RUTHERFORD, N.J., Aug. 2 /PRNewswire-FirstCall/ -- AXS-One Inc.
(AMEX:AXO), a leading provider of high performance Records
Compliance Management (RCM) software solutions, today announced its
financial results for the second quarter and six-month period ended
June 30, 2007. For the first six months of 2007, total revenues
were $6.2 million compared with total revenues of $5.5 million for
the first six months of 2006. License fees were $2.3 million, up
82.6 percent, or $1.0 million, from the $1.3 million in license
fees for the first six months last year. Total operating expenses
were $12.6 million for the first six months of 2007, a decrease of
18.7 percent from $15.5 million in the prior year. The net loss
from continuing operations was $6.3 million for the first six
months of 2007, down from a loss of $9.9 million in the first six
months of last year. The net loss after discontinued operations for
the first six months of 2007 was $6.3 million, or $(0.18) per fully
diluted share compared to a net loss after discontinued operations
of $5.2 million, or $(0.15) per fully diluted share for the
comparable prior-year period. Total revenues for the second quarter
of 2007 were $2.5 million, a decrease of $0.7 million from the
second quarter 2006 revenues of $3.2 million. License revenues for
the second quarter decreased 40.9 percent to $0.5 million from $0.9
million in the second quarter of 2006. Total operating expenses for
the quarter were $6.1 million, a decrease of 23.0 percent compared
to the second quarter of 2006. The net loss from continuing
operations was $3.7 million for the second quarter, down from a
loss of $4.6 million in the second quarter of 2006. The Company
reported a net loss after discontinued operations of $3.7 million
for the second quarter of 2007, or $(0.10) per diluted share
compared to a net loss after discontinued operations of $2.5
million in the second quarter of last year, or $(0.07) per diluted
share. The Company had $6.1 million in cash and equivalents at June
30, 2007 compared to the $7.5 million reported at December 31,
2006. Bill Lyons, Chairman & CEO of AXS-One, commented "Since
our last earnings release, we have improved our financial position
by raising $5 million from the issuance of convertible debt and by
revising our $2.5 million bank facility with Silicon Valley Bank.
While license revenue was $0.5 million for the second quarter, we
had more than $1 million of additional license revenue orders that
were not recognizable in the second quarter but will be recognized
during the next several quarters as revenue recognition criteria
are met. Our sales order performance in the second quarter more
appropriately recognizes the improvement in competitive sales wins
and bodes well for continued performance improvements during the
remainder of the year." Conference call information Management will
conduct a conference call to discuss these results at 5 p.m.
Eastern time on August 2, 2007. Interested parties can participate
in the call by dialing 706-645-0399 with the conference ID
#10913250 or can access the webcast at
http://www.axsone.com/investors_events.shtml#upcoming. Interested
parties should access the webcast approximately 10-15 minutes
before the scheduled start time. The webcast will be archived for
30 days following the call. Interested parties may submit questions
prior to the conference call by e-mail to . About AXS-One Inc.
AXS-One Inc. (AMEX:AXO) is a leading provider of high performance
Records Compliance Management solutions. The AXS-One Compliance
Platform enables organizations to implement secure, scalable and
enforceable policies that address records management for corporate
governance, legal discovery and industry regulations such as
SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot Act and
Gramm-Leach Bliley. AXS-One's award-winning technology has been
critically acclaimed as best of class and delivers digital
archiving, business process management, electronic document
delivery and integrated records disposition and discovery for
e-mail, instant messaging, images, SAP and other corporate records.
Founded in 1978, and headquartered in Rutherford, NJ, AXS-One has
offices worldwide including in the United States, Australia,
Singapore, United Kingdom and South Africa. For further
information, visit the AXS-One website at http://www.axsone.com/
AXS-One, the AXS-One logo, "Access Tomorrow Today," and AXSPoint
are registered trademarks of, and AXS-One Compliance Platform,
AXS-One Central, AXS-One Retention Manager, AXS-One Rapid-AXS,
AXS-Link for Desktop, AXS-Link for SAP, AXS-Link for Lotus Notes,
AXS-Link for Microsoft Exchange, AXS-One Data Archive Translator,
AXS-Link for File System Archiving, AXS-Link for .PST Management,
AXS-One Supervision, AXS-One Case Management, "The Records
Compliance Management Company" and AXS-Link are trademarks of,
AXS-One Inc., in the U.S. All other company and product names are
trademarks or registered trademarks of their respective companies.
Special Note Regarding Forward-Looking Statements: A number of
statements contained in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in the applicable statements. These risks and uncertainties
include, but are not limited to: our ability to improve financial
and sales performance; potential vulnerability to technological
obsolescence; the risks that our current and future products may
contain errors or defects that would be difficult and costly to
detect and correct; potential difficulties in managing growth;
dependence on key personnel; the possible impact of competitive
products and pricing; and other risks described in more detail in
AXO's most current Form 10-K and other Securities and Exchange
Commission filings. AXS-ONE INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except per share data)
(Unaudited) Three Months Ended Six Months Ended June 30, June 30,
2007 2006 2007 2006 Revenues: License fees $505 $855 $2,301 $1,260
Services 2,013 2,361 3,911 4,268 Total revenues 2,518 3,216 6,212
5,528 Operating expenses: Cost of license fees 124 367 245 635 Cost
of services 1,460 2,287 2,831 4,141 Sales and marketing 1,937 2,358
4,059 4,969 Research and development 1,518 1,619 3,180 3,274
General and administrative 1,067 1,297 2,261 2,452 Total operating
expenses 6,106 7,928 12,576 15,471 Operating loss (3,588) (4,712)
(6,364) (9,943) Other income (expense): Interest income 45 55 114
139 Interest expense (89) (29) (120) (56) Other income (expense),
net (25) 85 52 1 Total other income (expense), net (69) 111 46 84
Loss before income taxes (3,657) (4,601) (6,318) (9,859) Income tax
benefit -- -- -- -- Loss from continuing operations (3,657) (4,601)
(6,318) (9,859) Income from discontinued operations net of tax
provision of $ - for all periods -- 2,113 -- 4,625 Net loss
$(3,657) $(2,488) $(6,318) $(5,234) Basic & diluted net income
(loss) per common share: Loss from continuing operations $(0.10)
$(0.13) $(0.18) $(0.29) Income from discontinued operations -- 0.06
$-- $0.14 Net loss $(0.10) $(0.07) $(0.18) $(0.15) Weighted average
basic & diluted common shares outstanding 34,874 34,354 34,805
34,301 The unaudited financial information included in this
document is intended only as summary provided for your convenience,
and should be read in conjunction with the complete consolidated
financial statements of the Company (including the Notes thereto,
which set forth important information) contained in its Reports on
Form 10-K and 10-Q filed and to be filed by the Company with the
U.S. Securities and Exchange Commission (SEC). Such reports are
available on the public EDGAR electronic filing system maintained
by the SEC. AXS-ONE INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands) June 30, December 31, 2007 2006
ASSETS (unaudited) Current assets: Cash and cash equivalents $6,113
$7,492 Accounts receivable, net of allowance for doubtful accounts
1,811 2,258 Prepaid expenses and other current assets 930 1,262
Total current assets 8,854 11,012 Equipment and leasehold
improvements, net of accumulated depreciation 409 419 Other assets
283 102 Total assets $9,546 $11,533 LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT) Current liabilities: Accounts payable and accrued
expenses $3,978 $4,503 Deferred revenue 2,972 2,594 Liabilities
from discontinued operations -- 981 Total current liabilities 6,950
8,078 Long-term convertible debt, net of discount of $1,009 4,016
-- Long-term deferred revenue 32 44 Total long-term liabilities
4,048 44 Stockholders' equity (deficit) (1,452) 3,411 Total
liabilities and stockholders' equity $9,546 $11,533 The financial
information included in this document is intended only as summary
provided for your convenience, and should be read in conjunction
with the complete consolidated financial statements of the Company
(including the Notes thereto, which set forth important
information) contained in its Reports on Form 10-K and 10-Q filed
and to be filed by the Company with the U.S. Securities and
Exchange Commission (SEC). Such reports are available on the public
EDGAR electronic filing system maintained by the SEC. Company
Contact: IR Contact: Joseph Dwyer Brett Maas or Matthew Hayden
AXS-One Inc. Hayden Communications (201) 935-3400 (646) 536-7331
DATASOURCE: AXS-One Inc. CONTACT: Joseph Dwyer of AXS-One Inc.,
+1-201-935-3400, ; or Investor Relations, Brett Maas or Matthew
Hayden of Hayden Communications, +1-646-536-7331, , for AXS-One
Inc. Web site: http://www.axsone.com/
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