Year end results
PeakSoft Corp
PKT
1998-01-23 close $0.41
Monday Jan 26 1998
Mr Tim Metz reports,
PeakSoft, a market leader in the development of award winning Internet
productivity and communication software products, announces its
operating results for the year ended September 30 1997. Revenue for
the year ended September 30 1997 was $1,340,200, a 71% increase from
the $784,900 reported during the same period last year. Net loss was
$4,091,490, as compared to $1,673,324 for 1996. Loss per share of
$0.42 vs $0.20 was reported for the years ended September 30 1997 and
1996 respectively.
During this year, PeakSoft Corp (formerly Peak Technologies)
introduced two new Internet software products, PeakJet and Jet Effect,
and started developing a third major productivity suite, NetMagnet,
for release in early 1998. As of September 30 1997, PeakJet and Jet
Effects have sold over 40,000 units through top software retailers in
the US as well as into international markets in Japan and the UK.
The costs associated with building a management and technical team,
launching PeakJet and JetEffects into retail and Internet sales
channels, developing new products and establishing the foundation for
growth are reflected in this year's financial statements. These costs
represent the company's investment in building the future success of
PeakSoft in the fast growing and challenging Internet/intranet
software industry.
Consolidated Statement of
Operations and Deficit
(1997 financial statements
audited by KPMG)
Year ended September 30
1997 1996
Sales $1,340,200 $ 784,900
Cost of goods sold 448,537 428,141
---------- ----------
891,663 356,759
Expenses:
Amortization 1,050,965 118,968
General and
administrative 1,245,114 312,361
Marketing 1,682,437 531,170
Research and
development 641,426 321,740
---------- ----------
4,619,942 1,284,239
Earnings (loss)
before other
expenses (3,728,279) (927,480)
Other earnings
(expenses):
Write off assets (53,169) -
Loss on settlement
of lawsuit (310,042) -
---------- ----------
(363,211) -
Earnings (loss)
from continuing
operations (4,091,490) (927,480)
Loss from
discontinued
operations - 745,844
---------- ----------
Loss $4,091,490 $1,673,324
========== ==========
Deficit, beginning
of year 2,323,910 650,586
Deficit, end
of year $6,415,400 $2,323,910
Loss per share $0.42 $0.20
Consolidated Balance Sheet
Year ended September 30
1997 1996
Current assets:
Cash 1,071,366 $ 29,963
Accounts receivable 97,645 26,727
Inventories 59,128 13,362
Prepaids and
deposits 156,046 7,936
---------- ----------
1,384,185 77,988
Capital assets 195,787 370,272
Acquired research
and development 822,299 1,644,598
Licences - 25,169
---------- ----------
2,402,271 2,118,027
Liabilities and
shareholders' equity
Current liabilities:
Demand loan - 23,152
Accounts payable and
accrued liabilities 893,398 380,119
Deferred revenue 109,681 81,033
Current portion of
long term debt 14,936 23,507
Current portion of
obligation under
capital lease 24,624 15,870
---------- ----------
1,042,639 523,681
Long term debt 1,380,991 12,702
Obligation under
capital lease 40,927 51,342
Shareholders'
equity:
Share capital 5,779,455 3,398,904
Other paid in
capital 173,759 -
---------- ----------
5,953,214 3,398,904
Obligation to issue
share capital 399,900 455,308
Deficit 6,415,400 2,323,910
---------- ----------
(62,286) 1,530,302
$2,402,271 $2,118,027
========== ==========
Publicly traded on the ASE, PeakSoft is a market leader in the
development of award winning Internet productivity and communication
software products. PeakSoft has its corporate headquarters in
Bellingham, Washington. For investor information, call 888-377-7325,
visit the PeakSoft Web site at www.peak.com or send email to
invest@peak.com. |
