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SOFTWARE TOOLWORKS RETURNS TO PROFITABILITY; THE COMPANY REPORTS NET INCOME OF $1.18 MILLION FOR ITS SECOND FISCAL QUARTER ENDED 9/30/91

SOFTWARE TOOLWORKS RETURNS TO PROFITABILITY; THE COMPANY REPORTS NET

INCOME OF $1.18 MILLION FOR ITS SECOND FISCAL QUARTER ENDED 9/30/91
    NOVATO, Calif., Nov. 5 /PRNewswire/ -- The Software Toolworks, Inc., (NASDAQ: TWRX) a developer and publisher of software for personal computers and Nintendo Entertainment Systems, has reported revenue of $22.2 million and net income of $1.18 million or $0.05 per share for its fiscal second quarter ended Sept. 30, 1991.  For the comparable quarter in the previous fiscal year, the company reported revenue of $14.0 million and a net loss of $(7.0) million or $(0.31) per share on a restated basis.
    For the six months ended Sept. 30, 1991, the company reported revenue of $38.6 million and net income of $0.2 million or $0.01 per share, compared with revenue of $29.2 million and a net loss of $(3.7) million or $(0.18) per share on a restated basis for the comparable period last year.
    Net income per share calculations for the quarter and the six months include the 2.8 million shares to be issued in connection with the shareholder litigation settlement, which was agreed to by the company on July 1, 1991, as previously disclosed.
    Commenting on the September quarter and six months results, Bob Lloyd, president, said, "Thanks to the hard work and high caliber of productivity from everyone at The Software Toolworks, we have returned the company to profitability and set the stage for continued growth."
    Revenues for the September 1991 quarter increased 59 percent over the comparable quarter last year, in line with the company's plan.  The significant gain was due to the shipment of new products including the company's first Super Nintendo Entertainment System title (Chessmaster), The Miracle Piano Teaching System featuring a new model for the IBM PC and IBM compatibles, and a number of new software products including a Windows version of World Atlas.  In addition, the company's international business registered major growth with revenues up more than 300 percent over the same quarter a year ago.
    Charges for legal expenses reduced the September 1991 quarter by approximately $600,000 which consisted in large part of expenses related to settlement of the shareholder litigation; legal expenses are expected to decline in future quarters.
    Les Crane, chairman and chief executive officer, said, "I am extremely gratified that the company's restructuring and new management team led by President Bob Lloyd has achieved these results which are ahead of plan and create a platform for achieving our goals for the rest of the fiscal year."
    -0-              11/5/91
    /CONTACT:  Vincent Turzo of Software Toolworks, 415-883-3000, ext. 568/
    (TWRX) CO:  The Software Toolworks, Inc. ST:  California IN:  CPR SU:  ERN PS -- NY011 -- 1075 11/05/91 08:01 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 5, 1991
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