Carleton Announces FY2000 Second Quarter Results.MINNETONKA Minnetonka (mĭnĭtŏng`kə), city (1990 pop. 48,370), Hennepin co., SE Minn., a residential suburb of Minneapolis, near Lake Minnetonka; inc. 1956. There is diversified manufacturing. , Minn.--(BUSINESS WIRE)--Nov. 30, 1999-- Carleton Carle·ton , Sir Guy. First Baron Dorchester. 1724-1808. British general and colonial administrator who repelled an American attack on Quebec (1775-1776) and captured the fort at Crown Point, New York (1776). Corporation (Nasdaq:CARL) today announced the results of its second quarter of Fiscal Year 2000 ending October October: see month. 3, 1999, showing revenues of $1.3 million and a net loss of $ (.73) per share. These results compare to restated revenues of $1 million and a restated net loss of $ (.79) per share at the end of the second quarter of Fiscal Year 1999. "The results for the second quarter include our recently announced strategic win at Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. of Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , validating val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. the market potential for our new Pure.View(TM) customer data management products. However, the time and resources required to bring Pure.View to market have exceeded our expectations and available corporate resources," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. D. Gordon Gordon, river in W Tasmania, Australia, 125 mi (200 km) long. Flowing from mountains to the W coast, its main tributaries are the Franklin and Denison from the N, and Serpentine and Olga to the S. , Carleton's 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. . "Carleton's pending acquisition by Oracle Corporation will ensure our customers and prospects with continued support and innovation for Pure.View's powerful customer data cleansing See address cleansing and data hygiene. and integration capabilities, but now with the support of the world's second largest software company." On November November: see month. 9, 1999, Oracle Corporation announced plans to acquire Carleton, anticipating closing the transaction by the end of February February: see month. 2000, subject to approval by Carleton's stockholders and other closing conditions. The information in this press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks. Carleton cautions readers that actual results could differ materially from results suggested by these statements. Factors that could cause actual results to differ are discussed in Carleton's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended March 28, 1999. About Carleton Headquartered in Minnetonka, Minn., Carleton is a leader in customer data management solutions for customer relationship management and related analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. applications. Carleton Pure.View enables organizations to integrate and deliver customer data from across the enterprise for use in decision support systems and new front-office applications. Pure.View's Active Customer Data Management(TM) architecture provides the full range of customer data transformation, integration, and cleansing capabilities in an integrated, cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. solution. With Pure.View, organizations benefit by delivering their sales and marketing applications faster with higher quality customer data. Pure data Pure results All brand names and products are trademarks or registered trademarks of their respective companies. -0-
Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
Three Months Ended
Oct 3, 1999 Sept 27, 1998
(restated)
Revenues
License $ 396 $ 75
Professional services 595 595
Other services 331 342
---------- ----------
Total Revenues 1,322 1,012
Costs of Revenues
License 313 170
Professional services 685 699
Other services 66 32
---------- ----------
Total Costs of Revenues 1,064 901
---------- ----------
Gross Profit 258 111
Operating Expenses
Research, development
and engineering 804 902
Selling, general
and administrative 1,390 1,448
Other charges 511 506
---------- ---------
Total Operating Expenses 2,705 2,856
---------- ---------
(Loss) from Operation ( 2,447) ( 2,745)
Other Income (Expense)
Investment income 13 108
Interest expense and other ( 17) ( 19)
---------- ---------
Total Other Income (Expense) ( 4) 89
---------- ---------
(Loss) from Operations
before Income Taxes ($2,451) ($2,656)
Income tax expense - -
Net (Loss) ($2,451) ($2,656)
========== =========
(Loss) per Common
Share - Basic and Diluted ($.73) ($.79)
========== =========
Weighted Average
Shares Outstanding 3,348 3,343
Six Months Ended
Oct 3, 1999 Sept 27, 1998
(restated) ( restated)
Revenues
License $ 611 $ 576
Professional
services 1,261 1,116
Other services 577 642
---------- ---------
Total Revenues 2,449 2,334
Costs of Revenues
License 498 445
Professional services 1,370 1,289
Other services 114 99
---------- ---------
Total Costs of Revenues 1,982 1,833
---------- ---------
Gross Profit 467 501
Operating Expenses
Research, development
and engineering 1,576 1,830
Selling, general
and administrative 2,643 2,833
Other charges 1,021 1,015
---------- ---------
Total Operating Expenses 5,240 5,678
---------- ---------
(Loss) from Operations ( 4,773) ( 5,177)
Other Income (Expense)
Investment income 40 260
Interest expense and other (37) (37)
---------- ---------
Total Other Income (Expense) 3 223
---------- ---------
(Loss) from Operations
before Income Taxes ($4,770) ($4,954)
Income tax expense - -
Net (Loss) ($4,770) ($4,954)
========== =========
(Loss) per Common
Share - Basic and Diluted ($1.42) ($1.48)
========== =========
Weighted Average
Shares Outstanding 3,347 3,333
Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
Oct 3, 1999 March 28, 1999
Assets
Current Assets
Cash and cash equivalents $ 191 $ 3,168
Cash in escrow 67 65
Accounts receivable - net 1,270 2,016
Other 241 296
---------- ---------
Total Current Assets 1,769 5,545
Property and Equipment
Property and equipment 2,683 2,666
Less accumulated depreciation (2,008) (1,845)
---------- ---------
Net Property and Equipment 675 821
Other Assets
Intangible assets
- net of accumulated
amortization 2,863 4,184
Capitalized software
- net of accumulated
amortization 192 231
---------- ---------
Total Other Assets 3,055 4,415
Total Assets $ 5,499 $10,781
========== =========
Liabilities and
Shareholders' Equity
Current Liabilities
Accounts payable $ 934 $ 183
Accrued expenses 1,308 1,421
Deferred revenue 677 962
Note payable 120 1,000
---------- ---------
Total Current Liabilities 3,039 3,566
Long-term Notes Payable 180 174
Shareholders' Equity
Common stock
- authorized 6,000,000
shares at $.25 par Value;
issued and outstanding at:
October 3, 1999
- 3,349,244 shares
March 28, 1999
- 3,345,918 shares 837 836
Additional paid-in capital 62,786 62,779
Retained deficit (61,343) (56,574)
---------- ---------
Total Shareholders' Equity 2,280 7,041
Total Liabilities and
Shareholders' Equity $ 5,499 $10,781
========== =========
NOTE TO EDITORS: The period in the product name Pure.View(R) referred to in this news release represents a bullet. This symbol may not appear properly in some systems. |
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