PUMA TECHNOLOGY, INC. ANNOUNCES FIRST QUARTER 2000 OPERATING RESULTS
SAN JOSE, Calif., Nov 23, 1999 /PRNewswire via COMTEX/ -- Puma
Technology, Inc. (Nasdaq: PUMA) announced the results of its first
fiscal quarter of 2000 ended October 31, 1999. Revenue for the quarter
increased 42% to $6,278,000 as compared to $4,412,000 reported in the
first fiscal quarter of 1999. Pro-forma diluted earnings per share was
$.09 compared to a pro-forma loss per share of ($.07) reported in the
first quarter of fiscal 1999. The $.09 pro-forma diluted earnings per
share generated in the first quarter of fiscal 2000 excludes a one-time
charge of $4,218,000 for in-process research and development in
conjunction with the acquisition of ProxiNet. Reported diluted loss per
share including this charge was $(.21). Reported diluted loss per share
for the first fiscal quarter of 1999 was $(.13) and included a
restructure charge of $768,000.
"Our fiscal Q1 results reflect strong revenue growth in the Company's
core businesses," said Bradley A. Rowe, president and CEO of Puma. "We
also completed the acquisition of ProxiNet during the same quarter. The
ProxiNet merger positions the Company to provide Internet-based mobile
connectivity solutions for a wide range of Web enabled phones and other
handheld devices, while also addressing the needs of Internet service
providers, wireless service providers, E-commerce portals and major
corporations. We also plan to offer our products and services directly
to consumers, as demonstrated in our recent announcement of
Intellisync.com."
The forward looking statements above in this news release related to
the Company's plans for the ProxiNet(TM) technology and Intellisync.com
are based on current expectations and beliefs and are subject to
numerous risks and uncertainties that could cause actual results to
differ materially. Factors that could cause actual results to differ
materially include uncertainties related to the integration of the
ProxiNet technology and operations, the timely introduction,
availability and acceptance of new products and upgrades, the impact of
competitive products and pricing, consummation of binding agreements
with prospective business partners, as well as additional risk factors,
as discussed in the "Risk Factors" section of Puma Technology's Annual
report on Form 10-K dated July 31, 1999 and Puma Technology's quarterly
reports filed with the U.S. Securities and Exchange Commission. Puma
Technology disclaims any obligation to update any forward-looking
statements as a result of developments occurring after the date of this
press release.
NOTE: Puma Technology, the Puma Technology logo, Intellisync and
ProxiNet are trademarks of Puma Technology, Inc. which may be
registered in some jurisdictions. All other marks are owned by their
respective owners.
PUMA TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
PRO FORMA EXCLUDES IPR&D AND RESTRUCTURE
THREE MONTHS ENDED
OCTOBER 31,
1999 1998
Revenue $6,278 $4,412
Cost of revenue 605
685
Gross profit 5,673 3,727
Operating expenses:
Research and development 2,202 3,099
Sales and marketing 2,307 1,850
General and administrative 777 804
Total operating expenses 5,286 5,753
Operating income/(loss) 387 (2,026)
Interest and other income, net 1,237 1,392
Income/(loss) before income taxes 1,624 (634)
Provision for income taxes (192) (204)
Net income/(loss) $1,432 $(838)
Net income/(loss) per share:
Basic $0.11 $(0.07)
Diluted $0.09 $(0.07)
Shares used in per share calculation:
Basic 13,435 12,557
Diluted 15,307 12,557
PUMA TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
THREE MONTHS ENDED
OCTOBER 31,
1999 1998
Revenue $6,278 $4,412
Cost of revenue 605 685
Gross profit 5,673 3,727
Operating expenses:
Research and development 2,202 3,099
Sales and marketing 2,307 1,850
General and administrative 777 804
In-process research and development 4,218 --
Restructure -- 768
Total operating expenses 9,504 6,521
Operating income/(loss) (3,831) (2,794)
Interest and other income, net 1,237 1,392
Income/(loss) before income taxes (2,594) (1,402)
Provision for income taxes (192) (204)
Net income/(loss) $(2,786) $(1,606)
Net income/(loss) per share:
Basic $(0.21) $(0.13)
Diluted $(0.21) $(0.13)
Shares used in per share calculation:
Basic 13,435 12,557
Diluted 13,435 12,557
PUMA TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited)
OCTOBER 31, JULY 31,
1999 1999
ASSETS
Current assets:
Cash and cash equivalents $9,953 $13,461
Short-term investments 14,918 11,877
Accounts receivable, net 3,993 3,027
Inventories 399 258
Other current assets 1,514 450
Total current assets 30,777 29,073
Property and equipment, net 2,654 2,580
Other assets 14,037 1,590
TOTAL ASSETS $47,468 $33,243
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,162 $723
Accrued liabilities 3,292 2,220
Deferred revenue 4,061 3,737
Total current liabilities 8,515 6,680
Total liabilities 8,515 6,680
Stockholders' equity:
Common stock, $0.001 par value;
15,289 and 13,335 shares issued and
outstanding at October 31, 1999 and
July 31, 1999, respectively 15 13
Additional paid-in capital 50,303 35,342
Receivable from stockholders (429) (428)
Deferred stock compensation (18) (25)
Other comprehensive income (loss) 1,084 877
Accumulated deficit (12,002) (9,216)
Total stockholders' equity 38,953 26,563
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $47,468 $33,243
SOURCE Puma Technology, Inc.
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com
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CONTACT: Kelly Hicks of Puma Technology, Inc., 408-321-3863, or
khicks@pumatech.com
/Company News On-Call:
prnewswire.com or fax,
800-758-5804, ext. 117588
WEB PAGE: pumatech.com
GEOGRAPHY: California
INDUSTRY CODE: CPR
SUBJECT CODE: ER |
