Printer Friendly

MECA SOFTWARE ANNOUNCES SECOND QUARTER RESULTS

 MECA SOFTWARE ANNOUNCES SECOND QUARTER RESULTS
 FAIRFIELD, Conn., Jan. 22 /PRNewswire/ -- MECA Software, Inc.


(NASDAQ: MECA) today announced that revenues for its second fiscal quarter ended Dec. 31, 1991, were $5,043,000 as compared to revenues for the same period of fiscal 1991 of $6,156,000. Revenues for the six months ended Dec. 31, 1991 were $7,045,000. During the comparable period of fiscal 1991 revenues were $8,424,000.
 For the three-month period ended Dec. 31, 1991, MECA reported net income of $48,000 or 1 cent per share, compared with $696,000 or 15 cents per share, for the same period of fiscal 1991. Net loss for the first half of fiscal 1992 was $685,000 or 15 cents per share compared to net income of $766,000 or 17 cents per share, for the same period in the prior year.
 Commenting on the decrease in revenues in the second quarter of fiscal 1992 as compared with the same period of fiscal 1991, MECA Software President, Daniel M. Schley said, "Early in this fiscal year, we made a strategic decision to not automatically send fall release versions of our TaxCut software program to those existing customers who have purchased the 1991 TaxCut upgrade. In the past, shipping the fall release to all upgrade customers resulted in revenue recognition of TaxCut upgrade revenues in the fall -- our second fiscal quarter. The decision to ship only a single, final release version to our upgrade customers defers approximately $1.4 million of upgrade revenues until the third fiscal quarter. This decision also substantially reduces the cost of goods associated with upgrading TaxCut customers, and does so without reducing the quality of the software or the service to our customers. Taking this deferral of revenues into account, we are generally pleased with operating results for the second quarter of fiscal 1992."
 Added Schley, "Our results for the first half of the fiscal year are in line with our operating plan to return the company to growth and profitability in our current fiscal year. Looking ahead, we anticipate our operating results will be further enhanced by our recently completed acquisition of Great American Software. With this acquisition, we have positioned ourselves as a major player in the small business finance marketplace, and expect to achieve the economies of scale associated with the combination of the two companies."
 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, managing personal legal affairs and organizing their business environemnt. MECA's products, which include One-Write Plus Accounting, Andrew Tobias' Managing Your Money, Andrew Tobias' TaxCut, Hyatt Legal Services Home Lawyer and The Manager's Organizer, are sold through independent distributors, software spoecialty chains and mail order outlets.
 MECA SOFTWARE, INC.
 Statement of Operations
 (unaudited, in thousands except per share data)
 Three Months Ended Six Months Ended
 Dec. 31 Dec. 31
 1991 1990 1991 1990
 Net revenues $5,043 $6,156 $7,045 $8,424
 Cost of revenues 1,385 1,190 2,015 1,535
 Royalty expense 671 827 921 1,138
 Research & development 534 252 956 514
 Sales and marketing 2,131 2,475 3,547 3,552
 General and admin. 390 436 759 779
 Amortization of purchase
 intangibles 0 18 0 39
 Total costs and
 operating expenses 5,111 5,198 8,198 7,557
 Operating income (loss) (68) 958 (1,153) 867
 Interest income (net) 116 211 248 421
 Income before provision
 (benefit) for
 income taxes 48 1,169 (905) 1,288
 Provision (benefit) for
 income taxes 0 473 (220) 522
 Net income (loss) $48 $696 $(685) $766
 Net income (loss)
 per share 1 cent 15 cents (15 cents) 17 cents
 Weighted average common
 shares and equivalents 4,372 4,715 4,441 4,622
 MECA Software, Inc.
 Balance Sheet
 (unaudited, in thousands except per share data)
 12/31/91 6/30/91
 ASSETS
 Current assets:
 Cash $9,486 $10,531
 Accounts receivable 1,692 881
 Taxes receivable 280 1,356
 Inventories 481 241
 Deferred income tax 488 600
 Other current assets 811 580
 Total current assets 13,238 14,189
 Furn., fix. and equip. -- net 1,709 1,421
 Intangible assets -- net 280 148
 Other assets 212 78
 Total assets $15,439 $15,836
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $1,690 $1,532
 Royalties payable 303 341
 Accrued compensation 263 304
 Deferred revenue 4,184 3,462
 Total current liabilities 6,440 5,639
 Deferred Revenue 479 280
 Stockholder's equity
 Common stock 47 47
 Paid-in-capital 9,848 9,848
 Treasury stock (1,163) (450)
 Retained earnings (Accum. deficit) (212) 472
 Total stockholders' equity 8,520 9,917
 Total liability and
 stockholders' equity $15,439 $15,836
 -0- 1/22/91
 /CONTACT: Paul D. Harrison, chief financial officer of MECA Software, Inc., 203-256-5000/
 (MECA) CO: MECA Software, Inc. ST: Connecticut IN: CPR SU: ERN


DD-SD -- NE020 -- 2375 01/22/92 14:04 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1992
Words:834
Previous Article:CASE WESTERN RESERVE FINANCIAL AID
Next Article:BAXTER REPORTS RECORD 1991 SALES AND EARNINGS
Topics:


Related Articles
MECA SOFTWARE ADJUSTS FINANCIAL EXPECTATIONS
MECA SOFTWARE ANNOUNCES THIRD QUARTER RESULTS
MECA SOFTWARE ANNOUNCES FOURTH QUARTER RESULTS
MECA SOFTWARE ANNOUNCES FIRST QUARTER RESULTS
MECA SOFTWARE ANNOUNCES THIRD QUARTER RESULTS
MECA SOFTWARE ANNOUNCES FOURTH QUARTER RESULTS
MECA SOFTWARE ANNOUNCES FOURTH QUARTER RESULTS
MECA SOFTWARE ANNOUNCES FIRST QUARTER RESULTS
Concentrex Incorporated Reports Record Second Quarter Revenues and Increased Earnings Before Non-Recurring Acquisition Charge.
Concentrex Incorporated Reports Record Third Quarter Revenue.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters