Frame Technology Corporation Reports Third Quarter Results.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Oct. 16, 1995--Frame Technology Corporation (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 :FRAM (1) (Ferroelectric RAM) See FeRAM. (2) (Ferromagnetic RAM) A non-volatile memory that records microscopic bits on a magnetic surface. See MRAM. FRAM - Ferroelectric Random Access Memory ) today announced results for its third fiscal quarter ended September September: see month. 30, 1995. Revenue for the three months was $27,782,000, up 39% from $19,975,000 for the same period in 1994. Net income for the three-month period increased 61% to $5,385,000, or $0.30 per share, compared to $3,348,000, or $0.19 per share in the third quarter of 1994. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. revenues reached $74,357,000, up 34% from $55,646,000 in the nine-month period last year. Net income for the first nine months of 1995 increased 79% to $14,233,000, or $0.79 per share, from $7,950,000, or $0.47 per share, reported in the same period last year. Results for 1994 have been restated to reflect Frame's acquisition of Mastersoft, effective July July: see month. 28, 1995, in a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. transaction. L. George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Klaus Klaus is a German given name and surname. It originated as a short form of Nikolaus, a German form of the given name Nicholas. Notable persons whose family name is Klaus
intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. merger with Adobe Systems Adobe Systems Incorporated (pronounced a-DOE-bee IPA: /əˈdoʊbiː/) (NASDAQ: ADBE) (LSE: ABS) is an American computer software company headquartered in San Jose, California, USA. ." On June June: see month. 22, 1995, Adobe Systems Incorporated (NASDAQ:ADBE ADBE Adobe Systems, Inc. (stock symbol) ) announced a definitive agreement to acquire Frame through an exchange of common stock of the two companies. The transaction is subject to approval by Frame shareholders, and to other conditions. The Frame shareholder meeting to vote on the acquisition by Adobe adobe (ədō`bē): see rammed earth. adobe Handmade sun-dried bricks formed from a mixture of heavy clay and straw found in arid regions. is scheduled for Thursday Thursday: see week. , October October: see month. 26, 1995. Frame Technology Corporation provides award-winning Adj. 1. award-winning - having received awards; "this award-winning bridge spans a distance of five miles" document creation, management, and distribution software for individuals and workgroups See workgroup, workgroup-based network and Windows for Workgroups. . Frame's products are widely recognized for their PC, Macintosh and 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). cross-platform (software, hardware) cross-platform - A term that describes a language, software application or hardware device that works on more than one system platform (e.g. Unix, Microsoft Windows, Macintosh). E.g. Netscape Navigator, Java. compatibility, enabling individuals, companies, government agencies, and academic institutions to increase productivity by leveraging their valuable business and research data. Internet users Internet user n → internauta m/f Internet user Internet n → internaute m/f can access Frame's World Wide Web documents at http://www.frame.com. Frame Technology is located at 333 West San Carlos San Carlos (săn kär`lōs), residential city (1990 pop. 26,167), San Mateo co., W Calif.; inc. 1925. The chief manufactures are plastic products, hardware, and machine parts. Street, San Jose, CA 95110. Following are highlights of the third quarter and first nine months results: -0-
FRAME TECHNOLOGY CORPORATION (Nq)
Quarter ended September 30,
1995 1994
Net revenues $27,782,000 $19,975,000 Net income 5,385,000 3,348,000 Average shares 18,230,000 17,272,000 Per share earnings: Net income .30 .19
Nine months ended September 30,
1995 1994
Net revenues $74,357,000 $55,646,000 Net income 14,233,000 7,950,000 Average shares 17,909,000 16,851,000 Per share earnings: Net income .79 .47
FRAME TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data. Unaudited)
For the three months ended September 30,
1995 1994
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Net revenues:
Product $21,184 $14,437
Maintenance 4,937 3,699
Services/other 1,661 1,839
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Total net revenues 27,782 19,975
Costs and expenses:
Cost of product revenues 2,867 1,431
Cost of maintenance revenues 503 216
Cost of services/other revenues 1,309 1,149
Research and development 5,143 3,947
Sales and marketing 10,303 8,354
Administrative and general 2,138 1,605
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Total costs and expenses 22,263 16,702
------- -------
Operating income 5,519 3,273
Interest income, net 588 376
------- -------
Income before income taxes 6,107 3,649
Provision for income taxes 722 301
------- -------
Net income $5,385 $3,348
======= =======
Net income per share $0.30 $0.19
======= =======
Shares used in per share calculation 18,230 17,272
======= =======
For the nine months ended September 30,
1995 1994
------- -------
Net revenues:
Product $55,674 $38,749
Maintenance 12,996 11,200
Services/other 5,687 5,697
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Total net revenues 74,357 55,646
Costs and expenses:
Cost of product revenues 6,202 3,935
Cost of maintenance revenues 1,285 655
Cost of services/other revenues 4,060 3,572
Research and development 13,983 10,656
Sales and marketing 29,171 24,692
Administrative and general 5,465 4,424
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Total costs and expenses 60,166 47,934
------- -------
Operating income 14,191 7,712
Interest income, net 1,623 942
------- -------
Income before income taxes 15,814 8,654
Provision for income taxes 1,581 704
------- -------
Net income $14,233 $7,950
======= =======
Net income per share $0.79 $0.47
======= =======
Shares used in per share calculation 17,909 16,851
======= =======
FRAME TECHNOLOGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Sept. 30, 1995 Dec. 31, 1994
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $11,205 $14,397
Short-term investments 34,430 30,011
Accounts receivable (net) 22,001 13,065
Inventories (net) 1,412 494
Prepaids and other current assets 4,674 3,553
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Total current assets 73,722 61,520
Furniture and equipment (net) 8,450 7,494
Capitalized software (net) 2,970 2,544
Other assets 3,738 3,591
------- -------
Total assets $88,880 $75,149
======= =======
LIABILITIES & SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,255 $3,290
Accrued payroll and related expenses 6,604 5,709
Other accrued liabilities 2,260 3,249
Accrued restructuring and other charges 1,359 3,231
Deferred revenue 8,095 8,330
Income taxes payable 2,458 1,754
Notes payable 1,134 132
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Total current liabilities 25,165 25,695
Long-term obligations under capital leases -- 6 Deferred income taxes 16 16
Shareholders' equity:
Common stock 61,539 58,726
Unrealized gain/loss on
available-for-sale securities,
net of taxes 24 (189)
Retained earnings (accumulated deficit) 2,320 (9,105)
Accumulated translation adjustment (184) --
------- -------
Total shareholders' equity 63,699 49,432
------- -------
Total liabilities and
shareholders' equity $88,880 $75,149
======= =======-0-
Note to Editors: Frame and Frame Technology are registered trademarks of Frame Technology Corporation. CONTACT: Frame Technology Corp. San Jose Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs F. Kelly, 408/975-6501 |
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