Base Ten Reports Third Quarter Results.TRENTON Trenton, town, Canada Trenton, town (1991 pop. 16,908), SE Ont., Canada, on the Bay of Quinte at the mouth of the Trent River and at the south end of the Trent Canal. Its manufactures include textiles, electronic components, and paper and steel products. , N.J.--(BW HealthWire)--Nov. 3, 1998-- Revenue Up Over 30% From Prior Quarter Base Ten Systems Inc. (Nasdaq:BASEA BASEA Boston Area Solar Energy Association ) released results Tuesday Tuesday: see week. for the third quarter ended Sept. 30, 1998. Revenues for the period totaled $2.7 million, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 31% ahead of revenues for the prior quarter and nearly triple revenues for the comparable year ago period. Additional orders for software licenses In computing, software that is copyrighted and licensed under a software license is done under a variety of licensing schemes. For end-users there are proprietary licenses and there are free software licenses, and there are proprietary Within these schemes are further classifications. of approximately $1.4 million were received during the quarter, but were not recognized as revenue, consistent with revenue recognition accounting policy. These revenues will be recognized upon execution of contracts currently expected during the fourth quarter of this year. 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 period ended Sept. 30, 1998 was $3.0 million. This is a 36% reduction versus the operating loss of $4.7 million in the second quarter of this year. This improvement from the prior quarter is due to the combined effects of increased revenues noted above and a reduction in 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. of $1.0 million. The latter traces primarily to lower payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. and related expenses. Net loss for the period was $3.2 million or $.36 per share as compared to $10.0 million or $1.25 per share from 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 comparable period in 1997, and $4.9 million or $.59 per share in the second quarter 1998. Expenses totaled $5.9 million for the quarter, with $1.2 million or 21% being non-cash items including amortization of capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. software development costs, depreciation, and stock-denominated interest payments. Decreased expenses from the second quarter of 1998 were due largely to the full quarter impact of 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. reductions announced earlier this year and other operating efficiencies now in place. "We are pleased with the progress that the Company is making towards its short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. goal of cash flow break-even and its longer term goal of 30% operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: ," said Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs E. Gardner Gardner, city (1990 pop. 20,125), Worcester co., N central Mass.; settled 1764, inc. as a city 1921. Its furniture and lumber industries date from c.1805. Diversified metal and electronics manufactures add to the city's economic base. A state prison is there. , chairman and chief executive officer. "This progress is being made despite our customers' competing demands for resources, both personnel and capital, associated with Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 and ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. (Enterprise Resource Planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. ) projects underway. This internal competition for resources within our customer base has led to lengthened length·en tr. & intr.v. length·ened, length·en·ing, length·ens To make or become longer. length  en·er n. sales cycles," Gardner added.(a)
Base Ten Systems is a leading software technology company, focused on manufacturing and clinical execution systems and services for the pharmaceutical, chemical and medical products industries. Through installation of BASE10(TM) software, the Company's customers around the world can enjoy more effective regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. compliance, improved manufacturing flexibility and reduced production cycle time. BASE10(TM) execution systems are easily integrated with complementary software partners as manufacturers consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. their 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. into global supply chain processes. Interested parties can learn more about Base Ten Systems by visiting its web site at www.base10.com. (a)Forward Looking Statements The foregoing contains "forward looking information" 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. Such forward looking statements may be identified by a letter 'a' in parenthesis parenthesis: see punctuation. The left parenthesis "(" and right parenthesis ")" are used to delineate one expression from another. For example, in the query list for size="34" and (color = "red" or color ="green") ("a") or by such forward looking terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or as "may", "will", "believe", "anticipate", "expect", or similar words or variations thereof. Such forward looking statements involve certain significant risks and uncertainties. Important factors that the Company believes may cause actual results to differ materially from such forward looking statements are discussed in the "Risk Factors," "Business" and "MD&A" sections of the Company's current S-3 registration statements and annual and quarterly reports on file with the Securities and Exchange Commission. Additional risk factors include the effectiveness of the software and ability of the software to operate without "bugs" in the technology, acceptance of the release by customers and actual rollout as a result of the release. In assessing such forward looking statements you are urged to read carefully those reports and other filings. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes indicate that any such results or event (expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. ) will not be realized. -0-
Base Ten Systems Inc.
Condensed Consolidated Statements of Operations
(in millions, except per share amounts)
Three Months Ended
Sept. 30 98 Oct 31 97 % change
-------------------------------------------------
Revenues $ 2.7 $ 0.9 200%
Cost and expenses:
Cost of revenues 1.5 1.4 7%
Amortization of
software
development costs 1.0 1.8 -44%
Research and
development 0.2 0.1 100%
Sales and
marketing 1.5 0.9 67%
General and
administrative 1.5 6.3 -76%
-------------- -------------- -------------
Total costs and
expenses 5.7 10.5 -46%
Income (loss) from
operations (3.0) (9.6) -69%
Other income
(expense) (0.2) (0.4) -50%
-------------- -------------- -------------
Net income (loss) (3.2) (10.0) -68%
Gain (loss) from
discontinued
operations - (4.7) -100%
-------------- -------------- -------------
Net loss (3.2) (14.7) -78%
============== ============== =============
Loss per common share:
Continuing operations (0.36) (1.25) -71%
Discontinued operations - (0.59) -100%
-------------- -------------- -------------
Net loss per
common share $ (0.36) $ (1.84) -80%
============== ============== =============
Weighted average
common shares 10,148,500 8,058,100 26%
-------------- -------------- -------------
Loss per common
share-assuming dilution:
Continuing operations (0.36) (1.25) -71%
Discontinued operations - (0.59) -100%
-------------- -------------- -------------
Net loss per common
share-assuming
dilution $ (0.36) $ (1.84) -80%
============== ============== =============
Weighted average
common
shares-assuming
dilution 10,148,500 (1) 8,058,100 (1) 26%
-------------- -------------- -------------
Nine Months Ended
Sept. 30 98 Oct 31 97 % change
-------------------------------------------------
Revenues $ 5.7 $ 2.3 148%
Cost and expenses:
Cost of revenues 5.8 3.1 87%
Amortization of
software
development costs 2.8 2.6 8%
Research and
development 0.5 0.2 150%
Sales and
marketing 3.8 2.2 73%
General and
administrative 4.7 7.3 -36%
-------------- -------------- -------------
Total costs and
expenses 17.6 15.4 14%
Income (loss) from
operations (11.9) (13.1) -9%
Other income
(expense) (0.6) (1.2) -50%
-------------- -------------- -------------
Net income (loss) (12.5) (14.3) -13%
Gain (loss) from
discontinued
operations - (5.7) -100%
-------------- -------------- -------------
Net loss (12.5) (20.0) -38%
============== ============== =============
Loss per common share:
Continuing operations (1.51) (1.80) -16%
Discontinued operations - (0.72) -100%
-------------- -------------- -------------
Net loss per
common share $ (1.51) $ (2.52) -40%
============== ============== =============
Weighted average
common shares 9,205,900 7,936,700 16%
-------------- -------------- -------------
Loss per common
share-assuming dilution:
Continuing operations (1.51) (1.80) -16%
Discontinued operations - (0.72) -100%
-------------- -------------- -------------
Net loss per common
share-assuming
dilution $ (1.51) $ (2.52) -40%
============== ============== =============
Weighted average
common
shares-assuming
dilution 9,205,900 (1) 7,936,700 (1) 16%
-------------- -------------- -------------
(1) Due to the net loss, the effect of outstanding stock options,
warrants or stock conversions would be anti-dilutive to EPS, and are,
therefore, excluded from the above computation of diluted EPS.
Base Ten Systems Inc.
Condensed Consolidated Balance Sheet
Unaudited
(in thousands)
Sept. 30 98 Dec 31 97
------------- ----------------
Current Assets:
Cash $ 2,103 $ 9,118
Accounts receivable 4,718 1,583
Other current assets 1,170 851
------------- ----------------
Total current assets 7,991 11,552
Property, plant and equipment 5,090 4,346
Note Receivable 1,975 2,238
Other Assets 6,540 6,380
------------- ----------------
Total Assets $ 21,596 $ 24,516
============= ================
Current Liabilities:
Accounts payable $ 1,342 $ 282
Accrued expenses 3,903 5,399
Current portion of capital
lease obligation 54 54
------------- ----------------
Total current liabilities 5,299 5,735
Long-term liabilities:
Long-term debt 10,000 15,500
Capital lease obligation 3,375 3,416
Other long-term liabilities 228 245
------------- ----------------
Total long-term liabilities 13,603 19,161
Shareholders' Equity
Preferred stock 18 9
Class A Common stock 10,460 7,829
Class B Common stock 86 445
Additional paid-in capital 51,459 37,991
Deficit (59,054) (46,521)
------------- ----------------
2,969 (247)
Equity adjustment from foreign
currency translation (350) (195)
Unrealized gain on securities
available for sale 75 62
------------- ----------------
2,694 (380)
------------- ----------------
Total liabilities and
stockholders' equity $ 21,596 $ 24,516
============= ================
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion