Borland Reports Third Quarter Fiscal 1996 Results; Borland Reports Third Consecutive Quarter of Profitability.SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Jan. 19, 1996--Borland International Inc. today announced net income of $849 thousand or $.03 per share on revenues of $47.3 million for its third fiscal quarter ending December 31, 1995. These results reflect the third consecutive quarter of profitability since Borland restructured its operations in January, 1995, and focused its strategy on software developers. The net income for the nine months ended December 31, 1995 was $6.3 million or $.20 per share on revenues of $152.3 million. "The results for the third quarter demonstrate the significant progress Borland has made in the past year," said Gary Wetsel, 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. , Borland International. "Despite shipping only one major new product late in the quarter, we were able to manage our expenses and deliver another quarter of profitability. In the fiscal fourth quarter we are scheduled to ship new versions of Delphi and Borland C++, and should continue to benefit from the recent delivery of Paradox 7.0." The company incurred a net loss of $22.9 million or $.80 per share in the same quarter of the prior fiscal year on revenues of $48.1 million. Included in this result is a $10 million gain associated with 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 product line to Novell, Inc. In the nine months ended December 31, 1994 net income was $38.8 million or $1.21 per share on revenues of $198.6 million. Included in the prior year results is a $109.9 million non-operating gain on the sale of Quattro Pro, revenue of $24.5 million from the sale of Paradox licenses to Novell, and a one-time charge for purchased technology of $16.2 million related to the company's acquisition of ReportSmith. Excluding these transactions, Borland would have reported a pre-tax loss of $68.6 million in the nine month period of 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, 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- 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 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-
BORLAND INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data, unaudited)
Three Months
Ended December 31,
1995 1994
------- -------
Net revenues $ 47,264 $ 48,137
Cost of revenues 6,916 15,687
------- -------
Gross profit 40,348 32,450
------- -------
Selling, general and administrative 29,531 50,439
Research and development 10,507 15,733
------- -------
Total operating expenses 40,038 66,172
------- -------
Operating profit (loss) 310 (33,722)
Interest income, net and other 752 801
Gain on sale of Quattro Pro (A) - 10,000
------- -------
Income (loss) before income taxes 1,062 (22,921)
Income tax provision 213 -
------- -------
Net income (loss) $ 849 $ (22,921)
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Net income (loss) per common and
common equivalent share $ .03 $ (.80)
======= =======
Weighted average number of common and
common equivalent shares outstanding 33,059 28,505
======= =======
(A) The $10 million gain on the sale of Quattro Pro represents the holdback hold·back n. 1. a. The act of holding back. b. Something held back. 2. A device that retains or restrains. 3. of $10 million from the June 1994 sale of the Quattro Pro product line to Novell, Inc. BORLAND INTERNATIONAL INC. CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data, unaudited) Nine Months ====== Net income per common and common equivalent share $ .20 $ 1.21 ======= ======= Weighted average number of common and common equivalent shares outstanding 32,086 33,443 ======= ======= (A) Net revenues for the nine months ended December 31, 1994 include $24.5 million related to the one million Paradox licenses sold to Novell. BORLAND INTERNATIONAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (in thousands, unaudited) December 31, March 31, 1995 1995 ------- ------ ASSETS Current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. : Cash and short-term investments $ 86,863 $ 69,809 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , net of allowances 22,877 18,646 Inventories 1,601 5,393 Other current assets Other Current Assets A balance sheet item that includes the value of non-cash assets due within one year. Notes: Examples are things like prepaid expenses and accounts receivable. 6,618 10,402 ------- ------- Total current assets 117,959 104,250 Property, equipment, net of accumulated depreciation accumulated depreciation The total amount of depreciation that has been recorded for an asset since its date of acquisition. For example, a computer with a 5-year estimated life that was purchased for $2,000 would have accumulated depreciation of $800 [( and amortization 117,323 129,832 Other non-current assets, net 8,220 10,914 ------- ------- $243,502 $244,996 ======= ======= LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Accounts payable and accrued expenses Accrued Expense An accounting expense recognized in the books before it is paid for. It is a liability, usually current. These expenses are typically periodic and documented upon a company's balance sheet due to the high probability of collection. $ 40,578 $ 72,914 Income taxes and other 25,707 28,183 ------- ------- Total current liabilities 66,285 101,097 Long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and other 16,782 20,895 ------- ------- Total liabilities 83,067 121,992 ------- ------- Stockholders' equity: Common stock 308 273 Additional paid-in-capital 275,441 243,311 Retained deficit (120,002) (126,300) Cumulative translation adjustment 4,688 5,720 ------- ------- Total stockholders' equity 160,435 123,004 ------- ------- $243,502 $244,996 ======= ======= -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) site, at
http://www.borland.com.
CONTACT: Borland International Inc. Steve Grady, 408/431-1621 sgrady@wpo.borland.com |
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