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Angoss Software Corporation has announced preliminary unaudited results for the fourth quarter and fiscal year ending November 30, 2007. Company officials noted "expanded use of Angoss predictive analytics software and on-demand predictive analytics products by financial services and information and communications technology industry clients" as the "primary driver of business growth."

 

Net income was $71,346, compared with prior year net income of $310,879. This reduction, despite higher revenues, resulted from non-cash foreign

exchange expenses and increased amortization expenses. Foreign exchange expenses primarily due to the decline in the US dollar in 2007 were

approximately $358,000 versus prior year expenses of approximately $27,000.

 

"On a billed basis," annual revenues grew 9 percent to $7,984,947 (2006: $7,327,374). On an earned basis, annual revenues grew 7.9 percent to

$7,361,476 (2006: $6,824,114), and deferred revenues were up 21.2 percent to $3,880,371 (2006 - $3,201,319).

 

Operating expenses increased 5.8 percent to $6,503,012 from prior year expenses of $6,143,622. Operating income for the year grew 26.2 percent to $858,464, compared with prior year operating income of $680,492.

 

Revenue, deferred revenue and operating income growth resulted from expanded licensing and on demand analytics products sales.

 

"Our 2007 results reflect our industry focus on finance and ICT," and selling both licensed and on-demand advanced analytics products for "the marketing, sales and risk management needs of these clients," said Angoss President Eric Apps.

 

The company also closed the year with almost $4.4 million in cash and receivables (2006: $3.9 million), after paying $575,000 for scheduled retirement of preferred shares. Operating cash flow was $1,031,881 (2006: $1,087,160), consistent with 2006 results.

 

On January 18 the Canadian vendor confirmed the receipt of regulatory approvals for its proposed common share consolidation plan.

 

Effective January 21, 2008, Angoss continued trading under its current symbol (ANC) with newly issued CUSIP reflecting post-consolidation common shares. Based on currently available information at the time, company officials estimated that after the consolidation there would be approximately 7.36 million common shares outstanding, versus the currently issued and outstanding 40,995,000 common shares.

 

The consolidation takes into account the cancellation of approximately 4.2 million common shares by former shareholders below the minimum 7,500 common shares threshold required for continued common share ownership.