|Wednesday, October 23, 1996||< Prev||Next >|
SEATTLE, Oct. 23 /PRNewswire/ — Visio Corporation (NASDAQ: VSIO) today reported results for the fourth quarter and audited results for the fiscal year ended September 30, 1996. Revenues for the fourth quarter of fiscal 1996 were $16.5 million, a 61 percent increase over fourth quarter fiscal 1995 revenues of $10.3 million. Net income was $3.8 million and earnings per share were $0.26, compared to net income of $0.9 million and earnings per share of $0.08 for the fourth quarter of fiscal 1995. The Company achieved an operating margin of 29 percent, compared to 14 percent for the same period last year.
Revenues for fiscal 1996 were $59.7 million, a 74 percent increase over fiscal year 1995 revenues of $34.2 million. Net income for the year was $11.1 million and earnings per share were $0.76, compared to net income of $2.3 million and earnings per share of $0.20 for fiscal 1995. The Company achieved an operating margin of 24 percent for the year, compared to 9 percent for fiscal 1995.
"I'm very proud of Visio's performance in the past fiscal year," said Jeremy Jaech, president and CEO of Visio Corp. "We have proven we can deliver an expanded product offering and achieve our financial benchmarks. During fiscal 1996 we diversified by channel, saw results from our investments in Europe and the Pacific Rim, completed an acquisition, strengthened our balance sheet with our IPO in November and surpassed our internal revenue and operating profit objectives. Our results to date indicate that the business drawing and diagramming market on the Windows desktop is real, and we are gratified to own the dominate share of this rapidly expanding market."
During fiscal 1996 Visio Technical generated revenues of $17.7 million which were 30 percent of total revenues. Visio Technical revenues for the fourth quarter are $6.2 million which represents 38 percent of total revenues. Volume licensing revenues of $2.2 million increased 144 percent over the prior year's comparable quarter. New product introductions during the quarter include Visio 4.0 localized in Dutch, Swedish and Chinese and Visio Technical 4.1 in Kanji for the Japanese market.
"The drivers to future growth of our business are continued increase in awareness of Visio, further penetration of the Windows market, and the acquisition of new users through vertical solutions developed by Visio and third party partners," said Jaech. "Our core Visio products help us reach a large, untapped population of users who want or need to create and use drawings electronically. Visio addresses the diverse needs of the general business user, Visio Technical reaches key verticals in the technical drawing arena, while Visio Professional, scheduled for release late in the December quarter, is allowing us to address the needs of the IS professional."
Visio Corp., a leading supplier of enterprisewide business diagramming and technical drawing software, was founded in September 1990. The Seattle-based company pioneered the drawing and diagramming market with the release of Visio 1.0 in November 1992, and has since released additional Windows-based products for the creation and exchange of drawings and diagrams in business. Visio's powerful product architecture, combined with partner programs and third-party relationships in key market segments, is establishing Visio as a desktop platform standard for the creation of graphical solutions. The company markets the Visio product line in more than 26 countries throughout the world.
This press release contains forward-looking statements. There are certain important factors that could cause results to differ materially from those anticipated by some of the statements made above. Among these are fluctuations in quarterly performance, dependence on other products including Microsoft Windows, competition in the business drawing and diagramming software market, timing and customer acceptance of new products, and changes in general economic conditions. Additional information concerning these and other risks is described in the "Risk Factors" section of the prospectus contained in the Registration Statement on Form S-1 filed by the Company on September 15, 1995, and, from time to time, in the Company's Securities and Exchange Commission reports, which include the Report on Form 10-Q for the quarter ended March 31, 1996. Actual results may differ materially.
NOTE: Additional information about Visio Corporation is available on the Internet at http://www.visio.com. Details about Visio Corporation are also available on CompuServe and MSN, The Microsoft Network.
Visio is a registered trademark of Visio Corporation. Microsoft and MSN are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries. CompuServe is a registered trademark of CompuServe Inc.
Visio Corporation Statements of Income (In thousands, except per share data) Three Months Ended Sep. 30 1996 1995 Revenues $16,524 100% $10,285 100% Cost of revenues 1,847 11 2,105 21 Gross Margin 14,677 89 8,180 79 Operating expenses: Research and development 2,320 14 1,473 14 Sales and marketing 6,267 38 4,538 44 General and administrative 1,309 8 719 7 Total operating expenses 9,896 60 6,730 65 Income from operations 4,781 29 1,450 14 Other income, net 479 3 7 0 Income before income taxes 5,260 32 1,457 14 Provision for income taxes 1,414 9 509 5 Net Income $3,846 23% $948 9% Net income per share $0.26 $0.08 Shares used in computing net income per share 14,964 12,213 Fiscal Year Ended Sep. 30 1996 1995 Revenues $59,699 100% $34,224 100% Cost of revenues 8,701 15 6,077 18 Gross Margin 50,998 85 28,147 82 Operating expenses: Research and development 8,842 15 5,086 15 Sales and marketing 22,974 38 17,340 51 General and administrative 4,609 8 2,515 7 Total operating expenses 36,425 61 24,941 73 Income from operations 14,573 24 3,206 9 Other income, net 1,500 3 403 1 Income before income taxes 16,073 27 3,609 10 Provision for income taxes 4,982 8 1,263 3 Net Income $11,091 19% $2,346 7% Net income per share $0.76 $0.20 Shares used in computing net income per share 14,576 11,838 Visio Corporation Balance Sheets (in thousands) Sept. 30, Sept. 30, 1996 1995 ASSETS CURRENT ASSETS: Cash and cash equivalents $42,506 $7,063 Marketable securities 18,601 — Trade accounts receivable, net 2,242 4,462 Inventories 604 1,431 Prepaid expenses 2,426 1,662 Deferred income taxes 1,779 2,136 Total current assets 68,158 16,754 Equipment and leasehold improvements, net 3,445 2,308 Other assets 5 185 Total assets $71,608 $19,247 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES: Accounts payable $ 3,525 $ 4,176 Accrued compensation and benefits 2,002 1,025 Other accrued liabilities 8,798 5,041 Income taxes payable 1,584 2,653 Current portion of long-term obligations 326 394 Total current liabilities 16,235 13,289 Long-term obligations 148 453 Convertible & redeemable preferred stock 0 6,545 SHAREHOLDERS' EQUITY (DEFICIT): Common stock 137 56 Additional paid-in capital 45,551 487 Translation adjustments (45) (74) Retained earnings (accumulated deficit) 9,582 (1,509) Total shareholders' equity (deficit) 55,225 (1,040) Total liabilities and shareholders' equity (deficit) $71,608 $19,247
SOURCE Visio Corp.
/CONTACT: Leslie Deitz of Visio Corporation, 206-521-4546/
/Visio Corp. press releases available through Company News On-Call by fax, 800-758-5804, ext. 107036, or at http://www.prnewswire.com/
CO: Visio Corp. ST: Washington IN: CPR SU: ERN
CL — SFW052 — 4604 10/23/96 16:16 EDT http://www.prnewswire.com