Convera
Contact: John R. Polchin
Chief Financial Officer
Convera
703.761.3700
jpolchin@convera.com
Convera Releases Preliminary Fourth Quarter and Fiscal Year 2006 Results
Vienna, Va., February 13, 2006 - Convera Corporation (NASDAQ: CNVR), a leading
provider of search technologies to commercial enterprises and government
agencies, today announced that it expects that revenue for the three-month
period and fiscal year ending January 31, 2006 will be below results for the
prior fiscal year periods.
Convera indicated that based upon its preliminary results for the fourth quarter
of fiscal 2006, it expects to report revenue of $3.6 million, versus $6.3
million for the comparable year-ago period. Fiscal year 2006 revenue is expected
to be $21.0 million, which compares to $25.7 million as reported for fiscal year
2005. Revenue for the fourth quarter and fiscal year 2006 was derived from the
Company's software products group (RetrievalWare(R)).
These revenue results are expected to yield a net loss of $0.19 to $0.21 per
share for the three-month period and $0.32 to $0.34 per share for the
twelve-months ended January 31, 2006. This compares to a reported net loss of
$0.09 per share for the prior year's fourth quarter and $0.56 per share for
fiscal year 2005.
Cash and investments as of January 31, 2006 totaled $37.8 million.
"Following the launch of our Excalibur Web search offering, much of our
management efforts, as well as our sales and marketing resources continued to
shift their focus towards expanding our Excalibur selling and distribution
channels", stated Patrick C. Condo, Convera's President and Chief Executive
Officer. "We remain committed to managing a net income neutral software products
business while also concentrating our efforts on marketing the new and dynamic
search solutions offered by Excalibur", Condo concluded.
Convera's fourth quarter and fiscal year 2006 results are preliminary, subject
to the Company completing its customary quarterly and year-end closing and
review procedures. Convera plans to announce actual results for the three-month
period and fiscal year ended January 31, 2006 on March 1, 2006.
About Convera
Convera is a leading provider of search technologies to commercial enterprises
and government agencies. Through its two offerings, Excalibur(TM), a newly
developed Web search solution and RetrievalWare(R), its enterprise search
product, Convera offers unique search technology capable of providing an
integrated results page derived from both intranet and Internet content.
Convera's technologies strive to manage vast stores of structured and
unstructured information that exist within internal repositories and on the Web
by providing highly scalable, fast, accurate and secure search capabilities
across text, video, image and audio information, in multiple languages. More
than 900 customers in 40 countries rely on Convera search solutions to power a
broad range of mission-critical applications. For more information, contact
Convera at 800-788-7758, via e-mail at info@convera.com or on the Web at
www.convera.com
This release, including any statements from Convera personnel, contains
statements about Convera's future expectations, performance, plans, and
prospects, as well as assumptions about future events. The reader is cautioned
not to put undue reliance on these forward-looking statements, as these
statements are subject to numerous factors and uncertainties, including without
limitation, business and economic conditions and trends; continued success in
technological advances and development including the Excalibur Web search
initiative; possible disruption in commercial activities caused by terrorist
activity and armed conflict, such as changes in logistics and security
arrangements; reduced customer demand relative to expectations; competitive
factors; and other risk factors listed from time to time in the company's SEC
reports. Actual results may differ materially from our expectations as the
result of these and other important factors relating to Convera's business and
product development efforts, which are further described in Convera's filings
with the Securities and Exchange Commission. These filings can be obtained from
the SEC's website located at www.sec.gov. Any forward-looking statements are
based on information available to Convera on the date of this release, and
Convera assumes no obligation to update such statements. The Convera design logo
and the following are worldwide trademarks of Convera: Convera(R),
RetrievalWare(R), Excalibur(TM) and Screening Room(R). The names of actual
companies and products mentioned herein may be the trademarks of their
respective owners.