PYRAMID TECHNOLOGY REPORTS FOURTH QUARTER RESULTS
PYRAMID TECHNOLOGY REPORTS FOURTH QUARTER RESULTS SAN JOSE, Calif., Oct. 29 /PRNewswire/ -- Pyramid Technology Corp.
(NASDAQ: PYRD) reported revenues of $51,058,000 in its fourth fiscal quarter, ended Sept. 30, and a net loss of $29,977,000, or $2.50 per share. As previously reported, the loss includes a one-time restructuring charge, which totaled $23,435,000. In the fourth quarter of its 1991 fiscal year, Pyramid recorded revenues of $59,132,000, and net income of $2,164,000, or 18 cents per share.
Revenues for the fiscal year ended Sept. 30, 1992, were $192,226,000 with a net loss for the year of $59,707,000, or $4.99 per share. The loss for the year included restructuring charges totaling $41,180,000, and the company's cost of settling its shareholders class action litigation of $900,000. In fiscal 1991, the company had revenues of $227,948,000, and net income of $12,042,000, or $1.02 per share. Revenues in the fourth quarter were the highest of fiscal 1992, compared with $48,600,000 in Q3, $43,145,000 in Q2, and $49,423,000 in Q1. "While 1992 was a difficult year for Pyramid, we believe we have taken the actions necessary to properly position the company for fiscal 1993 and pave the way for improved performance," said Richard H. Lussier, chairman, president and chief executive officer. "Through reductions in force, facilities consolidations and organizational realignments, we have enhanced our operational efficiency and reduced our overall cost structure. Furthermore, Pyramid's balance sheet has held up well during this difficult period," said Lussier. Cash increased $9.4 million to $26.5 million from the June 1992 balance, while the company continues to remain virtually free of long-term debt. Contributing to the cash increase during the quarter was an outstanding performance in accounts receivable, as days sales outstanding dropped to 65 days, the lowest level recorded in the last four years. Inventory turns also improved during the quarter. "At the same time," Lussier said, "we successfully introduced our ES line of MIServers(R) which, together with our alliance with Comdisco and Integris and Pyramid's exciting new software products, providing the technology, partners and service we need to excel in the rapidly expanding data center market." Pyramid's new ES Series, which leads the industry in price/performance, was announced on Oct. 13, along with the Comdisco/Integris Open Data Center Alliance and a number of new Pyramid software products. Oracle Corp. announced record-breaking TPC-A benchmark numbers for Pyramid's mainframe-class ES Series. A number of ES systems have already been shipped. Founded in 1981 and headquartered in San Jose, Pyramid Technology manufactures, markets and supports the MIServer line of high- performance, high-availability servers for open data center computing, based on a multiprocessing RISC system architecture and a commercially enhanced version of the UNIX System V Release 4 operating system. Pyramid's systems support the largest UNIX-based relational databases in the world and provide the functionality and features necessary to open the data center. NOTE: MIServer is a registered trademark of Pyramid Technology Corp. All other trademarks are property of their respective companies. PYRAMID TECHNOLOGY CORP. (In thousands, except per share data) Fourth Quarter Ended Sept. 30, 1992 1991 Revenues $ 51,058 $ 59,132 Income (loss) before income taxes $(30,817) $ 3,381 Net income (loss) $(29,977) $ 2,164 Earnings (loss) per share: Net income (loss) $ (2.50) $ 0.18 Shares used in per share computation 12,013 11,979 Year Ended Sept. 30, 1992 1991 Revenues $192,226 $227,948 Income (loss) before income taxes $(66,636) $ 17,708 Net income (loss) (?59,707) $ 12,042 Earnings (loss) per share: Net income (loss) $ (4.99) $ 1.02 Shares used in per share computation 11,962 11,864 -0- 10/29/92 /CONTACT: Gary Valenzuela, senior vice president and chief financial officer of Pyramid Technology, 408-428-9000/ (PYRD) CO: Pyramid Technology Corp. ST: California IN: CPR SU: ERN
GT -- SJ003 -- 6769 10/29/92 16:31 EST
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|Date:||Oct 29, 1992|
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