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THE SOFTWARE TOOLWORKS REPORTS RESULTS FOR THE FISCAL YEAR AND QUARTER ENDED MARCH 31, 1992

 THE SOFTWARE TOOLWORKS REPORTS RESULTS FOR THE FISCAL YEAR
 AND QUARTER ENDED MARCH 31, 1992
 NOVATO, Calif., July 15 /PRNewswire/ -- The Software Toolworks, Inc., (NASDAQ: TWRX) a leading publisher of education, entertainment, and productivity software, has reported a loss of $14.5 million or ($0.59) per share for the fiscal year ended March 31, 1992, versus a loss of $38.9 million or ($1.78) per share for the prior fiscal year. Revenues were $102.6 million for the fiscal year ended March 31, 1992, versus $66.8 million for the prior fiscal year.
 The company has reported a loss of $16.0 million or ($0.63) per share for its fourth fiscal quarter ended March 31, 1992, versus a loss of $30.8 million or ($1.36) per share for the comparable quarter of the prior fiscal year. Revenues for the quarter ended March 31, 1992, were $23.1 million versus $10.1 million for the same quarter last fiscal year.
 A number of significant adjustments contributed to the fourth quarter loss including $3.2 million in litigation settlement expense, $3.1 million allowance for doubtful accounts (including $2.2 million related to a major customer who filed bankruptcy in June 1992), $2.8 million estimated sales returns and other allowances to customers, $2.0 million write-off of unrecoverable software development costs, and $1.3 million write-off of remaining intangible assets of two former subsidiaries of the company, Intellicreations, Inc. and DS Technologies, Inc.
 The company has taken steps to cut costs and improve cash flow including obtaining more favorable credit terms from certain of its major vendors and suppliers, implementing a workforce reduction program, deferring several software projects until calendar 1993, and intensifying certain cash collection efforts.
 As a result of the loss discussed above, the company was in violation of certain covenants of the credit facility agreement with its bank as of March 31, 1992. On July 13, 1992, the company and its bank agreed to amend and renew the present credit agreement. As part of the agreement, the bank has waived all violations of debt covenants through July 13, 1992. In addition, the credit facilities have been extended to July 31, 1993, including continuation of the existing $15 million working capital facility, with a $1 million reduction in the facility at each month-end beginning Jan. 31, 1993 when the company's requirement for cash is expected to decline.
 -0- 7/15/92
 /CONTACT: Vincent Turzo of Software Toolworks, Inc.,


415-883-3000 ext.568/
 (TWRX) CO: The Software Toolworks, Inc. ST: California IN: CPR SU: ERN


AH-LD -- NY003 -- 9341 07/15/92 07:00 EDT
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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.

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Publication:PR Newswire
Date:Jul 15, 1992
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