Stac Software, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
September 30, September 30,
(unaudited)
1999 1998 1999 1998
Revenues:
Software
and service $ 3,865 $ 3,020 $ 13,856 $ 14,292
Royalties -- -- -- 5,111
Net revenues 3,865 3,020 13,856 19,403
Cost of revenues 253 272 909 980
Gross margin 3,612 2,748 12,947 18,423
Operating expenses:
Research and
development 1,336 1,984 6,179 7,555
Sales and marketing 1,969 2,385 8,247 10,509
General and
administrative 631 1,295 3,431 4,446
Restructuring 400 -- 1,222 350
Total operating
expenses 4,336 5,664 19,079 22,860
Operating loss (724) (2,916) (6,132) (4,437)
Interest income 377 494 1,571 2,434
Loss before income
taxes (347) (2,422) (4,561) (2,003)
Provision (benefit)
for income taxes (126) 5,372 (1,663) 5,879
Loss from continuing
operations (221) (7,794) (2,898) (7,882)
Discontinued
operations:
Income from discontinued
operations,net of taxes
of $550 in 1999 and
$335 and $1,627 in the
three and twelve months
ended 9/30/98
respectively -- 215 885 2,067
Net loss $(221) $(7,579) $(2,013) $(5,815)
Earnings per common
share, basic
Loss from continuing
operations $(0.04) $ (1.31) $(0.49) $(1.24)
Income from
discontinued
operations 0.00 0.04 0.15 0.32
Net loss (0.04) (1.27) (0.34) (0.92)
Earnings per common
share, diluted
Loss from continuing
operations $(0.04) $(1.31) $(0.49) $(1.24)
Income from
discontinued
operations 0.00 0.04 0.15 0.32
Net loss (0.04) (1.27) (0.34) (0.92)
Weighted average
common shares
outstanding, basic 5,968 5,962 5,925 6,337
Weighted average
common shares
outstanding, diluted 5,968 5,962 5,925 6,337
(1) Earnings and earnings per share for the three months ended September 30, 1999 include non-recurring restructuring charges net of tax benefits recognized of $254,000 and $0.04 per common share, for the twelve months ended September 30, 1999, of $776,000 and $0.13 per common share, and for the twelve months ended June 30, 1998, $208,000 or $0.03 per common share.
Stac Software, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
ASSETS
September 30, September 30,
1999 1998
Current assets:
Cash and short-term investments $ 29,790 $ 24,432
Accounts receivable 2,381 777
Inventories 240 197
Income taxes receivable -- 1,314
Other current assets 454 317
Total current assets 32,865 27,037
Property and equipment, net 1,556 3,329
Net assets of discontinued operations -- 12,995
Other assets 452 505
$ 34,873 $ 43,866
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,132 $ 1,458
Accrued expenses and other
current liabilities 2,312 3,022
Total current liabilities 3,444 4,480
Other liabilities 127 173
3,571 4,653
Stockholders' equity
Common stock at par value 8 31
Additional paid in capital 76,633 75,143
Treasury stock (41,347) (41,347)
Cumulative translation adjustment (23) (29)
Retained earnings (3,969) 5,415
Total stockholders' equity 31,302 39,213
$ 34,873 $ 43,866
SOURCE Stac Software, Inc.
CONTACT: Clifford Flowers or Sylvia Evans, 619-794-4399, both of Stac Software, Inc. |
