Computer Concepts Corp Reports for 1999 Results.Business Editors BOHEMIA Bohemia, Czech Čechy, historic region (20,368 sq mi/52,753 sq km) and former kingdom, in W and central Czech Republic. Bohemia is bounded by Austria in the southeast, by Germany in the west and northwest, by Poland in the north and northeast, and by , N.Y.--(BUSINESS WIRE)--March 13, 2000 Computer Concepts 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 : CCEE CCEE Conseil des Conférences Episcopales Européennes (Switzerland) CCEE Câmara de Comercialização de Energia Elétrica CCEE Consilium Conferentiarum Episcoporum Europae (Council of European Bishops' Conferences) ) today announced its financial results for the year ended December 31, 1999. Revenues were $24,640,000 as compared to $61,988,000 for the year ended December 31, 1998, with a net loss for the period ended December 31, 1999, of $5,572,000 compared to a net profit for the 1998 period ended December 31, 1998, of $9,547,000, resulting in basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. loss per share of $(0.27) and $(0.27), respectively, as compared to a basic and diluted net income per share of $0.58 and $0.56, respectively, for the year ended December 31, 1998. Effective April 1, 1999, the company's ownership of its Softworks, Inc. ("Softworks") subsidiary fell below 50%. Accordingly, Softworks is accounted for as a consolidated subsidiary through March 31, 1999, and commencing April 1, 1999, Softworks' results have been accounted for applying the equity method of accounting. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma revenue for the year ended December 31, 1999, was $14,382,000 and pro forma revenue for the year ended December 31, 1998, was $18,239,000. During the years ended December 31, 1999, and 1998, the company reported net gains for from the sale of Softworks common Stock of $17,107,000 and $28,785,000, respectively. The company's ownership interest in Softworks was sold in January, 2000 for approximately $61,000,000, $10,000,000 of which is subject to an escrow agreement Escrow Agreement A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. Notes: For example, an investor who writes a call option and can present an escrow agreement is considered covered. . The financial information stated above and in the tables below has been abstracted from the company's 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 December 31, 1999, filed with the Securities and Exchange Commission on March 13, 2000, and should be read in conjunction with the information provided therein.
Summarized Financial Information as if Softworks, Inc. was accounted
for using the equity method:
BALANCE SHEET Dec. 31, 1999 Dec. 31, 1998
------------- ------------- -------------
Audited Pro forma
Total Current Assets 28,384,000 25,460,000
Total Assets 30,024,000 43,733,000
Total Current Liabilities 5,538,000 9,672,000
Total Shareholders' Equity 24,486,000 34,016,000
STATEMENT OF FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
OPERATIONS ENDED ENDED ENDED ENDED
Audited Audited Pro forma Pro forma
Dec. 31, 1999 Dec. 31, 1998 Dec. 31, 1999 Dec. 31, 1998
Revenue $ 24,640,000 $ 61,988,000 $ 14,382,000 $ 18,239,000
Operating
Profit (loss) (32,556,000) (15,644,000) (32,708,000) (21,257,000)
Other Income
(2) (loss) 17,889,000 26,939,000 17,981,000 31,161,000
Benefit
(provision
for income
taxes) 9,095,000 (1,748,000) 9,155,000 (357,000)
Net Income
(loss) (5,572,000) 9,547,000 (5,572,000) 9,547,000
Basic net
income (loss)
per share $ (0.27) $ 0.58 $ (0.27) $ 0.58
Diluted net
income (loss)
per share $ (0.27) $ 0.56 $ (0.27) $ 0.56
(2) Primarily relates to gain on sale of Softworks common stock.
This release contains forward looking statements which are based on current information and on management assumptions, and are subject to other important factors disclosed from time to time in the company's Form 10-K and Form 10-Q Form 10-Q See 10-Q. , Registration Statements and other Security and Exchange Commission filings including specifically, among other factors, changing political, marketing and economic conditions, adoption and timely roll-out of its products by licensees and acceptance of the company's Internet based d.b.Express applications. Quarterly results are not indicative of annual results and substantial variances from quarter to quarter may occur. Actual results may differ materially from any 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. in the release. Computer Concepts develops software tools including d.b.Express that assist end users in the retrieval and visualization Using the computer to convert data into picture form. The most basic visualization is that of turning transaction data and summary information into charts and graphs. Visualization is used in computer-aided design (CAD) to render screen images into 3D models that can be viewed from all of all types of data with an application focus in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. billing and call detail market. The d.b.Express Internet Server(TM) and JAVA Applet A Java program that is downloaded from the server and run from the browser. The Java Virtual Machine built into the browser is interpreting the instructions. Contrast with Java application. have overcome a major Internet problem, that of high data volume and limited bandwidth, currently responsible for the lengthy delays associated with data downloading. |
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