"PVSW Third-Quarter Results" (1-2)
Thursday April 19, 4:24 pm Eastern Time
Press Release
Pervasive Software Announces Third-Quarter Results for Fiscal Year 2001
Leading Database Developer Returns to Profitability
AUSTIN, Texas--(BUSINESS WIRE)--April 19, 2001--Pervasive Software® Inc. (Nasdaq:PVSW - news), a leading provider of embedded and Web database management software that powers business-critical applications, today reported that revenues increased sequentially for the third consecutive quarter and that the company has returned to profitability.
Revenues from continuing operations totaled $10.7 million for the third fiscal quarter ended March 31, 2001, compared to $10.6 million for the quarter ended December 31, 2000, and $11.3 million for the quarter ended March 31, 2000. Net income from continuing operations for the quarter was $0.2 million or $0.01 diluted earnings per share, compared to a net loss from continuing operations of $1.0 million or $0.06 diluted loss per share for the quarter ended December 31, 2000, and net loss from continuing operations of $0.5 million or $0.03 diluted loss per share for the quarter ended March 31, 2000.
``With a sharp focus on our core data management business, sequential revenue growth, and prudent expense management, we have returned to profitability precisely as we predicted,'' said Ron Harris, president and CEO. ``I am very proud of the strong performance of the Pervasive team worldwide, having achieved these results in the midst of a very difficult economic environment.
``In addition, we generated positive cash flow from operations and improved our days sales outstanding to an excellent 47 days. Our financial position is solid with more than $25 million in cash and marketable securities, and no debt.''
During the quarter, Pervasive released a new version of its flagship database, Pervasive.SQL(tm) 2000i, which simplifies data management for Web and client/server applications while continuing to reduce the total cost of ownership. The engine incorporates the latest data access interfaces for Web applications as well as several customer-driven additions, such as the Pervasive System Analyzer and the Auto Reconnect feature, which simplify the installation and deployment process and lower support costs.
``The response to our release of Pervasive.SQL 2000i has been excellent throughout the beta test cycle and since general release in late March,'' Harris continued. ``Also during the quarter, Pervasive unveiled its new partner program called Profit with Pervasive, signifying our desire to foster true win-win relationships with our customers.
``Our focus on our core database customers is working, our execution is strong, and our financial position is solid. We are proud of our success this quarter in achieving the goals we had set for ourselves and in re-establishing our firm foundation for the future,'' Harris concluded.
Conference Call Details
Pervasive will host a conference call to discuss these results with the investment community today at 4 p.m. Central Daylight Time. The dial-in number for the call is 212/346-6458. The conference call may also be accessed live over the Web at pervasive.com in the Investor Relations Calendar section of Pervasive's Web site. Check the site before the call for login information. Replay of the call will be available for a limited time by dialing 800/633-8284 and entering access code 18342488, or through Pervasive's Web site.
About Pervasive Software
Pervasive Software, a leading provider of embedded and Web database management solutions for small and medium-size enterprises, serves a channel of more than 10,000 independent software vendors, developers, value-added resellers and partners. Pervasive Software's flagship product, Pervasive.SQL, is a leading application development database, combining low-cost, reliable, resource-efficient operations with world-class performance and usability. Founded in 1994, Pervasive is based in Austin, Texas, and has offices in Canada, Europe and Japan, and distributors covering 80 countries. More information may be found on the Web at pervasive.com or by calling 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,'' ``estimates'' or ``intends.'' Forward-looking statements in this release about Pervasive.SQL 2000i include the risk that the software will not achieve additional customer and marketplace acceptance. 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 statement. Investors are cautioned that actual results could differ materially from Pervasive's current expectations. Factors that could cause or contribute to such differences include, the factors and risks discussed in Pervasive's reports filed from time to time with the Securities and Exchange Commission including, without limitation, the risk that we will be unable to attract, motivate, and retain skilled sales, marketing, engineering, and other personnel, the risk that the packaged client/server applications market will not continue to grow at historical rates, and the risk that our current revenues are substantially dependent upon continued market acceptance of and revenues from our database products.
Pervasive, Pervasive Software and Pervasive.SQL 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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