Computron Software, Inc. announces 1996 year end and prior period restated results
April 17, 1997 08:02 AM EDT
RUTHERFORD, N.J.--(BUSINESS WIRE)--April 17, 1997--COMPUTRON SOFTWARE, INC.,(OTC: CTRN)
reported a net loss for the fiscal year ended December 31, 1996 of $31.8 million or ($1.53) per share, which compares to a
net loss of $8.6 million or ($0.46) per share for the corresponding period in 1995. Total revenue for the fiscal year 1996 was
$54.4 million, up 3% from $52.8 million for the corresponding period in 1995. On December 31, 1996, the Company had
cash, cash equivalents, restricted cash, and short-term investments of approximately $23.9 million compared to $46.7 million
at December 31, 1995.
For the fourth quarter of 1996, the Company registered a net loss of $8.6 million, or ($.42) per share, compared to a loss of
$11.0 million, or ($.58) per share, for the same period in 1995. The Company expects to post a loss for the three months
ended March 31, 1997. Fourth quarter 1996 revenues of $19.7 million represented an increase of 99% from the $9.9 million
in the fourth quarter of 1995.
The Company also announced that it restated its consolidated financial statements for each of the four years ended December
31, 1995, and certain unaudited quarters therein and for each of the three unaudited quarters in the period ended September
30, 1996.
A summary of the impact of such restatements on the financial statements for the years ended December 31, 1992, 1993,
1994, and 1995 and for the unaudited nine months ended September 30, 1996 is attached to this press release. The Company
has amended its 1995 Form 10-K and each of its 1995 and 1996 10-Q's to reflect the restatements.
Computron Software, Inc., Background Information
Headquartered in Rutherford, New Jersey, Computron Software, Inc., is an international software company that designs,
markets and supports N-tier Internet-enabled client/server-based financial, workflow, COOL (Computer Output On-Line
Laser Disk) and maintenance and materials/work management software solutions. Computron products are interoperable
across most major UNIX and legacy architectures, as well as on Microsoft Windows NT. The company currently markets its
products and services worldwide through a direct sales force and indirect channels. The company has officers and distributors
in 14 countries in North America, Europe and Asia.
This Press Release contains statements of a forward-looking nature relating to future events or the future financial performance
of the Company. Investors are cautioned that such statements are only predictions and that actual events or results may differ
materially. In evaluating such statements, investors should specifically consider the various factors which could cause actual
results to differ materially from those indicated by such forward-looking statements, including the matters set forth in the
Company's Annual Report for the year ended December 31, 1996 on Form 10-K, and the other reports and documents filed.
RESTATEMENT SUMMARY
Years Ended December 31,
1992 1993
Previously As Previously As
Reported Restated Reported Restated
Total revenue $20,513 $19,645 $24,282 $23,588
Loss from operations (2,750) (3,618) (2,644) (3,338)
Net loss (2,479) (3,347) (3,170) (3,864)
Total assets 16,453 15,585 17,302 16,119
Deferred revenue 1,934 1,934 3,137 3,516
Years Ended December 31,
1994 1995
Previously As Previously As
Reported Restated Reported Restated
Total revenue $34,958 $32,473 $55,519 $52,795
Loss from operations 433 (2,052) (7,704) (8,970)
Net loss 77 (2,408) (7,312) (8,578)
Net loss per share .00 (.13) (.39) (.46)
Total assets 36,681 35,075 73,045 71,367
Deferred revenue 9,935 12,376 10,474 13,667
Unaudited
Nine Months Ended
September 30, 1996
Previously As
Reported Restated
Total revenue $36,846 $34,677
Loss from operations (22,905) (24,786)
Net loss (21,333) (23,214)
Net loss per share (1.03) (1.12)
Total assets 60,542 58,483
Deferred revenue 11,423 16,404
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Additional sources of information
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