Micro Focus Group PLC Announces Preliminary Results for the year ended 31 January 1996.NEWBURY Newbury, town (1991 pop. 31,488), West Berkshire, S central England. In a farming region, Newbury trades in wool, malt, and farm products. Paper, furniture, and metal products are also made. In the Middle Ages the town was an important textile manufacturing center. , England--(BUSINESS WIRE)--March 14, 1996--Micro Focus, the leading UK designer, developer and marketer of compilers This page is dedicated to list all current compilers, compiler generators, interpreters, translators, etc. C/C++ compilers Compiler Author Windows UNIX-like Other OSs License type IDE? C++ Builder CodeGear (Borland) Yes No DOS Proprietary Yes C++ Compiler and programmer (1) A hardware device used to customize a programmable logic chip such as a PAL, GAL, EPROM, etc. See PROM programmer. (2) A person who designs the logic for and writes the lines of codes of a computer program. productivity tools, announced its preliminary results after a year of major restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and investment. Paul O'Grady For the Australian soccer player, see . Paul James O'Grady (born 14 June 1955) is an English comedian and television personality. He is the creator of comic drag character Lily Savage (the "Birkenhead Bombshell"), a vampish Birkenhead woman. , Chief Executive Officer of Micro Focus, commented: "1995 was a challenging year in terms of fundamental market changes. We understand these changes and have been re-aligning our products with the new market conditions. "Our focused strategy is now firmly in place, and with our leading positions in the resolution of the `year 2000' problem, 32 bit COBOL COBOL: see programming language. COBOL in full Common Business-Oriented Language. High-level computer programming language, one of the first widely used languages and for many years the most popular language in the business community. and Enterprise Web technology, with Visual Object COBOL due for delivery in the second quarter of 1996, we are excited about our future." Micro Focus 1995 Letter to Shareholders --------------------------------------- The year ended January January: see month. 31 1996 has been one of continued investment for Micro Focus. At the end of the first quarter the Company undertook a restructuring to align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. operations more fully with markets and to lower the cost base, and by year end, with a focused strategy in place the Board felt that the company was in a position to return to profitability by the end of 1996. We have substantially extended our offload To remove work from one computer and do it on another. See cooperative processing. solution with 32 bit capability plus functionality for tackling the Year 2000 problem Year 2000 problem, Y2K problem, or millennium bug, in computer science, a design flaw in the hardware or software of a computer that caused erroneous results when working with dates beyond Dec. 31, 1999. , and we have begun to focus our client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). activities as we prepare to take advantage of the new opportunities opening up to us from the World Wide Web phenomenon. Financial Results ----------------- Key points from the financial results include: - Net revenues of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 122.0m (GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 77.3m) compared with USD 138.5m (GBP 89.9m) in 1994 - Net loss per share before exceptional items of 20 cents (11.7p) compared with earnings per share before exceptional items of 91 cents (61p) in 1994. - Cash generated from operating activities was USD 13.7m compared with USD 35.1m in 1994 - Continuing Investment of USD 13.3m (GBP 8.3m) in property, plant and equipment compared with USD 18.4m (GBP 12.1m) in 1994 The restructuring at the end of the first quarter had the effect of reducing our fixed cost base to a level which was then maintained for the remainder of the year. Our full year results carry the effects of the higher cost base in the first quarter. -0- A summary of the results is as follows:
US Dollars GB Pounds
1995 1994 1995 1994
Net revenues 122.0m 138.5m 77.3m 89.9m
------- ------- ------ ------
(Loss)income before taxes
Continuing operations excl
exceptional items (1.0m) 19.9m (0.5m) 12.9m
Exceptional items (9.5m) (18.3m) (6.0m) (4.2m)
------- ------- ------ ------
Total (loss)income before taxes (10.5m) 1.6m (6.5m) 8.7m
------- ------- ------ ------
Net (loss)income (10.4m) (4.9m) (6.5m) 4.6m
======= ======= ====== ======
(Loss)/earnings per share (USD 0.69) (USD 0.33) (43.6p) 32.0p
(Loss)/earnings per share excl
exceptional items (USD 0.20) USD 0.91 (11.7p) 61.0p
Revenues from the direct channel, which accounted for 89% of net revenues decreased by 10% compared to 1994, while revenues from the 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 channel, which accounted for 11% of the total fell by 27%. In terms of our solution areas, contracted revenues from our MVS (Multiple Virtual Storage) Introduced in 1974, the primary operating system used with IBM mainframes (the others are VM and DOS/VSE). MVS is a batch processing-oriented operating system that manages large amounts of memory and disk space. offloading business, the offloading of the development and maintenance of mainframe mainframe Digital computer designed for high-speed data processing with heavy use of input/output units such as large-capacity disks and printers. They have been used for such applications as payroll computations, accounting, business transactions, information retrieval, applications on to the PC fell by 15% in 1995 and now accounts for 56% of our revenues. The balance of our contracted revenues, our client/server business, declined by 21%, and now accounts for 44% of our total business. The direct Unix business increased by 3%, and now accounts for 27% of our client/server business with another 22% being received from our Unix OEM customers, resulting in a total of 49% of the client/server business coming from Unix. Maintenance revenues were 40% of our total revenues compared with 34% in 1994. The drop in revenues was caused by a number of factors, both external and internal. Externally, there were some fundamental changes in the market in 1995. In particular, Windows 95 was launched in August causing corporations to postpone post·pone tr.v. post·poned, post·pon·ing, post·pones 1. To delay until a future time; put off. See Synonyms at defer1. 2. To place after in importance; subordinate. investment decisions until it was released and they had evaluated it. Then, within a matter of weeks the marketplace was overtaken by the World Wide Web phenomenon with the result that we had to re-evaluate our own investment decisions and tactics. For instance, it will not be until the second quarter of 1996 that we deliver Visual Object COBOL because of the extra enhancements we are adding to it. Additionally, our offload revenues were impacted by the market's continuing move towards developing new applications for client/server rather than for the mainframe. This meant that our products were increasingly used for maintenance of existing mainframe applications. The new offload products we delivered late in the year will start to redress Compensation for injuries sustained; recovery or restitution for harm or injury; damages or equitable relief. Access to the courts to gain Reparation for a wrong. REDRESS. The act of receiving satisfaction for an injury sustained. our position in this market. Internally, the restructuring process, although key to our future success, consumed con·sume v. con·sumed, con·sum·ing, con·sumes v.tr. 1. To take in as food; eat or drink up. See Synonyms at eat. 2. a. more management time and attention through the year than we had anticipated as organizational changes were implemented. The process of educating and synchronizing synchronizing, n a technique that a therapist uses to coordinate his or her breath with that of the client; builds trust and establishes relationship. the groups involved, and the re-evaluation of our own tactics, took longer than planned. In the nine month period after the restructuring, costs were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3% lower than in the equivalent period of 1994, compared to a 26% increase in the three month period to the end of the first quarter of 1995. These cost reductions are in line with the savings of USD 10.0m per year anticipated at the time of restructuring. Headcount head count or head·count n. 1. The act of counting people in a particular group. 2. The number of people counted in this way. Noun 1. as of January 31, 1996 was 708 compared to 788 as of January 31 1995. Exceptional items recorded in 1995 consist of a charge of USD 10.5m (GBP 6.7m) and a credit of USD 1.0m (GBP 0.7m) in respect of a loan, previously fully provided for, arising from changes in the accounting for ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). Trusts. The charge consists of restructuring costs of USD 5.0m (GBP 3.1m) announced in May 1995 which principally related to employee terminations, closure of surplus facilities and write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of related fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → . A fourth quarter review of the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of product assets relative to future revenue expectations resulted in further product asset write-downs which together with USD 0.5m (GBP 0.3m) provided in May, has resulted in total software asset write-downs of USD 5.9m (GBP 3.8m). Further to the restructuring and to reflect the fast moving market that we are operating in we are taking a more conservative approach to software capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. and are now amortizing our software products over a maximum of four years rather than five years. This has resulted in additional amortization in the current year of USD 1.9m (GBP 1.3m), included in the annual amortization charge before exceptional items. The effect of this additional amortization together with the exceptional asset write-downs referenced above was to reduce earnings per share by 37 cents. In 1995 we spent USD 37.1m (GBP 23.4m) on development compared to USD 36.2m (GBP 23.5m) in 1994, of which 42% has been capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. this year compared to 41% last year. Amortization and accelerated write-offs of software product assets exceeded amounts capitalized by USD 4.2m (GBP 2.8m) whereas in 1994 development costs capitalized as software product assets exceeded amortization by USD 4.0m (GBP 2.6m). Investment in property, plant and equipment was USD 13.3m in 1995 against USD 18.4m in 1994 and in software products was USD 16.0m in 1995 against USD 15.5m in 1994. Additionally in 1995 Micro Focus paid USD 6.3m in cash as part of the deferred consideration due under the 1994 agreed acquisition of Burl Software Laboratories Inc. and USD 8.0m to fund the purchase by Micro Focus Employee Benefit Trust of 724,979 of the Company's shares. We are also investing in becoming a " Web-based company" and during the year we established an internal Enterprise Web (or " Intranet"), which is now used to facilitate better team working and communication to assist the decision making process. We continued with our investments in desktop video conferencing See videoconferencing. (communications) video conferencing - A discussion between two or more groups of people who are in different places but can see and hear each other using electronic communications. and have now begun to tie this into the Web, both for internal use and a new range of products for team collaboration Working together on a project. See collaborative software. . We have recognized that the World Wide Web architectures will play a key role in our future, both in terms of the way that we run the company and our product set. Cash generated from operating activities was USD 13.7m compared to USD 35.1m in 1994, but after the investments outlined above our cash balances decreased for the year by USD 29.9m to USD 58.8m. Cash balances expressed in pounds sterling fell for the year by GBP 16.9m to GBP 39.0m. Operational Summary ------------------- MVS Offload Solution -------------------- In the fourth quarter we brought two versions of our 32 bit offload solution to general availability, aimed at different segments of the mainframe COBOL programmer market, plus an update of our 16 bit offload solution. Feedback from the most extensive beta program we have ever undertaken is that this product set is the most integrated and the highest quality we have yet released. Consultancy services also continued to be an important part of our total offload solution. These enable our customers to have a faster start with our products and to tailor A tailor is a person whose occupation is to sew menswear style jackets and the skirts or trousers that go with them. Although the term dates to the thirteenth century, tailor them more fully into their own specific environments. We are changing our sales processes A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. to integrate them more fully with consultancy services. Towards the end of the year we brought together our MVS offload and our MVS rehosting and re-engineering re-engineering - The examination and modification of a system to reconstitute it in a new form and the subsequent implementation of the new form. http://erg.abdn.ac.uk/users/brant/sre. businesses. We had experienced a slow start with our MVS rehosting initiative as a result of initially aligning a·lign v. a·ligned, a·lign·ing, a·ligns v.tr. 1. To arrange in a line or so as to be parallel: align the tops of a row of pictures; aligned the car with the curb. it with our client/server business. Aligning it with the MVS group should give it renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. impetus Impetus is a stimulus or impulse, a moving force that sparks momentum. Impetus may also refer to:
1995 was also the year we began to include the Revolve re·volve v. re·volved, re·volv·ing, re·volves v.intr. 1. To orbit a central point. 2. To turn on an axis; rotate. See Synonyms at turn. 3. application analysis tool as part of the offload solution. Sales of Revolve have shown a consistent, rapid increase over the prior year, which we are expecting to continue in the coming year. In December December: see month. we brought out the Year 2000 add-on A purchase of additional goods before payment is made for goods already purchased. An add-on may be covered by a clause in an installment payment contract that allows the seller to hold a security interest in the earlier goods until full payment is made on the later goods. to Revolve specifically targeted at enabling customers to assess the impact of the year 2000 problem in their applications and make appropriate amendments. We believe that our offload workstation workstation Computer intended for use by one person, but with a much faster processor and more memory than an ordinary personal computer. Workstations are designed for powerful business applications that do large numbers of calculations or require high-speed graphical approach is ideal for customers to tackle and solve their Year 2000 problem without using expensive mainframe resources and without putting their production systems at risk. This has been recognized by industry analysts who are positioning us as a top tier Year 2000 provider. Corporations are increasingly developing new applications for networks rather than for the mainframe and so our offload solution is increasingly being used for maintaining existing mainframe applications, which is a more demanding role. The increased capacity and functionality of our latest product releases will be key to tackling this kind of usage, and we believe will be the basis for re-energizing our MVS offload business. Client/Server Solutions for the Enterprise Programmer ----------------------------------------------------- In 1995 we continued to sell our client/server solutions as a "kit of tools" available on a wide range of platforms. In this approach, the customer selects those applicable to him and then in many cases integrates them fully himself. However, during the year, we saw the enterprise client/server market, which we have been targeting for some time, begin to crystallize crys·tal·lize also crys·tal·ize v. crys·tal·lized also crys·tal·ized, crys·tal·liz·ing also crys·tal·iz·ing, crys·tal·liz·es also crys·tal·iz·es v.tr. 1. and with it the full nature of our opportunity. Corporations began to turn increasingly to the World Wide Web architecture of the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the as the standard platform for their next generation of enterprise systems. They are expected to use these ("Intranets") for connecting users to their existing COBOL applications. Enterprise programmers This is a list of programmers notable for their contributions to software, either as original author or architect, or for later additions. See also: Game programmer, List of computer scientists with COBOL expertise, Micro Focus' customer base, will be prime users of tools which help them create this next generation of application enhancements, followed shortly by brand new applications. During the year we have begun to add Web capabilities to our products and we will be unveiling these at our user conference in May 1996. In 1996, we will focus our client/server offerings into a single solution, built from our kit of client/server parts which by now have achieved maturity in the market. This will give an easy entry point for first time users but have the industrial strength, scalability How much a system can be expanded. See scalable. scalability - How well a solution to some problem will work when the size of the problem increases. For example, a central server of some kind with ten clients may perform adequately but with a thousand clients it and integration underneath to deliver full business solutions. All of this will be focused at taking advantage of the emerging Internet platform as the standard for wide area network systems offering our customers the opportunity to take full advantage of the Internet and World Wide Web architecture for their new business projects. Applications of the Future -------------------------- During the year we clarified the mission of this group to be to enable teams of individuals, whether mobile and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. geographically ge·o·graph·ic also ge·o·graph·i·cal adj. 1. Of or relating to geography. 2. Concerning the topography of a specific region. ge dispersed dis·perse v. dis·persed, dis·pers·ing, dis·pers·es v.tr. 1. a. To drive off or scatter in different directions: The police dispersed the crowd. b. to communicate, collaborate and coordinate Belonging to a system of indexing by two or more terms. For example, points on a plane, cells in a spreadsheet and bits in dynamic RAM chips are identified by a pair of coordinates. Points in space are identified by sets of three coordinates. more effectively than ever before utilizing the power of the Web (Internet, Intranets and teamwebs), audio and video telephony See videophone. communications. The group still has a strong research and development element and will not generate significant revenues in 1996. Board Changes ------------- In May we strengthened the board by making Harold Hughes Harold Everett Hughes (February 10 1922 – October 23 1996) was the Democratic Governor of Iowa from 1963 until 1969; he had been a Republican earlier in his life. Hughes also served as a Democratic United States Senator from 1969 until 1975. the deputy Chairman and adding Mike Gullard of Cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to Management as a second external director. Since then, in January, we added a further external director, Marcelo Marcelo is a given name, which may refer to:
1996 Prospects -------------- The shape of our strategy has been agreed and is now being implemented. We have a track record of being at the forefront of technology, for example with Windows 95 and the Web, and we believe that in 1996 we are positioned to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the dynamic marketplace. The Company still has strong cash resources and the Board believes that with determined management the company can start its return to profitability by the end of 1996. Paul O'Grady Chief Executive Officer Brian Reynolds Brian Reynolds (born 1967) is a well known computer strategy game designer, formerly of MicroProse and Firaxis Games. He now runs his own game development company, Big Huge Games where he is CEO and creative director, and has been chairman of the International Game Developers Chairman March 14 1995 -0- Notes: 1. This Letter to Shareholders contains forward-looking statements that involve a number of risks and uncertainties. There are certain important factors that could cause results to differ materially from those anticipated by the statements made herein. In addition to the factors described in the Letter to Shareholders above, among other factors that could cause actual results to differ materially are the following: the ability of the Company to develop and release to the market products and services that meet the needs of the Company's customers in the highly dynamic market for application development tools, the effect of competitors efforts to enter the Company's markets, the ability of the Company to effectively manage its costs against uncertain revenue expectations and the various items under the heading "Factors that may influence future operating results" contained within the Micro Focus Annual Report for the year ended January 31 1996, a copy of which may be obtained from the Company. 2. The attached financial information for the year ended January 31 1996 does not constitute statutory accounts. It is an extract from the 1995 Audited Financial Statements, approved by the Board of Directors on March 13 1996, but not yet delivered to the UK Registrar of Companies. 3. Copies of the 1995 Annual Report will be mailed to shareholders and will not be published in newspapers. Copies of the Report will be made available upon request to the Company Secretary at the Registered Office, Speen Court, 7 Oxford Road, Newbury, Berkshire, RG14 1PB, UK. 4. Following established Micro Focus practice, the directors do not recommend the payment of a dividend. Editor's Notes:
Offloading - moving the development and maintenance of mainframe
applications to the PC.
Client/Server - applications that take advantage of resources
offered by a number of networked computers.
Rehosting - taking an existing application and moving it to another
computer or network for performance gains or cost savings.
MICRO FOCUS GROUP PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT - IN UK FORMAT
----------------------------------------------------------------------
in thousands of GB pounds Year to Year to Year to
(except per share data) January 31 January 31 January 31
1996 1995 1994
----------------------------------------------------------------------
Revenue 77,258 89,885 83,842
----------------------------------------------------------------------
Costs and expenses
Cost of revenues 8,855 10,586 9,318
Research and development 26,851 24,149 16,185
Sales and marketing 45,200 42,519 33,669
General and administrative 4,986 5,099 4,689
----------------------------------------------------------------------
Total costs and expenses 85,892 82,353 63,861
----------------------------------------------------------------------
Operating (loss)/profit (8,634) 7,532 19,981
Interest income 2,166 2,210 1,884
Interest expense (74) (76) (104)
Other acquisition charges - (943) -
----------------------------------------------------------------------
(Loss)/profit before taxation (6,542) 8,723 21,761
Taxation 72 (4,133) (7,014)
----------------------------------------------------------------------
(Loss)/profit for the year (6,470) 4,590 14,747
======================================================================
(Loss)/earnings per share (43.6p) 32.0p 104.3p
----------------------------------------------------------------------
(Loss)/earnings per share excluding
exceptional items (11.7p) 61.0p 104.3p
----------------------------------------------------------------------
MICRO FOCUS GROUP PLC
CONSOLIDATED BALANCE SHEET - IN UK FORMAT
----------------------------------------------------------------------
In thousands of GB pounds January 31 January 31
1996 1995
----------------------------------------------------------------------
Fixed assets
Intangible fixed assets 17,857 19,731
Tangible fixed assets 24,910 22,472
Investments 5,634
----------------------------------------------------------------------
Total fixed assets 48,401 42,203
----------------------------------------------------------------------
Current assets
Stock 1,704 1,784
Debtors 13,802 15,638
Cash and bank deposits 38,972 55,823
----------------------------------------------------------------------
Total current assets 54,478 73,245
----------------------------------------------------------------------
Creditors: amounts falling due within one year 16,461 24,110
Customer payments in advance of delivery 10,711 12,581
----------------------------------------------------------------------
Net current assets 27,306 36,554
----------------------------------------------------------------------
Total assets less current liabilities 75,707 78,757
Creditors: amounts falling due
after more than one year 66 193
Provisions for liabilities and charges
Deferred taxation 5,454 5,708
----------------------------------------------------------------------
Net assets 70,187 72,856
======================================================================
Capital and reserves
Called up share capital 1,514 1,437
Share premium 17,936 13,147
Deferred purchase consideration - 3,340
Profit and loss account 50,737 54,932
----------------------------------------------------------------------
Total shareholders' funds 70,187 72,856
======================================================================
MICRO FOCUS GROUP PLC
CONSOLIDATED STATEMENTS OF INCOME - IN US FORMAT
----------------------------------------------------------------------
in thousands of US dollars Year to Year to Year to
(except per share data) January 31 January 31 January 31
1996 1995 1994
----------------------------------------------------------------------
Net revenues 121,956 138,459 125,468
----------------------------------------------------------------------
Costs and expenses
Cost of revenues 13,969 16,311 13,948
Research and development 42,379 37,299 24,211
Sales and marketing 71,501 65,490 50,433
General and administrative 7,958 8,335 7,016
Purchased research and
development costs - 11,265 -
----------------------------------------------------------------------
Total costs and expenses 135,807 138,700 95,608
----------------------------------------------------------------------
(Loss) income from operations (13,851) (241) 29,860
Interest income 3,432 3,408 2,824
Interest expense (117) (117) (156)
Other acquisition charges - (1,500) -
----------------------------------------------------------------------
(Loss) income before income taxes (10,536) 1,550 32,528
Income taxes 100 (6,410) (10,484)
----------------------------------------------------------------------
Net (loss) income (10,436) (4,860) 22,044
======================================================================
Net (loss) income per share:
After exceptional items (USD 0.69) (USD 0.33) USD 1.52
Before exceptional items (USD 0.20) USD 0.91 USD 1.52
----------------------------------------------------------------------
Weighted average number of shares
outstanding (thousands) 15,101 14,706 14,535
----------------------------------------------------------------------
MICRO FOCUS GROUP PLC
CONSOLIDATED BALANCE SHEETS - IN US FORMAT
----------------------------------------------------------------------
in thousands of US dollars January 31 January 31
1996 1995
----------------------------------------------------------------------
Assets
Current assets:
Cash and short-term investments 58,848 88,758
Accounts receivable, net 17,462 21,239
Inventories 2,573 2,837
Prepaid expenses and other assets 3,379 3,626
----------------------------------------------------------------------
Total current assets 82,262 116,460
----------------------------------------------------------------------
Property, plant and equipment, net 37,615 35,730
Software product assets, net 26,964 31,373
----------------------------------------------------------------------
Total assets 146,841 183,563
======================================================================
Liabilities and stockholders' equity
Current liabilities:
Accounts payable 8,038 7,187
Product and royalties payable 977 674
Accrued employee compensation
and commissions 6,733 7,710
Accrued payroll taxes 676 774
Capital leases 224 503
Income taxes payable 3,022 7,282
Customer payments in advance of delivery 16,173 20,004
Deferred purchase consideration - 8,189
Other current liabilities 5,188 6,015
----------------------------------------------------------------------
Total current liabilities 41,031 58,338
----------------------------------------------------------------------
Capital leases 100 307
Deferred income taxes 8,236 9,076
----------------------------------------------------------------------
Total liabilities 49,367 67,721
----------------------------------------------------------------------
Stockholders' equity:
Ordinary shares: 10 pence (UK) par
value, 16,500,000 shares authorized,
15,146,000 shares issued and
outstanding (14,364,000 in 1994) 2,386 2,260
Additional paid-in capital 27,257 19,549
Treasury stock (8,959) -
Deferred purchase consideration - 5,311
Retained earnings 80,784 91,220
Currency translation adjustment (3,994) (2,498)
----------------------------------------------------------------------
Total stockholders' equity 97,474 115,842
----------------------------------------------------------------------
Total liabilities and stockholders' equity 146,841 183,563
======================================================================
Shareholder Information -----------------------
Registered Office and Shareholder Enquiries
Micro Focus Group Plc
Speen Court, 7 Oxford Road, Newbury, Berkshire RG14 1PB, UK
Bankers
Midland Bank plc
1 Mansion House Street, Newbury, Berkshire, RG14 5ET, UK
Stockbrokers
SBC Warburg
1 Finsbury Avenue, London EC2M 2PA, UK
and
The Stock Exchange, London, EC2N 1HP
Registrars and Transfer Office
Lloyds Bank Registrars
The Causeway, Worthing, West Sussex, BN99 6DA, UK
Stock Market symbols
The Company's ordinary shares are listed on the London Stock
Exchange under the symbol MICF.
The Company's American Depositary Receipts ("ADR"s) are
listed on the NASDAQ National Market System under the symbol
MIFGY.
ADR Depositary
Bank of New York
ADR Division, 101 Barclay Street, 22nd Floor, New York, NY
10286, USA
Regional Sales Offices
----------------------
UK
Micro Focus Ltd
Speen Court, 7 Oxford Road Newbury, Berkshire RG14 1PB
Telephone: (+44) 1635 32646
USA
Micro Focus Inc
2465 East Bayshore Road, Palo Alto, CA 94303
Telephone: (+1) (415) 856 4161
Micro Focus Inc (Philadelphia)
1000 First Avenue, Third Floor, King of Prussia, PA 19406
Telephone: (+1) 610 992 3400
Micro Focus Inc. (New York)
2 Wall Street, New York, NY 10005
Telephone: (+1) 212 312 2200
Japan
Micro Focus Japan Ltd.
Nishiazabu Mitsui Bldg 4F, 4-17-30 Nishiazabu, Minato-Ku,
Tokyo 106.
Telephone: (+81) 3 3486 7791
Germany
Micro Focus GmbH
Am Moosfeld 11, 81829 Munchen
Telephone: (+49) 89 42094-0
France
Micro Focus SARL
Tour Franklin, Defense 8, 92042 Paris - La Defense Cedex.
Telephone: (+33) 1 47 75 75 75
Spain
Micro Focus SA
Corsega 541, 4a Planta, 08025 Barcelona
Telephone: (+34) 3 435 70 01
-0- Note to Editors: These pages are accessible from: http://www.mfltd.co.uk/Results/fy95/index.htm CONTACT: Micro Focus Group PLC Brian Reynolds, Chairman Paul O'Grady, Chief Executive Officer through Micro Focus Marc Balhetchet, Tel: (+44) 1635 32646 (UK) (+1) 415 856 4161 (US) Financial Dynamics Giles Giles may refer to:
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