Wednesday, April 21, 1999
Ontrack announces first quarter 1999 financial resultsONTRACK Data International, Inc. (Nasdaq: ONDI) today announced its financial results for the first quarter ended March 31, 1999.
Total revenues for the quarter were $8,410,000 compared to revenues of $8,907,000 in the first quarter of 1998. Net income was $900,000 compared to $1,555,000 in the same period a year ago. Diluted net income per share was $.09 compared to $.15 in the first quarter of 1998.
First quarter 1999 data recovery service and product revenues totaled $7,151,000, compared to $7,205,000 in the first quarter of 1998. 1999 data recovery service and product revenues include sales of the Company's newly acquired do-it-yourself data recovery software product, Tiramisu. Software revenues of $1,259,000 declined 26% compared to the first quarter of 1998. Software revenues primarily consist of sales of the ONTRACK Disk Manager software and the expected decline is principally the result of ongoing disk drive pricing pressure for this mature product.
"We are successfully integrating our Remote Data Recovery service and our Tiramisu product line into Ontrack's suite of data recovery solutions. This moves us closer to our goal of supplying data recovery solutions to the widest possible range of customers," said Mike Rogers, CEO of Ontrack. Looking ahead, Rogers said: "We are continuing to expend time and resources in preparation for extending our services to adjacent data integrity markets that leverage our core capabilities and technologies.
ONTRACK (NASDAQ: ONDI), the world leader in data recovery, specializes in services and software that help computer users access and recover their valuable data. Using hundreds of proprietary tools and techniques, ONTRACK is able to recover lost or corrupted data from all operating systems and types of storage devices. ONTRACK can be reached through its World Wide Web site at http://www.ontrack.com or by calling 800-872-2599 (612-937-5161). In addition to its Minneapolis headquarters, ONTRACK operates customer service centers in Los Angeles, San Jose, Washington, D.C., New York, Tokyo, London, Paris and Stuttgart.
Statements in this release concerning the future prospects of ONTRACK are “forward-looking statements” under the Federal securities laws. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts, estimates, and summary information contained in this press release. Important factors that could cause actual results to differ materially are included but are not limited to those listed in the ONTRACK Annual Report on Form 10-K for the year ended December 31, 1998, under the caption “ Management's Discussion and Analysis of Financial Condition and Results of Operations -- Forward Looking Statements.”