Applix Announces Fourth Quarter Revenues of $14.2 Million and EPS of $0.04 Per Share.Business/Technology Editors WESTBORO, Mass.--(BUSINESS WIRE)--Jan. 25, 2000 1999 Annual Revenues Increase 11%; Net Income Increases 100% Applix Engages W. R. Hambrecht + Co to Assist in Spinout spin·out n. An instance of spinning out: a motorist who was injured in a spinout. of Linux Division Applix, Inc. (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 :APLX), today announced its results for the fourth quarter ended December 31, 1999 with revenues increasing 7% to $14.2 million compared to $13.3 million for the quarter ended December 31, 1998. Net income for the fourth quarter of 1999 was $483,000, or $0.04 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to a net income of $608,000, or $0.06 per diluted share, for the same period in 1998. Revenues for the twelve months ended December 31, 1999 were $55.8 million compared to $50.2 million for the same period in 1998, representing an increase of 11%. Net income for the twelve months ended December 31, 1999 was $2.4 million, or $0.20 per diluted share, compared to net income of $1.2 million, or $0.11 per diluted share, for the same period in 1998, an increase of 100%. The attached schedule provides comparative financial highlights for the three and twelve month periods ending December 31, 1999 and December 31, 1998. The Company also announced that it has engaged W. R. Hambrecht + Co, a leading investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. in the Linux market to assist the Company in exploring strategic growth options for its Linux Division, including a spinout and the raising of capital through a private placement. Jit Saxena, Chairman and Chief Executive Officer commented, &uot;As announced previously, the results for the quarter were below our expectations. However, we now have two very focused businesses, Front Office Applications for e-Business environments and application innovation for the emerging Linux environments. With the hiring of Alan Goldsworthy as the President of the Front Office Applications Division and Bernie Thompson Thompson, city, Canada Thompson, city (1991 pop. 14,977), central Man., Canada, on the Burntwood River. A mining town, it developed after large nickel deposits were discovered in the area in 1956. (Cosource's founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. ) as the President of the Linux Division, both businesses now have dedicated management teams and will be moving forward on strategies to make investments and grow revenues aggressively. The engagement of W.R. Hambrecht will help us as we consider raising capital for the Linux Division, and positioning the Linux business for a spinout as a separate entity.&uot; About Applix, Inc. Applix, Inc. (NASDAQ:APLX), headquartered in Westboro, Mass., develops, markets and supports web-based, front office business solutions, which allow organizations to improve decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from and corporate productivity. The Front Office Business Solutions include a suite of thin-client Customer Relationship Management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) applications, which include the Applix Enterprise and Enterprise Anyware product lines, and a set of real-time Business Intelligence applications, which include the Applix TM1 product line. In addition to its Front Office Business Solutions, Applix's Linux Division is a leading provider of productivity and analytic applications Analytic Applications are a type of business application software, used to measure and improve the performance of business operations. More specifically, Analytic Applications are a type of Business Intelligence solution. for the Linux, UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). and Microsoft platforms, including Applixware Office and Anyware. Applixware Office is a leading office suite designed for and integrated with the Linux and UNIX environments. Applix SHELF is an open source application development and deployment system. With Applix Anyware, applications are deployed to any standard web browser The program that serves as your front end to the Web on the Internet. In order to view a site, you type its address (URL) into the browser's Location field; for example, www.computerlanguage.com, and the home page of that site is downloaded to you. using Java. Smartbeak.com is Applix's Linux customer support and collaboration web site. More information can be found at http://www.applix.com and http://www.linux.applixware.com. Notes to Investors: 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. within the meaning of 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, which involve a number of risks and uncertainties that could cause actual results to differ materially. Specifically, comments related to the demand for, revenue from and acceptance of the Company's products, the Company's position in the markets, and possible spinout or financing of the Linux Division may be considered forward-looking and subject to a number of risks and uncertainties, including but not limited to: the rate of growth in market demand for the products; the acceptance of the Company's products; intense competitive conditions; rapid technological change; frequent new product introductions and evolving domestic and international standards, which may render existing products and services obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. ; and uncertainties as to the market for private equity investments. Refer to the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998 for a list of factors as discussed under &uot;Risk Factors &uot;. Applix does not undertake - and specifically declines any obligation - to publicly update any forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of anticipated or unanticipated events. All trademarks, registered trademarks, and service marks are the property of their respective owners.
Applix, Inc.
Consolidated Statement of Operations
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1998 1999 1998
License revenue $ 7,851 $ 8,572 $32,238 $33,431
Service revenue 6,326 4,692 23,603 16,749
Total revenue 14,177 13,264 55,841 50,180
Cost of license revenue 492 557 2,115 2,734
Cost of service revenue 3,739 2,443 13,397 8,468
Gross margin 9,946 10,264 40,329 38,978
Operating expenses:
Selling and marketing 5,792 6,572 23,208 25,719
Research and development 2,752 2,080 9,985 8,709
General and administrative 965 902 4,485 3,677
Total operating expenses 9,509 9,554 37,678 38,105
Operating income 437 710 2,651 873
Interest income (net) 330 255 1,126 1,013
Net income before income taxes 767 965 3,777 1,886
Provision for income taxes 284 357 1,397 699
Net income $ 483 $ 608 $ 2,380 $ 1,187
Basic earnings per share $ 0.04 $ 0.06 $ 0.22 $ 0.12
Diluted earnings per share $ 0.04 $ 0.06 $ 0.20 $ 0.11
Weighted average common and
common equivalent shares
outstanding:
Basic 10,889 10,263 10,625 10,191
Diluted 12,615 10,502 12,016 10,699
Balance Sheet Highlights:
Dec., 99 Sept, 99 Dec., 98
Cash, Cash Equivalents and
Short-term Investments $25,476 $27,866 $21,445
Total Current Assets 46,524 46,063 40,904
Total Assets 54,856 50,287 45,613
Total Liabilities 17,698 17,042 16,038
Shareholders' Equity 34,685 33,245 29,575
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion