TouchStone Software Corp Reports First Quarter Results; TouchStone Enters the INTEL --NASDAQ:INTC-- Processor Upgrade Market; Increase in Revenue Yields Positive Earnings.Business Editors/High-Tech Writers NORTH ANDOVER North Andover (ăn`dōvər), town (1990 pop. 22,792), Essex co., NE Mass., on the Merrimack River, in a dairy and farm area; settled c.1644, set off from Andover and inc. 1855. , Mass.--(BUSINESS WIRE)--May 14, 2004 TouchStone Software Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: TSSW TSSW Technical Support Software ) today announced revenue of $492,332 for its first quarter ended March 31, 2004 as compared to $480,094 for the same quarter of the previous. Product revenue has increased approximately $47,000 as compared to the same quarter of the previous year. Operationally, TouchStone recorded net income before EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
tr.v. re·pack·aged, re·pack·ag·ing, re·pack·ag·es To package again or anew, especially in a more attractive package. re·pack and sell processor upgrades that support the following processor platforms: -- Socket 370 for Intel Pentium-III-S / Pentium-III / Celeron Tualatin-core processors -- Socket 370 for Intel Pentium-III / Celeron Coppermine-core processors -- FSB (FrontSide Bus) See system bus. FSB - front side bus 66 / 100 / 133 MHz (MegaHertZ) One million cycles per second. It is used to measure the transmission speed of electronic devices, including channels, buses and the computer's internal clock. A one-megahertz clock (1 MHz) means some number of bits (16, 32, 64, etc. The CPU CPU in full central processing unit Principal component of a digital computer, composed of a control unit, an instruction-decoding unit, and an arithmetic-logic unit. kit that the Company integrates includes: -- Genuine Intel (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 : INTC INTC Intel (NASDAQ symbol) INTC Intercept INTC Interrupt Controller ) CPU -- CPU adaptor provides necessary voltage and FSB requirements -- Heat Sink A material that absorbs heat. Typically made of aluminum, heat sinks are widely used in amplifiers and other electronic devices that build up heat. Small heat sinks are the most economical method for cooling microprocessors and other chips. -- HD Fan The addition of processor upgrade solutions to TouchStone's product line enhances TouchStone's ability to generate additional revenue from existing and potential customers who visit TouchStone's web site. Jason K. Raza, President and Chief Executive Officer of TouchStone Software stated that, "We have completed our first goal of operating efficiencies and are now embarking upon our next step towards increased revenues and earnings. Processor upgrades are a natural brand extension and should help us to achieve our goal of increased revenues in the future." The Company's primary web sites continue to receive, on average, in excess of 250,000 unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. per month and the Company believes that with the addition of the processor upgrade products, the Company will see an increase in web related traffic, which the Company hopes will result in increased revenues from the Company's entire product line. Additional information on TouchStone Software Corporation / eSupport.com is available on the Company's web site at www.esupport.com. About TouchStone Software Corporation and eSupport.com TouchStone Software Corporation, Inc. and its consolidated subsidiaries, ("TouchStone" or "the Company") is a provider of system management software, which includes basic input/output ("BIOS") software upgrades, personal computer ("PC") diagnostics for personal computers and embedded systems Embedded systems Computer systems that cannot be programmed by the user because they are preprogrammed for a specific task and are buried within the equipment they serve. and processor upgrades. System management software is one of the fundamental layers in any microprocessor-based system (including PCs) architecture and provides an essential interface between the systems's operating software and hardware. The Company's executive offices are located at 1538 Turnpike turnpike, road paid for partly or wholly by fees collected from travelers at tollgates. It derives its name from the hinged bar that prevented passage through such a gate until the toll was paid. See also road. Street, North Andover, Massachusetts North Andover is a town in Essex County, Massachusetts, United States. The population was 27,202 at the 2000 census. History North Andover was first settled in 1646 and was officially incorporated in 1855. 01845, and its telephone number is (978) 686-6468. 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. 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. that involve risks and uncertainties, including without limitation, the company's projected return to profitability. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are new and changing technologies and customer acceptance of those technologies fluctuations or cancellations in orders from distribution customers, and the company's ability to compete effectively with other software companies. These and other factors that could cause actual results to differ materially are discussed in the company's filings with the Securities and Exchange Commission including its recent filings on Forms 10-KSB and 10-QSB. TouchStone Software Corp., the eSupport logo, is trademarks or registered trademarks of TouchStone Software Corp. All other trademarks are the property of their respective owners.
TouchStone Software Corp.
Condensed Consolidated Balance Sheet
March 31, 2004
(Unaudited)
ASSETS
Cash and marketable securities 370,592
Accounts receivable, net 20,651
Inventories 25,584
Prepaid expenses 22,394
Note Receivable related party 96,692
Investments Other 147,727
Property, and equipment, net 7,536
Other assets -
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Total Assets $691,176
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LIABILITIES AND SHAREHOLDERS' EQUITY
Current maturities of long-term debt 2,685
Accounts payable 41,326
Accrued expenses 141,137
Long-term debt -
Total stockholders' equity 506,028
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Total Liabilities and Stockholders' Equity $671,176
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TouchStone Software Corp.
Condensed Consolidated Statements of Operations
(Unaudited)
THREE MONTHS ENDED
March 31,
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2004 2003
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Total revenues 492,332 480,094
Cost of revenues 73,454 56,046
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Gross profit 418,878 424,048
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Operating expenses 386,826 379,470
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Income from operations 32,052 44,578
Other income, net 2,804 1,039
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Income before provision for income taxes 34,856 45,617
Provision for income taxes - -
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Net income $34,856 $45,617
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Basic earnings per share $0.00 $0.00
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Basic weighted average shares outstanding 11,440,060 11,440,060
Diluted earnings per share $0.00 $0.00
Diluted weighted average shares outstanding 12,010,010 12,294,510
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