Here you have it:
biz.yahoo.com
Friday October 30, 7:51 am Eastern Time
Company Press Release
Year 2000 Wire/Alydaar Software Corp. Reports
Third Quarter Results
Revenue Increases 288 Percent Over Year Ago Quarter
CHARLOTTE, N.C.--(BUSINESS WIRE)--Oct. 30, 1998-- Alydaar Software Corp. (NASDAQ:ALYD - news) reported
today that for the third quarter ended Sept. 30, 1998, it had revenues of $8,761,000 compared with $2,259,000 for the third
quarter 1997, or a 288 percent increase.
The company earned $1,732,000 or 10 cents per share basic and fully diluted for third quarter 1998 versus a loss of
$2,171,000 or 13 cents per basic and fully diluted share for third quarter 1997.
For the nine months ended Sept. 30, 1998, the company had revenues of $26,729,000 and net income of $6,277,000 or 36
cents per basic and fully diluted share compared with revenues of $4,567,000 and a loss of $7,634,000 or 51 cents per basic
and fully diluted share for the nine months ended Sept. 30, 1997. Average fully diluted shares were 17,450,986 and
15,057,000 for the nine months ended Sept. 30, 1998 and 1997, respectively.
Commenting on the results, V. Hollis Scott, chief financial officer, stated, ''We are pleased with our 20 percent net income
result for the third quarter, 1998. During the third quarter 1998, the company was awarded 13 new contracts. The individual
contract awards were for amounts ranging from $400,000 to an estimated $4,500,000. The company has experienced a surge
in contract awards during October and has signed nine new contracts. In July 1998, Richard Buchanan, previously vice
president of Sales in North America for Eastman Kodak, where he had been employed for twenty-four years, was appointed
vice president of Sales in charge of our domestic and international sales organizations which we believe will further improve our
sales process. In addition, we continue to make progress on our business diversification strategy, and shortly after the third
quarter ended, we introduced a new line of web-based enterprise resource planning (ERP) tools. We will announce further
enhancements to our business in the coming months.''
The statements made in this press release that are not historical facts contain ''forward-looking information'' within the meaning
of the Private Securities Litigation Reform Act of 1995, which can be identified by the use of forward-looking terminology such
as ''may'', ''will'', ''anticipates'', ''expects'', ''projects'', ''estimates'', ''believes'', or ''continue'', the negative thereof, other
variations or comparable terminology. Important factors, including certain risks and uncertainties, with respect to such
forward-looking statements that could cause actual results to differ materially from those reflected in such forward-looking
statements include, but are not limited to, the impact of competitive products and services, the ability of customers to package
code in a timely manner, the company's ability to manage growth and acquisitions of technology or people, diversification of the
company's business, the effect of economic and business conditions, including risks inherent in international operations and the
ability to attract and retain technical personnel.
Alydaar Software Corporation is a software re-engineering company, specializing in computer language translation and systems
migration services. Its central focus for the past two years has been resolving the Year 2000 problem. Using SmartCode, its
core re-engineering technology, Alydaar remediates or audits most computer languages on most hardware platforms. Alydaar's
clients include: Advanced Micro Devices (AMD), Northern States Power (NSP), 3M (MMM), Nabisco (NA), DuPont (DD),
Whirlpool (WHR), RJ Reynolds (RJR), and McDonnell-Douglas (MD), among others. Alydaar also provides remediation
services under a strategic alliance agreement with Compuware (CPWR). More information about Alydaar Software
Corporation and its services can be found on the World Wide Web at alydaar.com.
Alydaar Software Corporation
Consolidated Statement of Operations
Periods Ended Sept. 30, 1998 and 1997
(Unaudited)
Three Three Nine Nine
Months Months Months Months
Ended Ended Ended Ended
9/30/98 9/30/97 9/30/98 9/30/98
Earned Revenues $8,760,716 $2,258,570 $26,728,957 $4,566,839
Expenses 6,970,398 4,444,024 20,275,890 12,228,259
Operating Income
(Loss) 1,790,318 (2,185,454) 6,453,067 (7,661,420)
Other Income
(Expense) (58,703) 14,411 (175,752) 27,386
Net Income (Loss) $1,731,615 $(2,171,043) $6,277,315 $(7,634,034)
Earnings Per Share:
Basic $ 0.10 $ (0.13) $ 0.36 $ (0.51)
Fully Diluted $ 0.10 $ (0.13) $ 0.36 $ (0.51)
Average Shares
Outstanding:
Basic 17,449,668 17,756,291 17,409,707 15,056,501
Diluted 17,647,256 16,756,291 17,607,295 15,056,501
Contact:
Alydaar Software Corp., Charlotte
Tom Dudchik, 704/365-2324, ext. 2049 |
