StarBase Corp. Announces Results of Operations for the Quarter and Six Months Ended Sept. 30, 1996.
IRVINE Irvine, town, Scotland
Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif--(BUSINESS WIRE)--Nov. 14, 1996--StarBase Corp. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SBAS (Satellite-Based Augmentation System) See GPS augmentation system. ), a development stage company, on Thursday Thursday: see week. announced its results of operations for the quarter and six months ended Sept. 30, 1996.
The company's financial position for the quarter and six months ended Sept. 30, 1996 has improved over the same periods last year. Software product and license revenue was $381,000 for the six months compared with $215,000 for the same period in the prior year.
Consulting revenue was $0 for the six months compared with $497,000 for the six months of the prior year. The net loss for six months ending Sept. 30, 1996 was $(2,577,000), or $(0.22) per share, as opposed to $(3,564,000), or $(0.53) per share, for the same period a year ago. Operating cash and cash equivalents as of Sept. 30, 1996 were $5,579,000 compared with $16,000 as of Sept. 30, 1995.
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. have decreased to $681,000 from $2,900,000 on Sept. 30 of the previous year. For the quarter ended Sept. 30, 1996, revenue was $172,000 compared with $202,000 in the prior year. The net loss for the quarter was $(1,367,000), or $(0.11) per share, compared with a net loss of $(1,439,000), or $(0.19) per share, in the prior year.
The results for the quarter reflect the company's reorganization that started in the spring of 1995, when StarBase decided to focus entirely on software designed to increase the productivity of 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 developers and applications programmers See application programmer. . As a result, the company's Consulting Division was discontinued dis·con·tin·ue
v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues
1. To stop doing or providing (something); end or abandon: and no revenue was recorded for consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.)
service - work done by one person or group that benefits another; "budget separately for goods and services" in the quarter and six months ended Sept. 30, 1996.
For the same quarter in 1995, consulting services produced revenue of $136,000, but resulted in a gross margin loss of $(5,000). For the six months ended Sept. 30, 1995 revenue from consulting services was $497,000 and resulted in a gross margin loss of $(128,000).
Since May 1996, the company has raised approximately $8.1 million (net) from the sale of additional equity pursuant to private placement offerings and the exercise of warrants. With the availability of funds, the company is executing on its plan to gain market acceptance of its premier product, StarTeam StarTeam is a revision control and SCM software system, originally produced by Starbase Corporation, acquired by Borland in January 2003. The system is backed by a relational database that retains all changes made to a project during its evolution. 2.0, which shipped in late August 1996.
Marketing efforts have increased substantially and include multiple direct mail campaigns, heightened trade show presence and favorable fa·vor·a·ble
1. Advantageous; helpful: favorable winds.
2. Encouraging; propitious: a favorable diagnosis.
3. reviews from the industry press and analysts. The company has also been able to fully staff its sales and marketing departments. In addition, development efforts have continued to progress with continued enhancements to StarTeam 2.0 and the recent announcements of its integration with Oracle Developer/2000 and Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. Visual Basic for Applications.
StarBase, with headquarters in Irvine, produces integrated team development tools that improve the efficiency and effectiveness of developing software applications for business. StarTeam has won several awards including the PC Week LABS Top Product of 1995 -- Application Development Utilities and PC Week IT Excellence Award, 1996. More about StarBase, its products, and detailed financial information is available by accessing the company's Web site: http://www.starbasecorp.com, or by contacting us at 714/442-4400. -0-
StarBase Corporation Summarized Financial Information For the Quarter and Six Months Ended Sept. 30, 1996 (In thousands, except per share amounts) Three months ended Six months ended Sept. 30, Sept. 30, (unaudited) (unaudited) 1996 1995 1996 1995 Net revenue $ 172 $ 202 $ 381 $ 712 Gross margin 145 17 353 15 Net loss (1,367) (1,439) (2,577) (3,564) Net loss per share $(0.11) $(0.19) $(0.22) $(0.53) Weighted average shares outstanding 12,714 7,727 11,471 6,666 Cash balance at end of quarter $5,579 $ 16 -- --
NOTE: StarBase and its product names are trademarks of StarBase Corp. All other products are trademarks of their respective companies.
CONTACT: StarBase Corp., Irvine
Robert Leimena, 714/442-4416