| [August 06, 2008] |
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BakBone Software Files Form 10K for Fiscal Year 2006 with the SEC
SAN DIEGO --(Business Wire)-- BakBone Software, Incorporated (Pink Sheets:BKBO), a global provider of heterogeneous integrated data protection solutions, today announced that it has filed with the Securities and Exchange Commission its annual report on Form 10-K for its fiscal year ended March 31, 2006.
This annual report contains consolidated financial statements as of and for fiscal years ended March 31, 2005 and 2006; condensed financial information for the second, third and fourth fiscal quarters of BakBone's fiscal year ended March 31, 2005; and each of the quarters of fiscal year ended March 31, 2006. Additionally, this annual report includes restatements of previously filed financial statements, data and related disclosures including consolidated financial statements as of and for fiscal year ended March 31, 2004; condensed financial information for fiscal quarter ended June 30, 2004; and selected consolidated financial data as of and for fiscal years ended March 31, 2002, 2003 and 2004.
"Filing this Form 10K for our fiscal years 2004, 2005 and 2006 is an important step toward our goal of becoming a current filer with the SEC," said Jim Johnson, CEO, BakBone. "We are now focused on preparing and filing our remaining 10K reports for fiscal years 2007 and 2008 as well as any forms that are required to bring us into compliance as a current filer."
Conference Call Information
The company has scheduled a conference call for today at 2:00 p.m. PDT to discuss the bookings and cash results for the quarter ended Jun 30, 2008. In addition, management will also review key items related to the 10K filing for fiscal years 2004, 2005 and 2006. The call will be hosted by Jim Johnson, CEO of BakBone Software.
This call will be webcast and can be accessed at www.bakbone.com by clicking on "Company Info" and then "Investor Relations." The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.
About BakBone Software
BakBone is committed to making data protection a simple, straightforward process while delivering its Integrated Data Protection (IDP) strategy through an award-winning product suite. This suite provides unprecedented capabilities not only to protect critical data - but more importantly, to ensure the availability of that data as well. BakBone's products offer a single point of control for managing resources across all platforms, providing improved operational efficiency, reduced system downtime, improved availability and enhanced security to support the business growth of enterprise environments. Thousands of users worldwide leverage BakBone's IDP approach to simplify the management of multi-platform environments with a portfolio of backup, disaster recovery, replication and storage reporting solutions for Linux, Windows, Unix and Mac OS environments. These scalable data protection solutions address the demands of Global 5000 organizations and are distributed through a worldwide network of select OEM partners, strategic partners, resellers and solution providers. BakBone is headquartered in San Diego, Calif. For more information about BakBone, visit www.bakbone.com or email info@bakbone.com.
Safe Harbor
This press release contains forward-looking statements that involve risks, uncertainties, assumptions and other factors, which, if they do not materialize or prove correct, could cause BakBone's results to differ materially from historical results, or those expressed or implied by such forward-looking statements. The potential risks and uncertainties may include, but are not limited to: BakBone's ongoing review of its financial statements and efforts to become current in its reporting with the Securities and Exchange Commission and the Canadian Securities Administrators; competition in our target markets; potential capital needs; management of future growth and expansion; the development, implementation and execution of the Company's Integrated Data Protection (IDP) strategic vision; risk of third-party claims of infringement; protection of proprietary information; customer acceptance of the Company's existing and newly introduced products and fee structures; and the success of BakBone's brand development efforts; risks associated with strategic alliances; reliance on distribution channels; product concentration; need to develop new and enhanced products; potential product defects; our ability to hire and retain qualified employees and key management personnel; and risks associated with changes in domestic and international market conditions and the entry into and development of international markets for the Company's products. Our forward-looking statements should be considered in the context of these and other risk factors disclosed in our most recent report filed with the Securities and Exchange Commission, which may be found at www.sec.gov, as well as those risk factors disclosed in our current report filed with the Canadian Securities Administrators, which is available on SEDAR at www.sedar.com. All future written and oral forward-looking statements made by us or on our behalf are also subject to these factors. BakBone assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made, other than as required under applicable securities laws.
The common shares of BakBone Software are currently subject to cease trade orders in the Canadian jurisdictions of Alberta, British Columbia and Ontario due to delays in the filing of the Company's financial statements. Although these cease trade orders do not prevent investors, who are not resident in or otherwise subject to the laws of Alberta, British Columbia or Ontario, from trading the common shares of BakBone on the Pink Sheets in the United States, investors are encouraged to obtain legal advice to ensure that these trades are not violating the cease trade orders. BakBone continues to work to resolve all outstanding issues which have prevented filing of its financial statements, however an exact date for filing of these financial statements cannot be determined at this time.
BakBone(R), BakBone Software(R), NetVault(R), Application Plugin Module(TM), BakBone logo(R), Integrated Data Protection(TM), Redefining Data Protection(TM), Constant Data(TM), Constant Data logo(TM), Constant Replicator(TM), OnDemand Replicator(TM), and Constant HA Cluster(TM), are all trademarks or registered trademarks of BakBone Software, Inc., in the United States and/or in other countries. All other brands, products or service names are or may be trademarks, registered trademarks or service marks of, and used to identify, products or services of their respective owners.
BAKBONE SOFTWARE INCORPORATED
CONSOLIDATED BALANCE SHEETS
March 31, 2004, 2005 and 2006
(in thousands, except share data)
March 31,
2004 2005 2006
(restated)
ASSETS
Current assets:
Cash and cash equivalents $ 19,399 $ 19,528 $ 9,518
Accounts receivable, net of
allowances for doubtful
accounts and sales returns
of $503, $230 and $224,
respectively 7,021 7,773 8,372
Other assets 1,286 849 917
---------- ---------- ----------
Total current assets 27,706 28,150 18,807
Property and equipment, net 1,942 1,653 3,468
Intangible assets, net 111 55 2,375
Goodwill 4,269 4,269 7,615
Other assets 762 798 1,593
---------- ---------- ----------
Total assets $ 34,790 $ 34,925 $ 33,858
========== ========== ==========
LIABILITIES AND SHAREHOLDERS'
DEFICIT
Current liabilities:
Accounts payable $ 926 $ 2,619 $ 2,218
Accrued liabilities,
including allowance for
sales returns of $41, $101
and $131, respectively 3,895 4,932 6,314
Current portion of deferred revenue 15,976 25,590 30,363
---------- ---------- ----------
Total current liabilities 20,797 33,141 38,895
Deferred revenue, excluding current
portion 28,733 35,202 38,130
Other liabilities 42 3 1,036
---------- ---------- ----------
Total liabilities 49,572 68,346 78,061
---------- ------------ ----------
Commitments and contingencies
Shareholders' deficit:
Series A convertible
preferred stock, no par
value, 22,000,000 shares
authorized at March 31,
2004, 2005 and 2006,
18,000,000 issued and
outstanding at March 31,
2004, 2005 and 2006,
liquidation preference of
$20,650, $22,194 and
$23,134, respectively 11,160 11,160 11,160
Share capital, no par value,
unlimited shares authorized,
64,526,608, 64,542,358 and
64,542,358 shares issued and
outstanding at March 31,
2004, 2005, 2006,
respectively 149,294 149,163 150,036
Employee benefit trust (5) (17) (28)
Deferred compensation (800) (264) (81)
Accumulated deficit (172,065) (190,947) (205,782)
Accumulated other comprehensive
(loss) gain (2,366) (2,516) 492
---------- ---------- ----------
Total shareholders' deficit (14,782) (33,421) (44,203)
---------- ---------- ----------
Total liabilities and
shareholders' deficit $ 34,790 $ 34,925 $ 33,858
========== ========== ==========
BAKBONE SOFTWARE INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended March 31, 2004, 2005 and 2006
(in thousands, except per share and share data)
Year ended March 31,
2004 2005 2006
(restated)
Revenues $ 12,251 $ 22,086 $ 35,052
Cost of revenues 2,994 4,102 4,700
------------ ------------ ------------
Gross profit 9,257 17,984 30,352
------------ ------------ ------------
Operating expenses:
Sales and marketing 15,798 19,254 22,557
Research and development 4,728 6,534 9,041
General and
administrative 5,954 10,888 12,647
------------ ------------ ------------
Total operating
expenses 26,480 36,676 44,245
------------ ------------ ------------
Operating loss (17,223) (18,692) (13,893)
Interest income 86 219 205
Interest expense (87) (32) (50)
Foreign exchange gain (loss),
net 200 (45) (751)
Other (expense) income, net (81) (13) 21
------------ ------------ ------------
Loss before income
taxes (17,105) (18,563) (14,468)
Provision for income taxes 642 319 367
------------ ------------ ------------
Net loss (17,747) (18,882) (14,835)
Beneficial conversion feature
on preferred stock (13,640) -- --
------------ ------------ ------------
Net loss attributable to
common shareholders $ (31,387) $ (18,882) $ (14,835)
============ ============ ============
Net loss per common share:
Basic and diluted $ (0.52) $ (0.29) $ (0.23)
============ ============ ============
Weighted-average common shares
outstanding:
Basic and diluted 60,882,811 64,527,609 64,529,358
============ ============ ============
BAKBONE SOFTWARE INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended March 31, 2004, 2005 and 2006
(in thousands)
Year ended March 31,
2004 2005 2006
(restated)
Cash flows from operating activities:
Net loss $(17,747) $(18,882) $(14,835)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Depreciation and amortization 964 1,064 1,172
Loss on disposal of capital
assets -- -- 99
Stock-based compensation 876 375 1,045
Operating expenses funded by
financing arrangement -- -- 174
In process research and
development costs expensed upon
investment acquisition -- -- 73
Provision for bad debt 495 200 --
Changes in assets and
liabilities:
Accounts receivable, net (3,165) (952) (323)
Other assets (506) 317 (287)
Accounts payable 61 1,615 (419)
Accrued and other liabilities 705 1,053 609
Deferred revenue 19,158 16,072 10,445
---------- --------- ---------
Net cash provided by (used
in) operating activities 841 862 (2,247)
---------- --------- ---------
Cash flows from investing activities:
Proceeds from sale of capital
assets -- -- 8
Cash paid for acquisition of
Constant Data, Inc., net of cash
received -- -- (5,160)
Capital expenditures (534) (623) (1,556)
Deposits of restricted cash -- -- (303)
---------- --------- ---------
Net cash used in investing
activities (534) (623) (7,011)
---------- --------- ---------
Cash flows from financing activities:
Payments on capital lease
obligations (115) (56) (145)
Payments on long term debt
obligations (1,652) -- (42)
Proceeds from issuance of Series A
convertible preferred stock, net
of offering costs 13,640 -- --
Proceeds from exercise of stock
options 500 18 --
Proceeds from exercise of warrants 1,217 -- --
Proceeds from sale of share capital
held by subsidiary 17 -- --
---------- --------- ---------
Net cash provided by (used
in) financing activities 13,607 (38) (187)
---------- --------- ---------
Effect of exchange rate changes on
cash and cash equivalents 440 (72) (565)
---------- --------- ---------
Net increase (decrease) in cash and
cash equivalents 14,354 129 (10,010)
Cash and cash equivalents,
beginning of period 5,045 19,399 19,528
---------- --------- ---------
Cash and cash equivalents, end of
period $ 19,399 $ 19,528 $ 9,518
========== ========= =========
Cash paid during the period for:
Interest $ 120 $ 32 $ 50
Income taxes $ 145 $ 198 $ 459
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Equipment acquired under capital
leases $ 70 $ - $ 1,081
Capital expenditures funded by
financing arrangement $ - $ - $ 166
Capital expenditures included in
accounts payable at end of period $ 35 $ 112 $ 160
Liabilities assumed in acquisition:
Fair value of assets acquired $ - $ - $ 6,089
Cash paid for the capital stock,
including direct acquisition costs $ - $ - $ 5,178
---------- --------- ---------
Liabilities assumed $ - $ - $ 911
========== ========= =========
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