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Friday, July 01, 2005

BakBone Software: 8-Ks and such

June 23, 2005: The one I mentioned earlier.

May, 3, 2005: More delays. Some results: $19.5 million cash. Free cash flow (from ops) positive for all of 2005. 1000 new global customers.
They expanded the relationship with Network Appliance. SnapVault 2.1 (OSSV v2.1)

New support for Mac Tiger OS.

NetVault 7.4 due in Q4 05.

They want to get re-listed.

Feb 11, 2005: delisted!

Jan 31, 2005:
First, coming into an organization that had recently restated prior financial statements, changed its independent audit firm, and continues to face delays in its financial reporting has been a challenge, but not an insurmountable one. As a result of these delays, some shareholders, customers and especially competitors have questioned the viability of our business and our growth prospects.
$19.2 million in cash, no debt, positive cash flow from ops so far.
I thought they already had 10 Linux distributions. SuSE 9 is a fairly major one (I'm using it right now to do this blog).
Take your time. I'm in no hurry.

Dec 23, 2004: Re-statement! The pf stock conversion benefit was calculated wrong, among other problems.
The beneficial conversion feature amount should be calculated based on the difference between the conversion price of the Preferred Stock and the fair value of the common stock into which the Preferred Stock is convertible (the “Intrinsic Value”)....

The amount of the beneficial conversion feature should have been determined based on the date the Company received shareholder approval for the issuance of the Preferred Stock (the “Measurement Date”), as opposed to the date the Company formally entered into the Preferred Stock financing arrangement with the preferred shareholder. In addition, the amount of the beneficial conversion feature should be based on the Intrinsic Value on the Measurement Date, as opposed to basing the amount on an allocation method that effectively allocated the Intrinsic Value between the Preferred Stock and the underlying beneficial conversion feature. The original beneficial conversion feature amount calculated and recorded by the Company was approximately $7.2 million. The Company estimates that the corrected calculation will result in an amount of approximately $13.6 million.

 On December 17, 2004, KPMG advised the Company it believes that revenue recognized during the first fiscal quarter ended June 30, 2004, the final quarter reviewed by KPMG in its capacity as the Company’s independent auditor, was recorded in error.

...related to a single end user contract and was recognized upon the execution of a contract amendment with the end user customer in April 2004. KPMG has advised the Company that it believes the related amount should have been recorded in deferred revenue on the Company’s balance sheet as of June 30, 2004. The Company has not completed its assessment of the revenue recognition on the related amount which is estimated to not exceed $500,000.
Terrible. And there's never just one cochroach.

Dec 10, 2005: Delisted in Canada!

Nov 2, 2005: "Resignation"
Effective as of October 31, 2004, Keith Rickard resigned as our President and Chief Executive Officer....
Don't let the door hit you on the way out.

Jim Johnson is now in charge.
Mr. Johnson was most recently chief technology officer of SoftBrands, Inc., and president of SoftBrands, Inc. Hospitality Group, a privately held software company specializing in the hospitality and manufacturing markets. Prior to joining SoftBrands in 2001, Mr. Johnson was senior vice president of Sterling Commerce, Inc., a former NYSE-listed company specializing in electronic commerce software and services that was acquired by SBC. Mr. Johnson was also the president of the Asia Pacific Group of Sterling Commerce. Mr. Johnson also held numerous senior positions with Sterling Software, Inc. prior to its acquisition by Computer Associates, including senior vice president, president of the Asia Pacific Group, executive vice president of business development, and president of Sterling’s Softlabs Division.
Oct 25, 2004: Deloitte and Touche are the new auditors.

Oct 12, 2004: KPMG resigned as auditors, giving no reason.
We were previously principal accountants for BakBone Software, Inc. and, under the date of June 25, 2004, we reported on the consolidated financial statements of BakBone Software, Inc. as of and for the years ended March 31, 2004, and 2003. On October 5, 2004, we resigned. We have read BakBone Software, Inc.’s statements included under Item 4.01 of its Form 8-K dated October 12, 2004, and we agree with such statements, except we are not in a position to agree or disagree with the Company’s statements made in the penultimate paragraph or the attached Exhibit 99.1 [the press release from BakBone].
Aug 31, 2004: Errors in financial statements for 2002 and 2003! Restated 10-K
These financial statements did not properly reflect the treatment of certain revenue recognition, stock-based compensation charges, and operating expenses relating to a lease liability. Several additional adjustments were also identified.
(See next post for the diff between original 10-K and restated version)

UPDATE: 7/5/05: Wow, the stock jumped 15.79% today. What's up with that?

// posted by Bruce @ 8:47 PM
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