CORRECTING and REPLACING BackWeb Provides Preliminary Q4 Results Showing Sequential Improvement and Provides Update on Transfer
18 Januar 2007 - 12:07AM
Business Wire
The Total License Sales in the Quarterly Operating Results Overview
should read $743,000 (sted $743,00). The corrected Quarterly
Operating Results Overview is included in the corrected version of
the release below. The corrected release reads: BACKWEB PROVIDES
PRELIMINARY Q4 RESULTS SHOWING SEQUENTIAL IMPROVEMENT AND PROVIDES
UPDATE ON TRANSFER OF TRADING OF ITS ORDINARY SHARES TO THE OTC
BULLETIN BOARD BackWeb Technologies Ltd. (NASDAQ: BWEB), a leading
provider of software designed to provide unplugged access to
enterprise web applications, today provided its preliminary,
unaudited operating results for the fourth quarter ended December
31, 2006 and also updated shareholders on its previously announced
delisting from the Nasdaq Capital Market, due to take effect later
this month. The delisting is the result of a change in NASDAQ�s
application of its continued listing requirements for non-U.S.
companies. The Company is seeking to have the trading of its shares
transferred to the OTC Bulletin Board where it is expected the
shares would continue to trade under the BWEB symbol. Q4 2006
Preliminary Results For the fourth quarter of 2006, BackWeb�s
financial performance improved from that of Q3 2006. The following
table highlights the company�s preliminary results for Q4 2006 as
well as the actual results for Q3 2006 and Q4 2005. BackWeb
Technologies Quarterly Operating Results Overview (unaudited) � Q4
� 2006Preliminary Results Q3 � 2006 Actual Q4 �2005 Actual New
License Sales $ 500,000� $30,000� $ 370,000� Total License Sales $
550,000� $ 60,000� $743,000� Total Revenue $1,200,000� $ 720,000�
$1,750,000� Net Loss (1) ($500,000) � ($600,000) ($1,560,000)
($300,000) (1) The Q4 2006 and Q3 2006 net losses include
approximately $100,000 in non-cash stock-based compensation related
expenses. The Q4 2005 net loss does not include such expenses.
BackWeb�s CEO, Bill Heye, stated, �We are encouraged by the
improvement we achieved in license sales in Q4 as well as the 2007
pipeline of customer and partner opportunities we have developed so
far. This improved performance will be complemented by our
previously announced cost cutting initiatives which should reduce
2007 expenses to approximately $1.5 to $1.6 million per quarter
from approximately $2.4 million per quarter in 2006. We felt it was
important to share this overview of our Q4 performance as we
approach the delisting of our shares from Nasdaq later this month.
We will release our final, audited Q4 2006 results in February.�
NASDAQ Delisting � Move to OTC Bulletin Board In May 2006, Nasdaq
implemented a change in its continued listing requirements to
stipulate that non-U.S. companies must now comply with Nasdaq
Marketplace Rule 4320(e)(2)(E)(i) which states that the closing per
share bid price of Nasdaq listed companies must be at or above
$1.00. Non-U.S. companies had previously been exempted from the
rule. In July 2006, BackWeb received notification from Nasdaq
indicating that, for the last 30 consecutive business days, the bid
price of BackWeb�s Ordinary Shares had closed below the minimum
$1.00 per share requirement for continued inclusion on the Nasdaq
Capital Market. In accordance with Nasdaq Marketplace Rule
4320(e)(2)(E)(ii), BackWeb was provided 180 calendar days, or until
January 16, 2007, to regain compliance by having the bid price of
its shares close at $1.00 per share or more for a minimum of 10
consecutive trading days. On January 17, 2007, BackWeb received the
expected written notification from Nasdaq that the Company�s
Ordinary Shares will be delisted from trading on the Nasdaq Capital
Market, taking effect beginning on the morning of January 26, 2007.
BackWeb�s Ordinary Shares may become eligible for trading on the
OTC Bulletin Board if a market maker makes application to quote the
Ordinary Shares and such application is cleared by the NASD.
BackWeb has already begun seeking sponsorship from market makers in
an effort to facilitate the filing of a Form 211 in accordance with
SEC Rule 15c2-11. A Form 211 application and its clearance are
required for the listing of BackWeb�s Ordinary Shares on the OTC
Bulletin Board. The Company expects, but cannot be certain, that
trading on the OTC Bulletin Board would commence on January 26,
2007 or soon thereafter. BackWeb�s Vice President, Finance, Ken
Holmes, commented, �As we had previously indicated, after thorough
review we have decided to take no action to stay the delisting of
our shares from Nasdaq. Our decision was based on review of all the
issues involved and the determination that our best course was to
keep our resources focused in support of our business. At this
point in our business, we believe a listing on the OTC Bulletin
Board will provide adequate liquidity for a company of our size as
well as for the investors in our company.� About BackWeb
Technologies: BackWeb (http://www.backweb.com) mobilizes critical
web applications and content for mobile workforces and remote
offices. Mobile professionals can be productive anytime, anywhere,
without interruption, regardless of connection status or network
availability. BackWeb's web and polite synchronization mobile
solution delivers a seamless and simple user experience. The
solution is commonly deployed to sales forces, field employees,
mobile managers and remote operations. Typical e-business
applications include enterprise sales force automation, CRM,
e-learning and training and Human Capital Management (HCM). Content
examples include document repositories and rich media. BackWeb
customers include market leaders such as Boehringer Ingelheim,
Eastman Kodak, GE Healthcare, Hewlett-Packard, Johnson &
Johnson, KLA Tencor, Lam Research, and Pfizer. BackWeb also serves
customers through partnerships with BEA, Oracle PeopleSoft and SAP.
BackWeb's operations are centered in San Jose, California, New
York, New York, and Rosh Ha 'ayin, Israel. Make every minute of
your mobile professional's day productive; visit www.backweb.com or
call (877) 222-5932. � 2007 BackWeb Technologies Ltd. All rights
reserved. BackWeb is a registered trademark and Offline Access
Server is a trademark of BackWeb Technologies Ltd. All other
trademarks are property of their respective owners. Oracle, JD
Edwards, PeopleSoft and Siebel are registered trademarks of Oracle
Corporation and/or its affiliates. Statements in this news release,
which are not purely historical, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, including
statements of beliefs, plans, expectations or intentions regarding
the future. Such forward-looking statements include, but are not
limited to, statements regarding BackWeb�s anticipated operating
results for the fourth quarter of 2006, the improvement in the
Company�s 2007 pipeline of customer and partner opportunities,
expected reductions in the Company�s operating expenses for 2007,
the anticipated transfer of BackWeb�s Ordinary Shares to trading on
the OTC Bulleting Board and the ability of such transfer to provide
BackWeb�s shareholders with adequate liquidity. Actual results
could differ materially from those in such forward-looking
statements. Factors that could cause actual results to differ
materially from expectations include, but are not limited to,
determination of BackWeb�s anticipated financial results for the
fourth quarter of 2006 is based on preliminary information, which
is subject to change; the uncertainty of market acceptance of
offline access products or our ability to license those products to
customers; general economic conditions or any downturn in IT
industry spending; the ability of BackWeb to develop innovative
technology and deliver solutions that meet customer needs; the
potential emergence of competitive technologies or competitor
companies and BackWeb may not be able to successfully transfer the
trading of its Ordinary Shares to the OTC Bulletin Board, and any
such transfer may not provide adequate liquidity for its
shareholders. In addition, please refer to our periodic filings
with the Securities and Exchange Commission, including our
Quarterly Report on Form 10-Q for the quarter ended September 30,
2006, which contain more detailed descriptions of the risk factors
facing our business. BackWeb assumes no obligation to update any of
the forward-looking statements in this release.
Backweb (NASDAQ:BWEB)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Backweb (NASDAQ:BWEB)
Historical Stock Chart
Von Jun 2023 bis Jun 2024