Borland Announces First Quarter Revenue Shortfall; CEO Wetsel Resigns; Chairman Miller Appointed Acting CEO.SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--July 2, 1996--Borland International Inc. today announced that it expects revenues for the first fiscal quarter, ending June 30, 1996, in the range of $34 to $35 million. As a result, Borland said it expects to report a substantial 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. and a loss per share in the range of $.53 to $.56. In a press release last month, Borland had said it expected to show an operating loss for its first fiscal quarter as a result of lower revenues. Borland attributed the first quarter revenue decline primarily to lower than expected sales in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company also announced the resignation of Gary A. Wetsel as president and chief executive officer. The company has initiated a CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. search. Dr. William F. Miller, Chairman of the company's Board of Directors will serve as acting CEO until a replacement is appointed. In addition, as an interim measure, the company has created an office of the president, reporting to Dr. Miller and consisting of the following senior officers of the company: Paul Gross For the biologist and author, see Paul R. Gross. For the Academy of Information Technology and Engineering principal, see Paul L. Gross. Paul Michael Gross (born April 30, 1959), is a Canadian actor, producer, director, singer and writer born in Calgary, Alberta. , senior vice president Research and Development; Michael Greenbaum, vice president of Marketing and general manager of Client/Server Tools; and David McGlaughlin, vice president, International. "Though we made great progress over the last four quarters, this quarter's results are quite disappointing," said Dr. Miller. "Despite this, Borland has a rich set of assets in its technology, employees and dedicated customers upon which to base a recovery from this setback. Our Internet/Intranet strategy is underway and we look forward to delivering new products for these markets, including Latte, our visual development tool for Java, later this year." Borland plans to report results for the quarter ending June 30, 1996 on July 24, 1996 after the close of the market. Borland: Making Development Easier 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 targeted to software developers. Borland is distinguished for its high quality software development tools, which include Delphi, Delphi Client/Server, Borland C++, Visual dBASE See dBASE versions. (language) Visual dBASE - A Rapid Application Development suite with a compiler and intranet tools to enable developers to publish data on the World-Wide Web. Originally a Borland product, the first version released by dBase, Inc. was Visual dBase 5.7. , Paradox, ReportSmith and InterBase. 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. Founded in 1983, Borland is headquartered in Scotts Valley California. -0- Note to Editors: Copies of previous Borland press releases and additional corporate and product information are available on Borland's Internet 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. CONTACT: Borland International Inc. Vallee Hubbard, 408/431-4705 (Media) vhubbard@wpo.borland.com or Dawn Morse, 408/431-1525 (Financial) dmorse@wpo.borland.com |
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