pvsw, reported good earnings but in their cc, they mentioned spending 13 million to market tango software... a company they acquired last year...
some analysts took this as a sign that they were going to be changing their focus, or that the company would have bad sales next q... not sure... some articles even talk about profit warnings... but look at the increases they had this q... and the stock tanked...
it is an austin company... people i know who work there and who dont are loading up on this one... one thing they are developing for 3com is some kind of software for palm pilot... i dont know the technical details...
news articles: biz.yahoo.com
Friday October 22, 1999
[audio] Perasive Software Downgraded by 3 Brokerages [30 sec] - ON24 - 8:24 pm
Pervasive Sftwr downgraded by BB Rbrtsn Stphns, FAC/Eqts First Albany, Hambrecht & Quist, Needham & Co - Briefing.com - 7:46 pm
[external] Pervasive sheds two-thirds of its value - at CBS MarketWatch - 6:17 pm
FOCUS-Pervasive shares plunge after warning to analysts - Reuters Securities - 6:00 pm
[audio] ON24's On the Move: Pervasive Plummets on Profit Warning [2.0 min] - ON24 - 5:26 pm
Closing Bell - Individual Investor - 5:16 pm
Nasdaq ends up but off session highs - Reuters Securities - 5:10 pm
Internet shares firmer, earnings help - Reuters Securities - 4:05 pm
[external] Analysts' Ratings Revisions - at CBS MarketWatch - 3:57 pm
[$$ - free trial] Briefing Room: Stocks Near Session Highs as Bank, Brokerages Lead Charge - at TheStreet.com - 2:57 pm
Pervasive Q1 net income up - Reuters Securities - 12:52 pm
[external] MIDDAY MARKETS: Techs rebound - at ZDNet - 12:30 pm
Midday Movers - Individual Investor - 12:05 pm
[external] Pervasive wants to Tango -- Investors say no - at ZDNet - 11:26 am
Thursday October 21, 1999
Pervasive Software Reports Revenue and Profit Growth in First Fiscal Quarter - Business Wire - 4:38 pm
Thursday
earnings report was excellent...
Thursday October 21, 4:38 pm Eastern Time
Company Press Release
Pervasive Software Reports Revenue and Profit Growth in First Fiscal Quarter
AUSTIN, Texas--(BUSINESS WIRE)--Oct. 21, 1999--Pervasive Software Inc. (Nasdaq:PVSW - news), a leading provider of software solutions that give developers the freedom to create applications for everyone, everywhere, today reported that revenues for the first fiscal quarter ended September 30, 1999, increased 42% to $16.7 million, compared to $11.8 million for the same period last year. Net income for the quarter increased 58% to $1.5 million or $0.09 diluted earnings per share, compared to $982 thousand or $0.06 diluted earnings per share for the same period last year. Excluding amortization of intangibles related to acquisitions, net income for the quarter increased 84% to $1.8 million or $0.10 diluted earnings per share.
''Once again, we demonstrated solid revenue and profit growth in the first quarter of fiscal 2000,'' said Ron Harris, president and CEO of Pervasive Software. ''In addition, Pervasive is building momentum toward becoming the leading provider of application development and deployment solutions designed to power the next generation of pervasive computing. Proliferation of the Web and mobile computing is fueling an explosion of Web-enabled e-business applications, and Pervasive is well positioned to provide the underlying software infrastructure for these applications.''
Pervasive's innovative software solutions for Web-based and e-business computing received several significant endorsements during the quarter. Solutions Integrator magazine awarded Tango 2000(TM) its prestigious ''Impact Award,'' naming Tango the ''Best Development Environment'' on the market. Pervasive announced in July that InfoWorld had awarded the Pervasive.SQL(TM) Software Developer Kit a rare ''excellent'' rating in its 1999 Text Center Index--a better rating than similar solutions from other vendors such as Microsoft and Sybase. Also, as a result of the company's continued financial growth, Pervasive was named to the Russell 2000 index in July, thereby raising Pervasive's visibility in the financial community.
During the quarter, Pervasive shipped its next-generation Tango 2000 product family and announced the Pervasive.SQL 2000 family of small-footprint database engines for embedded, mobile and smart card applications. Tango 2000 dramatically simplifies the creation and deployment of Web applications, enabling developers to achieve faster time to market and develop e-business applications with ''point and click'' simplicity. Scaling from the wallet to the Web, Pervasive.SQL 2000 delivers high-speed transaction performance for e-business and wireless Web applications. Also, Pervasive recently began shipping Pervasive.SQL for the Sun Solaris operating system and for versions of Linux from Red Hat, Caldera and SuSE. ''Together, Tango 2000 and Pervasive.SQL 2000 provide the software foundation for e-business, desktop and wireless Web applications, as we continue to expand the operating system platforms for our software solutions,'' said Harris.
In the first quarter, Pervasive began forming an e-business alliance that leverages partners to deliver e-commerce solutions powered by both Tango 2000 and Pervasive.SQL 2000. For example, Pervasive announced a partnership with TexSYS RD, a leading reseller of business and accounting software solutions, to deliver turnkey e-commerce solutions to customers worldwide. These solutions leverage Tango 2000 by automating day-to-day purchasing and other transactions over the Internet.
Also during the quarter, independent software vendors throughout the world continued to join Pervasive's OEM program. New OEM developers are delivering innovative applications based on Pervasive.SQL 2000, ranging from patient records management to video-rental and security-alarm systems. In addition, new developers are using Tango 2000 to create Web-based HR benefits, project management and computer-based training applications.
''Our goal is to be the leading provider of application development and deployment products to software developers, Web integrators, consultants and resellers,'' concluded Harris. ''In pursuit of our goal, we are making investments in attracting new developers to our large and growing customer base and in building brand awareness of Pervasive and our solutions. With the combination of our leading-edge database and Web technologies, worldwide channel partnerships, and strategic OEM customers, Pervasive is poised to deliver software solutions for the next generation of pervasive computing.''
About Pervasive Software
Pervasive Software Inc. (Nasdaq:PVSW - news) delivers the freedom to create applications for everyone, everywhere. The company's innovative software powers the next generation of pervasive computing, enabling applications to reach beyond the desktop and easily share information across everything from handheld devices and smart cards to information appliances and the Internet. A channel of more than 10,000 independent software vendors (ISVs), developers, value-added resellers (VARs) and partners builds, distributes and manages thousands of Pervasive-based applications on computing platforms across many corporate, mainstream and vertical markets.
Based in Austin, Texas, Pervasive is a global company, with offices in Canada, Europe, Japan, Southeast Asia and 70 distributors covering 80 countries. Visit Pervasive on the Web at www.pervasive.com or call (800) 287-4383.
Cautionary Statement
This release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally preceded by words such as ''may,'' ''plans,'' ''expects,'' ''believes,'' ''anticipates'' or ''intends.'' Forward-looking statements in this release about Pervasive.SQL 2000 and Tango 2000 software involve the risk that software will not be released on schedule or at all, that the software will not achieve customer and market acceptance, and that applications mentioned in the release will not be developed using our software. All forward-looking statements included in this document are based upon information available to Pervasive as of the date hereof, and Pervasive assumes no obligation to update any such forward-looking statements. Investors are cautioned that actual results could differ materially from Pervasive's current expectations. Factors that could cause or contribute to such differences include but are not limited to the factors and risks discussed in Pervasive's reports filed from time to time with the Securities and Exchange Commission.
Pervasive, Pervasive Software, Pervasive.SQL, Tango and Btrieve are trademarks or registered trademarks of Pervasive Software Inc. All other company and product names may be trademarks or registered trademarks of their respective companies.
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Pervasive Software Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended
September 30,
1999 1998
Revenues $ 16,702 $ 11,776
Costs and expenses:
Cost of revenues and technical support 2,578 1,620
Sales and marketing 6,471 4,979
Research and development 4,304 2,960
General and administrative 1,138 1,025
Amortization of excess
of cost over fair value
of net assets acquired 286 16
Total costs and expenses 14,777 10,600
Operating income 1,925 1,176
Interest and other income, net 491 218
Provision for income taxes (846) (426)
Minority interest in earnings
of subsidiary, net of tax (23) 14
Net income (see Note A) $ 1,547 $ 982
Diluted earnings per share (see Note B) $ 0.09 $ 0.06
Shares used in computing diluted
earnings per share 18,007 15,228
Supplemental disclosures:
(A) Net income, excluding amortization
of excess of cost over fair value
of net assets acquired. $ 1,833 $ 998
(B) Diluted earnings per share,
excluding amortization of excess
of cost over fair value
of net assets acquired. $ 0.10 $ 0.07
Pervasive Software Inc.
Condensed Consolidated Balance Sheets
(in thousands)
September 30, June 30,
1999 1999
ASSETS
Current assets:
Cash and marketable securities $ 38,458 $ 39,903
Accounts receivable, net 10,060 9,352
Prepaid expenses and other current assets 4,721 3,979
Total current assets 53,239 53,234
Property and equipment, net 7,887 7,509
Purchased technology and excess
of cost over fair value
of net assets acquired, net 10,850 11,135
Other assets 1,304 995
Total assets $ 73,280 $ 72,873
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 8,845 $ 10,521
Deferred revenues 1,527 2,252
Total current liabilities 10,372 12,773
Deferred tax liability 565 565
Total liabilities 10,937 13,338
Minority interest in subsidiary 545 449
Stockholders' equity 61,798 59,086
Total liabilities and stockholders' equity $ 73,280 $ 72,873
some of their customers...
The company builds software that delivers Internet data via wireless links to mobile phones and handheld computers no matter where a user is located. Customers include Theglobe.com Inc. (NasdaqNM:TGLO - news), the U.S. space agency NASA, Chase Manhattan Bank (NYSE:CMB - news) and Coca-Cola Co. (NYSE:KO - news). |
