COMSHARE REPORTS RECORD THIRD QUARTER REVENUE AND NET INCOME - Commander Decision Drives License Fee Growth -.ANN ARBOR Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , Mich--(BUSINESS WIRE)--April 17, 1996--Comshare, Incorporated (Nasdaq-NM Symbol: CSRE CSRE Comparative Studies in Race and Ethnicity CSRE Closed System Respirator Evaluator ), The Decision Support Company, today announced record third quarter revenue and net income for the quarter ended March 31, 1996. Total revenue in the third quarter increased 14% to $31.5 million from $27.7 million in the same period last year on the strength of continued growth in software license revenue. Net income for the third quarter grew 69% to $2.0 million, or $0.20 per share, from $1.2 million, or $0.14 per share, in the same period last year. Commenting on the results, T. Wallace Wal·lace , Alfred Russel 1823-1913. British naturalist who developed a concept of evolution that paralleled the work of Charles Darwin. Wrathall, President and Chief Executive Officer, stated, "Revenue growth this quarter was led by a 23% growth in software license revenue, reflecting the successful introduction of Commander Decision, our newest generation customizable decision support product, offering powerful analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. capabilities and ease-of-implementation. The significant growth in net income in the third quarter reflects our efforts to improve operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: , which increased to 9% compared to 7% last year." For the nine months ended March 31, 1996, revenues increased 16% to $92.4 million from $79.5 million for the corresponding period a year ago. Net income for the nine months before the software 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. charge taken in the second quarter was $6.2 million, or $0.66 per share, compared with net income of $3.6 million, or $0.43 per share for the same period last year. The net loss for the nine months including the software write-off charge was $9.3 million, or $1.05 per share. Total software license revenue increased 23% to $15.6 million in the third quarter of fiscal 1996, versus $12.7 million in the same quarter a year ago. The increase in overall license revenue was primarily driven by significant growth in the executive information system (EIS (1) (Executive Information System) An information system that consolidates and summarizes ongoing transactions within the organization. It provides top management with all the information it requires at all times from internal and external sources. ) market which grew 33%. Software license fee revenue for retail decision support applications grew 12%, and financial reporting applications license fee revenue was flat. "We've we've Contraction of we have. we've have passed the transition point in maintenance revenue," said Kathryn Kathryn may refer to: People with the given name Kathryn:
Founded by tuner Xaver Jehle, it was the only car company ever to be based in that country. , Senior Vice President & Chief Financial Officer, commenting on the 4% growth in maintenance revenue to $9.2 million in the third quarter compared to the same period a year ago. "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). maintenance was 70% of total maintenance revenue and grew 34% over last year, more than offsetting the decline in mainframe maintenance revenue." "With the recent release of BOOST Sales and Margin Planning, Comshare has entered a new vertical market with a packaged application designed to meet the enterprise demand planning needs of the consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one (CPG CPG central pattern generators. ) industry," said Wrathall. "We already deliver customizable decision support software solutions to blue-chip blue chip also blue-chip·per n. 1. A stock that sells at a high price because of public confidence in its long record of steady earnings. 2. An extremely valuable asset or property. 3. CPG companies including Pepsi, Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. Morris, Kraft Foods Kraft Foods Inc. (NYSE: KFT) is the largest food and beverage company headquartered in North America and the second largest in the world after Nestlé SA. The Philip Morris Company (now known as Altria Group), a company that produces tobacco products, acquired Kraft for and Johnson & Johnson. The introduction of our new packaged applications leverages Comshare's position as a leading provider of decision support software to the CPG market." BOOST Sales and Margin Planning is the first of a suite of pre- pre- word element [L.], before (in time or space). pre- pref. 1. Earlier; before; prior to: prenatal. 2. built applications; the second product, BOOST Sales Analysis, is expected to be released by the end of the fiscal year. The Gartner Group (company) Gartner Group - One of the biggest IT industry research firms. Address: Connecticut, USA. is in the process of releasing a series of notes on enterprise demand planning, including an analysis of BOOST. William Hopkins For the former city manager of Cleveland, Ohio, see . William Hopkins FRS (February 2, 1793 – October 13, 1866) was an English mathematician and geologist. He is famous as a private tutor of aspiring undergraduate Cambridge mathematicians, earning him the sobriquet , Service Director of the Marketing Knowledge and Technology Service of the Gartner Group, said, "We see enterprise demand planning as being a cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to for enabling the latest generation of efficient consumer response Efficient Consumer Response (ECR) is a joint trade and industry body working towards making the grocery sector as a whole more responsive to consumer demand and promote the removal of unnecessary costs from the supply chain. initiatives." Wrathall commented, "We have shown BOOST to several industry analysts and are pleased by their positive feedback, particularly their belief that these packaged applications meet a real need by CPG companies." Comshare, a market leading decision support company, develops, markets, and supports client/server decision support applications software designed to improve business analysis, planning, reporting and decision making. The Company focuses on four major markets -- executive information systems (EIS), financial reporting applications, and retail and consumer packaged goods decision support applications. One of the top 50 independent software companies, Comshare has over 3,000 customers worldwide, many of which are Fortune 1000 and Financial Times Top 1000 companies. For more information about Comshare products and services, call 1-800-922-7979 or see Comshare's home page on the world wide web at http://www.comshare.com Commander Decision and BOOST are trademarks of Comshare, Incorporated. Any other trademarks mentioned are the property of their respective holders. -0-
COMSHARE, INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited; in thousands except per share data)
Three Months Ended Nine Months Ended
3/31/96 3/31/95 3/31/96 3/31/95
Revenue
Software licenses $15,586 $12,705 $46,740 $35,729
Software maintenance 9,232 8,895 27,494 27,104
Implementation, consulting
and other services 6,716 6,104 18,136 16,685
Total revenue 31,534 27,704 92,370 79,518 Costs and expenses Selling and marketing 13,144 11,375 38,205 33,121 Cost of revenue and support 8,045 6,959 22,533 18,320 Internal research and product development 4,302 3,884 12,388 11,985 Internally capitalized software (1,130) (2,845) (4,564) (8,864) Software amortization 1,191 3,415 4,934 10,062 General and administrative 3,223 3,088 9,299 8,802 Unusual charge -- -- 23,167 -- Total costs and expenses 28,775 25,876 105,962 73,426 Income (loss) from operations 2,759 1,828 (13,592) 6,092 Other income (expense) Interest income (expense), net 265 (126) 178 (467) Exchange gain (loss) 31 216 (81) 173 Total other income (expense) 296 90 97 (294) Income (loss) before taxes 3,055 1,918 (13,495) 5,798 Provision (benefit) for income taxes 1,017 714 (4,179) 2,162 Net income (loss) $2,038 $1,204 $(9,316) $3,636 Weighted average number of common and dilutive common equivalent shares 10,109 8,472 8,843 8,348 Net income (loss) per common share $0.20 $0.14 $(1.05) $0.43 -0-
COMSHARE, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
3/31/96 6/30/95
(Unaudited) (Audited)
Assets
Current assets Cash and cash equivalents $27,019 $1,398 Accounts receivable, net 38,875 29,531 Other current assets 5,566 4,881
Total current assets 71,460 35,810
Property & equipment, net 4,488 3,413 Computer software, net 9,026 32,676 Deferred income taxes 6,260 -- Other assets 7,544 7,411
$98,778 $79,310
Liabilities and Shareholders' Equity Current liabilities Deferred revenue $19,066 $18,599 Other current liabilities 25,130 19,362
Total current liabilities 44,196 37,961
Long-term debt 2,098 5,436 Other liabilities 3,492 3,365 Shareholders' equity 48,992 32,548
$98,778 $79,310
CONTACT: Comshare Inc., Ann Arbor Kathryn Jehle, Chief Financial Officer tel: 313-769-6723 or Financial Communications Lippert/Heilshorn & Associates, Inc. Bharti Malkani, Vice President, (ext. 106) Kris Otridge, Account Executive (ext. 115) tel: 212-838-3777 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion