CONSILIUM REPORTS YEAR-END RESULTS
CONSILIUM REPORTS YEAR-END RESULTS MOUNTAIN VIEW, Calif., Dec. 5 /PRNewswire/ -- Consilium Inc.
(NASDAQ: CSIM), the leading supplier of integrated plant floor management software and services, announced today that revenue for its fiscal year ended Oct. 31, 1991, was $31,455,000, essentially flat with revenue of $31,228,000 for the previous fiscal year. Net income for fiscal 1991 was $1,469,000, or 21 cents per share, down 70 percent from $4,805,000, or 70 cents per share, from last year's figures.
For its fourth quarter, Consilium reported revenue of $8,385,000 down 10 percent from $9,314,000 for the same period a year ago. Net income for the quarter was $490,000, 7 cents per share, down 73 percent as compared with $1,826,000 or 26 cents per share. "Our financial results during the fiscal year were negatively impacted due to the continuing recession and its effect on most of Consilium's customers. Yet, we can also say that our business fundamentals remain strong," said Thomas Tomasetti, Consilium's president and chief executive officer. During 1991 the company was affected by the lengthening of sales cycles, particularly in the United States, as customers delayed decisions. Despite the impact of these conditions on Consilium's short-term financial performance, the company made significant progress in its overall strategic goals for continued market penetration and future growth, said Tomasetti. The company made several key moves during the year, including a systems integration agreement with Electronic Data Systems (EDS), the formation of a Japan subsidiary and the signing of three new distributors in Asia. In addition, Consilium launched its new FlowStream product for the process industries and made significant ease-of-use enhancements to its WorkStream product line. International sales in fiscal year 1991 remained strong and accounted for 37 percent of revenue, compared with 36 percent for the previous year. The company further penetrated several European markets, including France, Germany, Holland, Switzerland and Israel. During the year the company made sales into two promising new industries -- pharmaceuticals, and metals and glass. "Despite the economic conditions, we were able to optimize the company's performance through conservative management of our discretionary spending," said Tomasetti. First-time WorkStream sales in the fourth quarter included: -- a U.S. supplier which makes components for the NASA space shuttle -- a U.S. manufacturer in the chemicals, plastics and aerospace industries -- a British aircraft manufacturer -- a French semiconductor company -- a Korean semiconductor manufacturer In addition, the company sold additional WorkStream software to current customers in various industries and countries around the world. Consilium also received initial revenue from its agreement with the Du Pont Co. to provide WorkStream as the standard for a worldwide program of shop floor control in its manufacturing facilities. "While our business opportunities are expanding and our pipeline is solid, profitability in the seasonally weak first quarter will be a challenge," Tomasetti said. "Still, our long-term prospects remain strong because we have maintained our core and new product research and development, marketing, sales and distribution programs to ensure the company's growth after the recession ends." Consilium Inc. is the leading supplier of integrated plant floor management software and services. With its FlowStream and WorkStream product lines, Consilium offers a suite of comprehensive integrated plant floor management solutions that direct the execution of the manufacturing process and allow manufacturers to achieve World Class Manufacturing. The company is headquartered in Mountain View. Workstream is a registered trademark and FlowStream is a trademark of Consilium Inc. CONSILIUM INC. Consolidated Statements of Income (In thousands, except per share data; restated to reflect change in accounting method adopted during second quarter fiscal 1991) (unaudited) (audited) Three months ended Year ended Oct. 31, Oct. 31, 1991 1990 1991 1990 Revenues: Product $4,688 $5,917 $17,682 $18,670 Maintenance 2,246 2,130 9,042 7,737 Services 1,451 1,267 4,731 4,821 Total revenues 8,385 9,314 31,455 31,228 Expenses: Selling and marketing 4,348 3,866 17,249 14,526 Research and development 2,362 2,470 9,135 8,815 General and administrative 1,133 706 3,804 2,292 Total operating expenses 7,843 7,042 30,188 25,633 Income (loss) from operations 542 2,272 1,267 5,595 Net interest income 179 336 893 1,269 Income before provision for income taxes 721 2,608 2,160 6,864 Provision for income taxes 231 782 691 2,059 Net income $490 $1,826 $1,469 $4,805 Earnings per share $0.07 $0.26 $0.21 $0.70 Shares used in per share calculations: 7,135 6,940 7,023 6,913 CONSILIUM INC. CONDENSED CONSOLIDATED BALANCE SHEET (In thousands; audited, restated to reflect change in accounting method adopted during second quarter fiscal 1991) Oct. 31, 1991 Oct. 31, 1990 ASSETS Cash and short term investments $ 15,109 $ 19,713 Accounts receivable, net 15,170 9,147 Other assets 9,923 9,315 Total assets $ 40,202 $ 38,175 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts Payable 1,782 1,314 Other current liabilities and accrued expenses 5,473 7,114 Total current liabilities 7,255 8,428 Long-term liabilities 1,816 1,699 Total liabilities 9,071 10,127 Total shareholders' equity 31,131 28,048 Total liabilities and shareholders' equity $ 40,202 $ 38,175 -0- 12/5/91 /CONTACT: Mark Finkel, or Darby Dye of Consilium Inc., 415-691-6100; or Joanne Marlin of Thomas Associates, 415-325-6236, for Consilium/ (CSIM) CO: Consilium Inc. ST: California IN: CPR SU: ERN
DB -- SJ003 -- 9816 12/05/91 16:23 EST
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|Date:||Dec 5, 1991|
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