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Tuesday, Sep 27, 2022

Bacbone Says It Will Consolidate Late 2006 Financials Into Single Report

Bacbone Software, a local maker of data protection software, said it had arranged a deal with the Securities and Exchange Commission to consolidate one comprehensive 10K report for the fiscal year that ended March 31 in lieu of filing quarterly reports plus an annual report.

The company, which got started in 2000 and whose stock was traded on the Toronto Stock Exchange, said the agreement should expedite updating its lagging financial reports.

After the company stopped filing timely reports in 2004, it was delisted from both TSE and the Over the Counter Bulletin Board.

Bacbone said this month that it anticipates completing the 10K in 90 days. The first three quarters of fiscal year 2007 should also be completed in the same period, the company said.

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Once financials are filed, Bacbone said it intends to apply for listing. It’s now traded on the Pink Sheets exchange under BKBO.PK, and closed Feb. 20 at $1.80, while its price range in the past 52 weeks was 95 cents to $2.20.

Meanwhile, Bacbone revealed some financial information, albeit limited , and unofficial. In its report of Feb. 8, it said bookings for the quarter ending Dec. 31 were $17.2 million, up 27 percent from the same quarter a year earlier.

It said it had $5.9 million in cash as of Dec. 31, down from $8.2 million on Sept. 30, and $9.1 million at the end of June.

One major expense was paying for an internal review of its accounting practices regarding product returns. Bacbone said it paid $1.5 million for this past quarter alone. There was no information on what the total amount would be.

On the plus side, the company said it’s debt free, and it announced a deal with Sun Microsystems to begin within 45 days.

Bacbone has 240 employees, including 80 in San Diego.

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SAIC Wins Another Big One:

Science Applications International Corp., a San Diego research and engineering firm, has won some major contracts this month, including one last week that it shared with 15 other defense contractors that carries a potential ceiling of $20 billion in a nine-year span.

SAIC said it was one of 16 prime contractors, including General Dynamics, Lockheed Martin and Northrop Grumman, for a contract let by the U.S. Army for something called the ITES-2S program or Information Technology Enterprise Solutions , 2 Services.

While the Army is the agency that awarded the contract, the program is available to every unit in the Department of Defense, and indeed, every other federal agency, said Mark Beach, SAIC business development manager.

“There are a lot of joint efforts that have been going on between the DOD and other agencies, and this is a way for the government to save money,” Beach said.

Under the contract that has a three-year base period plus three, two-year options, SAIC would “provide a comprehensive range of IT services across many functional areas to support the Army’s enterprise infrastructure and information structure challenges worldwide.”

Among the services SAIC and the other firms can bid on are business process re-engineering, information systems security, information assurance, enterprise design, systems operation, integration consolidation and maintenance, education and training, program and project management and network support.

Beach could not provide estimates on how much SAIC would receive in awards. SAIC was a member of the original team of contractors for the same ITES program launched in 2001, and had a ceiling value of $500 million.

The latest award follows a series of other contract wins by SAIC this month, including a five-year contract from Michelin valued at more than $300 million; a five year contract from the U.S. Air Force for $26.9 million; and a two-and-a-half-year award from the National Aeronautics and Space Administration for $13.5 million.

In its most recent quarterly financial report for the third quarter of 2006, SAIC said total backlog of booked contracts then were $14.4 billion, of which $4 billion was funded.

Traded on the New York Stock Exchange under SAI, shares closed at $18.51 on Feb. 20, and have ranged from $16.90 to $21.10 since it went public in October.

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ViaSat Buys Software Firm:

ViaSat Inc., a Carlsbad-based maker of satellite and communications equipment, said it acquired privately held Intelligent Compression Technologies Inc. for about $20 million, including $6.5 million in cash and 417,000 shares of its stock. The deal also calls for up to an additional $34.3 million in cash and stock if ICT meets certain financial performance targets in the next two years.

The purchase should have no material impact on ViaSat’s operating earnings for the next 12 months, the company said.

Based in Quincy, Mass., ICT is a supplier of data compression software for accelerating traffic over wired and wireless networks.

Traded under VSAT on Nasdaq, shares hit a 52-week high of $35.30 on Feb. 20, up about 5 percent from the prior trading day’s close. Its low in the past year was $22.32.

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Mad Catz Stock Jumps:

Shares of Mad Catz Interactive, a San Diego maker of video game accessories, jumped more than 15 cents, or more than 20 percent, to 82 cents after releasing third-quarter results, giving it one of the biggest pops among local public firms.

This, even though Mad Catz, traded under MCZ on the American Stock Exchange, reported 19 percent lower earnings for its third quarter that ended Dec. 31.

Net income for the most recent quarter was $3.7 million on net sales of $36.5 million, compared with net income of $5,000 on sales of $44.9 million.

For the nine months, Mad Catz had net income of $3 million on sales of $80.4 million, compared with a net loss of $3.3 million on sales of $83.5 million.

Chief Executive Officer Darren Richardson noted that while sales declined, the company is reaping better profits because it eliminated less profitable products and added higher margin products. The company said it also continues to cut operating costs.

Mad Catz reduced its inventory by $6.8 million and net bank debt by $11.4 million compared with the like period of 2005.

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Ticker Takes:

K2 Inc. named J. Wayne Merck as CEO and gave former CEO Richard Heckmann the title of executive chairman as part of a planned transition. Merck, a 15-year veteran of K2, already held titles of president and chief operating officer. Nascent Food Service opened a warehouse and distribution center in Ensenada as part of its goal to become one of the largest food distributorships in Mexico. American Racing Capital said it received approval for up to $2 million in equity financing.

Send any news on locally based public companies to Mike Allen via e-mail at


. He can be reached at (858) 277-6359.


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