HUMC Hummingbird

Second Quarter Sales Grow 18% Year over Year to $64.2 Million; Enterprise Content Management Revenues up 22%; Operating Cash Flow of $10.6 Million; Adjusted EPS $0.34 TORONTO, May 9 /PRNewswire-FirstCall/ -- Hummingbird Ltd. (NASDAQ:HUMCNASDAQ: TSX:NASDAQ:HUM), a leading global provider of integrated enterprise content management (ECM) solutions, and network connectivity solutions, today reported financial and operating results for the second quarter ended March 31, 2006. The financial figures in this release are reported in U.S. dollars in accordance with U.S. generally accepted accounting principles, except where noted. ------------------------------------------------------------------------ SUMMARY OF FINANCIAL RESULTS U.S. GAAP (Millions of U.S dollars except share data) Three Months Ended Six Months Ended March 31 March 31 2006 2005 2006 2005 ---- ---- ---- ---- Sales 64.2 54.3 126.3 108.2 Net Income (Loss) 4.9 (1.2) 5.5 (2.9) Diluted Earnings (Loss) Per Share 0.28 (0.07) 0.32 (0.17) Diluted Number of Shares (millions) 17.4 17.5 17.4 17.5 Adjusted Net Income (Note) 5.9 3.7 11.5 9.8 Adjusted Diluted Earnings Per Share 0.34 0.21 0.66 0.56 Adjusted Diluted Number of Shares (millions) 17.4 17.6 17.4 17.6 ------------------------------------------------------------------------- Note: Adjusted Net Income comprises Net Income/(Loss) excluding amortization of other intangible assets, restructuring and other charges and stock-based compensation expense, net of related taxes and losses carried forward and utilized, and utilized carried forward research and development investment tax credits and expenses. ------------------------------------------------------------------------- "I am pleased with our solid performance in the second quarter," said Barry Litwin, President and Chief Executive Officer of Hummingbird Ltd. "During the quarter we won new business and expanded relationships with existing customers as we continue to execute on our business plan. Our Enterprise Content Management business represents three quarters of total revenues, and generated another stellar quarter growing 22% year over year. I'm pleased to report that our solutions initiatives are continuing to yield encouraging growth trends, reinforcing that they represent an important growth engine for the Company. These purpose-driven solutions are helping differentiate Hummingbird from our competitors, and are opening up new market opportunities across multiple verticals." Financial Highlights -------------------- Total sales for the quarter ended March 31, 2006 were $64.2 million, representing an increase of 18.3% from the quarter ended March 31, 2005. Enterprise Content Management revenues for the quarter were $46.7 million, a 22.3% increase from the same quarter last year. Connectivity revenues for the quarter were $17.5 million, increased from $16.1 million in the second quarter last year, and improved from the prior quarter's Connectivity revenue of $16.8 million. Total license revenues were $26.9 million, up 15.9% from the second quarter last year. Adjusted net income(1) in the current quarter was $5.9 million, improved from $3.7 million in the same period last year. Adjusted diluted earnings per share (based on adjusted net income) for the first quarter were $0.34 up from $0.21 for the corresponding period last year. During the quarter the company recorded restructuring and other charges totaling $0.7 million. Of this amount, $0.6 million relates primarily to severance and related costs taken after the Company reviewed its global operations to align costs with revenues, and to recognize cost efficiencies. Operating expenses for the current quarter excluding amortization of intangibles, stock-based compensation expense, and restructuring and other charges, were $48.0 million, compared to $42.7 million in the second quarter of the previous fiscal year. For the second quarter of fiscal 2006, Hummingbird reported a net income of $4.9 million, compared to net loss of $1.2 million for the same quarter in 2005. The diluted earnings per share of $0.28 in the current quarter compares to a diluted loss per share of $0.07 for the second quarter of the prior year. Sales for the six months ended March 31, 2006 were $126.3 million, an increase of 16.8% over the previous year. Hummingbird Enterprise revenues for the current six months were $92.0 million, up from $74.8 million or 23% from the same period last year. Operating expenses excluding amortization of intangibles, stock-based compensation expense, and restructuring and other charges, were $94.7 million for the six months ended March 31, 2006, compared to $81.1 million in the same period last year. Net income for this period was $5.5 million resulting in diluted earnings per share of $0.32, compared to a net loss of $2.9 million and a diluted loss per share of $0.17 in the six months ended March 31, 2005. Adjusted net income for the six months ended March 31, 2006 was $11.5 million compared to $9.8 million in the same period in 2005. Adjusted diluted earnings per share, based on adjusted net income, was $0.66 compared to $0.56 for the six months ended March 31, 2005. Total assets as at March 31, 2006 were $399.4 million, compared to $385.9 million as at December 31, 2005. The Company's cash position, including short- term investments, was $94.3 million as at March 31, 2006. Cash flow from operations generated in the current quarter was $10.6 million. Deferred revenue was $80.5 million as at March 31, 2006 compared to $75.7 million as at December 31, 2005. (1) Adjusted net income is presented because management considers it to be a better metric to evaluate and compare the performance of the Company's core business, since it excludes certain non-cash and non-recurring expenses. In addition, it is the primary method that management uses to plan and forecast the Company's results. Adjusted net income is not a recognized profitability measure under U.S. GAAP, and the Company's method of calculating adjusted net income may differ from, and accordingly may not be comparable to, similarly titled measures used by other companies. Adjusted net income should not be considered in isolation and its presentation should not be construed an alternative to net income determined in accordance with U.S. GAAP, as an indicator of the Company's performance. Operational Highlights ---------------------- Hummingbird Expands Strategic Relationship with Microsoft --------------------------------------------------------- On February 7 Hummingbird announced an expanded strategic relationship with Microsoft to enhance technical integration, to provide early support for next generation Microsoft products and to provide closer field alignment in delivering high-value content lifecycle management solutions to mutual customers. Hummingbird's historic close relationship and superior integration with Microsoft benefits customers by allowing them to transform the Microsoft Windows-based desktop into a solutions enablement platform without requiring users to leave the familiar user interface. The tight integration of Hummingbird Enterprise and the Microsoft platform allows customers to preserve and maximize the value of their Microsoft IT investments, while concurrently enhancing the user acceptance of content management solutions due to ease of deployment and usability. This enables Microsoft and Hummingbird customers to accelerate solutions delivery, mitigate risk, improve efficiency and utilize business content as a powerful competitive advantage. Hummingbird Records Management Solution Gains Certification Under VERS ---------------------------------------------------------------------- On February 2 Hummingbird announced that it had achieved certification with the Victorian Electronic Records Strategy (VERS), an essential certification standard for records management software solutions utilized by Australian government agencies and businesses. Originally developed by the State of Victoria's Public Records Office Victoria (PROV) to assist government agencies in dealing with the problem of capturing, managing and preserving electronic records, VERS is now the accepted certification standard right across Australia and is quickly gaining acceptance with government entities around the world. This certification adds to Hummingbird's comprehensive list of records management software certifications which include The National Archives (TNA) specification in the UK, and the DoD 5015.2 standard, an essential qualification for records management solutions used by the U.S. Department of Defense and other U.S. federal agencies. Recognized Market Leader in Serving the Legal Marketplace --------------------------------------------------------- During the quarter the Company celebrated the 12th anniversary of Hummingbird's LegalKEY(R) Practice Support system, the market leading proactive compliance solution for the world's foremost legal firms. LegalKEY solutions are widely recognized as the industry standard and Hummingbird continues to maintain its significant lead in the legal marketplace. Hummingbird's LegalKEY Practice Support solutions were awarded "Best of Breed System of the Year" at the 2006 Legal Technology Awards hosted by Legal Business Magazine publisher Legalease. The world's largest law firm, nine of the top ten legal firms globally, over 60% of the AmLaw 100 and over 70% of the AmLaw 50 have invested in Hummingbird LegalKEY solutions to deliver unrivalled service to their clients, while ensuring the very highest standards of compliance. Hummingbird Forms Customer Advisory Board ----------------------------------------- On February 6 Hummingbird announced the formation of a Customer Advisory Board to enhance the way in which the Company serves and supports the user community across all its markets. This Advisory Board is modeled after the Company's highly successful Legal CIO Advisory Board initiative which has steered the direction of the industry leading Hummingbird Enterprise for Legal solution set. The Board's broad reaching industry expertise will help Hummingbird prioritize user requirements, serve as a valuable resource in the development of innovative business solutions, and expand the Company's capabilities and growth opportunities across multiple markets. Awards and Recognition ---------------------- Hummingbird is proud of the significant industry recognition it received during the quarter confirming the strength of Hummingbird Enterprise(TM) as an industry leading Enterprise Content Management platform. Hummingbird was first to recognize the value proposition of interoperable ECM capabilities and today boasts a fully integrated ECM suite. This market acknowledgement of Hummingbird's thought leadership and domain expertise reinforces the Company's current first mover advantage in establishing a highly differentiated strategy around a flexible business solution framework. - Forrester Wave(TM) report names Hummingbird as a 'Strong Performer' in Contract Life-Cycle Management - Forrester Wave(TM) report names Hummingbird as a 'Strong Performer' in Enterprise Content Management Suites - Forrester Wave(TM) report names Hummingbird as a 'Strong Performer' in Transactional-Content-Centric Applications - Forrester Wave(TM) report names Hummingbird as a 'Leader' in Business-Content-Centric Applications - KMWorld recognized Hummingbird as one of the '100 Companies that Matter in Knowledge Management' for the sixth consecutive year ------------------------------------------------------------------------- Hummingbird will hold a teleconference call at 5:00 p.m. Eastern N.A. time today to discuss its fiscal second quarter 2006 results. Those wishing to participate should call 416-644-3430 (Toll-Free 800-814-4890) ten minutes prior to the start time. A webcast of the call with accompanying presentation slides is also available from the Company's website, http://www.hummingbird.com/. Rebroadcasts of the teleconference will be available after the teleconference concludes on the Company's website, or by calling 416-640-1917 (Toll-Free 877-289-8525), Pass-code 21185320 followed by the number sign. ------------------------------------------------------------------------- About Hummingbird ----------------- Hummingbird Ltd. (NASDAQ:HUMCNASDAQ:TSX:NASDAQ:HUM) is a leading global provider of enterprise software solutions. The Company's enterprise software solutions fall into two principal categories: enterprise content management (ECM) solutions, and network connectivity solutions. Hummingbird's ECM solutions enable organizations to manage the lifecycle of enterprise content from creation to disposition, thereby enabling organizations to address critical business needs, such as information management, business continuity, compliance and risk mitigation. The network connectivity solutions provide a comprehensive set of core network technologies that enables the enterprise to connect to any type of legacy system. Founded in 1984, Hummingbird employs over 1,400 people and serves more than 33,000 customers, including 90% of Fortune 100. Hummingbird solutions are sold directly from 40 offices worldwide and through an Alliance Network of partners and resellers. For more information, visit http://www.hummingbird.com/ Note to Investors ----------------- Forward-looking statements in this press release, including statements relating to the Company's capital structure, future sales growth, profitability, competitive position and release of new products are made pursuant to the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are subject to risks and uncertainties that may cause future results to differ materially from those expected. Such risks include, but are not limited to: the Company's ability to secure underwriting support and attract investors to its stock; the Company's ability to introduce new products in a timely manner and its ability to generate demand for, and gain market acceptance of those products in an intensely competitive marketplace, where many of its competitors have substantially greater resources than the Company; the Company's ability to maintain revenue growth at current levels or anticipate a decline in revenue from any of its products; the Company's ability to reduce its costs to the extent required to maintain profitability should revenue decline; the Company's ability to hire, train, and retain highly qualified personnel; the Company's reliance on third party distribution channels as part of its sales and marketing strategy; and other risks detailed in the Company's various securities filings with the Securities and Exchange Commission and Canadian securities regulators. Forward-looking statements are based on management's current plans, estimates, opinions and projections, and the Company assumes no obligation to update forward-looking statements if assumptions related to these plans, estimates, opinions and projections should change. The Board of Directors of Hummingbird reviewed and approved this news release prior to it being issued. HUMMINGBIRD LTD. CONSOLIDATED BALANCE SHEETS U.S. GAAP (thousands of U.S.$) As at As at March 31 September 30 2006 2005 ---- ---- (Unaudited) (Unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 94,298 $ 84,997 Accounts receivable 69,893 66,771 Unbilled receivables 669 664 Income taxes recoverable 7,064 804 Inventory 565 862 Prepaid expenses 5,564 5,350 Other receivables 1,294 1,528 Current portion of deferred income taxes 3,301 - ------------------------------------------------------------------------- 182,648 160,976 OTHER ASSETS 2,009 2,068 FIXED ASSETS 11,166 11,584 GOODWILL AND OTHER INTANGIBLE ASSETS 203,543 204,002 ------------------------------------------------------------------------- $ 399,366 $ 378,630 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES CURRENT LIABILITIES Accounts payable and accrued liabilities $ 31,046 $ 33,972 Other payable 10,700 - Current portion of other long-term liabilities 113 997 Deferred revenue 80,541 74,035 ------------------------------------------------------------------------- 122,400 109,004 DEFERRED INCOME TAXES 12,092 10,308 OTHER LONG-TERM LIABILITIES 19 67 ------------------------------------------------------------------------- 134,511 119,379 ------------------------------------------------------------------------- SHAREHOLDERS' EQUITY SHARE CAPITAL Authorized: unlimited common and preferred shares Issued and outstanding: 17,399,922 common shares at March 31, 2006 and 17,418,338 common shares at September 30, 2005 165,449 164,907 ADDITIONAL PAID-IN CAPITAL 4,494 3,510 RETAINED EARNINGS 96,221 91,941 ACCUMULATED OTHER COMPREHENSIVE LOSS (1,309) (1,107) ------------------------------------------------------------------------- 264,855 259,251 ------------------------------------------------------------------------- $ 399,366 $ 378,630 ------------------------------------------------------------------------- ------------------------------------------------------------------------- HUMMINGBIRD LTD. CONSOLIDATED STATEMENTS OF OPERATIONS U.S. GAAP (thousands of U.S.$, except share data) Three Months Ended Six Months Ended March 31 March 31 2006 2005 2006 2005 ---- ---- ---- ---- (Unaudited) (Unaudited) (Unaudited) (Unaudited) SALES $ 64,202 $ 54,256 $ 126,290 $ 108,156 COST OF SALES 8,120 6,450 16,020 13,227 ------------------------------------------------------------------------- GROSS PROFIT 56,082 47,806 110,270 94,929 ------------------------------------------------------------------------- EXPENSES Sales and marketing 29,115 25,223 57,418 46,942 Research and development 11,764 11,695 23,302 22,399 General and administration 7,699 5,826 14,975 11,780 Restructuring charges 579 3,485 1,971 5,578 Other charges 114 - 347 5,340 Amortization of other intangible assets 5,445 4,502 11,107 9,418 ------------------------------------------------------------------------- TOTAL EXPENSES 54,716 50,731 109,120 101,457 ------------------------------------------------------------------------- OPERATING INCOME (LOSS) 1,366 (2,925) 1,150 (6,528) INTEREST AND OTHER INCOME, NET 886 655 1,711 1,269 ------------------------------------------------------------------------- INCOME (LOSS) BEFORE INCOME TAXES 2,252 (2,270) 2,861 (5,259) INCOME TAX RECOVERY (2,683) (1,057) (2,628) (2,317) ------------------------------------------------------------------------- NET INCOME (LOSS) $ 4,935 $ (1,213) $ 5,489 $ (2,942) ------------------------------------------------------------------------- ------------------------------------------------------------------------- BASIC EARNINGS (LOSS) PER SHARE $ 0.28 $ (0.07) $ 0.32 $ (0.17) ------------------------------------------------------------------------- ------------------------------------------------------------------------- DILUTED EARNINGS (LOSS) PER SHARE $ 0.28 $ (0.07) $ 0.32 $ (0.17) ------------------------------------------------------------------------- ------------------------------------------------------------------------- BASIC WEIGHTED AVERAGE NUMBER OF SHARES (in thousands) 17,414 17,500 17,417 17,482 ------------------------------------------------------------------------- ------------------------------------------------------------------------- DILUTED WEIGHTED AVERAGE NUMBER OF SHARES (in thousands) 17,414 17,500 17,420 17,482 ------------------------------------------------------------------------- ------------------------------------------------------------------------- HUMMINGBIRD LTD. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY U.S. GAAP (thousands of U.S.$, except share data) (Unaudited) Accum- ulated Other Additional Compre- Paid-in Retained hensive Common Shares Capital Earnings Loss Total Outstanding Amount BALANCE AT SEPTEMBER 30, 2004 17,448,279 $ 164,521 $ 3,510 $ 98,819 $ (930) $ 265,920 COMPREHENSIVE LOSS Net loss - - - (1,729) - (1,729) STOCK OPTIONS EXERCISED UNDER THE ESOP 42,169 838 - - - 838 ------------------------------------------------------------------------- BALANCE AT DECEMBER 31, 2004 17,490,448 165,359 3,510 97,090 (930) 265,029 COMPREHENSIVE LOSS Net loss - - - (1,213) - (1,213) STOCK OPTIONS EXERCISED UNDER THE ESOP 20,040 392 - - - 392 ------------------------------------------------------------------------- BALANCE AT MARCH 31, 2005 17,510,488 165,751 3,510 95,877 (930) 264,208 COMPREHENSIVE LOSS Net loss - - - (1,874) - (1,874) SHARES REPURCHASED (95,100) (900) (1,039) (1,939) STOCK OPTIONS EXERCISED UNDER THE ESOP 2,750 52 - - - 52 ------------------------------------------------------------------------- BALANCE AT JUNE 30, 2005 17,418,138 164,903 3,510 92,964 (930) 260,447 ------------------------------------------------------------------------- COMPREHENSIVE LOSS Net loss - - - (1,023) - (1,023) Foreign currency translation adjustment - - - - (177) (177) ------------------------------------------------------------------------- TOTAL COMPREHENSIVE LOSS - - - (1,023) (177) (1,200) ------------------------------------------------------------------------- STOCK OPTIONS EXERCISED UNDER THE ESOP 200 4 - - - 4 ------------------------------------------------------------------------- BALANCE AT SEPTEMBER 30, 2005 17,418,338 164,907 3,510 91,941 (1,107) 259,251 ------------------------------------------------------------------------- ------------------------------------------------------------------------- COMPREHENSIVE INCOME Net income - - - 554 - 554 Foreign currency translation adjustment - - - - (1,031) (1,031) ------------------------------------------------------------------------- TOTAL COMPREHENSIVE INCOME (LOSS) - - - 554 (1,031) (477) ------------------------------------------------------------------------- SHARES REPURCHASED - - - - - - STOCK OPTIONS EXERCISED UNDER THE ESOP 1,250 27 - - - 27 STOCK-BASED COMPENSATION EXPENSE - - 488 - - 488 ------------------------------------------------------------------------- BALANCE AT DECEMBER 31, 2005 17,419,588 $ 164,934 $ 3,998 $ 92,495 $(2,138) $ 259,289 ------------------------------------------------------------------------- COMPREHENSIVE INCOME Net income - - - 4,935 - 4,935 Foreign currency translation adjustment - - - - 829 829 ------------------------------------------------------------------------- TOTAL COMPREHENSIVE INCOME - - - 4,935 829 5,764 ------------------------------------------------------------------------- SHARES REPURCHASED (79,300) (751) - (1,209) - (1,960) STOCK OPTIONS EXERCISED UNDER THE ESOP 59,634 1,266 (40) - - 1,226 STOCK-BASED COMPENSATION EXPENSE - 536 - - 536 ------------------------------------------------------------------------- BALANCE AT MARCH 31, 2006 17,399,922 $ 165,449 $ 4,494 $ 96,221 $(1,309) $ 264,855 ------------------------------------------------------------------------- ------------------------------------------------------------------------- HUMMINGBIRD LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS U.S. GAAP (thousands of U.S.$) Three Months Ended Six Months Ended March 31 March 31 2006 2005 2006 2005 ---- ---- ---- ---- (Unaudited) (Unaudited) (Unaudited) (Unaudited) CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES Net income (loss) $ 4,935 $ (1,213) $ 5,489 $ (2,942) Add (deduct) items not affecting cash: Amortization of other intangible assets 5,445 4,502 11,107 9,418 Stock-based compensation expense 536 - 1,024 - Deferred income taxes 542 (2,232) (1,463) (4,438) Depreciation 769 896 1,545 1,763 Changes in operating assets and liabilities: Accounts receivable 1,791 (89) (3,238) (1,213) Unbilled receivables (125) (44) (4) 239 Income taxes recoverable/payable (8,481) (3,786) (6,274) (8,082) Inventory 265 (124) 297 (101) Prepaid expenses (884) (2,029) (227) (2,071) Other receivables (14) (823) 241 (840) Accounts payable and accrued liabilities 1,028 (1,815) (2,978) 4,814 Deferred revenue 4,830 1,643 6,846 2,305 ------------------------------------------------------------------------- 10,637 (5,114) 12,365 (1,148) ------------------------------------------------------------------------- INVESTING ACTIVITIES Short-term investments - net matured - - - 4,943 Decrease in other assets (208) 315 67 384 Acquisition of subsidiaries - - - (822) Additions to fixed assets (586) (626) (1,185) (939) ------------------------------------------------------------------------- (794) (311) (1,118) 3,566 ------------------------------------------------------------------------- FINANCING ACTIVITIES Repayment of other long-term liabilities (881) (49) (932) (108) Shares repurchased (1,960) - (1,960) - Issuance of shares 1,226 392 1,253 1,230 ------------------------------------------------------------------------- (1,615) 343 (1,639) 1,122 ------------------------------------------------------------------------- INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 8,228 (5,082) 9,608 3,540 FOREIGN EXCHANGE GAIN (LOSS) ON CASH HELD IN FOREIGN CURRENCY 287 - (307) - CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 85,783 134,165 84,997 125,543 ------------------------------------------------------------------------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 94,298 $ 129,083 $ 94,298 $ 129,083 ------------------------------------------------------------------------- ------------------------------------------------------------------------- NON CASH ITEMS Unpaid contingent consideration - - 10,700 - SUPPLEMENTARY CASH FLOW INFORMATION Interest paid $ 9 $ 33 $ 14 $ 36 Income taxes paid 5,212 4,961 5,086 10,203 Interest received 791 601 1,494 1,305 HUMMINGBIRD LTD. PROFORMA SUPPLEMENTAL INFORMATION RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME (thousands of U.S.$, except share data) U.S. GAAP Three Months Ended Six Months Ended March 31 March 31 2006 2005 2006 2005 ---- ---- ---- ---- (Unaudited) (Unaudited) (Unaudited) (Unaudited) Net income (loss), U.S. GAAP $ 4,935 $ (1,213) $ 5,489 $ (2,942) Adjusted for: Restructuring and other charges 693 3,485 2,318 10,918 Amortization of other intangible assets 5,445 4,502 11,107 9,418 Stock-based compensation expense (included in G&A) 536 - 1,024 - Income tax expense(x) (5,716) (3,058) (8,484) (7,594) ------------------------------------------------------------------------- ------------------------------------------------------------------------- ADJUSTED NET INCOME $ 5,893 $ 3,716 $ 11,454 $ 9,800 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ADJUSTED BASIC EARNINGS PER SHARE $ 0.34 $ 0.21 $ 0.66 $ 0.56 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ADJUSTED DILUTED EARNINGS PER SHARE $ 0.34 $ 0.21 $ 0.66 $ 0.56 ------------------------------------------------------------------------- ------------------------------------------------------------------------- BASIC WEIGHTED AVERAGE NUMBER OF SHARES (in thousands) 17,414 17,500 17,417 17,482 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ADJUSTED DILUTED WEIGHTED AVERAGE NUMBER OF SHARES (in thousands)(xx) 17,414 17,637 17,420 17,599 ------------------------------------------------------------------------- ------------------------------------------------------------------------- (x) Income tax expense amounts represent the income tax effects on restructuring and other charges, amortization of other intangible assets, stock-based compensation expense, losses carried forward and utilized, and utilized carried forward research and development investment tax credits and expenses. (xx) The adjusted diluted weighted average number of shares for the three and six months periods ended March 31, 2005 differs from the number shown in the U.S. GAAP Consolidated Statements of Income, where the diluted number of shares presented is impacted by anti-dilutive provisions for both periods. DATASOURCE: Hummingbird Ltd. CONTACT: Hummingbird Contacts: Inder Duggal, Chief Financial Officer, Hummingbird Ltd., Tel: (416) 496-2200 ext. 2205, ; Michele Stevenson, Senior Manager, Corporate Communications, Hummingbird Ltd., Tel: (416) 496-2200 ext. 2263, ; Dan Coombes, Director, Investor Relations, Hummingbird Ltd., Tel: (416) 496-2200 ext. 6359, ; To request a free copy of this organization's annual report, please go to http://www.newswire.ca/ and click on Tools for Investors.

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