Logility Voyager
WarehousePRO(R) in its parts operation to optimize receiving, picking,
shipping and cross-docking functions since 2001.
Products and Technology
- Inbound Logistics magazine selected Logility as a 2004 Top 100
Logistics IT Provider for the seventh time, and Supply & Demand Chain
Executive magazine named Logility to its third-annual listing of the
"Supply & Demand Chain Executive 100."
- Logility announced the enhancement of Logility Voyager Solutions to
further address the special requirements of the service parts industry,
including gaining visibility of future customer demand; dynamically
managing time-phased inventory and replenishment requirements; and
optimizing distribution and inventory deployment to cost-effectively
service customers. The company estimates that manufacturers,
distributors and utility companies worldwide are using Logility supply
chain planning, warehouse and transportation management solutions to
impact $53 billion in service parts revenue and optimize inventory
investments valued at $8 billion.
- Logility demonstrated its integrated transportation and warehouse
management at the 2004 DC Expo conference, May 18-20, in Chicago, IL.
Logility introduced the availability of the integration in 2002, and
was one of the first supply chain solution companies to market a fully
integrated transportation and warehouse management solution. Logility
Voyager Transportation Planning & Management(TM) can help companies
save time and labor costs by automating shipment planning, shipment
execution and freight accounting. Logility Voyager WarehousePRO(R)
helps increase shipping and inventory accuracy by optimizing the flow
of materials and information through distribution centers, and helps to
cut operating costs while improving productivity, order fill rates,
space utilization and customer service. Used collectively, these
Logility products make it possible for companies to increase control of
the complete order fulfillment cycle as they move goods from production
to distribution and on to their final destination.
About Logility
Logility is a leading provider of collaborative solutions to optimize the
supply chain. Logility Voyager Solutions enable networks of trading partners
including suppliers, manufacturers, distributors and retailers to collaborate,
integrate and synchronize their planning, production, warehouse and
transportation operations. Logility customers have realized substantial
bottom-line results in record time. Logility is proud to serve such customers
as Bissell, ConAgra, Huhtamaki UK, Katun Corporation, McCain Foods, Mill's
Pride, Pernod Ricard, Rand McNally, Sigma Aldrich, VF Corporation and xpedx.
Logility is a majority owned subsidiary of American Software (Nasdaq: AMSWA).
For more information about Logility, call 1-800-762-5207 or
visit http://www.logility.com .
Forward Looking Statements
This press release contains forward-looking statements that are subject to
substantial risks and uncertainties. There are a number of factors that could
cause actual results to differ materially from those anticipated by statements
made herein. These factors include, but are not limited to, changes in
general economic conditions, technology and the market for the Company's
products and services including economic conditions within the e-commerce
markets; the timely availability and market acceptance of these products and
services; the effect of competitive products and pricing; the uncertainty of
the viability and effectiveness of strategic alliances; and the irregular
pattern of the Company's revenues. For further information about risks the
Company could experience as well as other information, please refer to the
Company's Form 10-K for the year ended April 30, 2004 and other reports and
documents subsequently filed with the Securities and Exchange Commission. For
more information, contact Vincent C. Klinges, Chief Financial Officer,
Logility, Inc., 470 East Paces Ferry Rd., Atlanta, GA 30305, (404) 261-9777.
FAX: (404) 264-5206; INTERNET: www.logility.com or E-mail:
askLogility@logility.com .
Logility Voyager Solutions is a trademark of Logility. Other products
mentioned in this document are registered, trademarked or service marked by
their respective owners.
LOGILITY, INC.
Statements of Operations
(In thousands, except per share data)
(Unaudited)
First Quarter Ended
July 31,
Pct
2004 2003 Chg.
Revenues:
License $1,414 $1,111 27%
Services & other 1,260 1,454 (13%)
Maintenance 2,757 2,797 (1%)
Total Revenues 5,431 5,362 1%
Cost of Revenues:
License 860 956 (10%)
Services & other 662 700 (5%)
Maintenance 440 443 (1%)
Total Cost of Revenues 1,962 2,099 (7%)
Gross Margin 3,469 3,263 6%
Operating expenses:
Research and development 1,331 1,365 (2%)
Less: capitalized development (670) (802) (16%)
Sales and marketing 1,857 1,621 15%
General and administrative 685 755 (9%)
Total operating expenses 3,203 2,939 9%
Operating income 266 324 (18%)
Other income 111 46 141%
Income before income taxes 377 370 2%
Income taxes - - -
Net Income $377 $370 2%
Earnings per common share - Basic $0.03 $0.03 0%
Earnings per common share - Diluted $0.03 $0.03 0%
Weighted average common shares
Basic 13,092 13,134
Diluted 13,298 13,319
nm- not meaningful
Balance Sheet Information
(in thousands)
(Unaudited)
July 31,
2004 2003
Cash and Investments $31,476 $26,543
Accounts Receivable:
Billed 1,542 3,654
Unbilled 1,476 1,977
Total Accounts Receivable, net 3,018 5,631
Prepaids & Other Current Assets 424 338
Non-current Assets 7,011 8,102
Total Assets $41,929 $40,614
Accounts Payable $161 $108
Other Current Liabilities 3,718 3,714
Deferred Revenues 5,564 5,707
Shareholders' Equity 32,486 31,085
Total Liabilities &
Shareholders' Equity $41,929 $40,614
SOURCE Logility, Inc.
-0- 08/18/2004
/CONTACT: Vincent C. Klinges, Chief Financial Officer of Logility, Inc.,
+1-404-264-5477/
/Company News On-Call: http://www.prnewswire.com/comp/120967.html /
/Web site: http://www.logility.com /
(LGTY AMSWA)
CO: Logility, Inc.; American Software, Inc.
ST: Georgia
IN: CPR MLM STW NET
SU: ERN