Comshare Reports First Quarter Results.ANN ARBOR Ann Arbor, city (1990 pop. 109,592), seat of Washtenaw co., S Mich., on the Huron River; inc. 1851. It is a research and educational center, with a large number of government and industrial research and development firms, many in high-technology fields such as , Mich.--(BUSINESS WIRE)--Oct. 20, 1997--Comshare, Incorporated (NASDAQ/NMS:CSRE CSRE Comparative Studies in Race and Ethnicity CSRE Closed System Respirator Evaluator ), The Decision Support Company, today announced results for the first quarter ended September September: see month. 30, 1997. Total revenue increased 9% to $21.8 million from $20 million in the same period last year on license fee growth of 18%. Without an unusual charge of $1.6 million, the net loss for the first quarter was $1.9 million compared to $4.9 million in the same period last year. Including the unusual charge, the Company reported a net loss for the quarter ended September 30, 1997 of $3.5 million, or $.36 per share. "We are encouraged by our results. Our revenue for the quarter was ahead of plan, which resulted in a smaller than expected loss for the quarter," said Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the Ganster, President and Chief Executive Officer. "We made progress rebuilding the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. sales force, evidenced by the highest level of license fees for that region in a year. However, we are still not at our targeted sales productivity levels either in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). or in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The new sales
management Sales Management Role and GoalImportance of sales management is critical for any commercial organization. Expanding business in not possible without increasing sales volumes, and effective sales management goal is to organize sales team work in such a manner that ensures a and more recent changes in marketing programs are specifically directed at improving sales force productivity." "My focus in the short term is to improve our sales and marketing execution," said Ganster. "I believe our strategy of offering high- value decision support applications is right. International Data Corporation (IDC), a leading computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. market research firm, recently recognized this new category of software products, called `analytic applications Analytic Applications are a type of business application software, used to measure and improve the performance of business operations. More specifically, Analytic Applications are a type of Business Intelligence solution. ,' as a distinct market segment, naming Comshare as one of the early leaders. IDC expects 35% annual growth through the year 2001 in this category and believes it will grow to $2.6 billion by then. I believe that we have the products and experience to be an important player in this market, but we need to improve our execution." "We have significantly reduced costs, with additional actions taken early in the first quarter," continued Ganster. "Total expenses excluding the unusual charge were down 15% or $16 million on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis compared to a year ago." Highlights of the first quarter included the release of Arthur Arthur, king of Britain: see Arthurian legend. Arthur king and hero of Scotland, Wales, and England. [Arthurian Legend: Parrinder, 28] See : Heroism Allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as 1.1 and the successful 14th annual Users Conference. Arthur Allocation, Comshare's first application based on Oracle's relational technology, gives the retailer the ability to feed product to those stores that will sell it the fastest and at the best margin. Allocation was influential in a major European retailer's decision to purchase the Arthur Enterprise Suite this quarter. "Our 14th annual Users Conference, held in Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. this year, was a great success," said Ganster. "For the first time customers saw a demo demo - /de'moh/ 1. A demonstration of a product, often of an early version or prototype. A demo is a far more effective way of inducing bugs to manifest themselves than any number of test runs, especially when important people are watching. 2. demo version. 3. of our BudgetPLUS application running on an Oracle relational database relational database Database in which all data are represented in tabular form. The description of a particular entity is provided by the set of its attribute values, stored as one row or record of the table, called a tuple. , which is currently under development. We also unveiled OverView, an innovative 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 component of Commander Decision. This technology gives users a way to easily cull cull the act of culling. Called also cast. relevant information for analysis from what would otherwise be an overwhelming amount of data." "We were also pleased to announce a new three year $10 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. with Harris Bank," said Kathryn Jehle, Senior Vice President and Chief Financial Officer, "particularly because Harris is also a BudgetPLUS customer. Another positive event this quarter was the U.S. District Court's decision to dismiss with prejudice all of the claims in the class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax against the Company. As expected, the plaintiffs have appealed. We were delighted by the Court's favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. opinion, and of course will oppose the appeal." About Comshare Comshare is The Decision Support Company. Comshare develops, markets, and supports complete client/server decision support applications. Comshare's software applications are designed to improve business analysis, planning, and operations for effective decision making, enhanced competitiveness, and improved profits. Comshare's application software is popular among major corporations in many industries, with particular concentration in financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , utilities, manufacturing, energy, services, retail and consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and industries. One of the top 100 independent software companies, Comshare has customers worldwide, many of which are Fortune 1000 and Financial Times Top 1000 companies. Comshare, Inc. is a Microsoft Solution Provider. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain information in this press release contains "forward looking statements" within the meaning of the Securities Exchange Act of 1934, including those concerning the Company's future results and strategy. Actual results could differ materially from those in the forward looking statements due to a number of uncertainties, including, but not limited to, the demand for the Company's products and services; the size, timing and recognition of revenue from significant orders; increased competition; the Company's success in and expense associated with developing, introducing and shipping new products; new product introductions and announcements by the Company's competitors; changes in Company strategy; product life cycles; the cost and continued availability of third party software and technology incorporated into the Company's products; the impact of rapid technological advances, evolving industry standards and changes in customer requirements; the impact of recent transitional changes in North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and international management and sales personnel; cancellations of maintenance and support agreements; software defects; variations in the amount and timing of cost savings anticipated to result from cost reduction actions; the impact of off-setting increases in 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. ; the impact of cost reduction actions of the Company's operations; fluctuations in foreign exchange rates; and economic conditions generally or in specific industry segments. For more information about Comshare products and services, call 1-800- 922-7979 or see our home page on the world wide web at http://www.comshare.com - Tables to follow - -0-
COMSHARE, INCORPORATED
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
September 30,
_______________________
1997 1996
____ ____
Revenue
Software licenses $ 7,758 $ 6,568
Software maintenance 8,651 8,777
Implementation, consulting
and other services 5,387 4,639
__________ _________
Total revenue 21,796 19,984
Costs and expenses
Selling and marketing 10,795 13,436
Cost of revenue and support 6,767 6,917
Internal research and product
development 3,090 4,389
Internally capitalized
software (1,865) (1,499)
Software amortization 1,866 1,526
General and administrative 2,967 2,924
Unusual charge (1) 1,614 --
__________ _________
Total costs and expenses 25,234 27,693
__________ _________
Income (loss) from operations (3,438) (7,709)
Other income (expense)
Interest income (expense), net 38 211
Exchange gain (loss) (105) (96)
__________ _________
Total other income (expense) (67) 115
Income (loss) before taxes (3,505) (7,594)
Provision (benefit) for income
taxes -- (2,663)
__________ _________
Net income (loss) $ (3,505) $ (4,931)
__________ _________
__________ _________
Weighted average number of common
and dilutive common equivalent shares 9,874 9,704
__________ _________
__________ _________
Net income (loss) per common share $ (0.36) $ (0.51)
__________ _________
__________ _________
(1) The unusual charge represents the cost of termination of certain
executives and others in the first quarter ended September 30, 1997.
COMSHARE, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
September 30, June 30,
1997 1997
_____________ _____________
Assets
Current Assets
Cash and cash equivalents $ 10,552 $ 11,651
Accounts receivable, net 25,145 24,675
Other current assets 5,950 7,251
__________ __________
Total current assets 41,647 43,577
Property and equipment, net 4,450 4,954
Computer software, net 9,223 9,175
Deferred income taxes 15,580 15,580
Other assets 6,164 7,465
__________ __________
$ 77,064 $ 80,751
__________ __________
__________ __________
Liabilities and Shareholders' Equity
Current Liabilities
Notes payable $ 1,271 $ 4,332
Deferred revenue 18,331 19,868
Other current liabilities 20,096 20,342
__________ __________
Total current liabilities 39,698 44,542
Long-term debt 4,282 343
Other liabilities 4,378 3,907
Shareholders' equity 28,706 31,959
__________ __________
$ 77,064 $ 80,751
__________ __________
__________ __________
CONTACT: Company Contacts: Comshare, Inc. Kathryn Jehle, 313/769-6723 Douglas Hockstad, 313/994-6036 or Financial Communications Contact: Lippert/Heilshorn & Associates, Inc. Kris Otridge, 415/433-3777 |
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