MySoftware Company Announces Fifth Record Quarter Under Current Management
Q2 1999 Gross Revenue Up 40% Over Record Q2 1998 Level Operating Income At Record Level
July 22, 1999 04:51 PM
PALO ALTO, Calif., July 22 /PRNewswire/ -- MySoftware Company(TM) MYSW , a leader in e-marketing solutions, today announced results for the three-month period ended June 30, 1999. The announcement marks the fifth record-setting quarter since the current management team took over in Q1 of 1998 and the third consecutive record revenue quarter.
For the three months ended June 30, 1999, MySoftware's revenues increased more than 40 percent to $4.9 million from $3.5 million in the same quarter last year. For the second quarter 1999, MySoftware reported a net income of $306,000, or $.06 per share, compared to a net income of $81,000, or $.02 per share a year ago.
The increase in revenues was due primarily to the continued success of the Company's direct marketing products and services in the direct sales, Original Equipment Manufacturers (OEM), and retail channels. The Company was also very pleased with the revenues to date generated by its Internet Services Group, for which MyProspects.com is the primary product offering.
The Company had $5.5 million in cash and cash equivalents and working capital of $5.6 million as of June 30, 1999, up from $4.7 million and $5.1 million, respectively, at the end of Q2 1999. MySoftware has no debt.
"The performance of the business continues to improve. Revenues are up across the board, as are profits and cash flow," said Gregory Slayton, president and CEO. "In addition, by signing important new partnerships with great partners such as Concentric Network, Stamps.com and Symantec Corporation, we believe that the Company is positioned for continued rapid growth.
"On the Internet side of the business, we see the potential for strong growth. We believe that the combination of MarketHome and MySoftware's e-Marketing products, services and customer base will make us one the leaders -- by revenues or customers - in the e-marketing industry, one of the fastest growing Internet segments today. In fact, Tara Long of C.E. Unterberg, Towbin projects that the e-marketing industry will reach $31 billion by 2002. The MarketHome acquisition is expected to be completed during the third quarter subject to satisfaction of closing conditions."
"The synergy between the two companies is already evident: we are delighted to note the MarketHome announcement today of its 50th world class client, Brooks Brothers. MarketHome's client base now includes many of the largest and most respected brands in the world, including L.L. Bean, Coach, the NBA, Hanes Direct, Boise Cascade and Orvis, to name just a few."
Slayton concluded: "We are strategically positioning the Company to take advantage of the huge growth in the e-Marketing industry. We expect MySoftware's revenues to far exceed that of other industry leaders such as Message Media, Critical Path, Net Perceptions and Mail.com this calendar year. We also expect the MarketHome acquisition to dramatically increase MySoftware's e-Marketing growth rate over the foreseeable future."
"With our My eProspects.com service and the acquisition of MarketHome, we believe that the combined Company will offer one of the industry's best solutions for companies that want to get highly targeted prospects to their web sites and then build profitable, one-to-one relationships with them. With 50+ world-class clients, a rapidly growing revenue base and the leading opt-in e-prospecting and e-mail campaign management systems available today, we believe the two companies, once combined, are on track to become the leader in the rapidly growing opt-in e-mail marketing services space by the year 2002."
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