QUARTERDECK POSTS RECORD SALES AND EARNINGS
QUARTERDECK POSTS RECORD SALES AND EARNINGS SANTA MONICA, Calif., Nov. 4 /PRNewswire/ -- Quarterdeck Office
Systems, Inc. (NASDAQ: QDEK) today reported record fiscal 1991 net sales of $48 million and net earnings of $12 million representing increases of 82 percent in net sales and 92 percent in earnings before extraordinary item.
For the fiscal year ended Sept. 30, 1991, Quarterdeck's net earnings rose to $12,018,000, or $.63 per share, from $7,632,000, or $.41 per share, a year ago. In fiscal 1990, net earnings included $1,365,000, or $.07 per share, representing utilization of net operating loss carryforwards. Sales for fiscal 1991 advanced to $47,995,000, up from $26,304,000 in the prior year. For the fourth quarter of fiscal 1991, Quarterdeck's net earnings were $3,209,000, more than triple the $1,059,000 posted in the corresponding year earlier period. Earnings per share equaled $.16 compared to $.06 in the prior year fourth quarter. Fourth quarter fiscal 1990 results included $187,000, or $.01 per share, attributable to net operating loss carryforwards. Sales for the fiscal 1991 fourth quarter more than doubled to $13,296,000 from $6,274,000 in the prior comparable quarter. "Continuing demand for Quarterdeck's multitasking and memory management products and strong receptions for the upgrades and new versions we introduced this year led to our record results," said President and Chief Executive Officer Therese Myers. "We are especially pleased with achieving pretax margins for the year of 40 percent, despite significant increases in direct costs and selling, general and administrative expenses incurred primarily for product launches, upgrades and enhanced technical support services. "We currently expect that our DESQview/X product, previously scheduled for delivery in December, will be introduced in the first quarter of the calendar year," Myers added. "When introduced, the product will now incorporate the Adobe Type Manager (ATM) technology and the Rational 16-and 32-bit shared DOS extenders." Quarterdeck also continued to realize important growth on the international front. Sales outside North America rose to 10.2 percent of total sales in fiscal 1991, up from 8.9 percent in fiscal 1990. Net earnings figures for the fiscal 1991 fourth quarter and 12- month periods are based on approximately 10 and 4 percent, respectively, increases in weighted average common shares outstanding due to Quarterdeck's successful completion on June 11, 1991 of its initial public offering. Quarterdeck is a technology leader in the development of software products that enhance the performance of DOS-based personal computer hardware and software. The company develops, markets and supports multitasking, windowing and memory management software designed to bring cost-effective computing solutions to business and professional PC users. NOTE: DESQview/X is a registered trademark of Quarterdeck Office Systems, Inc. Adobe Type Manager and ATM are registered trademarks of Adobe Systems Incorporated. QUARTERDECK OFFICE SYSTEMS, INC. CONSOLIDATED STATEMENTS OF EARNINGS (Amounts in thousands, except per share data) Three Months Ended Year Ended Sept. 30, Sept. 30, 1991 1990 1991 1990 (Unaudited) Net sales $13,296 $6,274 $47,995 26,304 Costs and expenses: Direct costs 1,755 452 4,794 2,670 Software development costs 244 193 562 512 Selling, general and administrative expenses 6,659 4,243 23,489 12,603 Operating income 4,638 1,386 19,150 10,520 Interest income, net 395 103 863 175 Earnings before income taxes and extraordianry item 5,033 1,489 20,013 10,695 Income tax expense 1,824 617 7,995 4,428 Earnings before extraordinary item 3,209 872 12,018 6,267 Extraordinary item: Tax benefit resulting from utilization of net operating loss carryforwards -0- 187 -0- 1,365 Net earnings $3,209 $1,059 $12,018 $7,632 Net earnings per share: Earnings before extraordinary item $0.16 $0.05 $0.63 $0.34 Extraordinary item -0- 0.01 -0- 0.07 Net earnings $0.16 $0.06 $0.63 $0.41 Weighted average number of common and common equivalent shares outstanding 20,297 18,382 19,094 18,339 -0- 11/4/91 R /CONTACT: Ronald B. Hammond, VP-Finance of Quarterdeck Office Systems Inc., 213-392-9851; or Cecilia A. Wilkinson or Susan Klein of Rifkind Pondel & Parsons, 213-207-9300/ (QDEK) CO: Quarterdeck Office Systems Inc. ST: California IN: CPR SU: ERN EH -- LA007 -- 0689 11/04/91 11:23 EST
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|Date:||Nov 4, 1991|
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