MECA SOFTWARE ANNOUNCES FIRST QUARTER RESULTS
MECA SOFTWARE ANNOUNCES FIRST QUARTER RESULTS FAIRFIELD, Conn., Oct. 30 /PRNewswire/ -- MECA Software, Inc.
(NASDAQ-NMS: MECA) today announced that revenues for the first quarter of fiscal year 1993 were $5.8 million, a 190 percent increase from the $2 million reported in the same period of fiscal year 1992. For the three months ended Sept. 30, 1992 the company reported a net loss of $959,000 or 21 cents per share. As sales of MECA products are closely tied to the calendar year-end holiday season and tax preparation periods, a disproportionate share of the company's revenues are realized in the second and third quarters of the fiscal year.
"We are encouraged by our financial performance in the quarter just ended, particularly in having recorded our second consecutive quarter of triple digit sales growth," said MECA's President and Chief Executive Officer, Daniel M. Schley. "It is now apparent that the major restructuring of our marketing agenda set into motion last Spring has had a significant impact on our ability to grow revenues. We have also successfully penetrated a new channel of distribution via direct mail marketing, and have found customers to be very receptive to purchasing MECA's highly-regarded, brand name products through direct mail." Continued Schley, "During this period, we were also able to achieve several milestones in research and development. In August, we released new versions of Fidelity On-Line Xpress (FOX) and Managing Your Money Macintosh. In September we released Managing Your Money DOS, TaxCut DOS and TaxCut Windows. We also announced and released this week, TaxCut Macintosh. Also noteworthy is the fact that Fidelity On-Line Xpress has been nominated for PC/Computing Magazine's "MVP" award as the outstanding new product in its class. We are proud of these accomplishments, all of which are central to our business strategy and to the attainment of our fiscal year objectives." MECA Software, Inc. develops, publishes and markets a family of personal and business productivity software designed to assist individuals in managing personal or small-business finances, preparing their income taxes and managing personal legal affairs. MECA's products, which include Andrew Tobias' Managing Your Money, Andrew Tobias' TaxCut, Hyatt Legal Services Home Lawyer, Fidelity On-Line Xpress and the One-Write Plus accounting series are sold through independent distributors, software specialty chains, mail-order outlets and through direct channels. MECA SOFTWARE, INC. Consolidated Statements of Operations (unaudited, in thousands except per share data) 3 months ended Sept. 30, 1992 1991 Net revenues $5,815 $2,003 Cost of revenues 1,521 630 Royalty expense 393 249 Research & development 992 420 Sales and marketing 3,181 1,419 General & admin. 480 369 Amort. of purch. intangibles 227 0 Total costs and operating expenses 6,794 3,087 Operating (loss) (979) (1,084) Interest income (net) 20 131 Loss before benefit for income taxes (959) (953) Benefit for income taxes 0 (220) Net loss $(959) $(733) Net loss per share ($0.21) ($0.16) Weighted average common shares 4,477 4,516 MECA SOFTWARE, INC. Consolidated Balance Sheets (Unaudited, in thousands except per share data) Sept. 30 June 30 1992 1992 Assets: Current assets: Cash $2,524 $3,676 Accounts receivable 989 617 Taxes Receivable 420 420 Inventories 1,482 633 Other current assets 2,545 1,691 Total current assets 7,961 7,037 Furn., fix. and equip.-net 2,228 2,312 Intangible assets-net 1,193 1,289 Goodwill 2,421 2,535 Other assets 86 76 Total assets $13,889 $13,249 Liabilities and Shareholder's Equity: Current liabilities: Notes payable $210 $210 Accounts payable $2,777 $3,738 Accrued expenses 2,083 1,678 Royalties payable 288 481 Accrued compensation 679 350 Deferred revenue 5,366 3,518 Total current liabilities 11,403 9,975 Deferred revenue 444 273 Notes payable -- Long term 800 800 Stockholder's equity: Common stock 48 48 Paid-in capital 10,399 10,399 Treasury stock (1,163) (1,163) Accum. deficit (8,042) (7,083) Total S/H's equity 1,242 2,201 Total liab. and S/H's equity $13,889 $13,249 -0- 10/30/92 /CONTACT: Paul D. Harrison, chief financial officer of MECA Software, 203-256-5000/ (MECA) CO: MECA Software, Inc. ST: Connecticut IN: CPR SU: ERN
CH -- NE005 -- 7198 10/30/92 14:32 EST
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|Date:||Oct 30, 1992|
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