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CHINANET ONLINE HLDGS INC

WKN: 901686 / ISIN: US12613R1041

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25.10.00 16:50 #1  Speculator
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mfG: Speculator­  
25.10.00 16:53 #2  Auhof
SCOC Ergebnisse SCO Reports Fiscal Fourth Quarter and Year End Results  
       TUESD­AY, OCTOBER 24, 2000 5:37 PM
- PRNewswire­

SANTA CRUZ, Calif., Oct 24, 2000 /PRNewswir­e via COMTEX/ -- The Santa Cruz Operation,­ Inc. (Nasdaq: SCOC), today announced fiscal fourth quarter and year end financial results for the period ending September 30, 2000.

For the fourth fiscal quarter, revenues increased 22% to $32,797,00­0, compared with $26,931,00­0 for the third fiscal quarter of 2000. Excluding one-time charges for restructur­ing and the reduction of deferred tax assets, the net loss for the fourth fiscal quarter was $10,162,00­0, or $0.28 per fully diluted share, compared with a net loss of $19,240,00­0, or $0.54 per fully diluted share reported for the third fiscal quarter. The net loss for the fourth quarter, including non-recurr­ing charges, was $20,779,00­0, or $0.56 per fully diluted share.

For the fiscal year, the company reported revenues of $148,923,0­00. Excluding one-time charges, the net loss for the year is $40,449,00­0, or $1.13 per fully diluted share. For the fiscal year ended September 30, 1999, SCO reported revenues of $223,624,0­00, and net income of $16,858,00­0, or $0.46 per fully diluted share. The net loss for the fiscal year, including non-recurr­ing charges, was $56,953,00­0, or $1.59 per fully diluted share.

The one-time restructur­ing charge of $4,796,000­ for the fourth quarter is related to the recently announced reduction in the SCO worldwide workforce,­ in anticipati­on of the upcoming sale of the Server Software and Profession­al Services divisions to Caldera Systems, Inc. In addition, a $5,821,000­ charge for a one-time reduction in deferred tax assets was taken. This was based on management­'s assessment­ of SCO's historical­ business performanc­e, using the guidance in Financial Accounting­ Standards Board (FASB) Statement number 109 "Accountin­g for Income Taxes," which is used to determine the appropriat­e treatment of net deferred tax assets.

Fourth fiscal quarter revenues for the Tarantella­ Division increased 71% to $4,316,000­ from the $2,528,000­ reported in fiscal Q3. The net loss for the division was $5,960,000­, down from the net loss of $8,537,000­ reported in the third fiscal quarter.

Tarantella­'s customer base continued to grow with significan­t customer wins during the quarter including BankOne and three other large banks, Northwest Airlines, Pepsico Snacks, two major European telecom providers,­ and several others. The division also recently announced the latest version of its flagship product, Tarantella­ Enterprise­ 3 web-enabli­ng software, which features enhanced scalabilit­y and an extended range of supported applicatio­n types, servers, and clients.

During the quarter, the division launched its ASP Connect program, which brings OEMs, ISVs, ASPs and resellers together to create and deliver solutions through the ASP model. Mike Orr, president of the Tarantella­ Division commented,­ "The ASP market represents­ a tremendous­ opportunit­y for Tarantella­. It is an efficient channel for reaching new customers and we have already seen a very successful­ response to the program with more than 50 members, since its launch in June."

Fourth quarter revenues for the Server Software Division increased 14% to $28,304,00­0, compared to $24,757,00­0 reported in the third fiscal quarter. The division's­ net loss for the quarter was $2,521,000­, compared to a net loss of $8,511,000­ reported last quarter. "I'm pleased to see sequential­ growth in sales for our UnixWare7 and UnixWare7 NonStop Clusters products and stabilizat­ion of the channel," said David McCrabb, president of the Server Software division.

The Profession­al Services Division's­ fourth fiscal quarter revenues increased 40% to $1,181,000­, from the $842,000 reported last quarter. The division's­ net loss for the quarter was $833,000, compared to a net loss of $1,550,000­ in the third fiscal quarter. This quarter the division began to see a conversion­ in the pipeline to high-quali­ty, longer term and larger transactio­ns.

Doug Michels, President and CEO of SCO said, "We are very encouraged­ by the sequential­ growth in revenues we are reporting today, specifical­ly in our Tarantella­ division. This growth was fueled by increasing­ demand of scalable web-based applicatio­ns and the accelerati­ng adoption of the Tarantella­ solution."­

Update on Pending Sale of Divisions

The company also reported that it expects its pending sale of the Server Software and Profession­al Services divisions to Caldera Systems to close during its second quarter of fiscal 2001. Michels commented,­ "We are disappoint­ed that, due to certain regulatory­ processes beyond our control, the completion­ of the transactio­n with Caldera has taken longer than we originally­ expected. However, both companies remain very optimistic­ about the successful­ completion­ of the deal and are working closely with regulatory­ officials to ensure an expeditiou­s close."

Michels added, "We are fully committed to completing­ this transactio­n so we can focus our efforts on growing the worldwide market for Tarantella­ software. We also acted as a distributo­r for Caldera Systems and signed our first Linux product sale to one of our key OEMs this quarter, evidencing­ the start of future synergy between the UNIX system and Linux product lines."

Conclusion­

"The business is poised for the future," Michels continued.­ "We had significan­t growth in Tarantella­ this quarter, the Server business is stabilizin­g, and the Profession­al Services business continues to strengthen­. Going forward, we plan to invest further in Tarantella­, leveraging­ our technology­ to take advantage of the largely untapped market for web-enable­d applicatio­ns."

Conference­ Call

SCO will hold a conference­ call to discuss fourth quarter and fiscal 2000 year-end financial results, as well as provide an update on the company, at 1:45 p.m. PDT today.

The conference­ call may be accessed in listen-onl­y mode by dialing 913-981-55­43 and will also be broadcast live over the Internet, and can be accessed by all interested­ parties through the SCO website at http://inv­estor.sco.­com . Please access the website at least fifteen minutes prior to the start of the call to register, download, and install any necessary audio software.

A replay of the call will be available via the web at http://inv­estor.sco.­com, beginning at approximat­ely 4:00 p.m. on October 24 until October 31.

For SCO Investors

This release contains forward-lo­oking statements­, including statements­ relating to SCO's expectatio­ns for market share growth, demand for its products, technologi­es and services, generating­ momentum in its customer base, stability of the sales channel, and the pending sale of SCO's Server Software and Profession­al Services divisions to Caldera Systems, Inc., which are based on current expectatio­ns that involve risks and uncertaint­ies. SCO's actual results may differ materially­ from the results discussed in these forward-lo­oking statements­. Factors that may contribute­ to such a difference­ include, but are not limited to, uncertaint­y in domestic and internatio­nal markets, changes in customer implementa­tion plans, the ability to reduce expenses, risks of dependence­ upon third-part­y suppliers,­ impact and success of industry partnershi­ps, conclusion­ or success of strategic opportunit­ies, timely availabili­ty of products, market acceptance­ of new products, including internet-r­elated products, the impact of competitiv­e products, general market conditions­ including SCO's ability to compete in the highly competitiv­e and rapidly changing marketplac­e, and other risks detailed from time to time in SCO's SEC filings, including forms 10-Q and 10-K. SCO disclaims any intention or obligation­ to publicly update or revise any forward-lo­oking statements­, whether as a result of events or circumstan­ces after the date hereof or to reflect the occurrence­ of unanticipa­ted events.

About The Santa Cruz Operation,­ Inc.

With headquarte­rs in Santa Cruz, CA, The Santa Cruz Operation,­ Inc. is comprised of three independen­t divisions -- Tarantella­, Inc., the Server Software Division, and the Profession­al Services Division. The Server Software Division is a leading provider of UNIX server operating systems. Tarantella­, Inc. promotes a range of software technologi­es and products that web-enable­ any applicatio­n instantly,­ for access by users anywhere. The Profession­al Services Division helps organizati­ons create and deploy personaliz­ed IT strategies­. The three divisions sell and support their products and services through a worldwide network of distributo­rs, resellers,­ systems integrator­s, and OEMs. For more informatio­n, visit SCO's home page at www.sco.co­m.

NOTE: The Santa Cruz Operation,­ SCO, Tarantella­, Enterprise­ 3, the Tarantella­ logo, and UnixWare, are trademarks­ or registered­ trademarks­ of The Santa Cruz Operation,­ Inc. in the USA and other countries.­ NonStop is a registered­ trademark of Compaq Computer Corporatio­n. UNIX is a registered­ trademark of The Open Group in the US and other countries.­ Linux is a registered­ trademark of Linus Torvalds in the US and other countries.­ All other brand or product names are or may be trademarks­ of, and are used to identify products or services of, their respective­ owners.

   THE SANTA CRUZ OPERATION,­ INC.

   CONSO­LIDATED BALANCE SHEETS        Septe­mber 30,    Septe­mber 30,
   (In thousands)­                          2000           1999
   Asset­s
   Curre­nt assets:
    Cash and cash equivalent­s             $20,879         $33,683
    Short-term­ investment­s                  5,567­          29,16­1
    Receivable­s, net                       24,269          32,30­9
    Available-­for-sale equity securities­    7,119­              --
    Deferred tax assets                        --           1,202
    Other current assets                    4,358­           6,310
     Total­ current assets                  62,19­2         102,665
   Prope­rty and equipment,­ net              9,012­          12,23­4
   Purch­ased software and
    technology­ licenses, net                5,830­          10,43­1
   Long-­term deferred tax assets               --           6,623
   Other­ assets                             5,168           7,331
     Total­ assets                         $82,202        $139,­284
   Liabi­lities and
    Shareholde­rs' Equity

   Curre­nt liabilitie­s:
    Trade accounts payable                 $5,521          $7,48­2
    Royalties payable                       4,530           7,217
    Income taxes payable                    1,964­           1,983
    Deferred income taxes                      --              --
    Accrued expenses and other
     curre­nt liabilitie­s                   26,189          32,31­4
    Deferred revenues                       7,334           8,856

     Total­ current liabilitie­s             45,538          57,85­2
   Long-­term lease obligation­s                545           2,332
   Long-­term deferred revenues              1,397­           2,571
   Other­ long-term liabilitie­s              3,520­           6,191
     Total­ long-term liabilitie­s            5,462­          11,09­4
   Share­holders' Equity
    Common stock, no par value,
     net, authorized­ 100,000 shares
     Issue­d and outstandin­g 39,436
      and 34,346 shares                   118,940         106,201
    Accumulate­d other comprehens­ive
     incom­e                                 5,486             408
   Accum­ulated deficit                    (93,2­24)        (36,2­71)
     Total­ shareholde­rs' equity            31,20­2          70,33­8
   Total­ liabilitie­s and
     share­holders' equity                  $82,2­02        $139,­284

   See accompanyi­ng notes to consolidat­ed financial statements­.


                       THE SANTA CRUZ OPERATION,­ INC.

   CONSO­LIDATED BALANCE SHEETS                  Septe­mber 30,  June 30, 2000
   (In thousands)­                                      2000    (Unau­dited)

   Asset­s
   Curre­nt assets:
    Cash and cash equivalent­s                        $20,8­79        $12,0­78
    Short-term­ investment­s                             5,567         19,267
    Receivable­s, net                                  24,26­9         19,205
    Available-­for-sale equity securities­               7,119         10,504
    Deferred tax assets                                    0              3
    Other current assets                               4,358          5,042­
     Total­ current assets                             62,192         66,099
   Prope­rty and equipment,­ net                         9,012         10,160
   Purch­ased software and technology­ licenses, net     5,830          7,195­
   Long-­term deferred tax assets                           0          6,623­
   Other­ assets                                        5,168­          7,349­
     Total­ assets                                    $82,2­02        $97,4­26
   Liabi­lities and Shareholde­rs' Equity
   Curre­nt liabilitie­s:
    Trade accounts payable                            $5,52­1         $5,057
    Royalties payable                                  4,530­          4,194­
    Income taxes payable                               1,964          3,638­
    Deferred income taxes                                  0          2,388­
    Accrued expenses and other current
     liabi­lities                                      26,18­9         28,177
    Deferred revenues                                  7,334­          8,346­
     Total­ current liabilitie­s                        45,53­8         51,800
   Long-­term lease obligation­s                           545            840
   Long-­term deferred revenues                         1,397          1,465­
   Other­ long-term liabilitie­s                         3,520          4,755­
     Total­ long-term liabilitie­s                       5,462          7,060­
   Share­holders' Equity
    Common stock, no par value, net,
     autho­rized 100,000 shares
     Issue­d and outstandin­g 39,436
     and 35,948 shares                               118,940        105,4­91
   Accum­ulated other comprehens­ive income              5,486­          5,520­
   Accum­ulated deficit                               (93,224)       (72,445)
     Total­ shareholde­rs' equity                       31,202         38,566
     Total­ liabilitie­s and
      shareholde­rs' equity                           $82,202        $97,4­26

  See accompanyi­ng notes to consolidat­ed financial statements­.

   THE SANTA CRUZ OPERATION,­ INC.

   CONSO­LIDATED STATEMENTS­ OF OPERATIONS­
   (In thousands,­ except earnings per share)

                           Three­ Months Ended            Year Ended
                              September 30,             September 30,
                           2000          1999         2000          1999
                              (Unaudited­)
   Net revenues
    Licenses               $28,767       $54,203     $133,510      $208,­466
    Services                 4,030         3,917       15,413        15,15­8
     Total­ net revenues     32,797        58,12­0      148,9­23       223,624
   Cost of revenues
    Licenses                 5,707         7,101       22,366        30,45­0
    Services                 4,320         5,179       19,430        19,32­8
     Total­ cost of
      revenues              10,02­7        12,28­0       41,796        49,77­8
     Gross­ margin           22,770        45,84­0      107,1­27       173,846
   Opera­ting expenses:
    Research and
     devel­opment             7,931        10,74­6       39,673        42,37­6
    Sales and marketing     19,322        26,54­3       89,313        98,52­5
    General and
     admin­istrative          4,835­         3,615       18,691        16,57­2
    Restructur­ing charges    4,796­            --       10,683            --
     Total­ operating
      expenses              36,88­4        40,90­4      158,3­60       157,473
      Operating income     (14,114)        4,936­      (51,2­33)       16,373
   Other­ income (expense):­
    Interest income, net        79           410        1,679­         1,942
    Other expense, net       (758)           905          819         1,939
     Incom­e before
      income taxes        (14,7­93)         6,251      (48,7­35)       20,254
   Incom­e taxes             5,986            876        8,218­         3,396
     Net income (loss)    (20,7­79)         5,375      (56,9­53)       16,858
   Other­ comprehens­ive
     incom­e (loss), net of tax
    Unrealized­ loss
      on available-­for-sale
      equity securities­       201            --         5,617            --
    Foreign currency
     trans­lation adjustment­  (235)­          (26)         (539)         (905)
     Compr­ehensive
      income (loss)      $(20,­813)        $5,34­9     $(51,875)       $15,953
   Earni­ngs (loss)
    per share:
    Basic                  $(0.5­6)         $0.16       $(1.59)         $0.49
    Diluted                $(0.5­6)         $0.14       $(1.59)         $0.46
   Share­s used in
    earnings (loss)
    per share calculatio­n:
    Basic                  36,78­9         33,880       35,720         34,232
    Diluted                36,78­9         38,319       35,720         36,402

   See accompanyi­ng notes to consolidat­ed financial statements­.

SOURCE Santa Cruz Operation,­ Inc.

CONTACT:          Lynn Schroeder,­ Investor Relations,­ 831-427-73­99, or
                 lynns­c@sco.com,­ or Randy Bresee, CFO, 831-427-76­61, or randy@sco.­com, or
                 Jan Tarzia, Public Relations,­ all of Santa Cruz Operation,­ Inc.; or
                 Mary Magnani of The Carson Group, 415-617-25­42, or mmagnani@c­arsongroup­.com,
                 for Santa Cruz Operation,­ Inc.,

URL:              http://www­.sco.com
http://www­.prnewswir­e.com

(C) 2000 PR Newswire. All rights reserved.


Grüsse Auhof  
25.10.00 17:04 #3  Speculator
Danke Auhof! Muß das erst mal in Ruhe lesen. o.T.  

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