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Tripos Inc. announces fourth quarter and fiscal year end earnings.

ST. LOUIS--(BUSINESS WIRE)--Feb. 10, 1995--Friday, Tripos Inc. (NASDAQ: TRPS) announced financial results for the fourth quarter of 1994 and fiscal year ending 1994.

Total net sales for the quarter were $7,884,000 compared with $6,152,000 for the fourth quarter of 1993, an increase of 28%. Total net sales for the fiscal year increased 9% to $19,602,000 compared with fiscal 1993 total net sales of $17,977,000.

Combined sales of software licenses and support increased 3% to $4,641,000 for the quarter as compared with $4,524,000 in the fourth quarter of 1993. For the twelve month period ending December 31, 1994 combined sales of software licenses and support increased 12% to $14,412,000 compared with $12,847,000 for the same period in 1993. As expected, net sales of low margin hardware showed minimal growth over 1993 as management focuses on the core software business. Tripos, Inc. posted income from operations of $987,000 and net income of $701,000 for the fourth quarter 1994. These figures compare with income from operations of $694,000 and net income of $760,000 for the fourth quarter 1993.

For the fiscal year 1994, Tripos, Inc. had net income of $352,000 compared with net income of $444,000 for the same period 1993.

"We are pleased with the results of our first year as a public company serving a market which has faced significant challenges in 1994. Tripos increased its higher margin software and support revenue, made notable progress in penetration of new markets in the biopharmaceutical sphere, and increased its customers in the traditional pharmaceutical area," stated Dr. John P. McAlister, President and CEO.

"In 1995, we will continue to expand our customer base with existing products and new products for information analysis at the desktop (UNISON) and for discovery research using the novel methods of combinatorial chemistry and high throughput screening (Legion and Selector).

Recently announced strategic collaborations with Panlabs, Onyx Pharmaceuticals, and The ForeFront Group will also play important roles in 1995. As the pharmaceutical and biotechnology industries continue to change and refocus their research efforts, Tripos will be well-positioned to meet their evolving needs for products and services in discovery research," McAlister added.

Tripos, Inc. is a worldwide leader in the creation, development, and marketing of scientific software and related services to facilitate the discovery of new therapeutic and bioactive compounds in the pharmaceutical, biotechnology, chemical, and agrochemical industries. The customer base includes the world's largest scientific research organizations. -0-
 (in thousands, except per share data)

 Three Months Ended Twelve Months Ended
 Dec. 31 Dec. 31 Dec. 31 Dec. 31
 1994 1993 1994 1993
Net sales
 Software licenses 3,210 3,280 8,848 8,467
 Support 1,431 1,244 5,564 4,380
 Hardware 3,243 1,628 5,190 5,130
 Total net sales 7,884 6,152 19,602 17,977
Operating costs and expenses
 Cost of sales 3,500 1,913 6,416 5,844
 Sales and marketing 2,175 2,252 8,259 7,343
 Research and development 913 691 3,409 2,959
 General and administrative 309 602 1,208 1,371
 Total costs and expenses 6,897 5,458 19,292 17,517
Income from operations 987 694 310 460
Other expense (income), net (124) 10 (228) 9
Income before income taxes 1,111 684 538 451
Income tax expense (benefit) 410 (76) 186 7
Net income 701 760 352 444

PRO FORMA EARNINGS PER SHARE (2) .24 .15 .10 .08

SHARES OUTSTANDING 2,845 2,746 2,845 2,746

Net cash provided by operating
 activities $247 $133 $3,575 $1,119
Net cash used in investing
 activities (359) (161) (1,478) (1,441)
Net cash provided by (used in)
 financing activities (92) 39 6,588 51
Effect of foreign exchange rates
 on cash 11 (104) 40 141
Net (decrease) increase in cash (193) (93) 8,725 (130)
Cash at beginning of period 8,980 155 62 192
Cash at end of period 8,787 62 8,787 62

INFORMATION (1) 1994 1993
Working capital $9,824 $2,692
Total assets 20,913 11,960
Total shareholders' equity (deficit) 12,828 (290)

(1) Effective June 1, 1994, Evans & Sutherland Computer Company ("E&S") distributed all outstanding shares of Tripos, Inc. ("Tripos") common stock to E&S shareholders. Every three shares of E&S yielded one share of Tripos. Immediately prior to the distribution, E&S forgave Tripos' inter-company debt owed to E&S totaling $6,421,000, made a cash contribution to Tripos of $6,506,000, compensated Tripos for a $403,000 tax benefit, related to net losses incurred by Tripos during the period from January 1, 1994 to May 31, 1994, and transferred Tripos-related E&S European operations to Tripos.

(2) The pro forma earnings per share calculations for Tripos for the three month period in 1993 and the twelve-month periods in 1994 and 1993 reflect the effects of adjustments to historical results of operations for estimates of the costs which would have been incurred by Tripos during the respective periods on a stand-alone basis. Pro forma earnings per share assumes 2,845,000 and 2,746,000 of common stock outstanding for 1994 and 1993, respectively.

CONTACT: Tripos Inc., St. Louis

Colleen McDonnell, 800/323-2960 or 314/647-1099
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Publication:Business Wire
Date:Feb 10, 1995
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