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Convera Releases Financials
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Vienna, Virginia - (Website Hosting Directory) - June 30, 2008 - Convera Corporation has released its financial results for the three-month period ending April 30, 2008.
Revenue from continuing operations for the first quarter of fiscal 2009 increased to $402,000 or 44% over the $280,000 in revenue recorded in the fourth quarter of fiscal 2008. Backlog, grew from $4.0 million at January 31, 2008 to $4.7 million April 30, 2008. These backlog balances represent future revenues stemming from the contractual minimum revenue commitment amounts from customers.
As of April 30, 2008, a total of 45 Excalibur supported vertical search sites from 25 different publishers that have been commercially launched. There were 39 vertical search sites from 24 publishers that had been commercially launched at January 31, 2008. Search traffic activity from the Excalibur supported vertical sites continued to grow, increasing 187% from 9.5 million searches in the fourth quarter of last year to 17.8 million in the first quarter ended April 30, 2008.
A total of 75 Excalibur supported vertical search sites are under contract with customers, 47 of these sites have been commercially launched and 28 of these sites are in development. These contracted sites represent publications in over 15 major vertical industries. Convera is presently providing vertical search services to 30 different trade publishers.
Patrick Condo, President and Chief Executive Officer of Convera remarked, ''We are pleased with the continued progress we are making in acquiring customers, launching sites and the increased search traffic on our network. Advertising revenue and the newly instituted annual capacity based pricing model began to contribute to revenue in quarter and are expected to continue to grow in subsequent quarters. We expect to see the financial results of this effort evidenced in this fiscal year as we continue to see the impact of our efforts to increase revenue and decrease expenses in the coming quarters of this fiscal year.''
The loss from continuing operations for the three-month period ended April 30, 2008, was $5.4 million, or $0.10 per share, (which includes $1.6 million in depreciation and stock compensation expenses which are non cash expenses) compared to a loss of $7.7 million, or $0.15 per share, (which includes $0.1 million in depreciation and stock compensation which are non cash expenses) for the comparable year-ago period and a loss of $7.0 million (which includes $1.4 million in depreciation and stock compensation which are non cash expenses) for the three months ended January 31, 2008.
The loss from continuing operations for the three-month period ended January 31, 2008, was $7.2 million, or $0.13 per share, compared to a loss of $8.6 million, or $0.16 per share, for the comparable year-ago period. The net loss from continuing operations for the fiscal year ended January 31, 2008, was $27.0 million, or $0.51 per share, compared to a loss of $45.3 million, or $0.87 per share, for the comparable year-ago period.
The decreased loss reflects the reduction in staffing levels and Convera's efforts to discontinue non-strategic activities from cost streamlining actions taken during fiscal 2008. Convera expects to continue to receive benefits from these actions in the coming quarters as a result of continued alignment of resources to pursue the on line publishing and media marketplace.
Net loss for the three months ended April 30, 2008 was $5.4 million or $0.10 per share, which compares to a net loss of $7.5 million or $0.14 per share, for the comparable period of the prior year.
Cash and investments as of April 30, 2008, totaled $31.4 million and does not include the $4 million held in escrow from the sale of the RetrievalWare enterprise search business in August 2007. The company expects to receive the escrow to be released in the third quarter, in accordance with terms of the agreement.
Convera manages the vertical search sites of a growing number of specialist publishers around the world. Convera is a provider of vertical search services for publishers. Convera is designed to enable publishers to generate additional revenue by creating customized search applications for specialist audiences under their own brand. Convera vertical search applications can combine publisher proprietary content with an editorially vetted best of the web for specific professional audiences, providing an authoritative and comprehensive search experience. Many of the world's largest publishers are working with Convera to accelerate their e-publishing strategies, meet growing online revenue goals and build loyal online professional communities.
To learn more, please visit: www.convera.com.
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