Exhibit 99.1
Actuate Reports Second Quarter Financial Results
26% Year-over-Year License Revenue Growth
20% Non-GAAP Operating Margin
64% Year-over-Year Increase in Non-GAAP Net Income
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--July 30,
2007--Actuate Corporation (NASDAQ:ACTU), the leader in Business
Intelligence, Performance Management and Reporting Applications, today
announced its financial results for its fiscal second quarter ended
June 30, 2007.
Revenues for the second quarter of 2007 were $34.7 million, a 10%
increase compared with the second quarter of 2006. License revenues
for the second quarter of 2007 were $14.1 million, a 26%
year-over-year increase.
Net income for the second quarter of 2007, as reported in
accordance with U.S. generally accepted accounting principles (GAAP),
was $3.4 million, or $0.05 per diluted share, compared with net income
of $1.6 million or $0.02 per diluted share in the second quarter of
2006.
Non-GAAP operating margin for the second quarter of 2007 was 20%
compared with a non-GAAP operating margin of 14% for the second
quarter of 2006. Non-GAAP net income for the second quarter of 2007
was $5.4 million, or $0.08 per diluted share, an increase of 64%
compared with non-GAAP net income of $3.3 million, or $0.05 per
diluted share in the second quarter of 2006.
For the first six months of 2007, revenues totaled $66.7 million.
License revenues totaled $26.1 million, an increase of 23% compared
with the first six months of 2006. Non-GAAP net income for the first
half of 2007 totaled $8.8 million, or $0.13 per diluted share, an
increase of 63% or $0.05 per diluted share compared with the $0.08 per
diluted share reported for the first six months of 2006.
Cash, cash equivalents and short-term investments at June 30, 2007
totaled $70.6 million, an increase of $10.5 million from December 31,
2006. This amount is net of a $9.5 million cash outlay during the
first six months of 2007 in furtherance of Actuate's ongoing share
repurchase program.
"The second quarter marked the sixth consecutive quarter of
double-digit year-over-year growth for both license revenue and
non-GAAP net income at Actuate," said Pete Cittadini, Actuate's
president and CEO. "During the quarter, we surpassed a million
downloads for BIRT and generated over $2 million in Open Source driven
commercial business, continuing to gain momentum with our new hybrid
Open Source / Enterprise software business model."
"Strong demand for extranet applications, particularly among our
large financial services customers, continued in Q2 and we continued
to gain traction in the public sector with our Performance Management
products."
Second Quarter Financial Highlights
-- Grew license revenues by 26% on a year-over-year basis, the
sixth consecutive quarter of double-digit year-over-year
license growth;
-- Increased cash, cash equivalents and short-term investments to
a record $70.6 million at June 30, 2007;
-- Achieved a 20% non-GAAP operating margin, an increase of six
percentage points over the second quarter of 2006;
-- Generated $4.7 million in cash flow from operations;
-- Increased non-GAAP services margin to a record 72%;
-- DSOs ended the quarter at 52 days, a decrease of 20 days from
June 30, 2006 and a decrease of 11 days sequentially;
-- Repurchased approximately 789,000 shares at a total cost of
approximately $5.0 million.
Second Quarter Customer Highlights
During the second quarter, Actuate received significant new and
repeat business from, among others, The Benham Companies, British Sky
Broadcasting Group, Chase Paymentech, Citigroup, Computer Associates,
Deltek Systems, Derbyshire Police, International Automotive
Components, Leeds Primary Care Trust, Quest Diagnostics, Societe
Generale, State Street, Steel Warehouse, TIAA-CREF, UBS, U.S. Army and
U.S. Department of Homeland Security.
First Half Financial Highlights
-- Grew license revenues by 23% on a year-over-year basis;
-- Generated $16.4 million in cash flow from operations;
-- Increased non-GAAP services margin to a record 72%;
-- Achieved record first half Non-GAAP operating and net margins
of 17% and 13%, respectively;
-- Non-GAAP diluted earnings per share totaled $0.13, an increase
of $0.05 or 63% compared with the first half of 2006;
-- Repurchased approximately 1,620,000 shares at a total cost of
approximately $9.5 million.
Second Quarter Business Highlights
-- BIRT surpassed one million downloads within two years of its
first release;
-- Actuate's 2007 Open Source Software Survey indicates that 42.9
percent of respondents are already using Open Source, 23.6
percent are currently using Open Source BI and 31.2 percent
are likely or very likely to consider using Open Source BI
solutions;
-- MFS Investment Management is leveraging Actuate's Enterprise
Reporting Application Platform to provide all stakeholders at
MFS with up-to-date information on performance against goals
and Key Performance Indicators (KPIs);
-- Actuate's commercial BIRT-based offerings can now extend IBM
Rational Portfolio Manager to improve SOA governance;
-- Named a finalist for the 2007 IBM (NASDAQ: IBM) Impact SOA
Innovation Award;
-- General availability of Actuate Performancesoft BI that
greatly simplifies the dissemination and analysis of
Performance Management information by offering users
interactive, intuitive reports that can be customized to meet
their specific needs;
-- Announced that one of its pioneering customers, Royal
Berkshire Fire and Rescue Service (RBFRS), has received a
commendation from the United Kingdom's Audit Commission for
the best Audit and Performance Management system within the
fire service in England.
Conference Call Information
Actuate will be holding a conference call at 2:00 p.m. Pacific
Time, today, July 30, 2007 to further discuss these results. The
dial-in number for the call is (877) 502-9274 (+1 913-981-5584 for
international participants) and the passcode is 2452409. A listen-only
live webcast of the second quarter 2007 earnings conference call, with
an accompanying slide presentation, will also be available at the
investor relations section of the Actuate website at
http://phx.corporate-ir.net/phoenix.zhtml?c=64401&p=irol-irhome, and
will be available in the same location on an archived basis
thereafter.
Discussion of Non-GAAP Financial Measures
This press release contains financial measures that are not
calculated in accordance with U.S. generally accepted accounting
principles (GAAP). Actuate management evaluates and makes operating
decisions using various performance measures. In addition to our GAAP
results, we also consider adjusted net income, which we refer to as
non-GAAP net income. We further consider various components of
non-GAAP net income such as non-GAAP gross margin and non-GAAP
operating expense. Non-GAAP net income is generally based on the
revenues of our product, maintenance and services business operations
and the costs of those operations, such as cost of revenue, research
and development, sales and marketing and general and administrative
expenses, that management considers in evaluating our ongoing core
operating performance. Non-GAAP net income consists of net income
excluding amortization of intangible assets, merger and acquisition
charges, restructuring charges, equity plan-related compensation
expenses and charges and gains which management does not consider
reflective of our core operating business. Intangible assets consist
primarily of purchased technology, trade names, customer
relationships, employment agreements and other intangible assets
issued in connection with acquisitions. Merger and acquisition charges
represent in-process research and development charges related to
products in development that had not reached technological feasibility
at the time of acquisition. Restructuring charges consist of severance
and benefits, excess facilities and asset-related charges, and also
include strategic reallocations or reductions of personnel resources.
Equity plan-related compensation expenses represent the fair value of
all share-based payments to individuals, including grants of employee
stock options, as required under SFAS No. 123 (revised 2004),
"Share-Based Payment" (SFAS 123R). Management does not consider these
unusual expenses associated with a financial transaction to be part of
core operating performance. For purposes of comparability across other
periods and against other companies in our industry, non-GAAP net
income is adjusted by the amount of additional taxes or tax benefit
that the Company would accrue using a normalized effective tax rate
applied to the non-GAAP results.
Non-GAAP net income is a supplemental measure of our performance
that is not required by, nor presented in accordance with, GAAP.
Moreover, it should not be considered as an alternative to net income,
operating income, or any other performance measure derived in
accordance with GAAP, or as an alternative to cash flow from operating
activities or as a measure of our liquidity. We present non-GAAP net
income because we consider it an important supplemental measure of our
performance.
Management excludes from non-GAAP net income certain recurring
items to facilitate its review of the comparability of the Company's
core operating performance on a period to period basis because such
items are not related to the Company's ongoing core operating
performance as viewed by management. Management uses this view of its
operating performance for purposes of comparison with its business
plan and individual operating budgets and allocations of resources.
Additionally, when evaluating potential acquisitions, management
excludes the items described above from its consideration of target
performance and valuation. More specifically, management adjusts for
the excluded items for the following reasons:
a) amortization charges for purchased technology and other
intangible assets related to the Company's acquisition transactions;
b) stock-based compensation expense; c) restructuring charges; d)
in-process research and development charges related to the Company's
acquisition transactions; and e) an adjustment to the income tax
provision.
The Company believes that, in general, these items possess one or
more of the following characteristics: their magnitude and timing is
largely outside of the Company's control; they are unrelated to the
ongoing operation of the business in the ordinary course; they are
unusual and the Company does not expect them to occur in the ordinary
course of business; or they are non-operational, or non-cash expenses
involving stock option grants.
The Company believes that the presentation of these non-GAAP
financial measures is warranted for several reasons:
1) Such non-GAAP financial measures provide an additional
analytical tool for understanding the Company's financial performance
by excluding the impact of items which may obscure trends in the core
operating performance of the business;
2) Since the Company has historically reported non-GAAP results to
the investment community, the Company believes the inclusion of
non-GAAP numbers provides consistency and enhances investors' ability
to compare the Company's performance across financial reporting
periods;
3) These non-GAAP financial measures are employed by the Company's
management in its own evaluation of performance and are utilized in
financial and operational decision making processes, such as budget
planning and forecasting;
4) These non-GAAP financial measures facilitate comparisons to the
operating results of other companies in our industry, which use
similar financial measures to supplement their GAAP results, thus
enhancing the perspective of investors who wish to utilize such
comparisons in their analysis of the Company's performance.
Set forth below are additional reasons why specific items are
excluded from the Company's non-GAAP financial measures:
a) Amortization charges for purchased technology and other
intangible assets are excluded because they are inconsistent in amount
and frequency and are significantly impacted by the timing and
magnitude of the Company's acquisition transactions. We analyze and
measure our operating results without these charges when evaluating
our core performance. Generally, the impact of these charges to the
Company's net income tends to diminish over time following an
acquisition;
b) While stock-based compensation calculated in accordance with
SFAS 123R constitutes an ongoing and recurring expense of the Company,
it is not an expense that typically requires or will require cash
settlement by the Company. We therefore exclude these charges for
purposes of evaluating our core performance as well as with respect to
evaluating any potential acquisition.
c) Restructuring charges are primarily related to severance costs
and/or the disposition of excess facilities driven by modifications of
business strategy. These costs are excluded because they are
inherently variable in size, and are not specifically included in the
Company's annual operating plan and related budget due to the rapidly
changing facts and circumstances typically associated with such
modifications of business strategy;
d) In-process research and development charges are excluded
because they are inconsistent in amount and frequency and are
significantly impacted by the timing and magnitude of the Company's
acquisition transactions. We analyze and measure our operating results
without these charges when evaluating our core performance.
e) Income tax expense is adjusted by the amount of additional
expense or benefit that we would accrue if we used non-GAAP results
instead of GAAP results in the calculation of our tax liability,
taking into consideration the Company's long-term tax structure. The
Company uses a normalized effective tax rate of 30%. This item is
excluded because the rate remains subject to change based on several
factors, including variations over time in the geographic business mix
and statutory tax rates.
In the future, the Company expects to continue reporting non-GAAP
financial measures excluding items described above and the Company
expects to continue to incur expenses similar to the non-GAAP
adjustments described above. Accordingly, exclusion of these and other
similar items in our non-GAAP presentation should not be construed as
an inference that these costs are unusual, infrequent or
non-recurring.
As stated above, the Company presents non-GAAP financial measures
because it considers them to be important supplemental measures of
performance. However, non-GAAP financial measures have limitations as
an analytical tool and should not be considered in isolation or as a
substitute for the Company's GAAP results. In the future, the Company
expects to incur expenses similar to the non-GAAP adjustments
described above and expects to continue reporting non-GAAP financial
measures excluding such items. Some of the limitations in relying on
non-GAAP financial measures are:
-- Amortization of intangibles, though not directly affecting our
current cash position, represent the loss in value as the
technology in our industry evolves, is advanced or is replaced
over time. The expense associated with this loss in value is
not included in the non-GAAP net income presentation and
therefore does not reflect the full economic effect of the
ongoing cost of maintaining our current technological position
in our competitive industry which is addressed through our
research and development program.
-- The Company may engage in acquisition transactions in the
future. Merger and acquisition related charges may therefore
continue to be incurred and should not be viewed as
non-recurring.
-- The Company's stock option and stock purchase plans are
important components of our incentive compensation
arrangements and will be reflected as expenses in our GAAP
results for the foreseeable future under SFAS 123R.
-- The Company's income tax expense will be ultimately based on
its GAAP taxable income and actual tax rates in effect, which
may differ significantly from the 30% rate assumed in our
non-GAAP presentation.
-- Other companies, including other companies in our industry,
may calculate non-GAAP financial measures differently than we
do, limiting their usefulness as a comparative measure.
Pursuant to the requirements of SEC Regulation G, a detailed
reconciliation between the Company's GAAP and non-GAAP financial
results is provided in this press release and is also available in the
investor relations section of the Company's web site at
www.actuate.com. Investors are advised to carefully review and
consider this information strictly as a supplement to the GAAP results
that are contained in this press release and in the Company's SEC
filings.
About Actuate Corporation
Actuate Corporation, the leader in Business Intelligence,
Performance Management and Reporting Applications, enables
organizations to develop solutions that optimize corporate
performance. Applications built on Actuate's open source-based
platform provide all stakeholders inside and outside the firewall,
including employees, customers, partners and citizens with information
that they can easily access and understand to maximize revenue, cut
costs, improve customer satisfaction, streamline operations, create
competitive advantage and make better decisions.
Actuate has over 4,000 customers globally in a diverse range of
business areas including financial services and the public sector.
Founded in 1993, Actuate has headquarters in South San Francisco,
California, with offices worldwide. Actuate is listed on NASDAQ under
the symbol ACTU. For more information on Actuate, visit the Company's
web site at www.actuate.com.
Cautionary Note Regarding Forward Looking Statements: The
statements contained in this press release that are not purely
historical are forward looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934. These include
statements regarding Actuate's expectations, beliefs, hopes,
intentions or strategies regarding the future. All such
forward-looking statements are based upon information available to
Actuate as of the date hereof, and Actuate disclaims any obligation to
update or revise any such forward-looking statements based on changes
in expectations or the circumstances or conditions on which such
expectations may be based. Actual results could differ materially from
Actuate's current expectations. Factors that could cause or contribute
to such differences include, but are not limited to, the general
spending environment for information technology products and services
in general and Business Intelligence, Performance Management and
Reporting Application software in particular, quarterly fluctuations
in our revenues and other operating results, our ability to expand our
international operations, our ability to successfully compete against
current and future competitors, the impact of future acquisitions
(including the performancesoft, Inc. acquisition) on the Company's
financial and/or operating condition, the ability to increase revenues
through our indirect distribution channels, general economic and
geopolitical uncertainties and other risk factors that are discussed
in Actuate's Securities and Exchange Commission filings, specifically
Actuate's 2006 Annual Report on Form 10-K filed on March 20, 2007 and
Quarterly Report on Form 10-Q filed on May 10, 2007.
Copyright(C) 2007 Actuate Corporation. All rights reserved.
Actuate and the Actuate logo are registered trademarks of Actuate
Corporation and/or its affiliates in the U.S. and certain other
countries. All other brands, names or trademarks mentioned may be
trademarks of their respective owners.
ACTUATE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, December 31,
2007 2006
----------------------
ASSETS
Current assets:
Cash, cash equivalents and short-term
investments $ 70,584 $ 60,079
Accounts receivable, net 19,808 31,233
Other current assets 5,683 5,233
----------------------
Total current assets 96,075 96,545
Property and equipment, net 4,061 4,379
Goodwill and other intangibles, net 39,696 40,703
Other assets 5,799 5,962
----------------------
$145,631 $147,589
======================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,625 $ 1,590
Current portion of restructuring liabilities 2,980 2,897
Accrued compensation 4,186 6,033
Other accrued liabilities 9,100 9,499
Income taxes payable - 703
Deferred revenue 37,015 38,525
----------------------
Total current liabilities 54,906 59,247
----------------------
Long term liabilities:
Deferred rent - 23
Deferred revenue 1,629 2,328
Tax liabilities 417 420
Restructuring liabilities 6,634 7,761
----------------------
Total long term liabilities 8,680 10,532
----------------------
Stockholders' equity 82,045 77,810
----------------------
$145,631 $147,589
======================
ACTUATE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
--------------- ---------------
2007 2006 2007 2006
------- ------- ------- -------
Revenues:
License fees $14,096 $11,184 $26,086 $21,171
Services 20,604 20,488 40,589 40,345
------- ------- ------- -------
Total revenues 34,700 31,672 66,675 61,516
------- ------- ------- -------
Costs and expenses:
Cost of license fees 476 472 936 966
Cost of services 6,103 6,925 12,393 14,599
Sales and marketing 13,896 12,150 27,002 23,707
Research and development 5,605 5,327 11,073 10,610
General and administrative 4,265 4,208 8,802 8,263
Amortization of other intangibles 237 237 474 474
In-process R&D - - - 900
Restructuring charges - - 297 -
------- ------- ------- -------
Total costs and expenses 30,582 29,319 60,977 59,519
------- ------- ------- -------
Income from operations 4,118 2,353 5,698 1,997
Interest and other income, net 793 343 1,545 678
------- ------- ------- -------
Income before income taxes 4,911 2,696 7,243 2,675
Provision for income taxes 1,528 1,109 2,464 1,558
------- ------- ------- -------
Net income $ 3,383 $ 1,587 $ 4,779 $ 1,117
======= ======= ======= =======
Basic net income per share $ 0.06 $ 0.03 $ 0.08 $ 0.02
======= ======= ======= =======
Shares used in basic per share
calculation. 60,523 60,339 60,660 60,261
======= ======= ======= =======
Diluted net income per share $ 0.05 $ 0.02 $ 0.07 $ 0.02
======= ======= ======= =======
Shares used in diluted per share
calculation 68,480 66,858 68,460 66,214
======= ======= ======= =======
ACTUATE CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(unaudited)
Three Months Six Months
Ended Ended
June 30, (a) June 30, (a)
--------------- ----- --------------- -----
2007 2006 Notes 2007 2006 Notes
------- ------- ----- ------- ------- -----
GAAP income before income
taxes 4,911 2,696 7,243 2,675
Non-GAAP adjustments:
Amortization of purchased
technology 142 164 (b) 285 329 (b)
Amortization of other
intangibles 237 237 (c) 474 474 (c)
Stock compensation expense
under FAS123R 2,353 1,555 (d) 4,250 3,108 (d)
In-process R&D - - (e) - 900 (e)
Restructuring charges - - (f) 297 - (f)
------- ------- ------- -------
Non-GAAP income before
income taxes 7,643 4,652 12,549 7,486
Non-GAAP tax provision 2,293 1,396 (g) 3,765 2,246 (g)
------- ------- ------- -------
Non-GAAP net income 5,350 3,256 8,784 5,240
======= ======= ======= =======
Basic non-GAAP net income
per share $ 0.09 $ 0.05 $ 0.14 $ 0.09
======= ======= ======= =======
Shares used in basic per
share calculation 60,523 60,339 (h) 60,660 60,261 (h)
======= ======= ======= =======
Diluted non-GAAP net income
per share $ 0.08 $ 0.05 $ 0.13 $ 0.08
======= ======= ======= =======
Shares used in diluted per
share calculation 69,028 67,660 (h) 69,133 67,176 (h)
======= ======= ======= =======
(a) This table contains financial measures that are not calculated in
accordance with U.S. generally accepted accounting principles (GAAP).
Such measures are intended to serve as a supplement to the GAAP
results presented elsewhere in this press release, and should not be
considered in isolation or as a substitute for such GAAP results. See
the section entitled Discussion of Non-GAAP Financial Measures in
this press release for additional information regarding: the manner
in which management uses these non-GAAP financial measures; the
economic substance behind management's decision to use such measures;
the material limitations associated with use of these non-GAAP
financial measures as compared to the use of the most directly
comparable GAAP financial measure; the manner in which management
compensates for these limitations when using these non-GAAP financial
measures; and the substantive reasons why management believes these
non-GAAP financial measures provide useful information to investors.
(b) Amortization of purchased technology acquired in the
performancesoft and Nimble acquisition transactions in January of
fiscal year 2006, and July of fiscal year 2003, respectively.
Purchased technology is amortized over the estimated life of the
underlying asset.
(c) Amortization of other intangibles includes identifiable intangible
assets including trade names, employment agreements and customer
relationships acquired through various acquisition transactions.
Other identified intangibles are amortized over the estimated
remaining life of the underlying intangibles.
(d) Prior to January 1, 2006, Actuate accounted for stock compensation
under Accounting Principles Board, Opinion No. 25, "Accounting for
Stock Issued to Employees" ("APB 25"). In accordance with APB 25,
Actuate historically used the intrinsic value method to account for
stock compensation expense. As of January 1, 2006 Actuate accounts
for stock compensation expense under the fair value method. Actuate
adopted the modified prospective transition method, results for prior
periods have not been restated under the fair value method for GAAP
purposes. Actuate is presenting a non-GAAP adjusted net income per
diluted share financial measure which excludes stock based
compensation expense for all periods presented. For the three months
ended June 30, 2007, stock-based expense included approximately $306,
$864, $365, and $818, related to cost of services revenues, sales and
markeing expense, research and development expense, and general and
administrative expense, respectively.
(e) We review our acquisitions to determine if there are any
intangible assets relating to purchased in-process research and
development. Projects that have not achieved technological
feasibility and have no alternative future use are valued at fair
market value using a discounted cash flow analysis and are expensed
in the statement of operations on the date of acquisition.
(f) These costs were directly related to the consolidation of our U.K.
offices and consisted of early termination of facility leases.
(g) Income tax expense is adjusted by the amount of additional expense
or benefit that we would accrue if we used non-GAAP results instead
of GAAP results in the calculation of our tax liability, taking into
consideration the company's long-term tax structure. The Company uses
a normalized effective tax rate of 30%. This item is excluded because
the rate remains subject to change based on several factors,
including variations over time in the geographic business mix and
statutory tax rates.
(h) Shares used in calculating basic and diluted earnings per share
have been adjusted to reflect what the share amounts would have been
if they were calculated using non-GAAP results.
ACTUATE CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended
June 30,
2007 2006
------------------
Operating activities
Net income $ 4,779 $ 1,117
Adjustments to reconcile net income to net cash
from operating activities:
Stock compensation expense 4,250 3,108
Amortization of other intangibles 977 969
Depreciation 1,148 710
Purchased in-process research & development - 900
Restructuring charges 297 -
Net operating loss utilizations associated with
prior acquisitions 30 445
Accretion of discount on short-term investments (143) -
Changes in operating assets and liabilities:
Accounts receivable 11,425 2,801
Other current assets 569 924
Accounts payable 35 (2,604)
Accrued compensation (1,847) (1,648)
Other accrued liabilities (399) 547
Deferred tax assets 432 -
Deferred tax liabilities (384) 86
Income taxes payable (1,228) (138)
Deferred rent liabilities (23) (84)
Restructuring liabilities (1,341) (964)
Deferred revenue (2,209) 1,145
------------------
Net cash provided by operating activities 16,368 7,314
------------------
Investing activities
Purchases of property and equipment (830) (520)
Increase in restricted cash (395) -
Proceeds from maturity of short-term investments 47,857 34,670
Purchases of short-term investments (58,600) (22,917)
Purchases of minority shares of Actuate Japan - (354)
Acquisition of performancesoft, inc., net of cash
acquired - (15,320)
Net change in other assets (33) (989)
------------------
Net cash used in investing activities (12,001) (5,430)
------------------
Financing activities
Tax benefit from exercise of stock options 1,454 754
Proceeds from issuance of common stock 3,276 1,449
Stock repurchases (9,547) (1,988)
------------------
Net cash provided by (used in) financing
activities (4,817) 215
------------------
Net increase (decrease) in cash and cash
equivalents (450) 2,099
Effect of exchange rate on cash 79 342
Cash and cash equivalents at the beginning of the
period 31,113 12,490
------------------
Cash and cash equivalents at the end of the period$ 30,742 $ 14,931
==================
CONTACT: Actuate Corporation
Keren Ackerman, 650-837-4545
kackerman@actuate.com