STAMFORD, Conn., March 7 /PRNewswire-FirstCall/ -- Clarus
Corporation (OTC:CLRS) today announced financial results for the
quarter and fiscal year ended December 31, 2007. Clarus reported no
revenues for the quarter and fiscal years ended December 31, 2007
and 2006. Net loss for the fourth quarter of 2007 was $202,000 or
$0.01 per diluted share compared to net income of $16,000 or $0.00
per diluted share during the comparable period of 2006. For the
quarter ended December 31, 2007, the increase in net loss was
primarily due to higher non-cash stock option related expense and
lower interest income from declining interest rates on our cash,
cash equivalents and marketable securities, compared to the prior
year quarter. Net income for the fiscal year ended December 31,
2007 was $117,000 or $0.01 per diluted share compared to a net loss
of $1.3 million or $0.08 per diluted share during the comparable
period of 2006. For the fiscal year ended December 31, 2007, the
increase in net income was primarily due to a decrease of $1.4
million in transaction expenses and higher interest income for the
full year period from rising interest rates year over year,
partially offset by non-cash stock option related expense. As of
December 31, 2007, Clarus' cash, cash equivalents and marketable
securities were $87.1 million (or $5.01 gross cash per share)
compared to $84.4 million as of December 31, 2006. Gross cash per
share at December 31, 2007 equals cash, cash equivalents and
marketable securities of $87.1 million divided by 17.4 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
$223.1 million, $1.6 million, $1.3 million and $56,000,
respectively, which expire in varying amounts beginning in the year
2008, after application of the limitation under Section 382 of the
Internal Revenue Code. 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. Warren B. Kanders, Executive Chairman
of Clarus, stated, "While we recognize that we are currently in a
challenging credit market which has made for a more difficult
acquisition environment, we believe our cash resources and public
company structure provide us a meaningful advantage in pursuing an
initial business combination. We are focused on pursuing an
acquisition of an established market leader with strong free cash
flow generation and minimum EBITDA of $25.0 million and will
continue our efforts to redeploy the Company's assets as
expeditiously as reasonably possible. In 2007, our weighted average
interest yield was 4.95%. However, due to the decline in interest
rates, we expect to incur a net loss in 2008." 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, 2007 and 2006
(In Thousands, Except Share and Per Share Amounts) ASSETS 2007 2006
-------- -------- CURRENT ASSETS: Cash and cash equivalents $41,886
$1,731 Marketable securities 45,223 82,634 Interest receivable 15
402 Prepaids and other current assets 175 207 -------- --------
Total current assets 87,299 84,974 -------- -------- PROPERTY AND
EQUIPMENT, NET 1,381 1,699 -------- -------- Total assets $88,680
$86,673 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable and accrued liabilities $618
$680 -------- -------- Total current liabilities 618 680 Deferred
rent 343 277 -------- -------- Total liabilities 961 957 --------
-------- 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; 17,441,747 and 17,188,622 shares issued; and
17,366,747 and 17,113,622 outstanding in 2007 and 2006,
respectively 2 2 Additional paid-in capital 369,827 367,945
Accumulated deficit (282,121) (282,238) Less treasury stock, 75,000
shares at cost (2) (2) Accumulated other comprehensive gain 13 9
-------- -------- Total stockholders' equity 87,719 85,716 --------
-------- Total liabilities and stockholders' equity $88,680 $86,673
======== ======== CLARUS CORPORATION CONSOLIDATED STATEMENTS OF
OPERATIONS (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) THREE
MONTHS YEARS ENDED ENDED DECEMBER 31, DECEMBER 31, ---------------
---------------- 2007 2006 2007 2006 ------ ------ ------ --------
REVENUES: License fees $-- $-- $-- $-- ------ ------ ------
-------- Total revenues -- -- -- -- OPERATING EXPENSES: General and
administrative 1,123 973 3,767 3,530 Transaction expense (21) 18
(13) 1,431 Depreciation 89 87 359 346 ------ ------ ------ --------
Total operating expenses 1,191 1,078 4,113 5,307 OPERATING LOSS
(1,191) (1,078) (4,113) (5,307) OTHER EXPENSE 5 -- 6 -- INTEREST
INCOME 997 1,094 4,239 4,016 ------ ------ ------ -------- NET
INCOME (LOSS) BEFORE TAXES $(199) $16 $120 $(1,291) INCOME TAXES 3
-- 3 -- ------ ------ ------ -------- NET INCOME (LOSS) $(202) $16
$117 $(1,291) ====== ====== ====== ======== Net income (loss) per
common share: Basic $(0.01) $0.00 $0.01 $(0.08) Diluted $(0.01)
$0.00 $0.01 $(0.08) Weighted average shares outstanding: Basic
16,684 16,614 16,658 16,613 Diluted 16,684 16,958 17,051 16,613
CLARUS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH
FLOWS Years Ended December 31, 2007 and 2006 (In Thousands, Except
Share Amounts) 2007 2006 ------- ------- OPERATING ACTIVITIES: Net
income (loss) $117 $(1,291) Adjustments to reconcile net income
(loss) to net cash used in operating activities: Depreciation of
property and equipment 359 346 Amortization of (discount) and
premium on securities, net (2,929) (2,405) Amortization of equity
compensation plans 444 301 Changes in operating assets and
liabilities: Decrease/(increase) in interest receivable, prepaids
and other current assets 419 (154) Decrease in deposits and other
long-term assets -- 956 Decrease in accounts payable and accrued
liabilities (62) (781) Increase in deferred rent 66 69 -------
------- Net cash used in operating activities (1,586) (2,959)
------- ------- INVESTING ACTIVITIES: Purchase of marketable
securities (150,803) (161,004) Proceeds from the sale and maturity
of marketable securities 191,147 142,473 Disposal of equipment 7 --
Purchase of property and equipment (48) (49) ------- ------- Net
cash provided by (used in) investing activities 40,303 (18,580)
FINANCING ACTIVITIES: Proceeds from the exercise of stock options
1,438 -- ------- ------- Net cash provided by financing activities
1,438 -- ------- ------- CHANGE IN CASH AND CASH EQUIVALENTS 40,155
(21,539) CASH AND CASH EQUIVALENTS, beginning of year 1,731 23,270
------- ------- CASH AND CASH EQUIVALENTS, end of year $41,886
$1,731 ======= ======= DATASOURCE: Clarus Corporation CONTACT:
Philip A. Baratelli, Chief Financial Officer of Clarus Corporation,
+1-203-428-2000, Web site: http://www.claruscorp.com/ Company News
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