BORLAND REPORTS 1995 FISCAL YEAR-END AND FOURTH QUARTER RESULTS.SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--April 27, 1995--Borland International Inc. today announced results for the fourth quarter and year end of fiscal 1995. Revenues for the fourth quarter ended March 31, 1995 were $55.5 million, a 9 percent increase from revenues of $51.0 for the fourth quarter of the previous year. The net loss for the fourth quarter of fiscal 1995 was $51.0 million or $1.86 per share, compared with a net loss of $76.0 million or $2.84 per share in the fourth quarter of the previous year. The results for the quarter and year ended March 31, 1995 include a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern 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 $50.0 million, principally for work force reduction, outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in the U.S. and Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). ,
and closing several international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. , as well as asset
write-downs and certain other non-cash charges Non-Cash ChargeA charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. . Excluding the restructuring charge, the operating loss 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. for the fourth quarter of fiscal 1995 was $10.2 million, or 37 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . "We had three primary objectives during the quarter: to reduce our cost structure, focus the company's resources and business model on the software developer market, and to successfully introduce Delphi," said Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. Wetsel, president, Borland (Borland Software Corporation, Austin, TX, www.borland.com) A software company founded as Borland International in 1983 by Philippe Kahn. The company is noted for its language and development products. It also popularized the desktop accessory for DOS PCs with its Sidekick program. International. "We are pleased with our progress on each of these objectives." "The fourth quarter results reflect the early benefits of our cost reduction efforts. In addition to reducing our worldwide headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. , we outsourced Outsourced is a modern day comedy of cross-cultural conflict and romance, directed by John Jeffcoat, released in 2007. Synopsis Todd Anderson (Josh Hamilton) spends his days managing a customer call center for American Novelty Products in Seattle, until his job, our manufacturing operations and redirected marketing activities to more effectively reach software developers. The increased revenues during the quarter reflects the shipment and early acceptance of Delphi, our new rapid application development tool," added Wetsel. Fiscal 1995 Revenues for the fiscal year ended March 31, 1995 were $254.1 million, a 35 percent decrease from revenues of $393.5 million for the prior fiscal year. The net loss for the fiscal year ended March 31, 1995 was $12.2 million, compared with a net loss of $69.9 million for the fiscal year ended March 31, 1994. The Company lost 43 cents per share for the year compared with a loss of $2.62 per share for the prior year. Borland International Inc. Borland International 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 :BORL) is a leading provider of products and services for software developers. Borland is distinguished for its high-quality software development tools, which include Delphi, Borland C++, dBASE See dBASE Plus. (tool, product, language) dBASE - An interactive DBMS, originally from Ashton-Tate Corporation, and the language used by it. dBASE evolved from Vulcan by Wayne Ratliffe, which came out in around 1980 and ran on CP/M. and Paradox paradox, statement that appears self-contradictory but actually has a basis in truth, e.g., Oscar Wilde's "Ignorance is like a delicate fruit; touch it and the bloom is gone. . Borland's award- winning products are supported through comprehensive programs for small- and large-sized software developers, corporate developers, value added resellers See VAR. (company) value added reseller - (VAR, or "value added retailer") A company which sells something (e.g. computers) made by another company (an OEM) with extra components added (e.g. specialist software). and systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. . Founded in 1983, Borland is headquartered in Scotts, Valley, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . For more information on Borland products and services, customers can access Borland Online, Borland's World Wide Web (WWW WWW or W3: see World Wide Web. (World Wide Web) The common host name for a Web server. The "www-dot" prefix on Web addresses is widely used to provide a recognizable way of identifying a Web site. ) site, at http://www.borland.com. -0-
BORLAND INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Three Months
Ended March 31,
1995 1994
------- -------
Net revenues (A) $ 55,502 $ 51,049
Cost of revenues 11,099 20,288
------- -------
Gross profit 44,403 30,761
------- -------
Selling, general and administrative 43,854 65,067
Research and development 10,795 17,174
------- -------
54,649 82,241
Restructuring and other (C) 50,020 22,276
------- -------
Total operating expenses 104,669 104,517
------- -------
Operating loss (60,266) (73,756)
Interest income (expense), net
and other 1,206 107
------- -------
Loss before income taxes (59,060) (73,649)
Income tax provision (benefit) ( 8,084) 2,374
------- -------
Net loss $ (50,976) $ (76,023)
======= =======
Net loss per common and
common equivalent share $ (1.86) $ (2.84)
======= =======
Weighted average number of common and
common equivalent shares outstanding 27,375 26,797
======= =======
(A) Net revenues for the three months ended March 31, 1995 include $.9 million related to one million Paradox licenses sold to Novell in June 1994. (C) Restructuring and other for the fiscal year ended March 31, 1995 represents the restructuring charge in the fourth quarter of $50.0 million. Restructuring and other for the fiscal year ended March 31, 1994 represents the restructuring charge of $14.0 million and an $8.2 million write-down of real estate held for sale.
BORLAND INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Years ended
March 31,
1995 1994
------- -------
Net revenues (A) $ 254,064 $ 393,519
Cost of revenues 53,418 107,685
------- -------
Gross profit 200,646 285,834
------- -------
Selling, general and administrative 198,720 262,966
Research and development 61,760 65,653
------- -------
260,480 328,619
Restructuring and other (C) 63,070 22,276
------- -------
Total operating expenses 323,550 350,895
------- -------
Operating loss (122,904) (65,061)
Interest income, (expense) net and other 3,589 1,799
Gain on sale of Quattro Pro (B) 109,927 -
------- -------
Loss before income taxes (9,388) (63,262)
Income tax provision 2,789 6,629
------- -------
Net loss $ (12,177) $ (69,891)
======= =======
Net loss per common and
common equivalent share $ (.43) $ (2.62)
======= =======
Weighted average number of common and
common equivalent shares outstanding 27,994 26,670
======= =======
(A) Net revenues for the fiscal year ended March 31, 1995 include $27.1 million related to one million Paradox licenses sold to Novell in June 1994. (B) The net gain from the sale of the Quattro Pro product line is comprised of proceeds of $145 million from the sale, less Paradox licenses of $35 million. (C) Restructuring and other for the fiscal year ended March 31, 1995 represents the restructuring charge in the fourth quarter of $50.0 million, a $16.2 million write-off of purchased technology related to the acquisition of Reportsmith and a benefit of $3.1 million related to the favorable resolution of certain obligations of Ashton-Tate Corporation. Such obligations had been fully reserved at the time of the Company's acquisition of Ashton-Tate. Restructuring and other for the fiscal year ended March 31, 1994 represents the restructuring charge of $14.0 million and an $8.2 million write-down of real estate held for sale.
BORLAND INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
March 31, March 31,
1995 1994
------- ------
ASSETS
Current assets:
Cash and short-term investments $ 69,809 $ 67,693
Accounts receivable, net of allowances 18,646 30,928
Inventories 5,393 9,848
Other current assets 7,845 7,089
------- -------
Total current assets 101,693 115,558
Property, equipment, net of accumulated
depreciation and amortization 132,389 161,840
Other non-current assets, net 10,914 20,750
------- -------
$244,996 $298,148
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY (D)
Current liabilities:
Accounts payable and accrued expenses $ 72,914 $107,260
Bank borrowings - 30,000
Income taxes and other 28,183 20,575
------- -------
Total current liabilities 101,097 157,835
Long-term debt and other 20,895 19,943
------- -------
Total liabilities 121,992 177,778
------- -------
Stockholders' equity:
Common stock 273 269
Additional paid-in-capital 243,311 239,500
Retained deficit (126,300) (114,123)
Cumulative translation adjustment 5,720 (5,276)
------- -------
Total stockholders' equity 123,004 120,370
------- -------
$244,996 $298,148
======= =======
(D) Current and non-current liabilities at March 31, 1995 include $3.5 million and $4.4 million, respectively, of deferred revenue related to the sale of 1 million Paradox licenses to Novell, which the company is recognizing over the three year license period. CONTACT: Borland International Inc., Scotts Valley Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Grady Grady is the name of more than one place in the United States:
sgrady@wpo.borland.com |
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