Centura/Gupta Announces Another Quarter of Record Operating Earnings.REDWOOD SHORES, Calif.--(BUSINESS WIRE)--April 20, 1998--Centura Software Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CNTR CNTR Center CNTR Container CNTR Control CNTR Counter )(formerly Gupta Corp.) today announced operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first quarter of 1998 of $1.3 million, or 10% net of revenue. This compares with an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of ($1.2 million) in the first quarter of last year. Net revenue was $12.8 million in the first quarter of 1998 compared with $13.6 million in the first quarter of 1997. Scott Broomfield, Centura's 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. commented, "We are pleased with our continued successful performance as indicated by our operating income of $1.3 million for the quarter. This was the highest first quarter operating income in the Company's history. We believe that positive results from operations, together with a much stronger capital structure, should address the financial viability concerns expressed by our customers." Broomfield continued, "We must continue to vigorously execute our strategy of embedded databases (1) Database software that is included with an application rather than offered as a separate database management system (see DBMS). Tending to be compact and efficient, an embedded database generally includes fewer features than a full-blown DBMS. and component based development (programming) component based development - (CBD) The creation, integration, and re-use of components of program code, each of which has a common interface for use by multiple systems. tools. Customers' requirements were incorporated into our object oriented See object technology and object-oriented programming. development tool, CTD CTD 1 Connective tissue disease, see there 2 Cumulative trauma disorder, see there 1.5 (SQL Windows See SQLWindows. 32 bit), which is currently in Beta and should be available for shipment in the second quarter. "Also, our new Web query database tool, centuranet.db, appears to be a hit with Web developers. We added great people to our staff in the first quarter, including key development engineers who have returned to the Company to help execute the product strategy. Centura is on the move again and we are excited about our future." Net income in the first quarter of 1998 was $0.5 million, or $0.03 per diluted share, compared with a loss of ($2.1 million), or ($0.14) per diluted share in the first quarter of 1997. International revenues accounted for 54% and 56% of the Company's net revenue in the first quarter of 1998 and 1997, respectively. John Bowman
John Bowman (born 1942, Dublin) is an Irish historian and broadcaster. He was educated at Belvedere College and Trinity College Dublin where he received his PhD. , Centura's CFO See Chief Financial Officer. commented, "The first quarter net income was very encouraging, particularly in comparison with the first quarter of 1997. Net revenue slightly exceeded expectations in the first quarter as the Company continued its repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. in the marketplace and completed several key initiatives, including the re-capitalization and resolution of our listing status on The NASDAQ SmallCap Market." Bowman continued, "Net income, excluding the charge associated with the imputed value Imputed value Refers to the value of an asset, service, or company that is not physically recorded in any accounts but is implicit in the product, e.g., the opportunity cost of cash remaining in a savings account and not invested. of warrants issued in connection with the re-capitalization, would have been $1.0 million, or $0.05 per diluted share in the first quarter of 1998. Working capital is much stronger than last quarter with cash and an available line of credit totaling $8.8 million. We believe that Centura is now in position to execute its product strategies, enabling future growth." About Centura Since its inception in 1984, Centura has enjoyed a rich history of innovation, creating the first client/server RDBMS (Relational DataBase Management System) See relational database and DBMS. RDBMS - relational database for PCs. Its current product lineup includes embedded databases, SQLBase and SQLExchange, application development tools, SQLWindows, Centura Team Developer See Team Developer. , and Internet and connectivity products, Centura Web Developer, centuranet.db and SQLHost. Today, Centura has 26 offices around the world and supports hundreds thousands of developers who embed our tools in applications used by more than 1 million end users. Centura is positioning its client/server products to be Web capable and Mobile ready. Current Centura products are all Year 2000 compliant a. 1. (Computers) having dates fully and properly represented, and not susceptible to failure due to the year 2000 bug. . Except for the historical information contained herein, the matters discussed in this news release are forward looking statements that involve risks and uncertainties, including the timely shipments of products, the effect of competitive pressures and the other risks detailed from time to time in the Company's SEC reports, including the 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 fiscal year ended December 31, 1997. -0-
Centura Software Corp.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
For the three
months ended
March 31,
1998 1997
Net Revenues:
Product $ 8,584 $ 9,514
Service 4,188 4,086
Net revenues 12,772 13,600
Cost of revenues:
Product 1,282 1,366
Service 1,096 2,119
Cost of revenues 2,378 3,485
Gross profit 10,394 10,115
Operating Expenses:
Sales and marketing 5,827 6,623
Research and development 1,544 2,703
General and administrative 1,710 1,693
Acquisition expense -- 261
Total operating expenses 9,081 11,280
Operating income (loss) 1,313 (1,165)
Other income (expense):
Interest income 47 55
Interest expense (201) (214)
Imputed value of warrants issued in
connection with debt conversion (441)
Foreign currency loss (164) (731)
Income (loss) before income taxes 554 (2,055)
Provision for income taxes 8 10
Net income (loss) $ 546 $ (2,065)
Basic net income (loss) per share $ 0.03 $ (0.14)
Basic weighted average common shares 20,566 15,224
Diluted net income (loss) per share $ 0.03 $ (0.14)
Diluted weighted average common shares 20,613 15,224
Centura Software Corp.
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
1998 1997
(Unaudited)
ASSETS
Cash, cash equivalents
and short-term investments $ 6,724 $ 3,974
Accounts receivable, net 11,346 11,744
Other current assets 2,988 3,348
Total current assets 21,058 19,066
Other assets 8,170 9,134
Total assets $ 29,228 $ 28,200
LIABILITIES AND
SHAREHOLDERS' EQUITY (DEFICIT)
Current portion of long-term debt $ -- $ 10,000
Accounts payable and other current
liabilities 6,658 11,099
Short-term borrowings 2,956 1,581
Deferred revenue 13,718 14,618
Total current liabilities 23,332 37,298
Other long-term liabilities 856 856
Total liabilities 24,188 38,154
Shareholder's Equity (Deficit) 5,040 (9,954)
Total liabilities and
shareholder's equity (deficit) $ 29,228 $ 28,200
CONTACT: Centura Software John Bowman, 650/596-3400 www.centurasoft.com or Laurie Chase & Company Laurie Regan Chase or Heidi K. Zuhl, 415/781-1545 laurie@lauriechase.com |
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