Pervasive Software Reports Third Fiscal Quarter Revenues and Earnings.Business/Technology Editors AUSTIN, Texas--(BUSINESS WIRE)--April 20, 2000 Pervasive Software Pervasive Software Pervasive develops and distributes data infrastructure software that enable corporations to integrate, analyze, secure, manage and harvest data from disparate sources. Inc. (Nasdaq:PVSW PVSW Pervasive Software Inc. ), a leading provider of software that delivers the freedom to create applications for everyone, everywhere, today reported that revenues for the third fiscal quarter ended March 31, 2000, were $12.6 million, compared to $16.0 million for the same period last year. The net loss for the quarter was $5.8 million or $0.37 loss per share, compared to net income of $1.4 million or $0.09 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the same period last year. Excluding amortization of intangibles related to acquisitions, net loss for the quarter was $5.6 million or $0.36 loss per share, compared to net income of $1.6 million or $0.10 diluted earnings per share for the same period last year. Revenues for the nine months ended March 31, 2000, were $45.5 million, compared to $41.9 million for the same period last year. Net loss for the nine months ended March 31, 2000, was $5.4 million or $0.35 loss per share, compared to net income of $1.7 million or $0.11 diluted earnings per share for the same period last year. Excluding one-time charges and amortization of intangibles, net loss for the nine months ended March 31, 2000, was $4.6 million or $0.29 loss per share, compared to net income of $3.9 million or $0.25 diluted earnings per share for the same period last year. "We are disappointed with our third quarter results, particularly the decrease in our database revenue, and also not achieving sequential growth of Tango tango Spirited dance; also a South American ballroom dance. It evolved in the dance halls and, perhaps, the brothels of poorer districts of Buenos Aires, Arg., possibly influenced by the Cuban habanera. It was made popular in the U.S. revenue from the prior quarter," said Ron Harris The term Ron Harris can refer to:
"Despite these factors, we continued to make progress in executing on the strategies we outlined last October. In addition, our financial position is strong with nearly $30 million in cash and investments," Harris continued. "We are staying the course with our investments in marketing programs, our telesales telesales Noun the selling of a commodity or service by telephone telesales npl → televentas fpl telesales npl → call center, and our product development plans, all of which are designed to leverage growth opportunities in the e-business applications and Web infrastructure markets." In March, Pervasive launched several lead generation programs and co-marketing initiatives for its Linux-based database and application server products. For example, Pervasive and Caldera caldera: see crater. caldera Large, bowl-shaped volcanic depression that forms when the top of a volcanic cone collapses into the space left after magma is ejected during a violent volcanic eruption. The term is Spanish for “caldron. Systems teamed on a software bundle combining the Tango 2000 Application Server with Caldera's OpenLinux eServer. Pervasive also joined forces with Red Hat on a bundle offer featuring Pervasive.SQL SQL in full Structured Query Language. Computer programming language used for retrieving records or parts of records in databases and performing various calculations before displaying the results. 2000 and Red Hat Linux Red Hat Linux, assembled by Red Hat, was a popular, "middle-aged" Linux distribution (not as old as Slackware but older than Ubuntu) upon its discontinuation in 2004.[1] Red Hat Linux 1.0 was released on November 3, 1994. 6.2. Also during the third quarter, Pervasive created a developer seminar series designed to attract new developers to use Pervasive's Web application development and database products. 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 customers continued to join Pervasive's partner program at a steady pace in the third quarter, developing applications, such as finance and accounting, fleet management, property management and CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , based on Pervasive products. Also, ACCPAC ACCPAC Accounts Package ACCPAC Accounting Package International, a subsidiary of Computer Associates, announced in February that its corporate accounting solution for Red Hat Linux is powered by Pervasive.SQL 2000. In addition, Pervasive announced in the third quarter that Novell chose Pervasive.SQL 2000 as the underlying database for its ManageWise network management software and for its NetWare 5.1 operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. . Pervasive's third-quarter product accomplishments included the addition of enhanced wireless markup language Wireless Markup Language, based on XML, is a content format for devices that implement the Wireless Application Protocol (WAP) specification, such as mobile phones, and preceded the use of other markup languages now used with WAP, such as XHTML and even standard HTML (which are (WML (Wireless Markup Language) A tag-based language used in the Wireless Application Protocol (WAP). WML is an XML document type allowing standard XML and HTML tools to be used to develop WML applications. It evolved from Openwave's HDML, but WML is not a superset of HDML. ) support for Tango 2000, enabling developers to create wireless Web applications quickly and easily. In addition, Pervasive localized the Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. version of Tango 2000 for the Japanese market. Also during the third quarter, Pervasive.SQL 2000, our database engine for Internet and packaged software See software package. applications, won the Reader's Choice Award from the Visual Basic Programmers Journal. About Pervasive Software Pervasive Software Inc. (Nasdaq: PVSW) delivers the freedom to create applications for everyone, everywhere. The company's innovative software powers the next generation of pervasive computing Refers to the use of computers in everyday life, including PDAs, smartphones and other mobile devices. It also refers to computers contained in commonplace objects such as cars and appliances and implies that people are unaware of their presence. , enabling e-business applications to reach beyond the desktop and easily share information across everything from handheld devices to information appliances See Internet appliance. (hardware) Information Appliance - (IA) A consumer device that performs only a few targeted tasks and is controlled by a simple touch-screen interface or push buttons on the device's enclosure. and the Internet. A channel of more than 10,000 independent software vendors (ISVs), developers, value-added resellers A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. (VARs) and partners builds, distributes and manages thousands of Pervasive-based applications on computing platforms across many corporate, mainstream and vertical markets. Based in Austin, Texas, Pervasive has offices in Canada, Europe, Japan, Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. and 70 distributors covering 80 countries. Visit Pervasive on the Web at www.pervasive.com or call (800) 287-4383. Cautionary Statement This release may contain 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. , which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are generally preceded by words such as "may," "plans," "expects," "believes," "anticipates," "intends" or "are designed to." Forward-looking statements in this release about Pervasive.SQL 2000 and Tango 2000 software involve the risk that software will not be released on schedule or at all, that the software will not achieve customer and market acceptance, and that applications mentioned in the release will not be developed using our software. In addition, forward-looking statements in this release regarding our lead-generation programs, marketing campaigns and product development plans involve the risk that these strategies may not successfully generate increased customers or revenues and may not leverage growth opportunities in target markets. All forward-looking statements included in this document are based upon information available to Pervasive as of the date hereof, and Pervasive assumes no obligation to update any such forward-looking statements. Investors are cautioned that actual results could differ materially from Pervasive's current expectations. Factors that could cause or contribute to such differences include among other things, the factors and risks discussed in Pervasive's reports filed from time to time with the Securities and Exchange Commission including, without limitation, the risk that we will be unable to attract, motivate, and retain skilled sales, marketing and other personnel, the risk that the packaged client/server applications market will not continue to grow at historical rates, and the risk that our current revenues are substantially dependent upon continued market acceptance of and revenues from our database products. Pervasive, Pervasive Software, Pervasive.SQL, Tango and Btrieve are trademarks or registered trademarks of Pervasive Software Inc. All other company and product names may be trademarks or registered trademarks of their respective companies.
Pervasive Software Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended Nine months ended
March 31, March 31,
2000 1999 2000 1999
Revenues $ 12,580 $ 16,015 $ 45,479 $ 41,878
Costs and expenses:
Cost of revenues and
technical support 3,023 2,270 8,798 6,076
Sales and marketing 8,131 6,110 23,196 16,624
Research and development 5,413 4,172 14,670 10,653
General and administrative 1,540 1,267 4,344 3,485
Amortization of excess
of cost over fair value
of net assets acquired 276 275 848 430
Charge for purchased
research and development -- -- -- 1,800
Total costs and expenses 18,383 14,094 51,856 39,068
Operating income (5,803) 1,921 (6,377) 2,810
Interest and other
income, net 406 85 1,327 425
Provision for
income taxes (449) (622) (380) (1,554)
Minority interest in
(earnings) loss of
subsidiary, net of tax -- (16) (19) (19)
Net income (loss)
(see Note A) $ (5,846) $ 1,368 $ (5,449) $ 1,662
Diluted earnings (loss)
per share (see Note B) $ (0.37) $ 0.09 $ (0.35) $ 0.11
Shares used in computing
diluted earnings
(loss) per share 15,688 15,926 15,620 15,465
Supplemental disclosures:
(A) Net income (loss),
excluding amortization
of excess of cost over
fair value of net assets
acquired and the charge
for purchased
research and development $ (5,570) $ 1,643 $ (4,601) $ 3,892
(B) Diluted earnings (loss)
per share, excluding
amortization of excess of
cost over fair value of
net assets acquired
and the charge for
purchased research and
development $ (0.36) $ 0.10 $ (0.29) $ 0.25
Pervasive Software Inc.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, June 30,
2000 1999
ASSETS
Current assets:
Cash and marketable securities $29,660 $39,903
Accounts receivable, net 8,548 9,352
Prepaid expenses and other current assets 5,815 3,979
Total current assets 44,023 53,234
Property and equipment, net 8,574 7,509
Purchased technology and excess of cost
over fair value of net assets acquired, net 10,598 11,135
Other assets 2,376 995
Total assets $65,571 $72,873
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 8,099 $10,521
Deferred revenues 1,556 2,252
Total current liabilities 9,655 12,773
Deferred tax liability 565 565
Total liabilities 10,220 13,338
Minority interest in subsidiary -- 449
Stockholders' equity 55,351 59,086
Total liabilities and stockholders' equity $65,571 $72,873
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