Apertus Technologies Announces Strong Quarter Over Quarter Growth; Restructured Company Building Revenue Momentum.EDEN PRAIRIE Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn.--(BUSINESS WIRE)--May 7, 1998--Apertus Technologies Incorporated (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :APTS APTS Alexandra Palace Television Society (UK) APTS Advanced Public Transportation System APTS Austin Presbyterian Theological Seminary (Texas) APTS Association of America's Public Television Stations ) announced today revenue growth of 90% for the fourth quarter of fiscal year 1998 over third quarter, reflecting increased sales momentum from refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus the Company to compete in the data warehouse and system conversion marketplace in November 1997. Results for continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the fourth quarter ended March 29, 1998 were revenues of $1.46 million with a net loss of $(1.68 million) or $(.10) per share. The Company ended the quarter with a strong balance sheet with approximately $11.1 million in cash. For the full fiscal year ended March 29, 1998, continuing operations had revenues of $3.05 million, with a net loss of $(6.29 million) or $(.41) per share excluding non-recurring charges associated with the Company's restructuring. The total net loss for the year was $(11.8 million) or $(.78) per share, which includes significant non-recurring charges incurred due to the restructuring, income from operations of the Internet Solutions Division, and gain from divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of that Division. "Apertus made exceptional progress in the quarter, our second quarter as a newly created data warehousing See data warehouse. data warehousing - data warehouse company. We won license business with several major new customers, including Federal Express, State of Colorado, Health Management Systems and Variable Annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. Life Insurance Company (VALIC VALIC Variable Annuity Life Insurance Company ). During the quarter, several other customers including Cargill, 3M, and Best Foods completed successful warehousing projects utilizing our products and implementation services. We also began to work effectively with our channel partners, Computer Sciences Corporation and Sybase, Inc.," said Robert D. Gordon, Chairman, Chief Executive Officer and President of Apertus Technologies Incorporated. "Several key initiatives were completed, such as the addition of N-Way Plus to Enterprise/Integrator(tm) for significantly faster performance, the creation of our "Blue Ribbon blue ribbon denotes highest honor. [Western Folklore: Brewer Dictionary, 127] See : Prize " Customer Reference Program to showcase our premiere customer implementations, and the training of our entire sales and management organization in a new solutions-oriented sales methodology." "I am also pleased to announce the successful subleasing of our corporate headquarters to Best Buy Co. Inc. (NYSE NYSE See: New York Stock Exchange :BBY BBY Best Buy (stock symbol) BBY Before Battle of Yavin (Star Wars) BBY BeBeyond (Chinese online community) )," added Mr. Gordon. "This transaction relieves us of a significant future liability and allows the new company to relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. into smaller quarters more appropriate to our restructured size." Building on the momentum of the last few months, we will be changing our name to Carleton Corporation, which takes advantage of the name recognition among data warehouse implementers. Our tag line tag line also tag·line n. 1. An ending line, as in a play or joke, that makes a point. 2. An often repeated phrase associated with an individual, organization, or commercial product; a slogan. Noun 1. "Pure data Pure results" signifies our focus on data integration and delivering value to our customers. The corporate name and identity program is designed to harmonize the Company in purpose, voice and image, and further advance Carleton to a forerunner A family of ATM adapters from Marconi (formerly Fore Systems). See Marconi. position in the data warehouse market. Shareholders will be voting on the name at the July shareholder meeting. The information in this press release contains 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 involve risks. Apertus cautions readers that actual results could differ materially from results suggested by these statements. Factors that could cause actual results to differ are discussed in the Company's annual report or Form 10-Q Form 10-Q See 10-Q. for the third quarter ended December 28, 1997. Apertus Technologies Incorporated Apertus Technologies Incorporated (doing business as Apertus Carleton Corporation) provides data integration solutions for business critical applications, such as data warehousing and application conversions. The Company markets its products and services to Fortune 1000 clients in industries such as financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , insurance, health care, and manufacturing. Headquartered in Eden Prairie, Minnesota The creator of this article, or someone who has substantially contributed to it, may have a conflict of interest regarding its subject matter. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. , Apertus Carleton distributes its technology and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" through direct sales and channel partners worldwide. For more information, call 800-328-3998, send e-mail to info@apertus.com, or visit Apertus Carleton's Web site at http://www.carleton.com. -0- Apertus is a registered trademark and Enterprise/Integrator is a trademark of Apertus Technologies Incorporated -0-
APERTUS TECHNOLOGIES INCORPORATED
STATEMENT OF OPERATIONS
(Dollars in thousands, except per share amounts)
Three Months Ended Year Ended
March 29, March 30,March 29, March 30,
1998 1997 1998 1997
Revenues
Sales $ 1,068 $ 555 $ 2,210 $ 2,589
Maintenance and other 395 62 838 205
Total 1,463 617 3,048 2,794
Costs and Expenses
Cost of revenues 693 407 2,202 1,220
Research, development
and engineering 953 224 2,519 766
Selling, general
and administrative 1,633 1,200 5,100 4,545
Other charges 0 382 10,379 382
Total 3,279 2,213 20,200 6,913
Loss from operations (1,816) (1,596) (17,152) (4,119)
Investment income 163 117 566 365
Interest expense (32) (24) (78) (83)
Loss from continuing
operations before
income taxes (1,685) (1,503) (16,664) (3,837)
Income taxes 0 5 10 20
Net loss from
continuing operations (1,685) (1,508) (16,674) (3,857)
Discontinued operations:
Income (loss) from
operations of discontinued
Internet Solutions Division (8,409) 606 (10,621)
Gain on disposal of
Internet Solutions Division 102 4,264
102 (8,409) 4,870 (10,621)
Net Loss ($ 1,583) ($ 9,917) ($11,804) ($14,478)
Income (Loss) per Share:
Continuing Operations ($ 0.10) ($ 0.11) ($ 1.10) ($ 0.27)
Discontinued Operations 0.00 (0.59) 0.32 (0.76)
Total ($ 0.10) ($ 0.70) ($ 0.78) ($ 1.03)
Weighted Average Shares
Outstanding 16,507 14,162 15,178 14,112
-0-
CONSOLIDATED BALANCE SHEET
(Dollars in Thousands)
March 29, March 30,
1998 1997
ASSETS
Current Assets
Cash and cash equivalents $ 11,111 $ 13,865
Cash in escrow 730 802
Accounts receivable - net 1,517 9,437
Inventories 0 923
Current portion of installment
receivables - net 0 420
Other 76 413
Total cuurent assets 13,434 25,860
Property and equipment 4,649 15,632
Accumulated depreciation (3,256) (11,917)
Property and equipment - net 1,393 3,715
Other Assets
Capitalized software - net 0 1,373
Installment receivables -
net of current portion 0 539
Goodwill - net 0 390
Total other assets 0 2,302
$ 14,827 $ 31,877
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 319 $ 7,603
Accrued expenses 3,067 4,281
Deferred revenue 809 3,733
Note payable 1,000 1,000
Total current liabilities 5,195 16,617
Long-term Notes Payable 602 0
Shareholders' Equity
Common stock - authorized, 30,000,000 shares
at $.05 par value; issued and outstanding at
March 29, 1998 - 16,526,815 shares
March 30, 1997 - 14,158,623 shares 826 708
Additional paid-in capital 62,723 57,373
Retained deficit (54,519) (42,715)
Unearned compensation 0 (106)
Total shareholders' equity 9,030 15,260
Total $ 14,827 $ 31,877
-0- CONTACT: Apertus Technologies Incorporated Investor Relations Investor relations The process by which the corporation communicates with its investors. : Don McIlwain, 612/828-0311 don.mcilwain@apertus.com |
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