ANTs software.com Reports Second Quarter Fiscal Year 2001 Results.Business Editors/High-Tech Writers BURLINGAME Burlingame, city (1990 pop. 26,801), San Mateo co., W Calif., on San Francisco Bay; founded 1868, inc. 1908. Burlingame is mainly residential, with light manufacturing (plastic and metal products, furniture, and computers). The city is named for U.S. diplomat Anson Burlingame. , Calif.--(BUSINESS WIRE)--Nov. 28, 2000 ANTs software.com, (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ANTS), a developer of advanced technologies to accelerate computer processing, today reported financial results for the second quarter of fiscal year 2001. For the fiscal quarter ended October October: see month. 31, 2000, the Company reported a net loss of $2,398,683, or a basic loss per common share of $0.19. This compares to a net loss for the fiscal quarter ended October 31, 1999 of $132,229 or a basic loss per common share of $0.01. For the six months ended October 31, 2000 the net loss was $3,743,691 or a basic loss per common share of $0.29 compared to $242,110 or basic loss per common share of $0.02 for the six months ended October 31, 1999. The Company did not report diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of as the results were anti-dilutive. Frederick Frederick, city, United States Frederick, city (1990 pop. 40,148), seat of Frederick co., NW Md.; settled 1745, inc. 1817. The processing center of a fertile farm and dairying area, it makes beer, household items, optical and glass products, leather goods, D. Pettit, president and chief executive officer of ANTs software.com, said, "The financial results reflect the accelerated investment in our technology. We are making advances that place us on a path to achieve our goal of plug compatibility with the applications and databases in our target markets. Our focus for the next 12 months will continue to center on advancing our technology, devising product strategies to take our product to market, and raising additional financing to further product development." "On September September: see month. 27, we announced that our prototype system had recorded transactional processing speeds See MHz. which were over 2,000 per cent faster than the results achieved by a leading relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. system. We believe this gives us tremendous validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. for our technology and the continued investment of resources." For the fiscal quarter ended October 31, 2000 operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $2,413,156 compared to $132,229 in the second fiscal quarter of the prior year and $3,802,916 for the 6 months ended October 31, 2000 compared to $242,110 during the comparable prior year. Operating expenses during the quarter and for the 6 months ended consisted primarily of personnel, legal and other professional fees. Included in these numbers is a one-time write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. , deposits and other costs associated with the termination of a lease for a new facility. The Company will continue to operate out of its current facility until it has established more long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. funding sources. The majority of the Company's operating expenses and costs over the next six to nine months are expected to be driven by existing and planned increases in personnel. The Company currently has 15 fulltime staff and is actively recruiting additional personnel domestically and overseas. Cash and cash equivalents at the end of the quarter ended October 31, 2000 were approximately $1.6 million. The Company anticipates that its present cash resources will sustain operations through the third quarter of its current fiscal year. The Company is negotiating terms for additional debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. to meet working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. for calendar year 2001. The Company has another press release today announcing the addition of a prominent IT industry executive to the Board of Directors and the appointment of a chief financial officer, and further background on its premises status. About ANTs software.com ANTs software.com is a development stage company. The Company seeks to become the leader in performance enhancement services for enterprise computing Refers to information technology in the larger company. See enterprise data and enterprise networking. , based on its proprietary software technology. ANTs is an enabling middleware Software that functions as a conversion or translation layer. It is also a consolidator and integrator. Custom-programmed middleware solutions have been developed for decades to enable one application to communicate with another that either runs on a different platform or comes from a technology that is being developed to readily interact with applications such as stand-alone credit card processing, trading pool trading pool A pool in which the stock is manipulated by purchases and sales in the open market. For example, pool operators affect a stock's price and volume by making purchases in the open market, thereby attracting the interest of other investors. , bank processing and inventory systems, as well as more comprehensive ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. , e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. , and B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business systems. The objective is to radically improve application and database performance. The Company's corporate offices are located at 801 Mahler Road, Burlingame, Calif. For more information visit our Web site at http://www.antssoftware.com or call us at 650/259-9105. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as that phrase is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those projected. Such risks include but are not limited to the following: there can be no assurance that ANTs software will produce the expected results or that it will result in a commercially viable product; that the Company will secure the necessary current and additional financing, intellectual property and staff to support current and future operations. Further risks are detailed in the Company's filings with the Securities and Exchange Commission, including the Company's most recent Form 10-KSB for the fiscal year ended April 30, 2000.
ANTs software.com
BALANCE SHEET
(Unaudited)
October 31,
2000
------------
ASSETS
CURRENT ASSETS:
Cash & cash equivalents $ 1,587,735
Interest receivable 4,860
Prepaid expenses 161,115
------------
Total current assets 1,753,710
------------
PROPERTY AND EQUIPMENT:
Computers and software 558,021
Office furniture and fixtures 26,372
Less accumulated depreciation (44,190)
------------
Property and equipment, net 540,203
------------
OTHER ASSETS 3,700
------------
Total assets $ 2,297,613
============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 302,715
Accrued expenses 73,136
Notes payable 89,260
------------
Total current liabilities 465,111
------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.001 par value; 20,000,000
authorized; 13,206,038 shares issued and outstanding 13,206
Treasury Stock, 10,436 shares, at cost (121,078)
Notes receivable from officers for stock purchases (180,000)
Additional paid-in capital 15,000,191
Accumulated deficit (12,879,817)
------------
Total stockholders' equity 1,832,502
------------
Total liabilities and stockholders' equity $ 2,297,613
============
ANTs software.com
STATEMENT OF OPERATIONS
(Unaudited)
For the Six months ended For the Three months ended
October 31, October 31,
2000 1999 2000 1999
----------- ----------- ----------- -----------
REVENUES $ -- $ -- $ -- $ --
OPERATING
EXPENSES:
General and
administrative
expenses 2,310,513 242,110 1,113,890 132,229
Research and
development
expenses 855,923 -- 662,786 --
Abandonment
loss on
corporate
office 636,480 -- 636,480 --
----------- ----------- ----------- -----------
Loss from
operations (3,802,916) (242,110) (2,413,156) (132,229)
----------- ----------- ----------- -----------
OTHER INCOME:
Interest
Income 68,830 -- 17,910 --
Interest
Expense (8,805) -- (3,437) --
----------- ----------- ----------- -----------
Other
income, net 60,025 -- 14,473 --
----------- ----------- ----------- -----------
LOSS BEFORE
INCOME
TAXES (3,742,891) (242,110) (2,398,683) (132,229)
INCOME TAXES 800 -- -- --
----------- ----------- ----------- -----------
NET LOSS $(3,743,691) $ (242,110) $(2,398,683) $ (132,229)
=========== =========== =========== ===========
BASIC LOSS PER
COMMON SHARE $ (0.29) $ (0.02) $ (0.19) $ (0.01)
=========== =========== =========== ===========
WEIGHTED
AVERAGE
COMMON SHARES
OUTSTANDING 12,903,922 11,657,165 12,903,922 11,657,165
=========== =========== =========== ===========
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