STAMFORD, Conn., March 14 /PRNewswire-FirstCall/ -- Clarus
Corporation (OTC:CLRS) today announced financial results for the
quarter and fiscal year ended December 31, 2006. Clarus reported no
revenues for the quarter and fiscal year ended December 31, 2006
and 2005. Net income for the fourth quarter of 2006 was $16,000 or
$0.00 per diluted share compared to a net loss of $0.3 million or
$0.02 per diluted share during the comparable period of 2005. For
the quarter ended December 31, 2006, the increase in net income was
primarily due to higher interest income earned on our cash, cash
equivalents and marketable securities. Net loss for the fiscal year
ended December 31, 2006 was $1.3 million or $0.08 per diluted share
compared to a net loss of $1.3 million or $0.08 per diluted share
during the comparable period of 2005. For the fiscal year ended
December 31, 2006, the $1.5 million increase in interest income
from higher investment returns was offset by an increase of $1.5
million in transaction expenses. Transaction expenses were for due
diligence and negotiation of potential acquisitions. As of December
31, 2006, Clarus' cash, cash equivalents and marketable securities
were $84.4 million (or $4.94 gross cash per share) compared to
$84.9 million as of December 31, 2005. Gross cash per share at
December 31, 2006 equals cash, cash equivalents and marketable
securities of $84.4 million divided by 17.1 million common shares
outstanding. Clarus has provided this Non-GAAP measure because it
believes that it is useful to investors assessing the extent of
Clarus' assets available for redeployment. Clarus is unaware of any
comparable GAAP measure. Clarus estimates that it has available net
operating loss, capital loss, research and experimentation credit
and alternative minimum tax credit carryforwards for U.S. federal
income tax purposes of approximately $222.9 million, $14.0 million,
$1.3 million and $53,000, respectively, which expire in varying
amounts beginning in the year 2009, after application of the
limitation under Section 382 of the Internal Revenue Code. Warren
Kanders, Clarus' Executive Chairman of the Board of Directors
stated, "We continue our efforts to identify and evaluate suitable
acquisition and merger opportunities as part of our strategy to
redeploy our cash and utilize our NOL's, to the extent available.
We also recently announced the hiring of Philip Baratelli, our new
Chief Financial Officer, and Gary Julien our new Vice President of
Corporate Development. We are excited about these new appointments,
and expect them to help us execute our asset redeployment plans."
Clarus, formerly a provider of e-commerce business solutions, is
seeking to redeploy its assets and use its substantial cash, cash
equivalent assets and marketable securities to enhance stockholder
value. This press release contains forward-looking statements
within the meaning of the Securities Act of 1933 and the Exchange
Act of 1934. Information in this release includes Clarus' beliefs,
expectations, intentions and strategies regarding Clarus, its
future and its products and services. Assumptions relating to the
forward-looking statements involve judgments with respect to, among
other things, future economic, competitive and market conditions
and future business decisions, all of which are difficult or
impossible to predict accurately and many of which are beyond our
control. Actual results could differ materially from those
projected in the forward-looking statements as a result of certain
risks including our inability to execute successfully our planned
effort to redeploy our assets to enhance stockholder value, the
unavailability of our net operating loss carry forward, and that
the unaudited financial information provided in this press release
may be adjusted as a result of the year end audit. Clarus cannot
guarantee its future performance. All forward-looking statements
contained in this release are based on information available to
Clarus as of the date of this release and Clarus assumes no
obligation to update the forward-looking statements contained
herein. For further information regarding the risks and
uncertainties in connection with Clarus' business, please refer to
the "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and "Risk Factors" sections of Clarus'
filings with the Securities and Exchange Commission, including but
not limited to, its most recent annual report on Form 10-K and
quarterly reports on Form 10-Q, copies of which may be obtained at
our web site at http://www.claruscorp.com/ or the SEC's web site at
http://www.sec.gov/. CLARUS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS December 31, 2006 and 2005 (In
Thousands, Except Share and Per Share Amounts) ASSETS 2006 2005
--------- --------- CURRENT ASSETS: Cash and cash equivalents
$1,731 $23,270 Marketable securities 82,634 61,601 Interest
receivable 402 320 Prepaids and other current assets 207 135
--------- --------- Total current assets 84,974 85,326 ---------
--------- PROPERTY AND EQUIPMENT, NET 1,699 1,996 ---------
--------- OTHER ASSETS: Deposits and other long-term assets -- 956
--------- --------- Total assets $86,673 $88,278 =========
========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES:
Accounts payable and accrued liabilities $680 $1,461 --------
--------- Total current liabilities 680 1,461 Deferred rent 277 208
-------- --------- Total liabilities 957 1,669 -------- ---------
COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY: Preferred
stock, $.0001 par value; 5,000,000 shares authorized; none issued
-- -- Common stock, $.0001 par value; 100,000,000 shares
authorized; 17,188,622 and 17,187,170 shares issued; and 17,113,622
and 17,112,170 outstanding in 2006 and 2005, respectively 2 2
Additional paid-in capital 367,945 370,704 Accumulated deficit
(282,238) (280,947) Less treasury stock, 75,000 shares at cost (2)
(2) Accumulated other comprehensive income/(loss) 9 (88) Deferred
compensation -- (3,060) --------- --------- Total stockholders'
equity 85,716 86,609 --------- --------- Total liabilities and
stockholders' equity $86,673 $88,278 ========= ========= CLARUS
CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS,
EXCEPT SHARE AND PER SHARE AMOUNTS) THREE MONTHS YEARS ENDED ENDED
DECEMBER 31, DECEMBER 31, --------------------
--------------------- 2006 2005 2006 2005 -------- --------
-------- -------- REVENUES: License fees $-- $-- $-- $-- --------
-------- -------- -------- Total revenues -- -- -- -- OPERATING
EXPENSES: General and administrative 973 1,003 3,530 3,504
Transaction expense 18 (59) 1,431 (59) Depreciation 87 85 346 334
-------- -------- -------- -------- Total operating expenses 1,078
1,029 5,307 3,779 OPERATING LOSS (1,078) (1,029) (5,307) (3,779)
OTHER EXPENSE -- (2) -- (2) INTEREST INCOME 1,094 773 4,016 2,490
-------- -------- -------- -------- NET INCOME/(LOSS) $16 $(258)
$(1,291) $(1,291) ======== ======== ======== ======== Net
income/(loss) per common share: Basic $0.00 $(0.02) $(0.08) $(0.08)
Diluted $0.00 $(0.02) $(0.08) $(0.08) Weighted average shares
outstanding: Basic 16,614 16,647 16,613 16,329 Diluted 16,958
16,647 16,613 16,329 CLARUS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, 2006
and 2005 (In Thousands, Except Share Amounts) 2006 2005 ---------
--------- OPERATING ACTIVITIES: Net loss $(1,291) $(1,291)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation of property and equipment 346 334
Amortization of discount and premium on securities, net (2,405)
(669) Amortization of deferred employee compensation plans 301 410
Changes in operating assets and liabilities: (Increase)/decrease in
interest receivable, prepaids and other current assets (154) 77
Decrease/(increase) in deposits and other long-term assets 956 (1)
Decrease in accounts payable and accrued liabilities (781) (731)
Increase in deferred rent 69 93 --------- ---------- Net cash used
in operating activities (2,959) (1,778) --------- ----------
INVESTING ACTIVITIES: Purchase of marketable securities (161,004)
(93,887) Proceeds from the sale and maturity of marketable
securities 142,473 68,116 Purchase of property and equipment (49)
(17) Increase in transaction expenses -- (135) --------- ----------
Net cash used in investing activities (18,580) (25,923) FINANCING
ACTIVITIES: Proceeds from the exercise of stock options -- 2,594
--------- ---------- Net cash provided by financing activities --
2,594 --------- ---------- CHANGE IN CASH AND CASH EQUIVALENTS
(21,539) (25,107) CASH AND CASH EQUIVALENTS, beginning of year
23,270 48,377 --------- ---------- CASH AND CASH EQUIVALENTS, end
of year $1,731 $23,270 ========= ========== DATASOURCE: Clarus
Corporation CONTACT: Philip A. Baratelli, Chief Financial Officer
of Clarus Corporation, +1-203-428-2000, or Web site:
http://www.claruscorp.com/ Company News On-Call:
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