MIDISOFT RELEASES 1994 AUDITED FINANCIALSISSAQUAH, Wash., April 10 /PRNewswire/ -- Midisoft Corporation (Nasdaq: MIDI) reported net earnings of $536,000, or 14 cents per share Cents per shareThe amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , on total revenue of $5.8 million for its audited fiscal year ended December 31, 1994. The company earned $175,000, or 7 cents per share, on revenue of $2.5 million in the prior year. Midisoft also reported a fourth quarter net loss of $226,000, or 5 cents per share, on revenue of $1.5 million. The loss reflects, in part, the deferral of approximately $800,000 for OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and (original equipment manufacturer) contracts entered into in the fourth quarter. All but $200,000 of that deferral was announced March 21, 1995. The majority of payments on the amounts deferred in the fourth quarter are scheduled to be made in 1995. Midisoft earned $62,000, or 2 cents per share, in the fourth quarter of 1993. Midisoft also said the company and certain of its officers have been named in a class action shareholder lawsuit. The company has retained legal counsel and will defend itself vigorously. The company announced the expansion and relocation of its headquarters to Issaquah, Washington Issaquah (King County]], Washington, United States. The population was 11,212 at the 2000 census. Based on per capita income, one of the more reliable measures of affluence, Issaquah ranks 25th of 522 areas in the state of Washington to be ranked. . The new general telephone number is 206-391-3610. Midisoft Corporation designs, develops and markets interactive multimedia audio software. Its products add music, voice and other audio content to a host of Windows environments.
MIDISOFT CORPORATION
FINANCIAL HIGHLIGHTS
(unaudited) (audited)
Fourth Quarter Ended Year Ended
December 31 December 31
Statements of Operations 1994 1993 1994 1993
Revenues $1,496,000 $1,135,000 $5,800,000 $2,536,000
Cost of revenues 452,000 202,000 1,259,000 518,000
Gross profit 1,044,000 933,000 4,541,000 2,018,000
Operating expenses Research and
development 253,000 105,000 617,000 407,000
Sales and marketing 680,000 643,000 2,142,000 1,154,000
General and
administrative 578,000 147,000 1,160,000 292,000
Total Operating
expenses 1,511,000 895,000 3,919,000 1,853,000
Operating income (467,000) 38,000 622,000 165,000
Interest income 126,000 12,000 183,000 10,000
Income before taxes (341,000) 50,000 805,000 175,000
Provision for taxes (115,000) (12,000) 269,000 --
Net income ($226,000) $62,000 $536,000 $175,000
Net income per share* ($0.05) $0.02 $0.14 $0.07
Weighted average shares
outstanding 4,549,000 3,354,000 3,850,000 2,591,000
* EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. for each quarter are based upon the weighted average of shares outstanding for each period and the sum of quarters may not necessarily be equal to the full year.
(audited)
December 31
Balance Sheet Data 1994 1993
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. :
Cash and cash equivalents $9,601,000 $1,496,000
Accounts receivable 4,760,000 1,506,000
Inventories 502,000 569,000
Prepaids & other 276,000 132,000
Deferred income taxes 283,000 --
Total current assets 15,422,000 3,703,000
Property & equipment 447,000 326,000
Other assets 1,634,000 445,000
Total assets $17,503,000 $4,474,000
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. :
Trade accounts payable $467,000 $433,000
Accrued wages & payroll taxes 140,000 25,000
Other accrued expenses 220,000 45,000
Deferred revenue 785,000 100,000
Total current liabilities 1,612,000 603,000
Deferred income taxes 507,000 --
Shareholders' equity 15,384,000 3,871,000
Total liabilities and shareholders' equity $17,503,000 $4,474,000
-0- 4/10/95
/CONTACT: Cal Dyer of Midisoft Corporation, 206-391-3610, Ext. 240; or Bob Sundmacher of Corporate Communications, 206-728-1778, for Midisoft Corporation/ (MIDI) CO: Midisoft Corp. ST: Washington IN: CPR Cardiopulmonary Resuscitation (CPR) Definition Cardiopulmonary resuscitation (CPR) is a procedure to support and maintain breathing and circulation for a person who has stopped breathing (respiratory arrest) and/or whose heart has stopped (cardiac SU: ERN RB -- SE009 -- 5637 04/10/95 09:31 EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT |
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