Tuesday, October 26, 1999
Ontrack Data International announces third quarter resultsONTRACK Data International, Inc. (Nasdaq: ONDI) today announced its financial results for the third quarter and nine months ended September 30, 1999.
Data recovery service and product revenue for the third quarter was a record $9,522,000, a 25 percent increase over third quarter 1998. Total revenues for the third quarter were $12,047,000, an increase of 33 percent over the third quarter of 1998. Net income for the quarter was $1,588,000, or $0.16 per diluted share, compared to $1,302,000, or $0.13 per diluted share, in the same period a year ago. Diluted net income per share excluding the amortization of goodwill relating to Ontrack's acquisition of Mijenix Corporation, which closed on July 15, 1999, was $0.18 per share, an increase of 38 percent over the third quarter of 1998.
Commenting on the quarter, Mike Rogers, CEO of Ontrack, said “Our strategy to extend the company's data recovery offerings into the broader data availability market is progressing nicely and we are beginning to see positive financial results. We have integrated the products we added from the recent Mijenix acquisition and are continuing to look at opportunities to further expand our product and service suite."
For the nine months ended September 30, 1999, total revenues were $29,522,000, compared to $27,044,000 in the comparable period of 1998. Net income for the first nine months of 1999 was $3,565,000, or $0.36 per diluted share, compared to $4,354,000, or $0.43 per diluted share, in the same period a year ago.
The higher third quarter 1999 data recovery revenues were due primarily to increases in the Company's Computer Evidence Services business and revenues from the Company's do-it-yourself data recovery software products. Software revenues increased to $2,525,000 in the third quarter of 1999 compared to $1,470,000 in the same period of 1998. The increase was due to sales of the Company's newly acquired Mijenix software product line.
Ontrack, a leading provider of data availability software and service solutions, helps customers protect, back up and recover their valuable data. Using its hundreds of proprietary tools and techniques, Ontrack is able to recover lost or corrupted data from all operating systems and types of storage devices through its do-it-yourself, remote and in-lab capabilities. Ontrack now offers a line of award-winning software tools to help prevent critical data loss, and recently introduced its RapidRecall line of backup and restore software and services for remote users. 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 other locations in Los Angeles, Washington, D.C., New York, Tokyo, London, Paris, Stuttgart and Boulder, CO.
ONTRACK is a registered trademark of ONTRACK Data International, Inc. in the United States and/or other countries. All other brands or product names are trademarks or registered trademarks of their respective holders.
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”.
Ben Blomberg, 952-516-3617, Ben.Blomberg@krolldiscovery.com