Applix Reports Revenues of $10.4 Million and a Loss Per Share of $0.23; Company Reduces Workforce by Approximately 20%.Business/Technology Editors WESTBORO Westboro can refer to: Places
Applix Applix Inc. is a software company based in Westborough, Massachusetts that publishes Applix TM1, a MOLAP database server, and related presentation tools, including Applix Web and Applix Executive Viewer. , 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 APLX is a modern, second generation, cross-platform dialect of the APL programming language. APLX is targeted at applications such as financial planning, market research, statistics, management information, and various kinds of scientific and engineering work. ) today reported second quarter results for the period ended June 30, 2001, with revenues of $10.4 million, an increase of 17% over the same period last year. The total loss per share for the second quarter of 2001 was $0.23, compared to a loss of $0.27 per share 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 same period in 2000. The Company also announced that it has implemented workforce reductions that have reduced the global workforce by approximately 20%. The Company expects that these reductions and other expense management initiatives will reduce 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. by approximately an additional $1.0 - $1.3 million per quarter, beginning in the third quarter of 2001, to be more in line with the Company's revised forecasted revenues. "We have revised our forecasted revenue targets and have made cuts that create a leaner organization, with expense targets that preserve our cash balance," said Edward Terino, Applix Senior Vice President and Chief Financial Officer. Applix will host a conference call at 4:30 pm (EST EST electroshock therapy. EST abbr. electroshock therapy ) today to further discuss its results for the quarter, and offer guidance on revenues for the remainder of the year. To participate in the conference call, please dial domestically: 1-888-817-2198 and internationally: 1-706-634-8117 a few minutes before the scheduled start of the call. A live broadcast of the call, and a replay of the call will be available via the web at www.applix.com. About Applix Applix is a leading global provider of customer analytics and business planning software that rapidly transforms information into knowledge, enabling companies worldwide to obtain and retain customers through better 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 . Applix captures information from every corner of a company's extended enterprise, including internal and external customers, financial operations, partners and suppliers. Designed to adapt to companies' unique and competitive business processes, Applix's flexible, scalable products provide real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. analysis, planning, measurement and response to changing customer requirements and business dynamics. Applix is one of the world's only single-source providers of iCRM, customer analytics and business planning software and solutions, making it a pioneer of Demand Chain Management. Headquartered in Westboro, MA, Applix maintains offices in eight countries and has more than 4,000 customers worldwide. For more information on Applix, please visit www.applix.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 ability to execute cost reductions, future cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. , and the ability to return to profitability, 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. . Refer to the Company's most recently filed Annual Report on 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 a list of factors as discussed under "Risk Factors". Applix does not undertake - and specifically declines any obligation - to publicly release the result of any revision that may be made to 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.
Consolidated Statements of Operations
(In thousands, except
per share data) For the Three For the Six
Months Ended Months Ended
June 30, June 30, June 30, June 30,
2001 2000 2001 2000
License revenue $4,537 $4,943 $10,351 $10,038
Service revenue 5,907 3,995 11,420 8,177
Total revenue 10,444 8,938 21,771 18,215
Cost of license revenue 553 514 1,044 981
Cost of service revenue 3,173 3,323 7,141 6,853
Gross margin 6,718 5,101 13,586 10,381
Operating expenses:
Selling and marketing 5,990 7,006 13,005 12,189
Research and development 1,707 1,939 3,815 3,760
General and administrative 1,237 1,107 2,381 2,053
8,934 10,052 19,201 18,002
Operating loss before
Restructuring (2,216) (4,951) (5,615) (7,621)
Restructuring expense 512 -- 512 --
Operating loss (2,728) (4,951) (6,127) (7,621)
Interest income - net 124 306 257 661
Loss from continuing
operations before
income taxes (2,604) (4,645) (5,870) (6,960)
Provision for (benefit
from) income taxes 75 (1,591) 119 (2,362)
Net loss from
continuing operations (2,679) (3,054) (5,989) (4,598)
Discontinued operation -- (214) 718 533
Net income (loss) $(2,679) $(3,268) $(5,271) $(4,065)
Basic and diluted income
(loss) per share:
Continuing operations $(0.23) $(0.27) $(0.51) $(0.41)
Discontinued operation -- $(0.02) 0.06 0.05
Total income (loss)
per share $(0.23) $(0.29) $(0.45) $(0.36)
Weighted average number
of basic and diluted
shares outstanding 11,740 11,245 11,714 11,217
Balance Sheet Highlights
As of June 30, March 31, June 30,
2001 2001 2000
(In thousands)
Cash and cash equivalents $ 8,996 $ 12,183 $ 22,665
Total current assets $ 22,830 $ 26,793 $ 40,147
Total assets $ 30,790 $ 34,681 $ 49,100
Total liabilities $ 17,054 $ 18,350 $ 16,605
Total stockholders' equity $ 13,736 $ 16,331 $ 32,495
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