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Aradyme Reports Quarterly Results of Operations
Tuesday February 21, 8:53 am ET

OREM, Utah--(BUSINESS WIRE)--Feb. 21, 2006--Aradyme Corporation (OTCBB:ADYE - News) today announced its results of operations for the quarter ending December 31, 2006
The most notable trends in the Company's financial performance in the three-month period ended December 31, 2005, compared to the comparable period ended December 31, 2004, is the increased revenue of approximately 654% over the comparable quarter of the prior year, while total operating expenses increased approximately 28%, and the Company's net loss decreased about 11% for the same comparable period.

Revenue for the first fiscal quarter ended December 31, 2005, was $202,155, an increase of approximately 654% over prior year first quarter revenue of $26,800. Total operating expenses increased approximately 28% in the quarter ended December 31, 2005 to $908,042, compared to $710,148 in the comparable quarter of the prior year, as the Company expanded its staff to deliver technology solutions for contracts that were signed since the comparable period in the prior year as well as to support further development of its technology. These increases in revenue and expenses are the result of bringing the Company's initial data migration/integration products and services to market.

The Company's net loss decreased from $813,463 in the three-month period ended December 31, 2004, to $722,175 in the three-month period ended December 31, 2005, a decrease of 11%.

The Company expects revenues will increase in future quarters over the level recognized in the three-month period ended December 31, 2005, as further progress is made on projects that are currently underway, as well as on new projects for which the Company has recently executed contracts. Thus, the Company expects that as revenue increases, expenses will not increase at the same rate, resulting in an improvement in the net loss for future periods. Also, although revenue recognized in the three-month period ended December 31, 2005, was substantially higher than revenue from the comparable period in the prior year, it was lower than the Company's initial expectation for the first fiscal quarter due to customer delays in project schedules on several of the Company's current subcontracts. As a result of these project delays, revenue that was projected to be recognized by the Company in the fiscal quarter ended December 31, 2005, is now projected to be recognized in succeeding fiscal quarters, as new extended project schedules are developed.

"We have made steady progress over the past year in transforming Aradyme from its development stage to its commerce phase, and in continuing the advancement of our technology assets in developing a robust data migration/conversion and data integration suite of products and services," said James R. Spencer, chief executive officer of Aradyme Corporation. "As acceptance of our data solutions continues to grow in the marketplace, we are very excited about all of the additional opportunities that our individual sales and marketing efforts, and our strategic allies are providing to us, both in the public sector and with private enterprises. We expect to realize results from these expanded opportunities as well as experience an increase in our number of strategic allies throughout fiscal 2006 and beyond."

Highlights

Financial and other highlights from the three-month quarter ended December 31, 2005 include:
  • Revenue grew to $202.2 thousand, a 654% increase compared to revenue of $26.8 thousand for the first quarter of fiscal 2005.
  • Total operating expenses were $908.0 thousand, a 28% increase, compared to total operating expenses of $710.1 thousand for the first quarter of fiscal 2005.
  • Net loss of $722.2 thousand was down from a net loss of $813.5 thousand in the first quarter of fiscal 2005, a decrease of 11%.
  • "Net Cash Used by Operating Activities" of $532.6 thousand was 10% lower than the $590.5 thousand "Net Cash Used by Operating Activities" in the first quarter of fiscal 2005.
  • The Company executed an agreement to secure at least $1.0 million in new equity financing in December 2005, with provisions for the investor to provide $2.0 million more through the purchase of common stock by March 2007.

For additional information on Aradyme's results of operations, please read the Aradyme 10Q financial schedule filed February 16, 2006.

Outlook

Aradyme management offers the following guidance regarding its outlook for 2006:
  • Because of the relationships the Company has formed with existing and other strategic allies, and the progress it has made in securing service contracts, management expects the Company's revenues to increase in future quarters.
  • As the Company continues to make progress on current and new projects, management anticipates that there will be a corresponding increase in its future quarterly revenues.
  • Management expects that operating expenses will increase as additional employee resources are hired to support growth in providing its data migration/conversion services and data integration solutions. However, management anticipates that operating expenses will grow at a much lower rate than projected revenue increases.
  • The Company expects its net loss to continue to decrease in future quarters.
 
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