Borealis Announces Third Quarter Results.CARSON CITY Carson City, city (1990 pop. 40,443), state capital, W Nev., in the Eagle valley; inc. 1875. The city is a trade center for a mining and agricultural area. State government is the major employer, and tourism is economically important. , Nev.--(BUSINESS WIRE)--Oct. 23, 1997-- Record Increase In Revenue In Excess Of 180% Compared To Prior Quarter Borealis Technology(TM) Corporation (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 :BRLS BRLS Bachelor of Recreation and Leisure Studies ) reported operating results for the third quarter and nine months ended September 30, 1997. Revenues for the third quarter of 1997 were $520,927, representing an increase of 182% over the $185,005 in revenue recorded for the previous quarter ended June 30, 1997 and an increase of $492,306 over the $28,621 in revenue recorded for the comparable quarter of last year. Net loss for the third quarter of 1997 was $(1,488,537), or $(0.34) per share on 4,346,577 weighted average shares outstanding, compared to a net loss of $(2,448,593), or $(0.77) per share on 3,184,781 weighted average shares outstanding for the previous quarter ended June 30, 1997 and $(1,910,873), or $(0.61) per share on 3,130,725 weighted average shares outstanding for the same quarter ended September 30, 1996. Revenues for the nine months ended September 30, 1997 increased 380% to $728,281, up from $151,681 recorded for the corresponding period in 1996. Net loss was $(5,848,189) for the nine months ended September 30, 1997, or $(1.64) per share on 3,576,211 weighted average shares outstanding. This compares to a net loss of $(3,981,583), or $(2.55) per share on 1,560,567 weighted average shares outstanding for the comparable period of 1996. The increase in revenues between the nine months ended September 30, 1997 and 1996 reflects the recent shipment and sales of the Company's new sales force automation Automating the sales activities within an organization. A comprehensive SFA package provides such functions as contact management, note and information sharing, quick proposal and presentation generation, product configurators, calendars and to-do lists. product, Arsenal. "We accomplished many objectives in the third quarter," stated Jack Murphy The name Jack Murphy can refer to:
-- receipt of significant follow-on orders from existing customers Heidelberg USA, Inc. and Maersk, Inc. Heidelberg is a leading provider of technologically advanced printing and bindery A NetWare file used for security and accounting in the early NetWare 2.x and 3.x versions. The bindery pertained only to the server it resided in and contained the names and passwords of users authorized to log in to that server. equipment and Maersk, Inc. is one of the world's largest container shipping companies. -- the addition of new customers in a range of industries. We added American Microsystems, Inc. (AMI), a leading supplier of mixed-signal and digital application specific integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. ; Time Warner Cable This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. of Cincinnati, a division of Time Warner Time Warner Inc. (NYSE: TWX), formerly known as AOL Time Warner, is the world's largest media and entertainment conglomerate headquartered in New York City, with major operations in film, television, publishing, Internet service and telecommunications. Entertainment Company, LP; and Synopsys, a leader in the electronic computer-aided engineering See CAE. Computer-aided engineering Any use of computer software to solve engineering problems. With the improvement of graphics displays, engineering workstations, and graphics standards, computer-aided engineering (CAE) has come to mean the computer market. -- the announcement of the shipment of our new NT SQL SQL in full Structured Query Language. Computer programming language used for retrieving records or parts of records in databases and performing various calculations before displaying the results. product planned for the fourth quarter. We have already received advanced orders for the product. -- the establishment of business relationships with two top tier consulting firms, the Customer Management practice of KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , LLP LLP - Lower Layer Protocol , and DRT DRT Dead right there Medtalk A macabre adjective referring to a Pt who has been clinical kaputt long enough to minimize the likelihood of resuscitation Systems in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the systems integration boutique of Deloitte & Touche Consulting. -- alliances with several key industry product and service providers. We entered into a licensing arrangement with FirstFloor, a leader in Web-based business document delivery solutions, to integrate Arsenal with FirstFloor's Smart Delivery business document delivery solution to provide Arsenal users with a Web-based marketing encyclopedia system. We established a partnership with C3i, a leader in the delivery of support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to sales organizations, to provide post deployment support and training and we partnered with Timothy McMahon & Co./Worldwide to automate their Strategy Mapping/SSTM, sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. methodology in Arsenal. -- strengthening of the management organization with the promotion of Bill Bernart to vice president of partner services and the promotion of Rick Miller to national sales manager sales manager n → gerente m/f de ventas sales manager n → directeur commercial sales manager sale n → . Both Bill and Rick bring extensive experience in the SFA See sales force automation. SFA - Sales Force Automation market to Borealis(TM). Bill was formerly a director of consulting at Aurum Software and Rick was formerly vice president of sales at SalesKit. -- hiring of Dave Bouchard as senior vice president of worldwide sales and services. Dave has 16 years of experience in high technology and has worked in senior sales management positions in enterprise software companies such as Tivoli Systems, Inc. and Powersoft (a Sybase Company). Both Tivoli and Powersoft are enterprise software companies that experienced dramatic revenue growth and market share expansion. Dave was a key architect in that expansion at both companies and I look forward to Dave directing Borealis' sales and services efforts." Mr. Murphy concluded, "We are enthusiastic about our new alliances, our customers' satisfaction and the addition of Dave Bouchard to our executive management team. Our goals for the future include, establishing additional industry alliances and new business relationships with top tier consulting firms and implementation providers, adding a new vice president of marketing and vice president of business development to round out the executive management team, releasing our NT SQL product, establishing new accounts and maintaining our customers' satisfaction." Borealis(TM) Business Model Borealis(TM) delivers complete, Arsenal-based SFA solutions to enterprise and mid-size companies in conjunction with top tier consultants in the areas of sales process, BPR (Business Process Reengineering) See reengineering. BPR - Business Process Re-engineering (Business Process Reengineering See reengineering. ), systems implementation and user training. Borealis'(TM) unique combination of flexible, open technology and strong industry partnerships creates a "whole product solution" enabling customers to more accurately predict the results they'll get from their SFA investment. With Borealis'(TM) partners' guidance, customers can deal effectively with dynamic business issues and benefit from well designed business processes. This whole product approach delivers results sooner, at a lower cost and with greater predictability. About Arsenal Arsenal is the SFA solution that meets the needs of both sales and IS professionals because it can adapt quickly to the diverse needs and changing requirements that are typical in today's dynamic business world. Arsenal systems are easier for sales people to adopt and use because the exact functionality they need can be deployed in managed stages. Arsenal's flexible technology streamlines customer implementations and simplifies ongoing customization of client/server-based mobile SFA systems. Borealis(TM) Technology Corporation Headquartered in Carson City, Nevada The Consolidated Municipality of Carson City is the capital of the State of Nevada. A 2006 population estimate places its population at 57,701[1]. Carson City is now an independent city and is its own Metropolitan Statistical Area. , Borealis(TM) Technology Corporation is a leading provider of rapidly deployable and customizable high-end, client/server SFA solutions. Contact Borealis(TM) at 888-4-ARSENAL or on the World Wide Web at www.brls.com. The preceding forward-looking statements regarding the Company's prospects for the fourth quarter, including the shipment of the Company's NT SQL product, establishing alliances, relationships and new accounts are subject to risks and uncertainties, which could affect the Company's business, financial condition and results of operations. These risks include, but are not limited to, potential delays in the release of the Company's NT SQL product, the market acceptance of Arsenal and the Company's NT SQL product, when released, and announcements by the Company and its competitors. Borealis(TM) and Arsenal are trademarks of Borealis Technology Corporation. All trademarks are the property of the respective owners. -0-
BOREALIS(TM) TECHNOLOGY CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
Sept 30, Sept 30,
1997 1996 1997 1996
Total revenues $ 520,927 $ 28,621 $ 728,281 $ 151,681
Cost of revenues 1,061 12,951 37,329 58,573
Gross profit 519,866 15,670 690,952 93,108
Total operating
expenses 2,015,659 1,972,269 6,561,016 4,064,953
Loss from
operations (1,495,793) (1,956,599) (5,870,064) (3,971,845)
Interest income
(expense), net 7,256 45,726 21,875 (9,738)
Net loss $(1,488,537) $(1,910,873) $(5,848,189) $(3,981,583)
Net loss per
common share $ (0.34) $ (0.61) $ (1.64) $ (2.55)
Weighted average common
shares
outstanding 4,346,577 3,130,725 3,576,211 1,560,567
BOREALIS(TM) TECHNOLOGY CORPORATION
CONDENSED BALANCE SHEETS
Sept 30, December 31,
1997 1996
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 3,542,389 $ 3,921,506
Accounts receivable 222,308 2,000
Other current assets 259,314 136,073
Total current assets 4,024,011 4,059,579
Property and equipment, net 873,604 856,653
Long-term investment - 650,000
Other assets 48,049 40,850
Total assets $ 4,945,664 $ 5,607,082
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 169,397 $ 258,377
Accrued employee compensation
and benefits 406,975 298,492
Notes payable 900,000 -
Other current liabilities 645,552 320,739
Total current liabilities 2,121,924 877,608
Long-term obligations 31,715 738,800
Total liabilities 2,153,639 1,616,408
Stockholders' equity:
Preferred stock, $.001 par value:
Authorized shares - 5,000,000
issued and outstanding - none
Common stock, $.001 par value:
Authorized shares - 10,000,000
issued and outstanding - 4,826,644 and
3,184,506 at September 30, 1997 and
December 31, 1996, respectively 4,827 3,185
Additional paid-in capital 15,518,263 10,777,241
Note receivable from stockholders (93,124) -
Accumulated deficit (12,637,941) (6,789,752)
Total stockholders' equity 2,792,025 3,990,674
Total liabilities and
stockholders' equity $ 4,945,664 $ 5,607,082
-0-
CONTACT: BOREALIS(TM) TECHNOLOGY CORPORATION Elizabeth J. Gasper gasp·er n. Chiefly British Slang A cigarette. , CFO See Chief Financial Officer. (702) 888-3200; (702) 888-3219 Fax Fax e-mail: egasper@brls.com or WOLFE AXELROD ASSOCIATES Stephen D. Axelrod, CFA (Computer Fraud and Abuse Act of 1986) Signed into law in 1986, the CFA was a significant step forward in criminalizing unauthorized access to computer systems and networks. The Act applies to "federal interest computers" that include any system used by the U.S. Susan T. Bolen (Media) (212)-370-4500; (212)-370-4505 e-mail: steve@wolfeaxelrod.com |
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