ACTUAL PRESS RELEASE FOR YEAR ENDING NUMBERS.
FOR IMMEDIATE RELEASE
Contact: Bryan J. Reusser
(800) 285-3475
HEARTSOFT, INC. REPORTS ANNUAL REVENUES INCREASE 74%, NET LOSS.
TULSA, Oklahoma, August 1, 1997 -- Heartsoft, Inc. (OTC: HTSF), publisher of educational software products, announced today the March 31, 1997, unaudited fiscal year end financial results. Net revenues for the fiscal year 1996 were $1,397,000, compared to $802,100 for fiscal 1995, representing a 74% increase.
The Company incurred a net loss of $269,400, or 5 cents per share, compared to a net loss of $97,007 or 2 cents per share for fiscal 1995.
The net loss for fiscal 1996 was attributed primarily to increased R&D costs associated with the development of the CompanyOs new educational software product line, Thinkology, scheduled to be released September 1, 1997. Additionally, costs associated with the discontinuation of the companyOs Advanced Technologies division in Dallas, Texas contributed to the loss.
OAlthough disappointed with the net loss we experienced for fiscal 1996, we do recognize the importance of the financial investment which has been made in R&D costs associated with the development and publishing of our new line of critical thinking skills software, Thinkology.O
OOver the last 15 months, not only have we completed the first of three volumes under the Thinkology label (Clarity, Accuracy, and Logicalness), we have also designed and developed a highly advanced and proprietary software authoring system, The Heartsoft Knowledge Construction Set (KCS), which we in turn used to publish Thinkology. Due to the fact that the KCS was custom tailored and built by our internal development group to meet HeartsoftOs exact publishing needs, the KCS has allowed Heartsoft to accelerate our R&D period from industry norms of 12-15 months to approximately 4 months. The development of the Knowledge Construction Set alone will save the company millions in R&D expenses over the next 5 years,O said Benjamin P. Shell, Heartsoft Chairman & C.E.O.
Thinkology has been in pilot testing with schools and school children for several months now, and the feed back the company has received from educators is that this much awaited product effectively and measurably teaches primary age children how to think, reason, and process information.
OOver the last year, our investment in R&D has made both the Heartsoft Knowledge Construction Set and Thinkology possible. It was one of the best investments we could made. The release of Thinkology next month will be the first new product line to be introduced by Heartsoft since 1993, and we anticipate revenues should increase concurrently with the ThinkologyOs release to the education market next month,O said Shell.
The Company also reported that it expects results for the first quarter of fiscal 1997 ending June 30, 1997, will show a return to profitability and expects to report the results during the first week of August, 1997.
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Heartsoft, Inc. publishes and distributes curriculum-based educational software products for parents and educators nationally. The company's stock is traded on the OTC bulletin board under the symbol HTSF. Heartsoft's website can be accessed at "www.heartsoft.com". For additional information regarding the company's marketing and sales goals, contact Sandy Braeckel at (800) 285-3475. Investor Relations inquiries should be directed to Bryan Reusser at (800) 285-3475. |
