Carleton Announces First Quarter Results; Company Focuses on Building Foundation for Near-Term Growth.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)--Aug. 13, 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 first quarter of Fiscal Year 2000 ending June June: see month. 28, 1999, showing revenues of $1.13 million and a net loss of $ (.69) per share. These results compare to restated revenues of $1.3 million and a restated net loss of $ (.69) per share at the end of the first quarter of Fiscal Year 1999. "While Carleton did not achieve its first quarter revenue goals due to the timing of certain key deals, we did make substantial progress in establishing the business foundation for sustained future growth," 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. , 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. of Carleton Corp. "This progress included the development of a $13 million pipeline of new business opportunities, significant movement toward formalizing business partnerships with leading systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. and the formal introduction of our new graphical Pure.View(TM) product suite." "The Company also made progress in identifying strategic financial and business partners to provide additional capital to realize the full sales potential of Carleton's Pure.View customer data management solution. We anticipate disclosing new financing arrangements within the next 30 days for approval at our annual shareholders meeting on September September: see month. 30, 1999," Gordon continued. 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. NOTE TO EDITORS: The product name Pure.View(R) referred to in this news release contains a bullet between Pure and View. This symbol may not appear properly in some systems. -0-
Consolidated Statements of Operations
(Dollars in thousands, except per share amounts)
Three Months Ended
June 27, 1999 June 28, 1998
------------- (restated)
Revenues
License $ 215 $ 501
Professional services 665 522
Other services 247 299
----- -----
Total Revenues 1,127 1,322
Costs of Revenues
License 35 126
Professional services 685 590
Other services 48 67
----- -----
Total Costs of Revenues 768 783
----- -----
Gross Profit 359 539
Operating Expenses
Research, development
and engineering 772 927
Selling, general and
administrative 1,252 1,385
Other charges 661 659
----- -----
Total Operating Expenses 2,685 2,971
----- -----
(Loss) from Operations (2,326) (2,432)
Other Income (Expense)
Investment income 28 152
Interest expense and other ( 21) (18)
----- -----
Total Other Income (Expense) 7 134
----- -----
(Loss) from Operations
before Income Taxes (2,319) (2,298)
Income tax expense - -
Net (Loss) ($2,319) ($2,298)
======= =======
(Loss) per Common
Share - Basic and Diluted ($.69) ($.69)
======= =======
Weighted Average Shares
Outstanding 3,346 3,323
Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
June 27, 1999 March 28, 1999
Assets
Current Assets
Cash and cash equivalents $2,349 $ 3,168
Cash in escrow 66 65
Accounts receivable - net 1,119 2,016
Other 303 296
------ -------
Total Current Assets 3,837 5,545
Property and Equipment
Property and equipment 2,683 2,666
Less accumulated
depreciation (1,927) (1,845)
------ ------
Net Property and Equipment 756 821
Other Assets
Intangible assets - net of
accumulated amortization 3,523 4,184
Capitalized software - net
of accumulated amortization 212 231
------ ------
Total Other Assets 3,735 4,415
Total Assets $8,328 $10,781
====== =======
Liabilities and Shareholders'
Equity
Current Liabilities
Accounts payable $ 409 $ 183
Accrued expenses 1,224 1,421
Deferred revenue 796 962
Note payable 1,000 1,000
------ ------
Total Current Liabilities 3,429 3,566
Long-term Notes Payable 177 174
Shareholders' Equity
Common stock - authorized
6,000,000 shares at $.25
par value; issued and
outstanding at:
June 27, 1999 -
3,346,244 shares
March 28, 1999 -
3,345,918 shares 836 836
Additional paid-in capital 62,779 62,779
Retained deficit (58,893) (56,574)
------- -------
Total Shareholders' Equity 4,722 7,041
Total Liabilities and
Shareholders' Equity $8,328 $10,781
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