Quarterdeck Reports Fourth Quarter and Year End Results.MARINA Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness DEL REY Del Rey may refer to:
See: Over-the-counter. OTC See over-the-counter market (OTC). :QDEK) today announced its operating results for the fourth quarter and fiscal year ended September September: see month. 30, 1998. For the quarter ended September 30, 1998, the company reported net revenues of $8,853,000, compared to $15,249,000 reported for the same period in 1997 and a net loss of $1,750,000 compared to a net loss of $18,638,000 reported for the quarter ended September 30, 1997. For the year ended September 30, 1998, Quarterdeck reported net revenues of $50,861,000 as compared to $83,787,000 reported during the prior year. The company reported a net loss for the fiscal year of $23,165,000 or $0.45 per share versus a net loss of $18,398,000 or $0.43 per share for the prior year. -0-
Financial Summary ($000)
Three months ended Twelve months ended
September 30, September 30,
1998 1997 1998 1997
Net Revenues 8,853 15,249 50,861 83,787
Net Loss 1,750 18,638 23,165 18,398
Loss Per Share 0.03 0.43 0.45 0.43
-0- About Quarterdeck Quarterdeck Corporation develops and markets software to help PCs work well without on-site on-site adj. Done or located at the site, as of a particular activity: on-site monitoring of a production run; an on-site film shoot. technical support. The products provide problem diagnosis and resolution, storage management, security protection, remote configuration and updating, and enhanced access to PC network resources and information. The company markets its products worldwide via retail distribution, corporate resellers and OEMs, direct marketing channels, and 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 . Incorporated in 1982, Quarterdeck's worldwide headquarters are in Marina del Rey, Calif. Further information may be obtained by calling 800/683-6696 toll-free or 813/523-9700, by accessing Quarterdeck's Web site at http://www.quarterdeck.com/, or by sending e-mail requests to info@quarterdeck.com. Note to Editors: If you would like more information on Quarterdeck Corporation and its products, please view the Quarterdeck Press Center at http://www.quarterdeck.com/qdeck/press. Quarterdeck, CleanSweep, Procomm Plus An earlier communications program for Windows from Quarterdeck that supported a wide number of protocols and terminals. Procomm was originally developed for DOS by Datastorm Technologies and was also available as a shareware program, which was very popular. , and RapidRemote are registered trademarks of Quarterdeck Corporation or its subsidiaries. Zip-It, Partition-It, TuneUp, REALHELP, WINProbe, WebCompass A Web search tool developed by Quarterdeck that ran under Windows, polled Web search engines, and summarized the results. Symantec acquired Quarterdeck in 1999. , and ViruSweep are trademarks of Quarterdeck Corporation or its subsidiaries. All other brand and product names are trademarks or registered trademarks of their respective holders. This press release contains 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 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. Expressions of future goals and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, successful integration of acquisitions and divestitures of non-core assets, the effect of conversion of the Company's convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that may arise after the date of this release. -0-
Quarterdeck Corporation
Comparative Balance Sheet
(Amounts in thousands)
September 30, September 30,
1998 1997
ASSETS
Current assets:
Cash & cash equivalents $ 8,411 $ 23,651
Trade accounts receivable 2,990 7,028
Inventories 968 1,177
Other current assets 2,022 4,655
Total current assets 14,391 36,511
Equipment and leasehold
improvements, net 3,640 14,153
Capitalized software costs, net 641 1,790
Other assets 853 3,427
$ 19,525 $ 55,881
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,040 $ 3,792
Accrued liabilities 7,657 14,196
Accrued acquisition,
restructuring and
other charges 2,400 5,385
Income tax payable 309 627
Notes payable to bank -- 5,579
Current portion of long-term
obligations 30 15
Total current liabilities 12,436 29,594
Convertible notes 25,000 25,000
Other long-term obligations,
less current portion 22 114
Total liabilities 37,458 54,708
Stockholders' equity:
Series C Preferred stock 4,371 24,594
Common stock 67 43
Additional paid-in capital 100,176 75,630
Accumulated deficit (121,329) (98,164)
Foreign currency
translation adjustment (389) (281)
Notes receivable from directors
for sale of stock (18) (18)
Net unrealized loss on
marketable securities (252) (72)
Treasury stock (559) (559)
Total stockholders' equity (17,933) 1,173
$ 19,525 $ 55,881
QUARTERDECK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Amounts in thousands, except per share data)
Three months ended Twelve months ended
September 30, September 30,
1998 1997 1998 1997
(Unaudited)
Gross revenues $14,044 $ 21,090 $ 71,861 $100,492
Returns allowances 5,191 5,841 21,000 16,705
Net revenues 8,853 15,249 50,861 83,787
Cost of revenues 2,243 3,766 14,587 21,271
Gross profit 6,610 11,483 36,274 62,516
Operating expenses:
Research and development 1,835 4,938 16,640 16,419
Sales and marketing 4,389 6,290 30,566 29,305
General and administrative 1,964 3,824 9,923 17,227
Acquisition, restructuring
and other charges -- 11,713 2,583 11,713
Litigation Settlement -- 1,905 -- 1,905
Total operating expenses 8,188 28,670 59,712 76,569
Operating loss (1,578) (17,187) (23,438) (14,053)
Interest expense, net (297) (581) (952) (2,072)
Other income (expense), net 148 (743) 1,264 (2,143)
Loss before income taxes (1,727) (18,511) (23,126) (18,268)
Provision for income taxes 23 127 39 130
Net loss $(1,750) $(18,638) $(23,165) $(18,398)
Net loss per share:
Basic $ (0.03) $ (0.43) $ (0.45) $ (0.43)
Diluted $ (0.03) $ (0.43) $ (0.45) $ (0.43)
Shares used to compute net
loss per share:
Basic 64,246 43,328 51,609 43,168
Diluted 64,246 43,328 51,609 43,168
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