Expert Software, Inc. Announces Results for First Quarter 1999.CORAL GABLES Coral Gables, city (1990 pop. 40,091), Miami-Dade co., SE Fla., SW of Miami; inc. 1925. Founded at the height of the Florida land boom, Coral Gables is a noted planned city, with tree-lined boulevards and Mediterranean-style buildings. , Fla.--(BUSINESS WIRE)--April 30, 1999-- Expert Software, Inc. (Nasdaq:XPRT) today announced operating results for the first quarter ended March 31, 1999. The Company reported net revenue of $7.4 million, compared to $9.3 million reported for the first quarter of 1998. Net loss for the quarter was $312,000 or $.04 per share, compared to a net income of $664,000 or $.08 per share for 1998. Earnings per share are reported on a diluted basis. Excluding one time costs related to the merger with Activision, net income would have been $225,000 or $.03 per share for the quarter. The previously announced merger agreement, under which Activision will acquire Expert for $2.65 per share in cash, has been approved by Expert's board of directors and is subject to Expert shareholder approval. Ken Currier, 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. , said, "We have continued to be focused on introducing new products for home PC owners. In the first quarter we released eight new titles including three Sega games List of Sega games can refer to:
"We believe that the growing number of home PC owners worldwide will continue to demand branded, high quality, value priced software titles. The merger with Activision will allow us to satisfy this demand based on a pipeline of high quality, value priced content," Currier added. Expert Software, Inc. (Nasdaq:XPRT) is a leading developer and publisher of over 170 high-quality, value-priced software titles. The Company specializes in sophisticated yet easy-to-use programs addressing a broad array of everyday consumer interests, including entertainment, education, lifestyle, productivity and small office/home office See SOHO. . Over 28 million units of Expert products have been sold, including Home Design 3D(R), Landscape Design 3D(R), Diet & Fitness, Resume Writer, and Casino. The Expert Software family of brands also includes the popular Sega PC Collection, and Bicycle(R) Card Games. Expert Software can be found on the World Wide Web at http://www.expertsoftware.com. The statements contained in this release that are not historical facts are "forward-looking statements." The company cautions readers of this press release that a number of important factors could cause Expert's actual future results to differ materially from those expressed in any such forward-looking statements. These important factors, and other factors that could affect Expert, are described in the Company'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 fiscal year ended December 31, 1998, which was filed with the United States Security and Exchange Commission. Readers of this press release are referred to such filings. Marks mentioned above are trademarks, registered trademarks or tradenames of Expert Software, Inc., except Bicycle(R), which is a trademark of The United States Playing Card Company The United States Playing Card Company, started in 1867, produces and distributes playing cards, including Kem, Bee, Bicycle, Aviator, Maverick, Tuxedo, Hoyle, Tally HO , and Sega(R) and Sega PC Collection which are trademarks of Sega Entertainment, Inc. All other trademarks are acknowledged. Expert Software, Inc., 802 Douglas Road, Suite 600, Coral Gables, Florida Often called "The Gables," Coral Gables is a city in Miami-Dade County, Florida, southwest of Miami, in the United States. The city is best known as the home of the University of Miami, and as an example of City Beautiful urban planning. 33134. Tel: (305) 567-9990 Fax: (305) 569-1111 Web: http://www.expertsoftware.com. EXPERT SOFTWARE, INC. CONDENSED con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, ------------------------ 1999 1998 -------- --------- NET REVENUES $ 7,394 $ 9,290 -------- --------- OPERATING COSTS AND EXPENSES: Cost of revenues 3,113 3,743 Marketing and sales 2,686 2,752 General and administrative 1,506 1,297 Development 414 613 -------- --------- Total operating costs and expenses 7,719 8,405 -------- --------- 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. (loss) (325) 885 Other income, net 13 169 -------- --------- Income (loss) before provision for income taxes (312) 1,054 Provision for income taxes -- 390 --------- --------- Net income (loss) $ (312) $ 664 ========= ========= Earnings (Loss) per Share: Basic $ (.04) $ .09 ========= ========= Diluted $ (.04) $ .08 ========= ========= EXPERT SOFTWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. (In thousands) March 31, December 31, 1999 1998 ----------------- ----------------- ASSETS (unaudited) Cash and equivalents $ 1,605 $ 1,595 Accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , net 5,258 5,411 Inventories, net 2,655 2,830 Income taxes receivable 65 65 Prepaid expenses 683 854 ----------------- ----------------- Total current assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. 10,266 10,755 Property and equipment, net 692 854 Other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , net 5 5 ----------------- ----------------- $ 10,963 $ 11,614 ================= ================= LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Total current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. $ 7,142 $ 7,508 Noncurrent Obligations --- --- Stockholders' equity 3,821 4,106 ================= ================= $ 10,963 $ 11,614 ================= ================= |
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