PLATINUM technology REPORTS SECOND QUARTER EARNINGS
PLATINUM technology REPORTS SECOND QUARTER EARNINGS LOMBARD, Ill., July 17 /PRNewswire/ -- PLATINUM technology, inc.
(NASDAQ: PLAT) today reported financial results for its second quarter and six months ended June 30, 1992. Revenues for the second quarter of 1992 were $11,603,000, an increase of 117 percent over second quarter 1991 revenues of $5,336,000. Operating income increased to $2,476,000, up 245 percent from the same period last year. Net income for the quarter rose 222 percent to $1,897,000 or 9 cents per share from net income of $589,000 of 3 cents per share in the corresponding period of the prior year.
Revenues for the first six months of the fiscal year increased 98 percent to $19,303,000 from $9,735,000 in 1991. Operating income increased to $3,370,000, a 149 percent gain, and net income grew 169 percent to $2,700,000. Net income per share was 13 cents compared with 5 cents last year. According to Andrew J. Filipowski, president and chief executive office, "Second quarter results reflect improved productivity from our direct sales force and strong revenue growth in both domestic and international markets. Our performance during the quarter exceeded expectations and we are eager to extend this success through the remainder of the year." During the second quarter, the company released two new products for beta testing: a new utility, PLATINUM Fast Unload and PLATINUM Package/It, a product specifically designed to help users integrate the DB2 Version 2 Release 3 package feature. Also released for beta testing were new versions of current PLATINUM products designed to support double byte character sets needed for the graphical alphabets used in Japan and around the world. The company plans to release two new products for beta testing during the third quarter: PLATINUM Governor Facility for users of IBM QMF; and PLATINUM Fast Index, the sixth product in the company's utility series. PLATINUM technology, inc. develops, markets and supports an integrated line of administration, development, utility and end-user software tools (and related education programs and publications) for use with DB2(A), IBM(A)'s relational database management system. In 1991, PLATINUM joined IBM(A) International Alliance for System View(A), a designation that includes both development and marketing relationships with IBM(A). Headquartered in Lombard, the company has sales offices across the U.S. and 47 affiliate offices worldwide. (A) -- Indicates a trademark or registered trademark Business Machines Corp. PLATINUM technology, inc. STATEMENTS OF OPERATIONS (Unaudited, in thousands, except earnings per share data) Periods ended Three Months Six Months June 30 1992 1991 1992 1991 (As Restated) (As Restated) Revenues: Software products $7,815 $3,228 $12,482 $5,898 Maintenance 2,756 1,313 5,122 2,457 Education services 1,032 795 1,699 1,380 Total revenues 11,603 5,336 19,303 9,735 Costs and expenses: Education services 989 693 1,834 1,245 Product development and support 3,002 1,463 5,416 2,562 Sales and marketing 3,788 1,589 6,137 2,906 General and admin. 1,348 873 2,546 1,666 Total costs and expenses 9,127 4,618 15,933 8,379 Operating income 2,476 718 3,370 1,356 Interest income 534 218 915 239 Income bef. income taxes 3,010 936 4,285 1,595 Income Taxes (1,113) (347) (1,585) (590) Net income $1,897 $589 $2,700 $1,005 Net income per share $0.09 $0.03 $0.13 $0.05 Shares used in computing net income per share 21,558 19,534 21,625 18,234 NOTE: Prior year amounts have been restated to reflect adoption of a new method of accounting for first year maintenance revenue as required by Statement of Position 91-1 entitled Software Revenue Recognition. PLATINUM technology, inc. Condensed Balance Sheets (Unaudited, in thousands) 6/30/92 12/31/91 ASSETS (As Restated) Current assets: Cash and cash equivalents $ 8,306 $15,770 Short-term investments securities 12,010 9,347 Accounts receivable 10,315 10,822 Other current assets 3,351 3,150 Total current assets 33,982 39,089 Non-current investment securities 19,002 11,287 Property and equipment 1,201 819 Purchased and developed software 5,205 4,114 Other assets 475 425 Total assets $59,865 $55,734 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,104 $ 1,237 Other current liabilities 2,292 2,771 Deferred revenue 6,502 6,099 Total current liabilities 9,898 10,107 Deferred income taxes 1,181 1,107 Total liabilities 11,079 11,214 Stockholders' equity 48,786 44,520 Total liabilities and stockholders' equity $59,865 $55,734 NOTE: Prior year amounts have been restated to reflect adoption of a new method of accounting for first year maintenance revenue as required by Statement of Position 91-1 entitled Software Revenue Recognition. -0- 7/16/92 /CONTACT: Michael Cullinane, CFO of PLATINUM technology, 708-620-5000; or Gary Strong or Nick Farina, 312-266-7800, or Kathy Phelan, 212-661-8030, all of The Financial Relations Board, for PLATINUM technology/ (PLAT) CO: Platinum technology, inc. ST: Illinois IN: CPR SU: ERN
TS -- NY001 -- 0076 07/17/92 08:00 EDT
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|Date:||Jul 17, 1992|
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