Aris Completes Sale and Closure of Remaining U.S Training Operations; Company Focused On Growth Consulting.Business Editors BELLEVUE, Wash.--(BUSINESS WIRE)--June 5, 2000 Aris Corporation (Nasdaq:ARSC ARSC Arctic Region Supercomputing Center ARSC Association for Recorded Sound Collections ARSC Accounting and Review Services Committee ARSC Aircraft Repair and Supply Center (USCG) ARSC Arizona Remote Sensing Center ), a provider of integrated eBusiness and IT solutions, today announced that the Company has completed the previously announced sale and closure of its US training operation. The Company sold its training facilities located in Seattle, Portland and Dallas and closed its operations located in Denver and Washington, D.C. "We are very pleased to have disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of our domestic IT training business," said Paul Song, Chairman and Chief Executive Officer. "These operations incurred almost $3 million in operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in 1999. We can now more effectively use our capital and management resources to take advantage of growth opportunities in our IT consulting practice." In the first quarter of 2000, Aris reported a net pre-tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $4 million related to the sale and closure of its training centers located in Seattle, Portland, Denver, Dallas and Washington, D.C. Almost all of the charge represented non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) . Aris' U.S. Training division contributed approximately $17.7 million to its total fiscal 1999 revenue of $118.0 million. About Aris Corporation Aris Corporation provides an integrated eBusiness solutions approach called Interactive Enterprise Relationship Management (iERM), designed to improve a company's relationships with customers, vendors, suppliers and employees by leveraging the power of the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . Aris has offices across the U.S. and in the United Kingdom, with over 700 employees worldwide, and is headquartered in Bellevue, WA. Statements in this press release, and elsewhere, that look forward in time or include anything other than historical information, involve risks and uncertainties that may affect the Company's actual results of operations. Statements contained in this release regarding the Company's anticipated future earnings and results of operations, its eBusiness strategy, future hiring patterns, and on the Company's ability to expand its eBusiness solutions and new product releases by the Company are "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 the phrase is defined by 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. Forward-looking statements by the Company are subject to certain risks, including future client demand for integrated eBusiness and IT solutions; competition from other businesses providing similar services to that of the Company; the Company's ability to successfully execute its business strategy and management and operational re-alignment of its consulting and training businesses; the Company's ability to attract, retain and motivate highly skilled eBusiness and IT professionals; its dependence upon key vendors of software technology; competitive pressures and efforts to identify and execute strategic alternatives for that business; and issues that may arise in product development and possible decisions by third parties to delay or cancel the release of products under development. Those risks and uncertainties are discussed in more detail in the Company's periodic reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . |
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