Broderbund Reports Results For Second Quarter and Announces Stock Buyback Program.NOVATO Novato (nōvä`tō), residential city (1990 pop. 47,585), Marin co., W Calif., N of San Fransisco on San Pablo Bay; inc. 1960. In a farming and dairying area, it produces cosmetics, metal products, telephone apparatus, lumber, and wiring , Calif.--(BUSINESS WIRE)--March 21, 1996--Broderbund Software, 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 :BROD BROD Big Bike Riders of Dagupan (Motorcycle Club in the Philippines) ) announced today its operating results for the second quarter of fiscal year 1996. Revenues in the quarter ended February February: see month. 29, 1996, were $48.0 million as compared with $45.2 million reported during the same quarter last year. Net income for the quarter totaled $18.8 million or $.87 per share. During the quarter, Broderbund recorded a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of $15.5 million arising from a break-up fee received in the terminated merger with The Learning Company. Excluding this one-time gain, net income for the second quarter of fiscal 1996 was $9.6 million or $.45 per share as compared with $10.4 million or $.50 per share earned in the second quarter of fiscal 1995. For the six months ended February 29, 1996, revenues were $119.0 million, up 21% from the $98.3 million reported during the same period in the prior year. Net income for the six-month period totaled $34.8 million or $1.61 per share. Exclusive of the one-time gain, net income for the six months ended February 29, 1996 was $25.5 million or $1.18 per share, an increase of 16% from the $22.0 million or $1.06 per share reported during the same period last year. Broderbund released 22 new products during the second fiscal quarter, twelve published products and ten affiliated label products. A partial list of product releases for the second quarter includes Logical Journey of the Zoombinis, Family Tree Maker Deluxe de·luxe also de luxe adj. Particularly elegant and luxurious; sumptuous: deluxe accommodations; a de luxe automobile. adv. Edition II, The Print Shop, The Print Shop Deluxe II and a new Living Books title, Sheila Sheila is a common given name for a female, taken from the Gaelic name Síle/Sìle, which is believed to be a Gaelic form of Julia or Cecilia. Like "Cecil" or "Cecilia", the name means "Smart and Wise", from the Latin caecus. Rae, the Brave. During the second quarter of fiscal 1996, international sales showed strong growth over last year, accounting for approximately 12% of the Company's net revenues for the quarter. International growth has been fueled by strong market growth and an increasing number of localized Translated into the spoken language of the country. See localization. products. Broderbund also announced today that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 2 million shares of its common stock in open market transactions as market and business conditions warrant. No time frame has been set for this repurchase program. The Company has approximately 21 million shares outstanding at this time. "Although the current environment for growth is difficult, the stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. reflects management's and the board's confidence in our strategy for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth," said Doug Carlston Doug Carlston was CEO, chairman, and co-founder (with brother Gary) of Brøderbund Software, a software publishing firm that produced such hit titles as Myst and Where in the World is Carmen Sandiego?. , chairman and chief executive officer. "The stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. will utilize some of our available cash; however, our cash position will remain sufficiently strong to meet our upcoming business needs and allow us to pursue strategic acquisitions as opportunities arise." Broderbund received recognition for its outstanding products at the recent Software Publishers Association (SPA) Excellence in Software Awards (Codies) Program. Broderbund's In the First Degree, a trial simulation game A simulation game, or sim game, (also known as a game of status or mixed game) is a game that contains a mixture of skill, chance, and strategy to simulate an aspect of reality, such as a stock exchange. , was awarded a Codie for the Best Use of Live Performers in Multimedia. Broderbund has won more SPA awards than any other software publisher. In the education area, four Broderbund products, Carmen Sandiego Carmen Sandiego refers to a media franchise of edutainment computer games, television programs, books and other media featuring a thieving villainess of the same name. Junior Detective Edition, Math Workshop, The Amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. Writing Machine and Tabletop Jr., recently received top school awards from Technology & Learning Magazine, a respected educational journal. Also, Child Magazine awarded Child's Best Awards to two of Broderbund's products, The Amazing Writing Machine and Math Workshop. Broderbund Software, Inc. develops, publishes and markets a diversified diversified (di·verˑ·s line of consumer software for use in homes, schools and small businesses. Since its founding in 1980, Broderbund has pioneered innovative award-winning products that take advantage of the latest technologies. Broderbund has a successful track record of identifying and capitalizing on emerging trends through its studio development approach. Broderbund's web site is located at: http://www.broderbund.com. Broderbund, The Print Shop and Carmen Sandiego are registered trademarks and In the 1st Degree In the 1st Degree is an interactive legal drama adventure computer game released in 1995 by Brøderbund in which the player plays the role of a prosecutor attempting to convict an artist for grand theft and the first-degree murder of his business partner. , Carmen Sandiego Junior Detective Edition, Math Workshop, The Amazing Writing Machine, Tabletop Jr., Logical Journey of the Zoombinis, Active Mind Series and Family Tree Maker Deluxe Edition II are trademarks of Broderbund Software, Inc. All other marks are trademarks or registered trademarks of their respective companies. -0-
BRODERBUND SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three months ended Six months ended
Feb. 29 Feb. 28 Feb. 29 Feb. 28
1996 1995 1996 1995
---- ---- ---- ----
Net revenues $48,044 $45,208 $119,005 $98,297
Cost of revenues 15,035 14,506 39,955 38,034
------ ------ ------- ------
Gross margin 33,009 30,702 79,050 60,263
------ ------ ------ ------
Operating expenses:
Sales and marketing 9,288 7,116 20,080 13,765
Research and development 7,576 5,384 15,013 10,014
General and administrative 2,929 2,674 5,761 5,463
------ ------ ------ ------
Total operating expenses 19,793 15,174 40,854 29,242
------ ------ ------ ------
Income from operations 13,216 15,528 38,196 31,021
Interest and dividend
income, net 1,697 1,131 3,277 1,887
Gain on sale of investment -- -- -- 1,602
Equity in earnings of joint
venture 1,022 1,123 1,022 2,820
Terminated merger fee, net 15,464 -- 15,464 --
------ ----- ------ -----
Income before income taxes 31,399 17,782 57,959 37,330
Provision for income taxes 12,560 7,415 23,184 15,370
------ ----- ------ ------
Net income $18,839 $10,367 $34,775 $21,960
====== ====== ====== ======
Net income per share $ 0.87 $ 0.50 $ 1.61 $ 1.06
====== ====== ====== ======
Shares used in computing
net income per share 21,559 20,783 21,641 20,629
====== ====== ====== ======
BRODERBUND SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
February 29, August 31, February 28,
1996 1995 1995
------------ ---------- ------------
ASSETS
Current assets:
Cash and cash equivalents $178,466 $126,547 $124,804
Accounts receivable, net 9,490 7,880 2,406
Income tax prepayments --- 487 ---
Inventories 2,004 2,562 845
Deferred income taxes 17,607 13,880 14,893
Prepaid expenses and
other current assets 650 1,186 780
------- -------- --------
Total current assets 208,217 152,542 143,728
Equipment and improvements,
net 6,645 5,570 4,536
Deferred income taxes 929 928 655
Other assets 3,559 2,511 3,321
------- -------- --------
$219,350 $161,551 $152,240
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $4,836 $6,094 $5,709
Accrued income taxes 25,917 --- 17,634
Accrued compensation 8,073 11,062 6,676
Other current liabilities 14,837 15,492 14,883
------ ------ ------
Total current liabilities 53,663 32,648 44,902
Other liabilities --- 21 84 Total liabilities 53,663 32,669 44,986 Stockholders' equity Common stock 33,421 31,140 25,436 Retained earnings 132,266 97,742 81,818
Total stockholders' ------- ------- -------
equity 165,687 128,882 107,254
------- ------- -------
$219,350 $161,551 $152,240
CONTACT: Broderbund Software, Inc., Novato Robin Linstrom, 415/382-4449 (Investor Relations Investor relations The process by which the corporation communicates with its investors. ) Eric Winkler Winkler may refer to:
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion