Computron Software, Inc. reports third quarter 1996 results.RUTHERFORD Rutherford (rŭth`ərfərd), borough (1990 pop. 17,790), Bergen co., NE N.J., a residential suburb of the New York City–N New Jersey metropolitan area; inc. 1881. Several pre-Revolutionary houses remain there. , N.J.--(BUSINESS WIRE)--Nov. 12, 1996--Computron Software, Inc. (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 : CTRN CTRN Colorado Technical Recruiters Network CTRN Can't Talk Right Now CTRN Certified Transport Registered Nurse CTRN Change That's Right Now, Inc (New York, NY phobia clinic) ), reported a net loss for the three months (3Q96) and nine months ended September September: see month. 30, 1996 of $8.2 million and $21.3 million, respectively or ($0.39) per share and ($1.03) per share, respectively, which compares to net income of $1.3 million and $2.9 million or $0.07 per share and $0.15 per share for the corresponding periods in 1995. Total revenues for the three months and nine months ended September 30, 1996, were $13.6 million and $36.8 million, respectively, down 9.1% and 14.7%, respectively, from the $15.0 million and $43.2 million for the corresponding periods in 1995. On September 30, 1996, the Company had cash, cash equivalents, restricted cash, short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investments of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $27.0 million. The reported results include charges associated with the implementation of the Company's rationalization rationalization, in psychology: see defense mechanism. strategy previously announced in September 1996. The rationalization strategy includes a 12% reduction in the work force and emphasis on eliminating secondary product platforms, markets, and activities which are not related to core product development, major markets, and customer service. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were negatively affected in the third quarter by charges associated with the Company's rationalization strategy and other charges which contributed approximately $3.0 million to the Company's $8.2 million net loss for the third quarter 1996. Commenting on the Company's performance, Andy Typaldos, Computron's Chairman, said, "We are making progress with our rationalization program. We have already lowered our ongoing operating expenses during the third quarter and we believe that our September 1996 rationalization actions and plans will reduce expenses further and that such expense reductions will have a positive impact on sales and future results of operations." About Computron computron - /kom'pyoo-tron"/ 1. A notional unit of computing power combining instruction speed and storage capacity, dimensioned roughly in instructions-per-second times megabytes-of-main-store times megabytes-of-mass-storage. : Headquartered in Rutherford, NJ, Computron Software is a publicly held, international software company that designs, markets and supports client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). financial, workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. and computer output on- line (COOL) report/data archival software solutions that are interoperable The ability for one system to communicate or work with another. See interoperability. across most major UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). and legacy architectures. Computron was one of the first vendors in the development and integration of high-impact business process re-engineering See reengineering. (business) Business Process Re-engineering - (BPR) Any radical change in the way in which an organisation performs its business activities. BPR involves a fundamental re-think of the business processes followed by a redesign of business activities to Workflow and COOL technologies into client/server applications software. The Company has 17 offices around the world. The Company's stock is listed on the NASDAQ under the symbol "CTRN". -0- This Press Release contains statements of a forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. nature relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events or the future financial performance of the Company. Investors are cautioned that such statements are only predictions and that actual events or results may differ materially. In evaluating such statements, investors should specifically consider the various factors which could cause actual results to differ materially from those indicated by such 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. , including the matters set forth in the Company's Annual Report for the year ended December December: see month. 31, 1995, 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. , and the other reports and documents filed. -0-
COMPUTRON SOFTWARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30 September 30
1995 1996 1995 1996
Revenues:
License fees $ 9,807 $ 3,327 $ 28,996 $ 12,491
Services 5,154 10,267 14,195 24,355
Total revenues 14,961 13,594 43,191 36,846
Operating expenses:
Cost of license fees 572 468 3,896 1,725
Cost of services 3,418 7,900 9,319 18,763
Sales and marketing 4,407 6,366 12,963 19,131
Research and development 2,653 3,078 7,064 8,896
General and administrative 2,172 4,408 5,958 11,236
Total operating expenses 13,222 22,220 39,200 59,751
Operating income (loss) 1,739 (8,626) 3,991 (22,905)
Other income (expense):
Other income 315 490 597 1,730
Other expense (146) (19) (467) (84)
Other income (expense),
net 169 471 130 1,646
Income (loss) before income
taxes 1,908 (8,155) 4,121 (21,259)
Income tax provision 572 41 1,191 74
Net income (loss) $ 1,336 $(8,196) $ 2,930 $(21,333)
Net income (loss) per
common and common stock
equivalent $ 0.07 $ (0.39) $ 0.15 $ (1.03)
Weighted average number
of common and common
equivalent shares 19,685 20,801 18,958 20,801
-0-
COMPUTRON SOFTWARE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
December 31, September 30,
1995 1996
ASSETS:
Current Assets:
Cash and cash equivalents $ 45,119 $ 18,506
Restricted cash 751 3,675
Short-term investments 781 4,522
Accounts receivables, less reserves of
$3,928 and $ 3,006 at December 31,
1995 and September 30, 1996,
respectively 17,119 18,547
Income tax receivables 1,369 1,369
Prepaid expenses and other current assets 691 1,839
Total current assets 65,830 48,458
Equipment and leasehold improvements, at cost:
Computer and office equipment 8,117 10,381
Furniture and fixtures 979 1,413
Leasehold improvements 338 388
9,434 12,182
Less - accumulated depreciation and
amortization 5,787 7,284
3,647 4,898
Capitalized software development costs, net
of accumulated amortization of $2,232 and
$2,810 at December 31, 1995 and September 30,
1996, respectively 2,440 2,353
Goodwill, net of accumulated
amortization of $236 at September 30, 1996 - 3,398
Other assets 1,128 1,435
$ 73,045 $ 60,542
-0-
COMPUTRON SOFTWARE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
December 31, September 30,
1995 1996
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ - $ 1,409
Current portion of long-term debt 351 284
Current portion of obligations under
capital leases 202 346
Accounts payable 2,184 4,677
Accrued expenses 6,856 11,506
Deferred revenue 10,474 11,423
Total current liabilities 20,067 29,645
Long-term liabilities:
Long-term debt, less current portion 77 40
Obligations under capital leases, less
current portion 190 43
Other liabilities 1,000 250
Commitments and contingencies
Stockholders' equity:
Preferred stock, authorized 5,000
shares; no shares shares; issued and
outstanding - -
Common stock, $ .01 par value,
authorized 50,000 shares; 20,744 shares
issued and outstanding at December 31,
1995, and 20,801 shares
issued and outstanding at September 30,
1996 207 208
Additional paid-in capital 63,796 63,877
Accumulated deficit (12,211) (33,544)
Cumulative translation adjustment (81) 23
Total stockholders' equity 51,711 30,564
CONTACT: AT THE COMPANY: Alex (language) Alex - 1. A polymorphic language being developed by Stephen Crawley <sxc@itd.dtso.oz.au> of Defence Science & Tech Org, Australia. Alex has abstract data types, type inference and inheritance. 2. Computron Software, Inc. 201-935-3400 aplavocos@ctronsoft.com or Alex C. Comandini Chief Financial Officer 201-935-3400 comandini@ctronsoft.com or 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. Ferris Ruder-Finn 212-715-1573 |
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