Comshare in Dettaglio-- di "DarDarg"
By: dardarg on Mercoledì 18 Aprile 2001 18:23
La spinta per questa ricerchetta e' nata da un articolo di Massimo Peppe che parlava delle Comshare come del titolo ideale a rischio quasi nullo e con prospettive di apprezzamento esplosive.
La scelta del timing per consigliarne l'acquisto non e' stata felice perche' si era alla vigilia dell'uscita del bilancio che fu poi deludente determinando un crollo delle quotazioni.
Tuttavia l'articolo mi e' piaciuto perche' ha ridestato una vecchia illusione e cioe' quella di fare, con un solo decisivo acquisto, il colpo della vita .
Ho pensato che il crash momentaneo fosse una fortuna se anche solo una parte di quanto scritto da Massimo era corretto e che, correndo i tempi bui dell'orso, dedicarmi unicamente ad un titolo poteva allontanarmi da tentazioni pericolose.
Non possedendo disciplina, money management infinita pazienza ne'studi adeguati o buoni maestri etc...mi sono così affezionato all'idea che un bel pacchetto di comshare mi garantisca almeno una vecchiaia tranquilla.
Dunque, speranzoso, nei ritagli di tempo, ho seguito quasi quotidianamente le mosse delle Comshare.
Il grafico daily è molto interessante ed ho contato, nell’ultima congestione di queste prime due settimane di aprile, ben 10 barre consecutive con la close up, uno spettacolo almeno insolito.
Sempre nello stesso periodo è stato frequente che la sessione iniziasse con piccoli lotti buttati sotto il range del giorno prima e poi vi siano stati acquisti più consistenti nel finale.Si tratta però sempre di volumi assai magri.
La brutta botta il titolo l’ha presa, come già detto, il 19 gennaio c.a. quando la ditta ha denunciato, nel quarto, un guadagno di miseri 10.000 $ contro i $ 100.000 dell’anno precedente, effetto pare del calo consistente delle legacy fees ( ossia degli introiti legati ai vecchi prodotti).In quel giorno di grande delusione sono girati più di 140.000 pezzi ( contro una media(60g) di 15/20mila ) e s’è perso ¼ del valore che, veramente, s’era raccolto in poche settimane con una spike nei prezzi del tipo “dai compra , compra il botto degli earnings”, che non c’è stato.
Sto botto come aveva già scritto Peppe sembrava nell’aria anche perché nello Statements of operations di giugno 2000 ( il bilancio sintetico al 30/6/2000 , pubblicato su Bridge il 25 luglio, vedi sotto ) c’erano dati doppi dei precedenti e Mister Gangster CEO e pres. di Csre si era sbrodolato addosso con dichiarazioni sui nuovi prodotti del tipo “ We belive these releases will be a milestone in the financial analytic software market ….etc.” .
Il bello è che sembra avesse ragione perché i commenti degli analisti specializzati nel settore, usciti a distanza di 6 mesi, sono dello stesso tono ( vedi i ritagli sotto riportati).
Una sensazione è quella che il titolo a forza di ribassi e false partenze abbia stufato gli investitori: per es. il 17/4/2001 ho avuto l’impressione che vi sia davvero poca offerta/interesse alle azioni; comprando un piccolo lotto a 2.85 $ verso l’ultimo prezzo battuto a 2.76 offrivo il 3 e rotti % in più senza che per due ore fregasse assolutamente nulla a nessuno . Nel bilancio sintetico ho visto un cash molto robusto , 2.26 $ x share, ( 22.163.000 $/9.788.152 tot. shares).
Fra gennaio e marzo e anche dopo, ho certosinamente raccolto le tracce su Bridge e Bigcharts( di nuovo vedi i ritagli di sotto ) di parecchi buoni affari conclusi dalla ditta e andando indietro allo stesso periodo del 2000 non sono riuscito a trovare nulla di simile nelle vecchie notizie riportate da Bridge e Bigcharts.
Ricordo che l’azienda ha iniziato il suo declino nei prezzi nel 96/97, quindi ben prima dell’orso del 2000, scendendo dai 34 $ ai 2/3 attuali e reagendo solo con brevissimi rally verso 8/10 $ al bull 1999/2000 ( il pendolo è dunque ben tirato).
Nel grafico mensile si vede una lunghissima congestione/tradingrange che dura dall’estate 98 a oggi fra 5 e 2.50 $ con una puntata nel ’99 sopra 8 (ma close mensile sotto 5).
Anticipo che mi paiono poco utili anche se indubbiamente giusti commenti del tipo “titolo piccolo” “altamente manovrabile” “chissa’ quando e se si muoverà” “perché proprio quello e non ricchetti o xx” .
Ho cercato tutte le notizie che potevo su questo titolo usando principalmente due fonti Bridge e Bigcharts e qui di seguito c'e' quello che ho trovato.
Il contributo di tutti sara' comunque piu' che gradito.
Non so quali fossero i motivi che hanno spinto Massimo a pubblicarsi, se vanità, altruismo, interesse o altro. Ciò che spinge me a postare è probabilmente un mix di quelli oltre al desiderio di accendere una discussione sul titolo con critiche osservazioni etc., il personale divertimento alla scommessa e non ho difficoltà ad ammetterlo, invogliare la gente a coprarlo e magari farlo salire (essendo un microtitolo), visto che io ne ho già fatto scorta ad una media di circa 3 $ .
Riporto infine, dopo i ritagli , parte dei bilanci citati ed un loro commento . Senz’altro vi saranno molti che sanno leggere le contabili meglio di me e aspetto volentieri correzioni e suggerimenti ed ogni altra osservazione.
Ecco, a partire dal 16 aprile 2001 e finendo al 3 gennaio 2001 , gli affari conclusi dall'azienda( fonti:Channelbridge, Bigcharts ).
San Diego Unified Port District Streamlines Budgeting Process With Comshare's Web-Based Management Planning and Control Software
MONDAY, APRIL 16, 2001 9:28 AM
- Canadian Corporate News
ANN ARBOR, MICHIGAN, APR 16, 2001 (CCN Newswire via COMTEX) -- Special government entity responsible for San Diego's harbor, airport and public lands uses Comshare to help manage quarter billion dollar budget
Comshare, Incorporated (Nasdaq:CSRE) announced today that the San Diego Unified Port District ("the Port") has chosen Web-based Comshare(R) software for management planning and control (MPC) to provide users with state-of-the-art technology to handle the Port's multimillion dollar budget.
The Port comprises the combined land, sea and air assets on San Diego Bay and serves as the gateway to millions of visitors each year. The Port is using Comshare's Web-architected MPC software and Oracle database technologies to take the planning and management of the Port's annual budget to the next level.
"We are going through a major metamorphosis," says Bob Graves, budget administrator for the Port. "We have 40 departments in nine different divisions at several locations around San Diego Bay -- roughly 100-plus users who are beginning to reap the benefits of our work using Comshare. Our people just love what they can do with the information we make available to them through the Comshare MPC solution virtually anytime, anywhere over the Web. It's fast, it's easy to use, and the analysis tools built into the software are very powerful." Comshare is the leader in Web-based solutions for management planning and control, which comprises planning, budgeting, forecasting, financial consolidation, management reporting and analysis.
Comshare, Incorporated: America's Largest Dental Equipment Manufacturer Creates 'Wow' Application With Comshare Business Intelligence Software
WEDNESDAY, APRIL 11, 2001 9:26 AM
- Canadian Corporate News
ANN ARBOR, MICHIGAN, APR 11, 2001 (CCN Newswire via COMTEX) -- a-dec, Inc., leading distributor of dentistry tools, furniture and cabinets, solves its growing information management problem with Web-architected software from Comshare
Comshare, Incorporated (Nasdaq:CSRE) announced today that Oregon-based a-dec, Inc., a privately owned dental equipment manufacturer, has chosen Comshare(R) to harness the company's sales and production information. The Web-architected Comshare application, employing Comshare Decision(TM), is designed to make the 36-year old manufacturing giant more customer-focused, while reducing the hidden costs of overtime labor and inventory levels that were out of synch with actual customer needs.
Telecordia Technologies Selects Comshare's Web-based MPC Software to Manage Growth and Stay Competitive
THURSDAY, MARCH 22, 2001 9:04 AM
ANN ARBOR, Mich., Mar 22, 2001 (BUSINESS:CSRE) announced today that telecommunications giant, Telcordia Technologies Inc. has chosen Web-architected Comshare software for management planning and control (MPC) functions. Comshare is the leader in Web-based solutions for MPC, which comprises planning, budgeting, forecasting, financial consolidation, management reporting and analysis.
"The Comshare application will grow with us as the needs of the company change," said Frank Barra, executive director of financial planning and services at Telcordia. "It provides Telcordia with a centralized, Web-based system that is fully functional, including a multidimensional data repository and built-in analytical capabilities for budgeting, forecasting, financial analysis and reporting over the Web."
Rockwell Automation Chooses Comshare to Automate Annual Operating Plan and Budget
MONDAY, MARCH 12, 2001 9:00 AM
ANN ARBOR, Mich., Mar 12, 2001 (BUSINESS:CSRE) announced today that South Carolina-based Rockwell Automation, responsible for Dodge(R) mechanical power transmission products and Reliance Electric(R) motors and drives, has chosen Comshare to create a very specialized solution for handling the company's annual operating plan and budget.
The Web-architected application, employing Comshare Decision(TM), serves the Rockwell Automation headquarters facility in Greenville, South Carolina and over 25 manufacturing and service locations across the United States and Canada. Comshare is the leader in Web-based solutions for management planning and control (MPC), which comprises planning, budgeting, forecasting, financial consolidation, management reporting and analysis.
Rockwell Automation, a business of Rockwell International Corporation (NYSE:ROK), brings together leading brands in industrial automation, including Dodge mechanical power transmission products, Reliance Electric motors and drives, Allen-Bradley(R) controls and Rockwell Software(R). Rockwell is a $7 billion electronic controls and communications company with global leadership market positions in industrial automation, avionics and communications, and electronic commerce. The company employs about 40,000 people at more than 450 locations serving customers in more than 80 countries.
Rockwell Automation produces more than 500,000 products that have been providing leading-edge technology solutions to customers for nearly a century. The company offers integrated motor and mechanical power transmission solutions for automation needs in mining, aggregate, food/beverage, forestry, transportation, petrochemicals, metals, unit handling, air handling and environmental-related industries.
St. Paul International Selects Comshare's Web-based Management Planning and Control Solution for 150 Users Across 13 Countries
WEDNESDAY, MARCH 07, 2001 11:04 AM
ANN ARBOR, Mich., Mar 7, 2001 (BUSINESS WIRE) -- St. Paul International, a leading provider of property and casualty insurance in over 100 countries, with revenues of $456 million (312 million GBP), has selected Comshare's web-based management planning and control solution (MPC) on Microsoft SQL Server.
Carlisle Tire & Wheel Company Chooses Comshare to Integrate Worldwide Budgeting and Consolidation
MONDAY, FEBRUARY 05, 2001 9:01 AM
ANN ARBOR, Mich., Feb 5, 2001 (BUSINESS:CSL), is a leading manufacturer and distributor of quality recreational, commercial, and utility tires and wheels. With locations in North America, Mexico, Trinidad, and China, Carlisle Tire & Wheel needed a single, easy to maintain, and centralized budgeting system. The system needed to be accessible to users at all locations while providing built-in financial intelligence that would free users to analyze the information they were required to report monthly. Carlisle Tire & Wheel chose budgeting software from Comshare(R) Inc. (Nasdaq:CSRE) running on a Microsoft SQL Server database to handle its information management needs.
Largest Division of FabriSteel Products Chooses Comshare to Standardize Worldwide Consolidation
TUESDAY, JANUARY 23, 2001 9:01 AM
ANN ARBOR, Mich., Jan 23, 2001 (BUSINESS:CSRE) announced today that Ohio-based Nelson Stud Welding, the largest division of FabriSteel Products Inc., has chosen Comshare consolidation software, Comshare FDC(TM), for its monthly multinational consolidation and reporting needs. Previously owned by TRW and recently sold to Michigan-based FabriSteel Products, Nelson Stud Welding is the largest and only multinational division of the new parent company. Purchased in March 2000, the division needed to act quickly to adapt its consolidation and reporting process to the new parent company that, heretofore, had not needed such powerful, multicurrency, Web-based reporting and consolidation capabilities.
BMW Manufacturing Corp. Chooses Comshare to Harness Operating Cost Information and Improve Productivity
WEDNESDAY, JANUARY 17, 2001 10:43 AM
ANN ARBOR, Mich., Jan 17, 2001 (BUSINESS:CSRE) announced today that South Carolina-based BMW Manufacturing Corp. has chosen Comshare Decision(TM) as its business intelligence (BI) solution for its manufacturing facility. It is the first facility of its kind to be built outside of Germany where the parent company, BMW AG, is located. The U.S.-based company needed a fast, flexible reporting system to manage its plant cost structure and productivity targets.
Baker & Taylor Revolutionizes Decision-Making With Comshare's Web-Based Management Planning and Control Software
TUESDAY, JANUARY 09, 2001 9:03 AM
ANN ARBOR, Mich., Jan 9, 2001 (BUSINESS:CSRE) announced today that privately owned, North Carolina-based Baker & Taylor Inc. (B&T) has chosen Web-based Comshare software for management planning and control (MPC) to revolutionize the way it does business.
B&T is completing the first phase of a multiphase plan to empower decision-makers by centralizing information that has been housed in a variety of independent applications, spreadsheets, and data repositories. The company is using Comshare's Web-architected MPC software and Microsoft SQL Server database technologies to get the job done.
"Our long range goal is to have a single, centralized management reporting and analysis system using Comshare software for the entire enterprise," says James Sharrett, financial analyst/systems administrator for Baker and Taylor, "combining general ledger information and sales information in one place. By bringing all that information together, our managers will have immediate access to a single version of the truth and our detailed sales information will always tie back to our reported financial information." Comshare is the leader in Web-based solutions for management planning and control, which comprises planning, budgeting, forecasting, financial data consolidation, management reporting and analysis.
Neilsen & Bainbridge Identifies Comshare as Corporate Standard for Both Executive and Statutory Reporting Needs
WEDNESDAY, JANUARY 03, 2001 9:09 AM
ANN ARBOR Mich., Jan 3, 2001 (BUSINESS:CSRE)
Leading producer and distributor of high-quality picture framing
products chooses Comshare for enterprise-wide consolidation
Comshare(R) Inc. (Nasdaq:CSRE) announced today that New Jersey-based Neilsen & Bainbridge (N&B), one of the world's leading producers and distributors of high-quality picture framing products, has chosen Comshare consolidation software for its monthly multinational consolidation and reporting needs. Previously, N&B was one of five consolidation sites for the multispeciality Sweden-based company, Esselte. The one-time consolidation site was divested in 1999 and N&B's finance team needed to act quickly to become the new corporate reporting site for its own reporting locations across North America, Europe, and the Pacific Rim.
"The divestiture took place quite rapidly and we needed a consolidation tool that everybody knew how to work," says John Szabo, Controller for Neilsen & Bainbridge. "Comshare consolidation software was chosen because we were happy with its performance as an executive management reporting tool in addition to its statutory reporting capabilities. We also wanted to continue to use consolidation software with which our 25 reporting site controllers were comfortable." Comshare is the leader in Web-based solutions for management planning and control (MPC), which comprises planning, budgeting, financial consolidation, management reporting and analysis.
Neilsen & Bainbridge is the leading manufacturer of high-quality mat boards and frames for framing professionals. Chances are if you have ever had a picture professionally framed, it incorporated Neilsen & Bainbridge materials. In addition to the main markets in the United States and Germany, picture framing products are sold through Neilsen & Bainbridge associated companies in Canada, France, the United Kingdom, Sweden, Australia, Japan, Denmark, Belgium, the Czech Republic, and Poland. The company also exports products to several countries including the Netherlands, Switzerland, Austria and Spain.
Ecco gli ultimi commenti sui nuovi prodotti dell'azienda ( Chanbridge, bigcharts).
Bloor Research Pronounces That 'Comshare has Stolen a March On the Market Place'
THURSDAY, MARCH 29, 2001 1:56 PM
- Canadian Corporate News
ANN ARBOR, MICHIGAN, MAR 28, 2001 (CCN:CSRE) announced today that Bloor Research, Europe's leading IT research and publishing organization, has published a new report on Comshare MPC(TM).
The report, "Management Planning and Control from Comshare," reviews the product in depth and strongly supports Comshare MPC as a premier financial analytic application because of its comprehensive handling of multiple processes in one system, intuitive design for easy use, and open architecture to allow the product to work on mainstream relational and OLAP databases plus ERP, CRM and business intelligence (BI) systems.
Bloor Research's report gives details about the high value Comshare MPC adds in an organization's management planning and control process, which comprises planning, budgeting, forecasting, financial consolidation, management reporting and analysis. The report can be obtained through Comshare's Website at www.comshare.com/bloor.
"As far as we know Comshare MPC is the first product to unite all the aspects of financial planning, management and reporting into a single solution," says Philip Howard, senior analyst at Bloor Research and author of the report. "It is perhaps easiest to think of MPC as being the financial equivalent of ERP. That is, it takes all the relevant aspects of management and control and unites them into a single environment, where each can interact with each other to the extent that is necessary... MPC (is not horrendously complex as ERP systems have been), partly because of the way that it has been implemented and also due to the fact that there are only four or five (counting Decision) modules to be integrated, as opposed to 60 or more."
MPC Spells Market Leadership
"With MPC, Comshare has stolen a march on the market place," Howard asserts in his report. "Nobody else can yet offer such a comprehensive solution with this degree of integration. This is probably because the company's historical emphasis has been on analysis and reporting rather than on, say, General Ledger systems. This has enabled it to build an infrastructure to support this level of integration much more easily. In addition, it has successfully hidden this infrastructure from the financial user so that he or she can get information about their business without having to worry about the technical details that are under the covers. This combination should prove a winning one and Comshare MPC should continue to lead the market for some time to come."
Aberdeen Group Proclaims Comshare MPC 4.0 ``A World-Class Enterprise Management Solution''
THURSDAY, FEBRUARY 15, 2001 9:03 AM
ANN ARBOR, Mich., Feb 15, 2001 (BUSINESS WIRE) --
Comshare MPC Possesses "The Vital Elements of Management Planning and
Control That are Crucial to Enterprise Business Success"
Asserting that Comshare Inc. (Nasdaq: CSRE) "has emerged as an even more formidable competitor in the enterprise-wide financial analytic space," Boston, Mass.-based Aberdeen Group released a new Profile report, entitled "Management Planning and Control: Closing the Gap between Business Strategy and Financial Performance." The Profile reviews and strongly supports Comshare MPC 4.0 as uniquely suited to simplify corporate financial and performance management processes with its unrivaled power, flexibility and ease of use.
Aberdeen's report, authored by Alan Yong, research director for financial analytics, presents a detailed review of Comshare MPC and its central place in an organization's management planning and control process, which comprises planning, budgeting, forecasting, financial consolidation, management reporting and analysis. The report is available on Comshare's website at http://www.comshare.com/aberdeen.
Comshare MPC 4.0 is the first application that, in a single, Web-based software package, directly links and fully integrates all the data and work related to strategic planning, budgeting, forecasting, financial consolidation, management reporting and analysis. Comshare MPC also capitalizes on the wealth of data stored in multiple, disparate sources and centralizes information for any number of users to access it over the Web from anywhere in the world.
Crucial to Enterprise Success
"This world-class enterprise management solution delivers the integrated -- and collaborative -- financial software that not only improves but also optimizes the corporate bottom line," said Yong in his report. "Users adopting MPC 4.0 will possess a single, cohesive, and ongoing system that facilitates effective strategy development and implementation, efficient decision-making, and cross-culture collaboration -- the vital elements of management planning and control that are crucial to enterprise business success."
The Aberdeen Group's report clearly demonstrates that there is a wide gap between the ideal information and technology environment required for financial analysis and planning and the solutions provided by most of today's heavily touted analytic tools. Most of these offerings either link together distinct and sometimes architecturally different modules, or they aggregate data from multiple spreadsheets delivered over the web. Companies are increasingly turning toward highly scalable analytic software solutions that provide users with enterprise-wide functionality and can handle the broadest range of financial and performance management analytics. Comshare MPC is exactly the solution these organizations want
Ecco una recente intervista online del CEO che spiega come in ambienti economici difficili come l'attuale sia importante possere la tecnologia comshare
Comshare President and CEO Interviewed On CEOcast; Comshare MPC Software Can Be a Company's Key to Surviving Swings in the Economy and Being Successful
MONDAY, FEBRUARY 26, 2001 2:21 PM
ANN ARBOR, Mich., Feb 26, 2001 (BUSINESS:CSRE), the leader in Web-based software solutions for management planning and control (MPC), announced that its President and Chief Executive Officer, Dennis G. Ganster, is being featured in an online interview at CEOcast.com.
According to Ganster, Comshare has seen global growth of its core MPC business at a compound annual rate of 30%. Given the swing to a softer economy and the adverse effects that swing has had on companies, Comshare is well-positioned to continue its growth by providing organizations with MPC software that will help them to better manage their businesses.
"It's in just this kind of an environment where things are uncertain -- when ... the economy is in a state of flux, consumer confidence is weakening, no one really knows if we're going into a recession or not -- it causes companies to have to replan and really get a better grip on what their direction is going to be," Ganster said. "And if they're wrong about some of their assumptions, they're going to have to replan again in the future. That's exactly where we can help organizations do a much better job. So, I think [this economic environment] is an opportunity for Comshare."
Comshare MPC(TM), the company's flagship product, is the first application that, in a single, Web-based software package, directly links and fully integrates all the data and work related to planning, budgeting, forecasting, financial consolidation, management reporting and analysis. During his interview, Ganster also addresses geographic and product-focused growth areas for Comshare's core business, typical characteristics of companies that need Comshare MPC, recent product releases, and marketing.
A link to the interview is available on the "Investors" page at Comshare's Website at http://www.comshare.com/investors/invest.cfm. You may also access the interview at http://www.ceocast.com.
Ed ora anche una iniziativa promozionale sposorizzata dalla AMA
American Management Association and Comshare Launch E-budgeting Course; Participants Gain In-Depth Knowledge About Best Practices in Management Planning and Control
THURSDAY, MARCH 15, 2001 9:01 AM
ANN ARBOR, Mich., Mar 15, 2001 (BUSINESS:CSRE), the leader in software solutions for management planning and control, announced today that it and the management training leader, American Management Association (AMA) are offering a new three-day course on "eBudgeting, Planning and Management Reporting." The course, which was developed jointly by Comshare and the AMA, will be offered publicly in the AMA's training centers and be made available to corporate customers for on-site customized training.
"Given the current economic and business climate, now's the time to ensure that companies have the right system in place to connect business goals, actual performance, and future expectations," said Jim Hudick, Ph.D., AMA practice leader for financial management programs. "The Web plays a major role in making this happen. This course explains the processes and technologies that are the foundation of that evaluation and selection system and how to put it in place -- all to add real value to the organization. We're proud to offer this new course to AMA's members and customers, because it provides them with a powerful way to implement their corporate strategies and manage their businesses more effectively."
"Influential and objective organizations, like the AMA, are recognizing that Comshare is a leading authority on Web-based planning, budgeting and reporting," said Stan Starkey, senior vice president of operations. "This course draws on Comshare's 35 years of experience designing and implementing applications for planning, budgeting, forecasting, financial consolidation, management reporting and analysis in leading organizations worldwide. Attendees will learn about best practices and keys to successful design and implementation of a management planning and control system that integrates these applications into one solution."
This three-day, hands-on course challenges the traditional methods of planning, budgeting and reporting. Using a workshop approach and individual experiences, participants will work through a case study and learn how to implement `best practices' within their own organizations. The course will also show how newer technologies such as the Web, can transform the way they plan, budget and report. The major content of the course includes:
-- A case study performed in groups that will reveal the major
problems of the traditional budgeting process and how they can
-- Discussions on "best practices" in management planning and
control and how technology can be used to bring them to
-- Overview of available technologies and the latest solutions
for the planning/reporting process. This will also include how
to conduct software evaluations.
-- Tips on how to overcome organization politics with case
studies on how other organizations have achieved success.
Schedule and Registration
The course is geared for senior and midlevel financial executives, professional consultants and administrators involved in the definition and running of an organizations' planning, budgeting and reporting processes. The regular registration fee for the course is $1995. Sessions for the course are scheduled to take place at AMA Conference Centers in the following cities:
-- April 30 - May 2, 2001 in San Francisco
-- June 27-29, 2001 in Chicago
-- September 17-19, 2001 in Atlanta
-- October 22-24, 2001 in Washington DC
-- November 12-14, 2001 in Chicago
Vediamo ora cosa e' successo l'anno scorso nello stesso periodo temporale.
Comshare Reports Third Quarter Profit; Record License Fee Gains for BudgetPLUS and FDC
WEDNESDAY, APRIL 19, 2000 4:48 PM
ANN ARBOR, Mich., Apr 19, 2000 (BUSINESS WIRE) -- Comshare, Incorporated (Nasdaq:CSRE) announced today net income of $0.2 million, or $0.02 per share for the quarter ended March 31, 2000, which compares to a net loss of $1.4 million, or a loss of $0.15 per share, in the same period one year ago. Net income for the nine months was $0.3 million, compared to a net loss of $1.3 million in the same period one year ago.
Total revenue for the third quarter was $15.0 million, up slightly from $14.8 million for the same quarter a year ago. Total license fees of $5.6 million in the third quarter increased 4% over the $5.4 million in the same quarter a year ago.
"The license fee growth this quarter, although modest, was an important milestone as the increase was driven by the success of our newer products, particularly BudgetPLUS and FDC," stated Dennis G. Ganster, Comshare President and CEO. "License fees for the newer products grew 38% compared to the same quarter a year ago, and represented 90% of license fees, compared to 68% of license fees in the third quarter of fiscal 1999."
"There were a number of other positives in the quarter," continued Ganster. "BudgetPLUS license fees were a record $2.7 million, higher than any previous quarter, including the seasonally strongest fourth quarters of prior years. The 172% growth in BudgetPLUS license fees reflected increases in both our direct and distributor territories. The growth in BudgetPLUS reflects our marketing focus that places BudgetPLUS as the cornerstone to our management planning and control product suite. That growth reflects the successful change to broaden our technology platform to support mainstream relational databases. Over 80% of BudgetPLUS license fees were from the new relational database versions released last year. FDC was again a success story this quarter, with license fees up 104%, compared to the year-ago quarter, influenced by the new management reporting and analysis capability added late last fiscal year. As a result of the growing BudgetPLUS and FDC license fees in the prior quarters, implementation services revenue increased 21%, contributing to overall revenue growth."
License fees from Comshare's distributor territories declined 15%, negatively affected by the decline in legacy license fees. However, license fees of Comshare's newer products increased 23% in the distributor territories, indicating that the shift toward the Company's newer products is underway. Performance in the direct sales territories was again strong, with license fee growth of 29%.
"Comshare's financial picture has been steadily improving, with profits in nine of the last ten quarters, continued growth in our newer products, and positive cash flow in the third quarter," concluded Ganster.
"With BudgetPLUS well established, we are broadening our message to cover the full management planning and control product suite. Our goal is to offer Web-based solutions that seamlessly unite planning, budgeting, reporting and analysis into a fully integrated, closed-loop system supporting the management planning and control process," stated Ganster. "Toward that end, we released two new products during the third quarter: Comshare Planning and Comshare Management Reporting and Analysis. Planning is a flexible solution for strategic and top-down planning, and we expect it to be an important differentiator when it is fully integrated with BudgetPLUS. Management Reporting and Analysis is a fully Web-based solution, available on the major relational databases, that helps customers broadly disseminate management information. Both products significantly strengthen our product suite for management planning and control with the kinds of solutions that add substantial value to our customers' businesses."
Companies around the world and in many industries purchased Comshare applications in the third quarter, including American Re-Insurance Company, Checkpoint Systems, Inc., Credit Agricole AMT, CUNA, Deloitte & Touche, Intrawest Corporation, Liberty Life Insurance Company, L.P., NatWest Global Financial Markets, PepsiCo, Inc., Pinderfields and Pontefract Hospital NHS Trust, and Randstad US.
dunque le notizie di bilancio e la loro valutazione erano buone e cio' si riflette sui prezzi:
il grafico mostra una bella progressione da meta' aprile 2000 alla fine di settembre.
Poi di nuovo il buio fino ai minimi attuali
Management`s Discussions: 10-Q, COMSHARE INC
TUESDAY, FEBRUARY 13, 2001 3:23 PM
- Edgar Online
The decline in total revenue of 1.3% from the quarter ended December 31, 1999 was primarily due to a 26.2% decline in revenue from the Company's older desktop ("legacy") products, offset by a 21.4% increase in revenue from the Company's management planning and control software applications ("MPC"). Total revenue growth of 2.5% from the six months ended December 31, 2000 was primarily due to a 19.8% increase in MPC revenue, offset by a decline of 17.3% in the Company's legacy products. MPC revenue was $9.5 million for the quarter ended December 31, 2000, representing 64.3% of total revenue, and $18.9 million for the six months ended December 31, 2000, representing 62.4% of total revenue.
The 4.6% decline in software license fees from the quarter ended December 31, 1999 was primarily due to a 40.4% decline in license fees from the Company's legacy products. The decline was offset by growth in MPC license fees of 27.4% primarily from an increase of 90.7% in license fees for the Company's BudgetPLUS product, offset by a 55.1% decrease in FDC license fees, a legacy application. License fees for the BudgetPLUS product were $2.7 million and $1.4 million for the three months ended December 31, 2000 and 1999, respectively. FDC license fees decreased from $1.1 million for the quarter ended December 31, 1999 to $0.5 million for the same period ended December 31, 2000. FDC is a mature product, which is being replaced with the Company's newly released next generation financial consolidation product. As the Company continues to enhance its new relational financial consolidation product, the Company expects FDC sales to continue to decline. The 7.9% decline in license fees from the six months ended December 31, 1999 was primarily due to a 58.4% decline in FDC license fees and a 29.7% decline in legacy license fees offset by a 65.3% increase in license fees from the Company's BudgetPLUS product. License fees for BudgetPLUS were $4.7 million and $2.9 million for the six month periods ended December 31, 2000 and 1999, respectively. FDC license fees were $1.0 million and $2.5 million for the six month periods ended December 31, 2000 and 1999, respectively. MPC license fees represented 70.5% and 65.9% of total license fees for the three and six month periods ended December 31, 2000, respectively.
Software maintenance revenues decreased 1.8% from the three months ended December 31, 1999 as a result of an increase of 26.1% in MPC product maintenance, offset by a decline of 14.6% in the legacy maintenance, due to mainframe and desktop maintenance cancellations. MPC product maintenance accounted for 40.5% of total maintenance versus 31.5% for the three months ended December 31, 2000 and 1999, respectively. The growth in MPC product maintenance reflects the license fee growth in BudgetPLUS in the prior fiscal year. Software maintenance revenues are flat from the six-month period ended December 31, 1999 reflecting the growth in the Company's MPC products, offset by a decline in maintenance revenues for legacy products.
Implementation, consulting and other services revenue was $3.6 million and $8.5 million for the three and six months ended December 31, 2000, respectively. Implementation, consulting and other services revenue was $3.4 million and $6.9 million for the three and six months ended December 31, 1999, respectively. During the quarter ended December 31, 2000, 93.8% of total implementation services revenue was related to MPC products, primarily the BudgetPLUS product. Implementation services revenue related to MPC products were 91.5% of total implementation services revenue for the six months ended December 31, 2000. The increase in implementation services revenue from the six-month period ended December 31, 1999 was primarily due to the growth in BudgetPLUS license fees in the Company's direct operations.
COSTS AND EXPENSES
THREE MONTHS ENDED
LIQUIDITY AND CAPITAL RESOURCES
At December 31, 2000 cash and cash equivalents were $22.2 million, compared with cash and cash equivalents of $29.5 million at June 30, 2000. The decrease in cash and cash equivalents is principally due to increased days sales outstanding in accounts receivable and payment of fiscal 1999 and earlier years' restructuring costs and related items.
Net cash used in operating activities was $6.8 million in the three months ended December 31, 2000, compared with $3.6 million in the three months ended December 31, 1999, primarily due to increased accounts receivable and the payment of restructuring costs, as described above. The prior year cash benefited from a tax refund of $1.9 million. In addition the increase in cash used was due to reduced accounts payable accruals associated with payroll.
Net cash used in investing activities was $0.2 million in the six months ended December 31, 2000 and $0.3 in the six months ended December 31, 1999. The Company purchases most of its computer equipment under operating leases. At December 31, 2000, the Company did not have any material capital expenditure commitments.
Net cash used in financing activities was $0.1 million in the three months ended December 31, 2000, compared with net cash used in financing activities of $0.8 million in the same period one year ago. The net decrease in cash used in financing activities was primarily due to the repayment of capital leases, which was completed in fiscal 2000 and did not impact the quarter ended December 31, 2000.
Total assets were $55.6 million at December 31, 2000, compared with total assets of $60.1 million at June 30, 2000. Working capital as of December 31, 2000 was $25.0 million, compared with $25.5 million as of June 30, 2000. The decrease in total assets and working capital from June 30, 2000 to December 31, 2000 was primarily due to the decline in cash and cash equivalents during the six months ended December 31, 2000.
The Company has a $10 million credit agreement which expires on September 30, 2002. Borrowings are secured by accounts receivable and the credit agreement contains covenants regarding, among other things, earnings leverage, net worth and payment of dividends. Under the terms of the credit agreement, the Company is not permitted to pay cash dividends on its common stock. Borrowings under this credit agreement were approximately $0.1 million and total available borrowings were $10 million at December 31, 2000. Borrowings available at any time are based on the lower of $10 million or a percentage of worldwide eligible accounts receivable and cash. At December 31, 2000, the interest rate on borrowings denominated in Japanese yen, which were used to hedge receivables in those currencies, was 2.53%.
The Company believes that the combination of present cash balances and amounts available under credit facilities will be sufficient to meet the Company's currently anticipated cash requirements for at least the next twelve months. The foregoing statement is a "forward looking statement" within the meaning of the Securities and Exchange Act of 1934, as amended. The extent to which such sources will be sufficient to meet the Company's anticipated cash requirements is subject to a number of uncertainties, including the ability of the Company's operations to generate sufficient cash to support operations, and other uncertainties described in "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations - Safe Harbor Statement."
MARKET SENSITIVITY ANALYSIS
The Company is exposed to market risk from changes in foreign exchange and interest rates. To reduce the risk from changes in foreign exchange rates, the Company selectively uses financial instruments. The Company does not hold or issue financial instruments for trading purposes.
The Company, at various times, denominates borrowings in foreign currencies and enters into forward exchange contracts to hedge exposures related to foreign currency transactions. The Company does not use any other types of derivatives to hedge such exposures nor does it speculate in foreign currency. In general, the Company uses forward exchange contracts to hedge against large selective transactions that present the most exposure to exchange rate fluctuations. At December 31, 2000 and June 30, 2000, the Company had forward
contracts of approximately $3.9 million and $5.6 million (notional amounts), respectively, denominated in foreign currencies. The contracts outstanding at December 31, 2000 mature through April 12, 2001 and are intended to hedge various foreign currency commitments due from the Company's distributors. Due to the short-term nature of these financial instruments, the fair value of these contracts is not materially different than their notional amounts at December 31, 2000 and June 30, 2000.
Gains and losses on the forward contracts are largely offset by gains and losses on the underlying exposure. The Company conducts business in approximately 6 foreign currencies, predominately British pounds, the Euro and Japanese yen. A hypothetical 10 percent appreciation of the U.S. dollar from December 31, 2000 market rates would increase the unrealized value of the Company's forward contracts and a hypothetical 10 percent depreciation of the U.S. dollar from December 31, 2000 market rates would decrease the unrealized value of the Company's forward contracts. In either scenario, the gains or losses on the forward contracts would be largely offset by the gains or losses on the underlying transactions, and so would have an immaterial impact on the Company's results of operations.
The Company maintains its cash and cash equivalents in highly liquid investments with maturities of ninety days or less. The Company has the ability to hold its fixed income investments until maturity, and therefore the Company would not expect its operating results or cash flows to be affected to any significant degree by the effect of a hypothetical 10 percent change in market interest rates on its cash and cash equivalents.
Comshare Reports Second Quarter Results
THURSDAY, JANUARY 18, 2001 4:30 PM
ANN ARBOR, Mich., Jan 18, 2001 (BUSINESS:CSRE) announced today net income of $.01 million, or $.00 per share, for the quarter ended December 31, 2000, compared to net income of $.1 million, or $.01 per share, for the same period one year ago. Total revenue for the second quarter was $14.8 million, compared to $15 million for the same quarter a year ago. The Company also anticipates it will take an estimated $.9 million restructuring charge in the Company's third quarter ended March 31, 2001, reflecting cost reduction actions.
"Revenue from our management planning and control products grew 21% in the second quarter, compared to the same quarter a year ago," stated Dennis G. Ganster, President & CEO, "driven by strong sales of our budgeting application, which had 89% license fee growth in the quarter. We continue to see strong demand for enterprise budgeting applications to replace internally-developed spreadsheet systems. The recent release of our latest version of MPC 4.0 strengthens our product offering and provides what we believe is the first web-based, integrated application for budgeting, planning, consolidation and reporting."
"The progress that we are making transitioning our business to the new management planning and control products is masked by the decline in revenue from legacy our products," continued Ganster. "While total license fees declined 5%, license fees of the management planning and control license products grew 27%. For the quarter, legacy license fees declined 40%. Similarly, maintenance revenue declined 2% in total, with the growth in maintenance from the management planning and control applications offset by the decline in legacy maintenance. Implementation services revenue, which reflects the product mix of new name sales, grew 5% on the continuing strength of budgeting application sales." "We have made solid progress in achieving our management planning and control strategic direction," Ganster emphasized. "Total revenue from our management planning and control products was $9.5 million in the second quarter, growing 21% over the same period a year ago and representing 64% of total revenue."
"I was also pleased by the resumption of growth in license fees in our direct operations, where license fees grew 10% in the second quarter over the same quarter a year ago," stated Ganster. "While we continued to experience declining license fees from our foreign distributors, the declines in the recent quarters have been in the legacy products. License fees of our budgeting application by the distributors are growing strongly, up 102% this quarter compared to the same quarter a year ago."
"Our strategy during this business transition has been to invest the profits of the legacy business to build the new management planning and control business, operating basically at breakeven," continued Ganster. "The decline in legacy revenue has led to increased variability in total revenue and hampers our ability to operate at breakeven. As a result, we are reducing selective costs going forward, and we expect to trim approximately $2 million of annual personnel and other expenses in the third quarter. We are continuing to invest in the management planning and control business with a view towards its continued growth."
"In addition to the December release of MPC 4.0, we just released Comshare Decision 4.0, our web-based platform for custom business intelligence solutions," added Ganster. "Since Decision is the heart and soul of our MPC product suite, it can be used to design special analytic solutions that work seamlessly with the Comshare systems our current customers have. And because of Decision's advanced open architecture, it can also easily leverage mainstream data warehousing technology, including that used for ERP and CRM systems, allowing customers to extend their use of Comshare technology."
During the quarter, new-name customers for Comshare's management planning and control solutions included companies like AKZO-PQ Silica; Dana Corporation, Spicer Light Axle Group; DoubleClick; EMI Records UK; Nortel Networks UK; OneSource Information Services, Inc.; Patagon.com; Transco LNG Storage and Weigh-Tronix, Inc.
In December Comshare was ranked as one of the nation's top 100 customer-centric companies according to the first-ever "Innovation 100" research study coproduced by Information Week magazine and Cap Gemini Ernst & Young. "Comshare was the only financial analytic software firm to make the ranking," commented Ganster, "We were pleased to be recognized for our customer-centric innovation because we believe that we have had a strong customer focus throughout our 35 year history."
"Comshare has made great progress building a new business around management planning control," concluded Ganster. "What gives me confidence is that our budgeting product, which is at the heart of the new business, is growing strongly on a worldwide basis. Our focus is to build on that foundation to achieve a market leadership position in the broader application of management planning and control."
Comshare will hold a conference call chaired by Dennis Ganster today at 5:30 p.m. (EST). Investors can access the call from the Investors section of the Comshare web site, www.comshare.com, or by dialing 212/271-4737. If you are unable to listen to the live call, a replay will be available for 48 hours and can be accessed by dialing 800/633-8284 with access code 17569927. The replay will also be on Comshare's web site for 90 days.