MapInfo Announces Fourth Quarter and Fiscal Year Financial Results

Company Signs Contract with Large Network Infrastructure Provider to Deliver Wireless LBS Solutions to Global Wireless Operators

TROY, N.Y.--(BUSINESS WIRE)--Nov. 1, 2001-- MapInfo Corporation (Nasdaq: MAPS - news) today announced financial results for the three months and fiscal year ended September 30, 2001.

Revenues for the fourth quarter of fiscal 2001 were $26.4 million, a 2% decrease over revenues of $27.0 million for the same quarter last year. Net loss for the fourth quarter of fiscal 2001 was $2.1 million, or $0.14 per share, compared to net income of $2.8 million, or $0.19 per share for the fourth quarter of 2000. Fourth quarter 2001 results include a $1.3 million pre-tax provision for the write down of equity investments, amounting to $0.06 per share after-tax. The Company ended the quarter with $29.3 million in cash and cash equivalents, having generated $1.9 million in cash flow from operations in the fourth fiscal quarter.

For fiscal year 2001, revenues were $110.0 million, a 14% increase over the $96.2 million reported for fiscal 2000. Net income was $2.9 million, or $0.19 per share compared to $8.1 million, or $0.54 per share, for fiscal 2000.

"The modest fourth quarter revenue growth we realized in our overseas markets was offset by a decline in the Americas, where IT spending, amid a weakening economic environment and tightening budgets, nearly ground to a halt, especially toward the end of the quarter," said Mark Cattini, president and chief executive officer of MapInfo.

Cattini continued, "Nonetheless, there were a number of positives during the quarter; the most significant being that in September we signed a contract with a large network infrastructure provider to deliver miAware(TM), MapInfo's mobile location platform, integrated within its location-enabling server to global wireless operators. We also made definitive progress with our CRM partners to location-enhance customer relationship management applications."

In response to the continued weakening of the world economy, the Company announced it has completed a program to reduce its annual operating costs by approximately $8 million, or 8%, to achieve breakeven financial performance at approximately $26.5 million of total revenues per quarter. The program included a reduction in the number of employees and in other operating costs. The Company anticipates recording a one-time charge associated with these cost reduction actions of approximately $600,000 in the quarter ending December 31, 2001.

Concluded Cattini, "As we enter fiscal 2002, we are aware that the world has changed, and we are prepared for the challenges of operating in a weak global economic environment while staying focused on with our growth initiatives. We anticipate increased activity from the public sector, and we are expanding into the broader analytical CRM market, where we provide location-based insight to help organizations maximize customer relationships. Finally, we intend to capitalize on the beachhead we have established in the wireless location-based services market."

Conference Call

The MapInfo Fourth Fiscal Quarter Earnings Conference Call will be held at 8:30AM (EDT) on Thursday, November 1, 2001. The conference call will be Webcast live at www.vcall.com. A recording of the call will be available starting at 12:00N (EDT) on November 1, 2001, through 5:30PM (EDT) on November 8, 2001. To access the recording, domestic callers may dial into 888-836-6074 and international callers into 703-925-2505 (Code: 5634508). Replays of the Webcast are available at www.vcall.com for 7 days following the call and at www.mapinfo.com/investors.

About MapInfo

MapInfo Corporation enables customers to use location to transform information into business advantage. A global company and technology leader, MapInfo provides business intelligence solutions that are deployed across organizations to help them better understand their markets and customers. MapInfo solutions are available in 21 languages through a network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, NY, MapInfo Corporation is on the World Wide Web at www.mapinfo.com.

Of Note

This press release contains forward-looking statements that involve a number of risks and uncertainties, including any statement that is not a statement of historical fact, such as statements concerning MapInfo's future financial results, prospects and future business strategy. Among the important factors that could cause actual results to differ from those indicated by such forward-looking statements are deteriorating economic conditions; slowdown in technology spending; a lengthening in customers' decision cycles; delays in product development schedules; pricing pressures; currency exchange rates and other international risks; the possibility of reduced revenues from telecommunications companies; risks and uncertainties associated with the wireless market, including the continuation of the relationship between MapInfo and its partners; unanticipated problems relating to the integration of the technologies of MapInfo and its partners; the adoption rate of mobile location services by wireless providers; and the other risk factors detailed in the Company's Annual Report on Form 10-K for fiscal 2000 and Form 10-Q for the quarter ended June 30, 2001. MapInfo takes no responsibility to update any forward-looking statements.


                 MapInfo Corporation and Subsidiaries
                           Income Statements
                 (in thousands, except per share data)
                              (unaudited)





                               Three Months          Fiscal Year
                            Ended September 30,  Ended September 30,
                           ------------------    -------------------
                            2001       2000       2001         2000

Net revenues              $ 26,407    $27,006   $110,034     $96,160
Cost of revenues             7,437      6,362     27,063      20,953
                           -------    -------    -------     -------
       Gross profit         18,970     20,644     82,971      75,207
                           -------    -------    -------     -------

Operating expenses:
  Research and
   development               5,241      3,692     19,144      14,514
  Selling and marketing     11,289      9,674     43,198      36,984
  General and
   administrative            4,560      3,166     16,127      12,524
                           -------    -------    -------     -------
       Total operating
        expenses            21,090     16,532     78,469      64,022
                           -------    -------    -------     -------
       Operating income
        (loss)              (2,120)     4,112      4,502      11,185
Other income (expense)
 - net                            (1,302)              372              (384)            1,599
                                                      -------        -------        -------          -------
              Income  (loss)
                before    provision
                for  income  taxes        (3,422)          4,484            4,118            12,784
Provision  for  (benefit  from)
  income  taxes                              (1,329)          1,659            1,235              4,730
                                                      -------        -------        -------          -------
              Net  income  (loss)    $  (2,093)      $  2,825        $  2,883          $  8,054
                                                      =======        =======        =======          =======

Diluted  earnings  (loss)
  per  share                                $    (0.14)      $    0.19        $    0.19          $    0.54

Average  shares
  outstanding                                15,259          15,207          15,553            14,879




                                  MapInfo  Corporation  and  Subsidiaries
                                                        Balance  Sheets
                                                        (in  thousands)





                                                                                      September  30,  September  30,
                                                                                                  2001                  2000
                                                                                          -----------    ----------
ASSETS                                                                              (unaudited)
Current  Assets:
            Cash  and  investments                                        $    29,274        $    39,023
            Receivables                                                                25,190              24,341

            Inventories                                                                      455                    491
            Other  current  assets                                                4,727                3,428
                                                                                          -----------    ----------
                    Total  current  assets                                      59,646              67,283

Property  and  equipment  -  net                                          17,572                6,845

Product  development  costs  -  net                                          618                    667
Deferred  income  taxes                                                          9,996                2,434
Intangible  assets  -  net                                                    13,565                5,864

Investments  and  other  assets                                            6,682                6,626
                                                                                          -----------    ----------
                    Total  assets                                              $    108,079        $    89,719
                                                                                          ===========    ==========

LIABILITIES  AND  STOCKHOLDERS'  EQUITY
Current  Liabilities:
            Accounts  payable  and  accrued
              expenses                                                              $    20,401        $    19,423
            Deferred  revenue                                                        9,377                8,084
                                                                                          -----------    ----------
                    Total  current  liabilities                            29,778              27,507

Deferred  revenue,  long  term                                              1,018                    394
                                                                                          -----------    ----------
                    Total  liabilities                                            30,796              27,901
                                                                                          -----------    ----------


Stockholders'  Equity:
            Common  stock                                                                      31                      28
            Paid-in  capital                                                        49,798              37,372

            Retained  earnings                                                    27,454              24,881
                                                                                          -----------    ----------

                                                                                                  77,283              62,281

            Less  treasury  stock,  at  cost                                        -                    463
                                                                                          -----------    ----------
                    Total  stockholders'  equity                          77,283              61,818

                                                                                          -----------    ----------
                    Total  liabilities  and
                      stockholders'  equity                            $    108,079        $    89,719
                                                                                          ===========    ==========

 

Contact:
           MapInfo  Corporation
          D.  Joseph  Gersuk/Angela  Girard,  518/285-6000
          
  www.mapinfo.com  
          or
          Investor  Contact
          Lippert/Heilshorn  &  Associates
          John  Heilshorn/Jody  Burfening,  212/838-3777
          
  Email  Contact  
          or
          Media  Contact:
          Schwartz  Communications
          Carol  McGarry/Lauren  Arnold,  781/684-0770
          
  Email  Contact  



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