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Friday, July 01, 2005

BakBone: 2004 10-K (continued)

MagnaVault sunset charges: $415,000, severance of $87,000, idle facility cost $192,000, fixed asset impairment and exit $136,000.

Acquisition costs for BakBone KK (March 2002) $221,000 intangible assets, amortized over "useful life" or 4 years ($55,000 in 2003). Also $854,000 amortization expense in March 2000. Asset impairment of $888,000 in 2003, $2.8 million in 2002 [restated as $2.5 million and shifted into 2003] (from acquisition of Tracer Technologies and MagnaVault). By March 31, 2003, all of MagnaVault goodwill had been written off.

Quarterly results don't show any particular large jumps from single transactions.
Net cash used in investing activities was $534,000 and $413,000 for the years ended March 31, 2004 and 2003, respectively, which consisted almost entirely of expenditures on capital equipment.
We derive cash from operations primarily from cash collected on software license and software maintenance contract sales. Net cash provided by operating activities was $841,000 during the year ended March 31, 2004, as opposed to cash used in operating activities of $3.1 million for the year ended March 31, 2003. The shift from negative to positive operating cash flows between the periods reflects the increase in sales volume, and correlated cash collections, between the periods.
They raised $13.6 million cash by issuing convertable pf stock.

They repaid a $1.7 million term loan.

They expect $1 million in capital expenditures in 2005 (check if this is true when the new 10-K comes out).

New accounting pronouncements had no material impact.

Competitors: Veritas, EMC, IBM Tivoli, Computer Associates, CommVault Systems.

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