FullTime Reports Revenue of $7.0 Million In September 1998 Quarter; Revenue Increases 7.3% Over Prior Quarter.SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--Oct. 22, 1998--FullTime Software, Inc. (Nasdaq:FTSW), formerly known as Qualix Group, Inc., today reported total revenue for the quarter ended September September: see month. 30, 1998 of $7.0 million. This represents an increase of 7.3% compared to June June: see month. 30, 1998 results and a 15% decline from $8.2 million for the same quarter last year. Net loss for the quarter ended September 30, 1998 was $2.1 million or $(0.20) on average weighted shares outstanding of 10.6 million. Net loss improved 22% from $2.7 million in the fourth quarter of fiscal 1998. In the prior year, net income in the first fiscal quarter was $37 thousand. "We are pleased with our revenue performance in the September quarter," stated Rick Thau, President and 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. of FullTime Software, Inc. "This is the second consecutive quarter of sequential revenue growth. Reliability software revenue grew 24% sequentially. We are also pleased to have our first FullTime revenues included in the September quarter results. We announced the FullTime solutions on July July: see month. 7, 1998 and released the NT version in late July and the Solaris version in late September, all on schedule." "We successfully completed our FullTime beta program during the quarter and the experiences of our beta customers have validated val·i·date tr.v. val·i·dat·ed, val·i·dat·ing, val·i·dates 1. To declare or make legally valid. 2. To mark with an indication of official sanction. 3. our design goals for the FullTime solution," continued Thau. "FullTime is the first and only solution in the marketplace to address the planned downtime The time during which a computer is not functioning due to hardware, operating system or application program failure. challenge, enabling proactive, not reactive reactive /re·ac·tive/ (re-ak´tiv) characterized by reaction; readily responsive to a stimulus. re·ac·tive adj. 1. Tending to be responsive or to react to a stimulus. 2. , Service Level Availability management across an enterprise. No other vendor has this capability. Planned downtime consumes more customer time, effort and expense than unplanned downtime and the FullTime solution enhances our strategic importance to Fortune 2000-class companies." Strength in product revenue in the first quarter of fiscal year 1999 was due to sales of the company's industry leading products for high availability Also called "RAS" (reliability, availability, serviceability) or "fault resilient," it refers to a multiprocessing system that can quickly recover from a failure. There may be a minute or two of downtime while one system switches over to another, but processing will continue. , HA+ and Octopus, and initial sales of the company's FullTime solutions. The high availability products protect applications and data from downtime caused by unplanned computer events such as system, network or application failures. They are the leading products in NT 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). environments. The FullTime solution expands on the capabilities of the company's high availability solutions by addressing the enterprise-wide challenges of planned downtime. Examples of planned downtime include systems maintenance; hardware and software upgrades; changes to network or server configurations; performance tuning Performance tuning is the improvement of system performance. This is typically a computer application, but the same methods can be applied to economic markets, bureaucracies or other complex systems. ; and tuning applications to reflect changes in business process. About FullTime Software FullTime Software, Inc., formerly known as Qualix Group, Inc., is a leading developer of enterprise-wide, cross-platform adaptive computing Also known as "reconfigurable computing," it refers to a logic chip that can change its physical circuitry on the fly. Evolved from programmable architectures such as CPLD and FPGA, adaptive computing is an order of magnitude faster in rate of reuse (ROR) and can reconfigure itself in solutions that enable customers to proactively manage application service level availability. Its products help customers to optimize optimize - optimisation IT resources while maximizing reliability, accessibility and efficiency of applications across a continuum Continuum (pl. -tinua or -tinuums) can refer to:
FullTime Software products have ensured the availability of business-critical applications at more than 17,000 installations around the world, including many Fortune 1000 corporations in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , finance, retail, high technology and other industries. The company is headquartered in San Mateo, with 22 sales offices worldwide and distribution across more than 70 countries. Effective July 7, 1998, Qualix began conducting business as "FullTime Software, Inc.," and trading in the company's common stock commenced on the NASDAQ National Market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "FTSW". At its upcoming annual meeting, FullTime Software will seek the necessary approval to change its legal name to FullTime Software, Inc. For more information contact FullTime Software at 650/572-0200, e-mail info-pr@fullsw.com or visit http://www.fulltimesoftware.com The statements contained in this news release, other than historical financial information, may consist of 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. that involve risks and uncertainties, including, but not limited to, statements regarding the ability of the Company to execute against its objectives, to take advantage of market opportunities, and to successfully offer products at the enterprise level. Consequently, the Company's actual results could differ materially from expectations. The various factors that could cause the actual results to differ from the expected results are detailed in the Company's recent 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. dated September 28, 1998 filed with the Securities and Exchange Commission, including, in particular, the "Risk Factors." -0-
FullTime Software, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except per share data)
Three Months Ended
September 30,
1998 1997
Revenue:
Reliability software $ 3,956 $ 4,506
Other products 1,455 2,386
Support, maintenance
and consulting 1,590 1,333
Total revenue 7,001 8,225
Cost of revenue:
Cost of reliability
software 349 64
Cost of other products 986 1,708
Cost of support,
maintenance and consulting 596 483
Total cost of revenue 1,931 2,255
Gross profit 5,070 5,970
Operating expenses:
Sales and marketing 5,269 4,319
General and administrative 1,234 1,014
Research and development 819 848
Total operating expenses 7,322 6,181
Income (loss) from operations (2,252) (211)
Other income, net 132 248
Income (loss) before
income taxes (2,120) 37
Provision for income taxes -- --
Net income (loss) $ (2,120) $ 37
(a) Basic Earnings (Loss) Per Share $ (0.20) $ 0.00
Shares used in per share computation 10,589 10,216
(a) Diluted Earnings (Loss) Per Share $ (0.20) $ 0.00
Shares used in per share computation 10,589 10,717
(a) Per share calculations made in accordance with SFAS 128 "Earnings
Per Share" requirements. Prior periods have been restated.
FullTime Software, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
September 30, 1998 June 30, 1998
(unaudited)
Assets
Current assets:
Cash, cash equivalents
and investments $ 9,128 $ 11,874
Accounts receivable, net 4,795 4,236
Other current assets 954 1,052
Total current assets 14,877 17,162
Property and equipment, net 3,641 3,772
Total assets $ 18,518 $ 20,934
Liabilities and Stockholders'
Equity
Current liabilities $ 6,299 $ 6,708
Long-term obligations 91 87
Stockholders' equity 12,128 14,139
Total liabilities
and stockholders' equity $ 18,518 $ 20,934
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