Monday October 25, 5:59 am Eastern Time
Company Press Release
SOURCE: Harbinger Corporation
Harbinger Corporation Announces
Record Revenues and Strong Core Revenue Growth
ATLANTA, Oct. 25 /PRNewswire/ -- Harbinger Corporation (Nasdaq: HRBC - news), a
worldwide supplier of Electronic Commerce software, services and solutions, is pleased to
announce record revenues for the quarter ended September 30, 1999. Revenues for 3Q99
increased 16% to $40.9 million compared to revenues of $35.4 million for the same period last
year. In addition, core revenues from software and services (which exclude revenues from
discontinued products and alliance partners) grew 29% from 3Q98 to 3Q99. Core revenues
comprised nearly 85% of 3Q99 total revenues compared to 76% a year ago.
Operating income increased to $ 6.2 million for 3Q99 compared to ($ 16.8) million loss in 3Q98.
Net income applicable to common shareholders for 3Q99 was $ 6.4 million or $ 0.16 per fully
diluted share compared to ($23.4) million loss or ($ 0.56) per fully diluted share for 3Q98,
including a ($7.3) million loss from discontinued operations in 3Q98.
Core earnings, defined as pre-tax income excluding restructuring and other charges, and
tax-effected at 39%, were $ 0.10 per share in the third quarter of 1999, compared to $0.07 for the
same period last year.
``There was great progress at Harbinger during the third quarter along many, many fronts,' said C.
Tycho Howle, Harbinger Chairman and Chief Executive Officer. ``In my view, the most important
news from 3Q99 is not our record operating results which once again exceeded expectations. Nor
was it the launch of our new ASP line of business which we believe will evolve into a timely and
very significant growth engine for the first decade of the 21st century. Nor was it the many new
customer relationships for our market-leading, IP-based B2B E-Commerce solutions. Nor was it
the progress toward the migration of our tens of thousands of customers to use these new IP-based
technologies. Nor was it the planning and launch of our new online vertical trading communities,
such as grocerylink.net, and our partnership with Sun Netscape to develop a very much needed
petroleum industry portal. No, the biggest news of the quarter is not what happened in the quarter
but rather our readiness for what is about to happen in our marketplace. Over the next 12 to 15
months, the majority of businesses in the U.S. -- - - - and the World for that matter - - - -- will
begin their Electronic Commerce initiatives to establish electronic linkages with their suppliers and
customers. I believe Harbinger is once again finely tuned and ready for the race. The combination
of products, services, infrastructure, confidence, attitude and shared vision among the Harbinger
team is coming together at a pivotal time, just as many, many companies set their EC direction for
the next three to five years. In my view, that's the big news for the quarter.' |
