Altris Software Announces Results for Third Quarter 1998.SAN DIEGO--(BUSINESS WIRE)--Nov. 16, 1998--Altris Software, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ALTS ALTS Association for Local Telecommunications Services ALTS Aarhus Lawn Tennis Selskab (Denmark) ALTS Annotated Labeled Transition System ALTS Analogue Line Terminating Subsystem ALTS Automatic Laser Tracking System ) today reported results of operations for its third fiscal quarter ended September September: see month. 30, 1998. Total revenues for the quarter were $3.1 million compared to $5.0 million for the quarter ended September 30, 1997. The net loss for the quarter totaled $982,000 or ($0.11) per share compared to a net loss of $1.5 million or ($0.17) per share for the same period of 1997. Total revenues for the nine-months ended September 30, 1998 were $9.7 million compared to $13.8 million for the nine-months ended September 30, 1997. The net loss totaled $5.4 million or ($0.60) per share compared to a loss of $5.4 million or ($0.57) per share for the same period of 1997. In the third quarter the Company completed a transaction to sell and license certain software to SDRC (company) SDRC - The company behind VGX. http://sdrc.com/. which provided over $2 million of cash to the Company in the quarter. The Company deferred recognition of $2.7 million in revenue in connection with the transaction. The deferred revenue, which is included in liabilities on the Company's balance sheet, is expected to be recognized over the estimated economic life of the products. Roger Erickson Erickson can refer to several persons:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. $100,000 associated with the SDRC transaction." Erickson also noted, "I am encouraged by the improvement in our gross margin for the quarter to 48% compared to 41% posted in the second quarter of 1998, which was primarily due to a decline in the percentage of third party products." Erickson added, "Another accomplishment in the quarter was the shipment of the preview To see ahead of time. Page layout and word processing programs often have a preview function that lets you see how all the pages will appear before they are printed. In the days of character-based interfaces, a preview was absolutely necessary to see how different fonts would look or how release of Altris EB(tm) on time in July July: see month. . Our initial training focused on a select group of our customers and partners on Altris EB to enable them to evaluate and commence the development of applications for use with the product. During the quarter, we also began demonstrating our Altris EB product to existing customers and in the last month we have focused our efforts on regional user group meetings. During these meetings, the product has been well received and we are encouraged about the enthusiasm the product is generating. We now expect to release in late January January: see month. 1999 a version of Altris EB for early shipment for integration into the operating environments In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. of a limited number of Altris customers and partners. General distribution of the product is expected to follow later in the quarter." Based in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , Altris Software delivers enterprise-wide document management software to its customers around the world. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Except for historical information contained herein, the matters set forth in this release include 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. that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, changing regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. environment, the effect of the company's accounting policies, potential seasonality and other risk factors detailed in the company's SEC filings. -0-
ALTRIS SOFTWARE, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)
(In thousands except per share data)
For the three months ended
Sept. 30, Sept. 30, June 30,
1998 1997 1998
Revenues $ 3,149 $ 5,041 $ 3,534
Cost of revenue 1,647 2,097 2,088
Gross profit 1,502 2,944 1,446
Research and development 552 1,095 484
Marketing and sales 887 2,310 986
General and administrative 805 951 1,358
Restructuring expense 85 -- 149
Write-off of certain offering costs -- -- --
Total operating expenses 2,329 4,356 2,977
Loss from operations (827) (1,412) (1,531)
Interest and other income 5 41 3
Interest and other expense (160) (159) (169)
Loss before income taxes (982) (1,530) (1,697)
Provision for taxes -- -- --
Net loss $ (982) $(1,530) $(1,697)
Basic net loss per common share $ (.11) $ (.17) $ (.19)
Diluted net loss per common share $ (.11) $ (.17) $ (.19)
Shares used in computing basic and
diluted net loss per common share 9,615 9,587 9,615
For the nine months
ended Sept. 30,
1998 1997
Revenues $ 9,684 $ 13,780
Cost of revenue 5,536 7,042
Gross profit 4,148 6,738
Research and development 1,779 3,041
Marketing and sales 3,542 5,990
General and administrative 3,197 2,656
Restructuring expense 610 --
Write-off of certain offering costs -- 270
Total operating expenses 9,128 11,957
Loss from operations (4,980) (5,219)
Interest and other income 23 93
Interest and other expense (492) (268)
Loss before income taxes (5,449) (5,394)
Provision for taxes -- --
Net loss $ (5,449) $ (5,394)
Basic net loss per common share $ (.60) $ (.57)
Diluted net loss per common share $ (.60) $ (.57)
Shares used in computing basic and
diluted net loss per common share 9,615 9,575
CONSOLIDATED BALANCE SHEET
(In thousands)
ASSETS
Sept. 30, June 30, Dec. 31,
1998 1998 1997
(unaudited) (unaudited)
Current assets:
Cash and cash equivalents $ 2,058 $ 677 $ 1,938
Short term investments -- -- 133
Receivables, net 1,448 1,627 3,045
Inventory, net 316 404 460
Other current assets 294 488 633
Total current assets 4,116 3,196 6,209
Long-term assets 10,018 9,815 9,627
Total assets $14,134 $13,011 $15,836
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,961 $ 2,927 $ 2,928
Accrued liabilities 2,231 2,310 2,758
Notes payable 825 908 730
Deferred revenue 3,255 3,167 1,770
Total current
liabilities 9,272 9,312 8,186
Long-term notes payable 733 842 274
Deferred revenue, long term
portion 2,368 -- --
Other long term liabilities 113 192 173
Subordinated debt, net of discount 2,561 2,532 2,473
Total liabilities 15,047 12,878 11,106
Mandatorily redeemable convertible
preferred stock 2,898 2,793 2,682
Shareholders' equity (3,811) (2,660) 2,048
Total liabilities and
shareholders' equity $ 14,134 $ 13,011 $ 15,836
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