Borland Reports 1996 Fiscal Year-End and Fourth Quarter Results; Borland Caps Fiscal Year with Fourth Quarter Revenue Growth and Profits.SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--April 25, 1996--Borland International Inc. today announced results for the fourth quarter and year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. of fiscal 1996, which ended March 31, 1996. Revenues for the fourth quarter of fiscal were $62.9 million compared with revenues of $55.5 million in the fourth quarter of fiscal 1995. Net income for the fourth quarter of fiscal 1996 was $8.0 million or $.24 per share, compared with a net loss of $51.0 million or $1.86 per share in the fourth quarter of the previous year. These results reflect the fourth consecutive quarter of profitability since 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. restructured its operations in January January: see month. 1995 and focused its strategy on software developers. Revenues for fiscal 1996 were $215.2 million compared with revenues of $254.1 million for the prior fiscal year. Net income for fiscal 1996 was $14.3 million or $.45 per share compared with a net loss of $12.2 million or $.43 per share in fiscal 1995. "Fiscal 1996 was an extremely successful year for Borland," said Borland's President and 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. , 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. "We focused our efforts on software developers, saw a 170 percent growth in our client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). business, and established a leadership position in 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 development tools market." Included in the results for the fiscal fourth quarter of 1996 is the recognition of $4.4 million of revenue previously deferred under the 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. license agreement, which resulted from the sale of the Novell (Novell Inc., Provo, UT, www.novell.com) Novell was founded as Novell Data Systems in 1981 by Jack Davis and George Canova and initially manufactured terminals for IBM mainframes. In 1983, Ray Noorda became CEO and president of a restructured Novell, Inc. Office suite of products by Novell to Corel Corporation (company) Corel Corporation - A software publisher best known for the CorelDraw application. Founded in June 1985 by Dr. Michael Cowpland, Corel Corporation was originally a systems integration company. . Included in the results for the fourth quarter of fiscal 1995 is a 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. Included in the fiscal 1995 results is a $109.9 million non- non- word element [L.]not . non- pref. Not: noninvasive. operating gain on the sale of Quattro Pro A Windows spreadsheet from Corel that provides advanced graphics and presentation capabilities, including goal seeking, 3D graphing and the ability to create multi-layered slide shows. It is optionally keystroke compatible with Lotus 1-2-3. , a restructuring charge of $50.0 million, revenue of $24.5 million from the sale of Paradox licenses to Novell, a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge for purchased technology of $16.2 million related to the Company's acquisition of ReportSmith, and a benefit of $3.1 million related to the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. resolution of certain obligations of Ashton-Tate Corporation (company) Ashton-Tate Corporation - The original vendor of dBASE and joint developers of EEMS. Ashton-Tate was founded by Charles Tate and Ashton was his pet parrot's name. The parrot lived in the lobby of the company's LA headquarters. . Excluding these transactions, Borland would have reported a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss of $80.7 million in the prior fiscal year. 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 Suite, 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 A relational DBMS from Borland that runs under Solaris, Windows and Linux. Available in desktop, server and developer editions, InterBase was designed to handle online complex processing (OLCP) and is used in centralized, small to medium-size businesses. . Borland's award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" 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 system integrators See systems integrator. . Founded in 1983, Borland is headquartered in Scotts Valley, California Scotts Valley is a small city located in eastern Santa Cruz County, California, United States, about ten miles (16 km) south of San Jose and six miles (10 km) north of the beach in the upland slope of the Santa Cruz Mountains. As of the 2000 census, the city population was 11,385. . -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. -0-
BORLAND INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Three Months
Ended March 31,
1996 1995
------- -------
Net Revenues (A) $ 62,860 $ 55,502
Cost of revenues 8,015 11,099
------- -------
Gross profit 54,845 44,403
------- -------
Selling, general and administrative 33,569 43,854
Research and development 12,977 10,795
Restructuring and other (B) - 50,020
------- -------
Total operating expenses 46,546 104,669
------- -------
Operating profit (loss) 8,299 (60,266)
Interest income, net and other 1,248 1,206
------- -------
Income (loss) before income taxes 9,547 (59,060)
Income tax provision (benefit) 1,560 (8,084)
------- -------
Net income (loss) $ 7,987 $(50,976)
======= =======
Net income (loss) per common and
common equivalent share $ .24 $ (1.86)
======= =======
Weighted average number of common and
common equivalent shares outstanding 33,684 27,375
======= =======
(A) The sale of the Novell Office suite of products by Novell to Corel Corporation resulted in the recognition of $4.4 million of revenue previously deferred under the Paradox license agreement during the quarter ended March 31, 1996. (B) Restructuring and other for the quarter ended March 31, 1995 represents restructuring charges of $50.0 million.
BORLAND INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Years Ended
March 31,
1996 1995
-------- --------
Net Revenues (A) $ 215,206 $ 254,064
Cost of revenues 31,228 53,418
-------- --------
Gross profit 183,978 200,646
-------- --------
Selling, general and administrative 125,258 198,720
Research and development 45,086 61,760
Restructuring and other (B) - 63,070
-------- --------
Total operating expenses 170,344 323,550
-------- --------
Operating profit (loss) 13,634 (122,904)
Interest income, net and other 3,787 3,589
Gain on sale of Quattro Pro (C) - 109,927
-------- --------
Income (loss) before income taxes 17,421 (9,388)
Income tax provision (benefit) 3,136 2,789
-------- --------
Net income (loss) $ 14,285 $ (12,177)
======== ========
Net income (loss) per common and
common equivalent share $ .45 $ (.43)
======== ========
Weighted average number of common and
common equivalent shares outstanding 31,861 27,994
======== ========
(A) Net revenues for the fiscal year ended March 31, 1996 and March 31, 1995 include $7.9 million and $27.1 million, respectively, related to the one million Paradox licenses sold to Novell in June, 1994. The sale of the Novell Office suite of products by Novell to Corel Corporation resulted in the recognition of $4.4 million of revenue previously deferred under the Paradox license agreement during the quarter ended March 31, 1996. (B) 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. (C) The net gain from the sale of Quattro Pro product line is comprised of proceeds of $145 million from the sale, less Paradox licenses of $35 million.
BORLAND INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
March 31,
1996 1995
ASSETS -------- --------
Current assets:
Cash and short-term investments $ 90,146 $ 69,809
Accounts receivable, net of allowances 34,151 18,646
Inventories 1,599 5,393
Other current assets 7,321 10,402
-------- --------
Total current assets 133,217 104,250
Property, equipment, net of accumulated
depreciation and amortization 114,612 129,832
Other non-current assets, net 7,758 10,914
-------- --------
Total Assets $255,587 $244,996
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 42,563 $ 72,914
Income taxes and other 26,891 28,183
-------- --------
Total current liabilities 69,454 101,097
Long-term debt and other 14,555 20,895
-------- --------
Total liabilities 84,009 121,992
-------- --------
Stockholders' equity:
Common stock 312 273
Additional paid-in-capital 279,083 243,311
Retained deficit (112,015) (126,300)
Cumulative translation adjustment 4,198 5,720
-------- --------
Total stockholders' equity 171,578 123,004
-------- --------
Total liabilities and stockholders'
equity $255,587 $244,996
======== ========
-0-
CONTACT: Borland International Inc. Steve Grady, 408/431-1621 (media) sgrady@wpo.borland.com Dawn Morse, 408/431-1525 (financial) dmorse@wpo.borland.com |
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