CE Software, Inc. Reports Year-End Results; The Company is Proceeding with Liquidation Proposal.Business Editors WEST DES MOINES West Des Moines (də moin`), city (1990 pop. 31,702), Polk co., S central Iowa, a growing suburb W of Des Moines; inc. 1893 as Valley Junction, renamed 1938. Products manufactured there include cement, metal items, and pumps. , Iowa--(BUSINESS WIRE)--April 13, 2004 CE SOFTWARE, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CESF CESF Committee on the Economic Status of the Faculty (University of Michigan) CESF Certificat d'Economie Sociale et Familiale (French) ) today announced financial results for its year ended September 30, 2003. CE Software reports a net loss of $239,715, or $16.52 per share, with operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. of $1,248,970. For the previous fiscal year, the net loss was $221,036, or $15.19 per share, on operating revenues of $1,653,620. "The company's revenues decreased significantly this past year," said John S. Kirk, President. "Not seeing a way to effectively manage this company as a public company with limited resources, we announced in August 2003 that we were selling our building and investigating a corporate action that would result in the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of the corporation and a sale of the continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the . The building was sold just prior to the fiscal year end of September 30, 2003. Subsequently we sold our QuickMail product on December 31, 2003. The product had represented about one third of our net revenues for fiscal 2003." John S. Kirk continued, "The remaining operations were sold on April 1, 2004 subject to shareholder approval, details to follow in a later press release. For the latest news, please check the following Web site at http://www.cesoft.com/home/pressrelease-all.html for both news and detailed explanations. We will be setting up a Web page for shareholder questions and our responses. For shareholders without Internet access See how to access the Internet. , please write to CE Software, Inc., Shareholder Relations, P.O. Box 65580, W. Des Moines Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. , IA 50265, and ask to be put on the 'shareholder news' mailing list An automated e-mail system on the Internet, which is maintained by subject matter. There are thousands of such lists that reach millions of individuals and businesses. New users generally subscribe by sending an e-mail with the word "subscribe" in it and subsequently receive all new . "Assuming approval by the shareholders the corporation will be dissolved and the remaining assets liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. . The proceeds of the liquidation will be distributed to the shareholders. The Board of Directors believes that this sale of the operations will enhance shareholder value. The actual amount of any distribution will depend on the expenses of the proxy solicitation and other liquidation matters, as well as continuing 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. of minimal personnel and any unforeseen expenses. Shareholders will receive a formal notice of meeting and a proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. in the near future." "Without any implication as to the eventual amount of the liquidating distribution," John S. Kirk, President, said, "I can state that as of March 31, 2004, we had approximately $600,000 in cash and no long or short term debt except payables and accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. in the ordinary course of business with about 14,483 shares outstanding." This release contains forward-looking information that is subject to certain risks, trends and uncertainties and actual developments may differ materially from those projected. (C) Copyright 2004 CE Software, Inc. All rights reserved. QuicKeys and QuickConference are U.S. registered trademarks of CE Software, Inc. InOut Tracker, TransLucy, CE Software, CE and the CE Software logo are trademarks of CE Software, Inc. or its assigns. All other brand or product names are trademarks of their respective owners.
CE SOFTWARE, INC.
Condensed Statements of Operations
(In thousands, except per share data)
Year Ended
September 30
2003 2002
-------- --------
Net revenues $ 1,249 $ 1,654
Cost of revenues 165 221
-------- --------
Gross profit 1,084 1,433
Sales and marketing 342 404
General and administrative 553 630
Research and development 509 602
-------- --------
Operating expenses 1,404 1,636
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Operating loss (320) (203)
Other income (expense):
Gain on sale of property, equipment
and investments 132 -
Miscellaneous income 12 16
Interest expense (64) (34)
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Subtotal 80 (18)
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Loss before income taxes (240) (221)
Income tax benefit - -
-------- --------
Net loss (240) (221)
======== ========
Basic (loss) per share $(16.52) $(15.19)
Average common shares
outstanding 14,511 14,551
September 30
2003 2002
-------- --------
Total Assets $ 783 $ 1,581
Total Liabilities 140 696
Total Stockholders' Equity 643 885
Cash and Investments 541 181
Additional financial information is available at
http://www.cesoft.com/home/pressrelease-all.html
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