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Integrated Research Limited Announces Preliminary Results

  • 22 July, 2004 15:03

<p>Sydney, Australia, 22 July 2004 - Integrated Research (ASX:IRI) (IR), leading developer and provider of systems and application management solutions for high availability computing environments, today released the following unaudited results for the financial year ended 30 June 2004.</p>
<p>Revenue from ordinary activities for the period was $30.3 million, compared to $28.1 million in the prior year, an increase of 8%. Net profit after tax was $4.5 million, or 2.7 cents per share, compared to 0.65 cents per share in the previous corresponding period, an increase of 316%.</p>
<p>Results summary
($’000) 2004 2003 % Change</p>
<p>Revenue from licence fees
15,842 12,396 28%</p>
<p>Revenue from maintenance fees
13,712 14,456 -5%</p>
<p>Total revenue from ordinary activities
30,332 28,149 8%</p>
<p>EBITDA
10,376 4,705 121%</p>
<p>Net profit before income tax
7,173 1,265 467%</p>
<p>Net profit after income tax
4,455 1,072 316%</p>
<p>Steve Killelea, CEO of Integrated Research said that "The results are extremely pleasing especially given that the appreciation in the Australian dollar meant that our terms of trade were adversely effected by 16%. Our maintenance renewal rate of 98% and strong growth in IP Telephony bodes well for future performance."</p>
<p>Net profit for the second half of the year was $2.4 million, compared to $2.1 million in the first half, an increase of 15%. A retrospective change in franking deficit tax (FDT) legislation reduced the company’s profit by $806,000. The company has received professional advice that in the event of possible legislative changes, it has strong prospects of full or substantial remission of the FDT adjustment.</p>
<p>The company earned 95% of its 2004 revenue offshore. Except for Europe, the offshore revenue is primarily denominated in US dollars. The following chart summarises key areas of the company’s revenue growth in US dollar terms, except for new sales from Europe, which are shown in GB pounds:</p>
<p>Growth in US dollars (except Europe) % New sales by region: North America 48% Europe (in GBP) 251% Asia Pacific 19% New sales by product: NonStop 72% Windows/UNIX 18% IP Telephony 90% Recurring revenue: 14% Total expenses from ordinary activities were $23.2 million in 2004, 14% less than 2003. Changes in the average effective exchange rates referred to above have reduced total expenses by 7%. The consolidated entity continues to be in a strong financial position, remaining debt free with cash at 30 June 2004 of $8.5 million, compared to $5.9 million a year ago. In line with company policy of paying dividends of between approximately 40% and 60% of profit after tax, directors have declared a final dividend of 1.0 cent per share, unfranked, payable on 17 September 2004, bringing the total dividend for the year to 1.75 cents per share. Brian Gatfield, chairman of Integrated Research commented: ”We are seeing strength in global demand for our products across all sectors, and an acceleration in customer take-up of VOIP, which should drive revenues and profits in the next twelve months.” The company will provide firmer earnings guidance for 2004/05 when first quarter results are available.</p>
<p>-ENDS-</p>
<p>About Integrated Research Limited</p>
<p>Since 1988, Integrated Research Limited has been developing world-class systems and application management solutions specifically designed for critical, high-availability computing environments.</p>
<p>The world’s largest bank, telecommunications company, stock exchange, computer hardware manufacturer and internet solution provider all rely on IR solutions – as do hundreds of other customers in 48 countries around the world.</p>
<p>IR is a publicly listed company (ASX:IRI) with sales and support offices in the USA, UK and Australia, and a sales and distribution network that spans more than 60 countries worldwide. Information on Integrated Research and its products is available at http:/www.ir.com</p>
<p>PROGNOSIS is a registered trademark of Integrated Research Limited. All other brand and product names are trademarks or registered trademarks of their respective companies.</p>
<p>Press Contact:</p>
<p>Steve Killelea
CEO
Integrated Research
+612 9966 1066
steve.killelea@ir.com</p>
<p>OR
Claire Hosegood
Kinetics Pty Ltd
+61 (0)2 9976 6611
claire@kinetics.com.au
+61 (0)411 253 663 (Mobile)</p>

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