Inprise/Borland Announces Fourth Quarter and Year-End 1999 Results
SCOTTS VALLEY, Calif., Jan. 27 /PRNewswire/ -- Inprise/Borland Corporation (Nasdaq: INPR - news) today announced financial results for the fourth quarter and for the fiscal year that ended December 31, 1999. For the fourth quarter, revenues were $45.5 million, down from $48.1 million in the same period a year ago. Excluding a non-recurring restructuring charge of $34.8 million, for the fourth quarter, the Company recorded a net loss of ($3.0) million or ($0.05) loss per share, which compares with a net loss of ($2.6) million or ($0.05) per share in the same period last year, when excluding non-recurring items.
During the fourth quarter, the Company recorded a restructuring charge of $34.8 million. The restructuring charge consists primarily of a write-down for the Company's Scotts Valley facility of $29.7 million; a $3.1 million charge for discontinuation of the Oracle ERP implementation in Europe; and a $3.0 million charge for severance costs associated with organizational changes implemented in the fourth quarter. These charges were offset, in part, by the reversal of restructuring charges totaling $4.1 million, that were taken in both the first quarters of 1999 and 1998, which will not be utilized. Including the non-recurring restructuring charge, the Company recorded a net loss of ($37.8) million or ($0.64) loss per share.
For the fiscal year that ended December 31, 1999, the Company reported revenues of $174.8 million for 1999, compared to $189.1 million in 1998. For the 12-month period that ended December 31, 1999, the Company recorded net income of $22.7 million, or diluted earnings per share of $0.35, compared to net income of $8.3 million or diluted earnings per share of $0.14 for the same period last year. Net income for fiscal year 1999 included a $100 million one-time licensing fee received from Microsoft and one-time charges of $50.0 million for restructuring, severance, compensation expenses related to InterBase, and the write-down of the Company's Scotts Valley facility.
Cash, cash equivalents and short-term investments as of December 31, 1999 were $197.7 million, up from $179.5 million as of September 30, 1999.
``Today's results indicate that we are making progress toward executing our plan to remain the number one independent provider of world class application development tools for all major platforms, including Linux, Solaris, and Windows,' said Dale Fuller, interim president and CEO of Inprise/Borland. ``Over the last quarter, we have moved our Linux, Internet Access Infrastructure and integration frameworks for Application Service Providers strategies forward and continued moving the Company towards operational profitability.'
During the last quarter, in its push to become the leading provider of tools and applications for the Linux platform, Inprise/Borland delivered a free download of its Linux just-in-time (JIT) compiler to the Linux community on its Web site; released JBuilder Foundation, a version of JBuilder for the Linux, Solaris, and Windows platforms; announced its intention to open-source InterBase 6.0, which is currently in beta, the first commercial grade embedded database for multiple platforms in the first half of the year 2000; and announced VisiBroker for Linux, one of the first commercial grade Linux CORBA Object Request Brokers (ORB). The Company also shipped Inprise Application Server 4, the only application server currently in the marketplace to fully integrate both CORBA and Enterprise Java Beans technologies (EJB). |
