Insightful Corporation (NASDAQ: IFUL), a leading provider of
software solutions for analysis of numeric and text data, today
announced financial results for the third quarter of 2005.
Insightful reported revenues of $5.4 million for the third quarter
of 2005, an increase of 12% over third quarter 2004 revenues of
$4.8 million. Insightful reported net income of $0.3 million, or
$0.02 per share, for the third quarter of 2005, as compared to net
income of $0.6 million, or $0.05 per share, in the third quarter of
2004. "We continue to see year-over-year revenue growth and
profitability," said Jeff Coombs, president and CEO of Insightful.
"Compared to the third quarter of 2004, we achieved revenue growth
in both the Data Analysis and Text Analysis segments. Record Data
Analysis revenues, which exceeded $5.0 million for the first time,
were driven by professional services delivery of analytic solutions
in the life sciences and financial services industries." "On top of
our analytic platform, which enables our customers to apply
statistics for competitive advantage, we provide industry solutions
that can be easily deployed to business users, researchers, and
analysts who need to access the insight enabled by predictive
analytics, but who lack special expertise in statistical methods.
Our focus on solutions, particularly in life sciences where we have
applications for drug discovery and clinical trials, is beginning
to drive growth." Quarterly Highlights -- Third quarter 2005
software license revenues were $2.2 million, as compared to $2.2
million in the third quarter of 2004. -- Third quarter 2005
maintenance revenues were $1.7 million, as compared to $1.6 million
in the third quarter of 2004. -- Third quarter 2005 professional
services and other revenue was $1.5 million, as compared to $1.0
million in the second quarter of 2004. -- Funded research, which is
an offset to research and development expense in the company's
income statement, was $0.5 million in the third quarter of 2005, as
compared to $0.7 million in the third quarter of 2004. The Company
has two segments for its product and service offerings, Data
Analysis and Text Analysis. Following are highlights for the
quarter in each segment. Data Analysis -- Total Data Analysis
revenues, including software licenses, maintenance, and
professional services and other, were $5.0 million in the third
quarter of 2005, as compared to $4.5 million in the third quarter
of 2004. -- Third quarter 2005 Data Analysis software license
revenues were $2.0 million, as compared to $2.0 million in the
third quarter of 2004. -- Third quarter 2005 Data Analysis
professional services and other revenues were $1.4 million, as
compared to $0.9 million in the third quarter of 2004. -- Total
domestic Data Analysis revenues were $2.9 million in the third
quarter of 2005, as compared to $2.9 million in the third quarter
of 2004. -- Total international Data Analysis revenues were $2.1
million in the third quarter of 2005, as compared to $1.6 million
in the third quarter of 2004. Text Analysis -- Total Text Analysis
revenues were $0.4 million in the third quarter of 2005, as
compared to $0.3 million in the third quarter of 2004. Text
Analysis license revenues were 0.3 million in the third quarter of
2005, as compared to 0.2 million in the third quarter of 2004. Text
Analysis service revenues were 0.1 million in the third quarter of
2005, as compared to 0.1 million in the third quarter of 2004. --
During the quarter, the Defense Intelligence Agency (DIA) renewed
its relationship with the company upon the expiration of its
term-based site license of InFact for text analysis and
relationship search by purchasing a perpetual site license. The
renewal follows a successful year of comprehensive evaluation and
testing by DIA analysts. Outlook Because of the range of possible
revenue outcomes, the Company is not making a prediction for either
revenues or net income for the fourth quarter of 2005. The company
expects costs to be higher than in the third quarter of 2005, as it
continues to set the foundation for future growth by investing in
development and marketing for its core product lines and solutions,
and in its IT and accounting infrastructure. About Insightful
Corporation Insightful Corporation (NASDAQ:IFUL) provides
enterprises with scalable data analysis solutions that drive better
decisions faster by revealing patterns, trends and relationships.
The company is a leading supplier of software and services for
statistical data analysis, data mining and knowledge access
enabling clients to gain intelligence from numeric and text data.
Insightful products include S-PLUS(R), S-PLUS Server, Insightful
Miner(TM), and InFact(R). Insightful consulting services provide
specialized expertise and proven processes for the design,
development and deployment of customized solutions. The company has
been delivering industry-leading, high-ROI solutions for 18 years
to thousands of companies in the financial services, life sciences,
biotechnology, telecommunications, and manufacturing industries, as
well as to government and research institutions. Note to Investors
- Forward Looking Statements This press release contains
forward-looking statements, including statements about our expected
financial results in future periods and statements about our
potential revenue growth. Forward-looking statements are based on
the opinions and estimates of management at the time the statements
are made and are subject to risks and uncertainties that could
cause actual results to differ materially from those anticipated in
the forward-looking statements. The words "predict", "believe,"
"expect," "intend," "anticipate," variations of such words, and
similar expressions identify forward-looking statements, but their
absence does not mean that the statement is not forward-looking.
These statements are not guarantees of future performance and are
subject to risks, uncertainties and assumptions that are difficult
to predict. Factors that could affect our actual results include,
but are not limited to, the risk that we may not achieve expected
financial results or see growth in our revenues, and the "Important
Factors That May Affect Our Business, Our Results of Operations and
Our Stock Price" described in the company's most recent periodic
report on form 10-QSB. Readers are cautioned not to place undue
reliance upon these forward-looking statements that speak only as
to the date of this release. Insightful undertakes no obligation to
update publicly any forward-looking statements to reflect new
information, events or circumstances after the date of this release
or to reflect the occurrence of unanticipated events. -0- *T
INSIGHTFUL CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED
BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) September December
30, 31, 2005 2004 ---------- ---------- (Unaudited) ASSETS Current
assets: Cash and cash equivalents $ 9,650 $ 9,650 Accounts
receivable, net 3,020 4,157 Other receivables 553 501 Short term
investments 632 -- Prepaid expenses and other current assets 495
453 ---------- --------- Total current assets 14,350 14,761
Property and equipment, net 912 966 Purchased technology, net 785
1,226 Goodwill and other intangibles, net 800 800 Other assets 45
60 ---------- --------- $ 16,892 $ 17,813 ========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current
portion of long-term debt $ 65 $ 129 Accounts payable $ 555 1,644
Accrued expenses and other current liabilities $ 1,775 1,912
Deferred revenue $ 5,499 6,318 ---------- --------- Total current
liabilities $ 7,894 10,003 Long-term debt, less current portion --
32 Commitments and contingencies Stockholders' equity: Preferred
stock, $0.01 par value -- Authorized -- 1,000,000 shares Issued and
outstanding -- none -- -- Common stock, $0.01 par value --
Authorized -- 20,000,000 shares Issued and outstanding --
12,507,006 and 12,393,950 shares at September 30, 2005 and December
31, 2004, respectively $ 125 124 Additional paid-in capital $
36,531 36,329 Accumulated deficit $ (27,404) (28,383) Comprehensive
income (loss) $ (254) (292) ---------- --------- Total
stockholders' equity $ 8,998 7,778 ---------- --------- $ 16,892 $
17,813 ========== ========= INSIGHTFUL CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS,
EXCEPT PER SHARE DATA) UNAUDITED Three Months Ended
-------------------- September September 30, 30, 2005 2004
---------- --------- Revenues: Software licenses $ 2,227 $ 2,164
Software maintenance $ 1,681 1,626 Professional services and other
$ 1,500 979 --------- -------- Total revenues 5,408 4,769 ---------
-------- Cost of revenues: Software related 538 390 Professional
services and other 742 526 --------- -------- Total cost of
revenues 1,280 916 --------- -------- Gross profit 4,128 3,853
--------- -------- Operating expenses: Sales and marketing 1,955
1,678 Research and development 1,407 1,342 Less -- funded research
(533) (650) --------- -------- Research and development, net 874
692 General and administrative 1,074 961 --------- -------- Total
operating expenses 3,903 3,331 --------- -------- Income from
operations 225 522 Other income, net 86 90 --------- --------
Income before income taxes 311 612 Income tax expense - 3 ---------
-------- Net income $ 311 $ 609 ========= ======== Basic and
diluted net income per share $ 0.02 $ 0.05 ========= ========
Weighted-average number of common shares outstanding: 12,494 12,312
========= ======== - Basic - Diluted 13,224 12,572 =========
======== *T
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