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1996 2006
Share Price Summary Overview Percent Price Change ANTS S&P 500
Close Price on 12/1/06........................................... $2.31 Float (mil)............................................................. 50.400 Year to Date................................11.06.......... 11.89
Absolute Price Change on 12/1/06........................... -0.12 10 Day Average Volume (mil)................................... 0.024 One Year................................... -11.15.......... 10.40
Percent Change....................................................-5.33% 1 Day Volume Change on 12/1/06........................ 43.78% Two Years...................................77.69.......... 17.26
Off 52-Week High...............................................-25.48% Market Capitalization (mil).........................................$121 Three Years.............................. 120.00.......... 30.57
Over 52-Week Low.............................................. 20.94% TTM Price/Earnings......................................................NA Five Years................................... 32.00.......... 22.00
Beta....................................................................... 1.640 Price/Earnings Current Fiscal Year Estimate...................NA Ten Years............................... 1055.00.......... 87.45
Table of Contents
Reuters Rating ....................................... 2 Significant Developments continued ........ 4 Stock Price Rationale ..............................7
Getting Acquainted ................................. 3 Share Price Trends .................................5 Footprints of Success ............................. 8
Significant Developments ........................4 General Sentiment ..................................6
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This report was generated using a proprietary quantitative model that leverages widely accepted statistical methods and financial concepts to rank and rate a universe of more than 4700 US companies
and US-listed ADRs with a market capitalization greater than $50mm based on a series of financial attributes. These ratings are not intended as an indication of how an individual's investment will
perform. As used in this report, "Outperform" designates the companies that rank in the top 30% of companies covered by Reuters, "Neutral" designates the middle 40%, and the bottom 30% are
designated "Underperform". All ratings are relative to the universe of companies covered by Reuters and not to any specific benchmark.
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ANTs Software inc. (OTC:ANTS) -- Software & Programming/Technology Reuters Company Research
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ANTS shares are presently rated OUTPERFORM. Value Catch-up 24%
No forecast is made for the stock market as a whole. Value Operational
However, we do believe that whichever way the market Catch-up Trends
moves, stocks rated OUTPERFORM have, in the
aggregate, a higher probability of performing better than "Under" = Underperform Technical Factors: Outperform
most others.
This rating is based on analyses of share price
movements over a variety of time periods. We
Fundamental Quality Component: Underperform compare performance characteristics of individual
This rating is based on characteristics traditionally associated with "good" companies. We focus on how each company stocks with those of all the others we rate.
measures up against others, and give careful attention to recent improvement or slippage relative to other companies. Generally speaking, our goal is to favor up-trending
TTM = Trailing Twelve Months. shares that have experienced recent corrections
and de-emphasize down-trending shares
Very Negative Negative Neutral Positive Very Positive
experiencing uncharacteristic periods of strength.
TTM Return on Investment Here is how ANTS shares performed during the
Improvement in TTM Return on Investment various periods we examined.
TTM Pretax Margin
Improvement in TTM Pretax Margin Price Change
Depreciation in Excess of Capital Spending Needs Past 7 days -10.1%
Past 30 days -12.8%
Issuance/Repurchase of Common Shares Past 60 days 16.1%
Common Shares Dilution
Presence/Absence of Unusual Income Items
Change for Past 180 Days: -7.6%
Value Catch-up Component: Outperform
This rating measures the extent to which the share price adequately reflects improving or eroding fundamentals, and favors
shares whose prices have been slower to "catch up" to improving performance measures. TTM = Trailing Twelve Months. $2.50
$2.31
Very Negative Negative Neutral Positive Very Positive
Open on 6/7/06 Close on 12/1/06
Price Catch-up with TTM Earnings
Price Catch-up to TTM Sales
Price Catch-up to TTM Free Cash Flow Change Between 60 and 30 Days Ago: 33.2%
Price Catch-up to MRQ Book Value
This rating reflects how strong a company's recent Sales and EPS (reported as per GAAP) growth have been relative to other $1.99
companies we rate. MRQ = Most Recent Quarter. TTM = Trailing Twelve Months. Open on 10/5/06 Close on 11/3/06
Very Negative Negative Neutral Positive Very Positive
Most Recent Quarter EPS Growth
Improvement in EPS Growth for Consecutive Quarters Change Between 180 and 60 Days Ago: -20.4%
Improvement in EPS Growth (MRQ vs. TTM)
Most Recent Quarter Sales Growth
Improvement in Sales Growth (MRQ vs. TTM)
$2.50
$1.99
Peer Comparison Open on 6/7/06 Close on 10/5/06
This section shows the comparison of key components between ANTS and several of its peers.
Composite Fundamental Technical Value Operational Change Between 180 and 90 Days Ago: -16.8%
Company Name (Ticker) Rating Quality Factors Catch-up Trends
ANTs Software i... (ANTS) Outperform Underperform Outperform Outperform Neutral
Oracle Corporation (ORCL) Outperform Outperform Outperform Neutral Outperform
Microsoft Corporation (MSFT) Outperform Outperform Neutral Neutral Outperform $2.50
International Business ... (IBM) Underperform Outperform Neutral Underperform Underperform $2.08
Sybase, Inc. (SY) Underperform Neutral Neutral Neutral Underperform
Open on 6/7/06 Close on 9/5/06
Getting Acquainted
Start your analysis by learning what the company does, how well it does it, where it stands relative to peers, and whether aspects of the corporate structure or capitalization are
bothersome to you.
Financial Trends
TTM = Trailing Twelve Months, * = Most Recent Quarter.
Historic Growth Rates
Fiscal Year Ending 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 TTM 3 Year 5 Year 10 Year
Sales (mil) $0.0 $0.0 $0.0 $0.0 $0.5 $0.3 NA NA NA
EPS (GAAP) ($0.39) ($0.22) ($0.15) ($0.16) ($0.22) ($0.28) NA NA NA
Dividends/Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 NA NA NA
Book Value/Share $0.05 $0.05 ($0.01) $0.04 $0.14 * $0.12 41.88 (7.27) NA
Tangible Book Value/Sh. $0.05 $0.05 ($0.01) $0.04 $0.14 * $0.12 41.88 (7.27) NA
Cash Flow/Share ($0.38) ($0.21) ($0.14) ($0.15) ($0.21) ($0.28) NA NA NA
Free Cash Flow/Share ($0.32) ($0.15) ($0.11) ($0.16) ($0.20) ($0.26) NA NA NA
Key Ratios
Historic Averages
Fiscal Year Ending 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 TTM 3 Year 5 Year 10 Year
% Sales Growth NA NA NA NA NM 10.1 NA NA NA
% EPS Growth (42.0) (42.6) (34.5) 7.2 38.4 (39.2) 3.7 (14.7) NA
% Gross Margin NA NA NA NA 100.0 NA NA NA NA
% Operating Margin -NM -NM -NM -NM (1,863.7) (3,947.0) NA NA NA
% Tax Rate 0.0 0.0 0.0 0.0 0.0 NA 0.0 0.0 NA
% Return on Assets (252.2) (313.4) (310.3) (362.7) (187.1) (234.1) (286.7) (285.1) NA
% Return on Investment (317.2) (396.3) (532.0) (616.5) (217.8) (262.7) (455.4) (416.0) NA
% Return on Equity (330.7) (442.1) (697.7) (725.2) (219.2) (263.4) (547.3) (483.0) NA
Asset Turnover 0.0 0.0 0.0 0.0 0.1 0.1 0.0 0.0 NA
Receivables Turnover 0.0 NA NA NA 20.8 2.4 NA NA NA
Inventory Turnover NA NA NA NA NA NA NA NA NA
Peer Comparison
This table gives an indication of how ANTs Software inc. stands in key respects compared with companies in the Software & Programming Industry
Current Fiscal Current Fiscal P/E Based on
Last Fiscal Year Year Projected Projected Year Projected Current Year EPS % Growth EPS % Growth
Company Name (Ticker) Revenue (mil) Revenue (mil) Price/Sales Operating EPS EPS Estimates Previous 5 Years Next 5 Years
ANTs Software i... (ANTS) $0.5 NA NA ($0.22) NA NA NA NA
Oracle Corporation (ORCL) $14,380.0 $17,482.8 5.6 $0.64 $0.96 19.6 7.9 13.8
Microsoft Corporation (MSFT) $44,282.0 $50,462.9 5.7 $1.20 $1.45 20.0 11.6 12.3
International Business ... (IBM) $91,134.0 $90,695.0 1.5 $4.91 $5.97 15.3 2.6 10.5
Sybase, Inc. (SY) $818.7 $865.5 2.5 $0.92 $1.46 16.3 3.2 11.0
Significant Developments
This page lists significant news developments related to ANTs Software inc. and shows how key stories may have an impact on the stock price. When looking at the chart, note the
extent to which share price reactions to stories was temporary or lasting.
A. ANTs software, Inc. and IBM Corporation Tapped For U.S. Navy's DDG 1000 ... ($2.14)
C. ANTs software, Inc. And Four J's Team To Provide In-Store Solution For Fort... ($2.19)
3.00
2.00
1.00
Apr'06 May Jun Jul Aug Sep Oct Nov
Volume (mil) 0.31
0.00
B. August 16, 2006. ANTs software, Inc. President Joseph Kozak Named
CEO ANTs software, Inc. announced that Joseph Kozak, President of the Company,
has taken on the additional position of Chief Executive Officer (CEO), effective
immediately. Mr. Kozak takes over from Boyd Pearce.
C. August 8, 2006. ANTs software, Inc. And Four J's Team To Provide
In-Store Solution For Fortune 100 Retailer ANTs software, Inc. and Four J's
Development Tools, Inc., a provider of development and deployment infrastructure,
announced their jointly developed Genero db database has been chosen by a
Fortune 100 multinational retailer to support a key application for in-store
operations.
High: 3.10
$3.00
2.70
2.40
2.10
Low: 1.91
Volume (mil)
Average Volume
0.04
Dec' 05 Jan' 06 Feb Mar Apr May Jun Jul Aug Sep Oct Nov
$55.00
$4.00
40.00 3.20
2.40
25.00
1.60
10.00
0.80
0.0010 0.0009
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Vol (bil) 2002 2003 2004 2005 2006 Vol (bil)
$2.85
$2.80
2.65
2.70
2.45 2.60
2.25 2.50
2.40
2.05
2.30
0.04 0.04
Jun' 06 Jul Aug Sep Oct Nov Vol (mil) Nov' 06 Vol (mil)
General Sentiment
You can follow popular opinion or choose a contrarian's strategy. Either way, you should know whether the Street is bullish or bearish. Investor sentiment is typically positive when
the 50-day moving average is rising, especially if it's also above the 200-day moving average. Additionally, changes in price trend can be deemed more definitive if supported by
higher than normal volume.
$3.00
2.40
2.10
50 Day Moving Average
Volume (mil)
Average Volume
0.04
Dec' 05 Jan' 06 Feb Mar Apr May Jun Jul Aug Sep Oct Nov
Price History
Calendar Year 1997 1998 1999 2000 2001 2002 2003 2004 2005
High Price NA 2.41 55.63 41.38 5.28 2.85 1.42 3.00 4.20
Low Price NA 0.41 0.88 1.94 1.66 0.43 0.63 0.80 1.65
Year End Price NA 1.69 19.25 2.72 1.80 0.80 0.93 2.18 2.08
High P/E NA NA NA NA NA NA NA NA NA
Low P/E NA NA NA NA NA NA NA NA NA
Year End P/E NA NM NM NM NM NM NM NM NM
Dividend Yield NA NM NM NM NM NM NM NM NM
Institutional Ownership
BarChartKey Rank Key It's worthwhile to know what institutions are doing
YTD R 4 Wk. Worst R Best 1 R 100 simply because their stock positions can be so
large. In the short term, stocks will perform well if
Short Interest institutions are buying and perform poorly if
institutions are selling.
A high or increasing short interest implies that many investors expect the stock price to decline. You can treat that as a
warning. Or you can disagree with the crowd and buy stocks with high short interest in anticipation of a short squeeze (a rally 0 institutions own 0.0% of the 0.05 billion common
that occurs when short sellers rush to buy a stock, fearing losses they might incur if they wait too long). Prospects for a shares outstanding. This is lower than the average
squeeze are indicated by high readings in the "Days to Cover" column (which tells how many days it would take for all short institutional ownership of the Software & Programming
interest positions to be covered if recent trading volume levels persist). The risk: The bears may be right. So research other Industry at 49.9%, and lower than the average of the
aspects of the company. S&P 500 as a whole which is 68.0%.
Month Shares % Outstanding Percent of Float Days to Cover Net Change (3 month) 0.0%
November 2006 NA NA NA Net Purchases (3 month) 0.00 mil
October NA NA NA Shares Purchased (3 month) 0.00 mil
September NA NA NA Shares Sold (3 month) 0.00 mil
August NA NA NA
Fiscal Year Ending 4/30/00 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06E 12/31/07E
Sales/Share $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.01 NA NA
Price/Sales NA NA NM NM NM NM 188.27 NA NA
EPS (GAAP) ($0.15) ($0.67) ($0.39) ($0.22) ($0.15) ($0.16) ($0.22) NA NA
P/E (GAAP) NA NA NM NM NM NM NM NA NA
EPS (Normalized) ($0.15) ($0.62) ($0.39) ($0.22) ($0.15) ($0.15) ($0.21) NA NA
P/E (Normalized) NA NA NM NM NM NM NM NA NA
Dividend Yield (%) NA NA 0.00 0.00 0.00 0.00 0.00 NA NA
Price/EPS (Est.) for Current FY Price/EPS (Est.) for Next FY Long Term Growth Estimate Next FY P/E over LT Growth
ANTs Software inc. NA NA NA NA
Software & Programming 26.81 20.87 14.42 1.44
S&P 500 18.81 16.27 12.23 1.48
Footprints of Success
In many respects, business success requires subjective judgment. However, over time, good companies tend to leave good footprints, which become most visible when company data
is compared to industry/sector/market benchmarks. That's how you see when companies perform well, not just because a rising business tide lifts all boats, but because the company
is doing unique, good things. Look, too, at time-series comparisons, and take note of companies that are improving faster or suffering less than peers.
EPS Growth for Most Recent Quarter (48.6) 14.1 17.0 23.9 NA
EPS Growth for Trailing Twelve Months (39.2) 5.7 23.4 24.1 NA
EPS Growth for Past 5 Years NA 15.5 22.5 15.8 NA NA NA NA
Worst R Best = Co. underperforming = Co. outperforming
Company Quality
Some companies excel in obtaining high margins (watch out for very low tax rates, which may reflect special benefits that often won't persist indefinitely) while others are highly
efficient. Still others are strong in both respects. These trade-offs are balanced in the Management Effectiveness returns, which combine both factors. TTM = Trailing Twelve Months.
Financial Strength
Quick Ratio (cash and marketable securities divided by current liabilities) and Current Ratio (all current assets divided by current liabilities) give a sense of how readily the company
could cover current obligations if the sales were to stop. Higher ratios indicate greater liquidity. Different businesses have different cash inflow-outflow characteristics, so compare
companies to industry averages. Similar comparisons are relevant for debt ratios (higher ratios indicate more debt and, hence, more financial risk) and interest coverage (lower
numbers signify greater risk).
Company Rank ANTS ANTS ANTS
ANTS Industry Sector S&P 500 in Industry vs. Industry vs. Sector vs. S&P 500
Quick Ratio 8.1 2.1 2.5 1.2 97
Current Ratio 8.1 2.4 3.0 1.7 96
Total Debt to Equity 0.0 11.9 21.5 73.1 89
Long Term Debt to Equity 0.0 11.2 18.0 58.3 49
Interest Coverage NA 17.0 18.7 15.0 3 NA NA NA
Worst R Best = Co. underperforming = Co. outperforming