Borland Reports First Quarter Fiscal 1996 Results.SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--July 26, 1995--Borland International Inc. today announced revenues for its first quarter ending June June: see month. 30, 1995 of $53.8 million. Revenues from the first fiscal quarter of the prior year were $69.1 million, which included $24.5 million from the sale of 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. licenses to 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. . Excluding the non-recurring revenue from the sale of the Paradox licenses, first quarter fiscal 1996 revenues increased 20 percent from the same quarter of the prior year. The net income for the June 30, 1995 quarter was $2.8 million or $.10 per share, compared with net income of $61.4 million or $1.88 per share in the first quarter a year ago. Included in the prior year results is a $99.9 million non-operating gain on the sale of Borland's 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. spreadsheet spreadsheet Computer software that allows the user to enter columns and rows of numbers in a ledgerlike format. Any cell of the ledger may contain either data or a formula that describes the value that should be inserted therein based on the values in other cells. product line to Novell, Inc., the Paradox license revenue of $24.5 million, and 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. Excluding these non-recurring transactions, 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. would have reported an 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. of $36.0 million, on revenues of $44.6 million, in the quarter ending June 30, 1994. Total 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. for the quarter were $43 million, a 37 percent decrease from $68.5 million for the same quarter of the previous year, exclusive of the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of purchased technology of $16.2 million. The lower expenses in the quarter ended June 30, 1995 reflect the implementation of the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). efforts which were initiated in January January: see month. , 1995. "We are very pleased with the results of the quarter as it reflects our efforts to reduce costs and the continued success of Delphi, Borland's popular visual rapid application development tool," said Gary Wetsel, president, Borland International. "We believe Borland is now well-positioned, financially and strategically, to take advantage of its technical leadership and product strengths." 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 for software developers. Borland is distinguished for its high-quality software development tools, which include Delphi, 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 and InterBase. Borland's award-winning products are supported through comprehensive programs for small- to 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. . 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 June 30,
1995 1994
------- -------
Net revenues (A) $ 53,766 $ 69,141
Cost of revenues 8,070 12,196
------- -------
Gross profit 45,696 56,945
------- -------
Selling, general and administrative 32,772 51,430
Research and development 10,230 17,032
Write-off of purchased technology - 16,158
------- -------
Total operating expenses 43,002 84,620
------- -------
Operating income (loss) 2,694 (27,675)
Interest income, net and other 812 (72)
Gain on sale of Quattro Pro - 99,927
------- -------
Income before income taxes 3,506 72,180
Income tax provision 701 10,812
------- -------
Net income $ 2,805 $ 61,368
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Net income per common and
common equivalent share $ .10 $ 1.88
======= =======
Weighted average number of common and
common equivalent shares outstanding 29,127 32,889
======= =======
(A) Net revenues for the three months ended June 30, 1994
include $24.5 million related to one million Paradox
licenses sold to Novell.
BORLAND INTERNATIONAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
June 30, March 31,
1995 1995
------- ------
ASSETS
Current assets:
Cash and short-term investments $ 67,150 $ 69,809
Accounts receivable, net of allowances 18,080 18,646
Inventories 2,048 5,393
Other current assets 13,268 10,402
------- -------
Total current assets 100,546 104,250
Property, equipment, net of accumulated
depreciation and amortization 124,988 129,832
Other non-current assets, net 9,074 10,914
------- -------
$234,608 $244,996
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 52,270 $ 72,914
Income taxes and other 29,555 28,183
------- -------
Total current liabilities 81,825 101,097
Long-term debt and other 18,116 20,895
------- -------
Total liabilities 99,941 121,992
------- -------
Stockholders' equity:
Common stock 283 273
Additional paid-in-capital 251,914 243,311
Retained deficit (123,495) (126,300)
Cumulative translation adjustment 5,965 5,720
------- -------
Total stockholders' equity 134,667 123,004
------- -------
$234,608 $244,996
======= =======
CONTACT: Borland International Inc. Steve Grady, 408/431-1621 (press) sgrady@wpo.borland.com |
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