California Software Announces Preliminary Fiscal 1999 Year-End Results.Business/Technology Editors SANTA ANA, Calif.--(BUSINESS WIRE)--March 2, 2000 California Software Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:CAWC CAWC Canadian Association of Wound Care CAWC Companion Animal Welfare Council (UK) CAWC Chicago Abused Women’s Coalition CAWC Cryogenic Aerosol Wafer Cleaning ), a leader in IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) migration products and developer of the award-winning BABY(TM) product line, today announced its preliminary financial results for the twelve months ended December 31, 1999. California Software reported preliminary pre-tax income of $3.24 million and pre-tax earnings per share of $0.99. Cash and receivables as of December 31, 1999 grew dramatically to $4.8 million, on a preliminary basis. The Company expects to report its finalized year-end results on or before March 15, 2000. "During fiscal 1999, we focused on releasing new products while simultaneously embarking upon a plan for accelerated growth through strategic acquisitions and building infrastructure," stated Carol Conway, Vice President of California Software. Bruce Acacio, President and Chief Executive Officer of California Software, commented, "Our preliminary revenue gains at year-end 1999 and our strong balance sheet indicate we remain on track to continue our phenomenal top-line growth trend. An upcoming $10 million private placement and 2-for-1 stock split will further assist California Software to file for an American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. listing in the next 30 days." California Software Corp. is the international leading provider of IBM Midrange migration software solutions marketed under the brand name BABY. These products support the migration IBM AS/400 screens and applications into PC-LAN PC-LAN Personal Computer Local Area Network business environment and enjoy over 100,000 installations in 56 countries. Forward-looking statements in this release are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. For additional information, see www.californiasoftware.com |
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