Applix Posts Net Income of $0.06 Per Share for Q4 97
WESTBORO, Mass.--(BUSINESS WIRE)--Jan. 27, 1998--Applix, Inc.
(NASDAQ:APLX) today announced its results for the fourth quarter and
the year ended December 31, 1997. Total revenue for the fourth
quarter was $13.5 million compared to $15.0 million or a 10% decrease
from the comparable period ended December 31, 1996. Net income for
the fourth quarter of 1997 was $0.6 million or $0.06 per share
compared to a net loss of $8.6 million or $0.88 per share for the
same period in 1996, after taking into account a $10.8 million
acquisition charge.
Total revenue for the year ended December 31, 1997 was $48.5
million compared to $51.2 million or a decrease of 5% from 1996. The
Company incurred a net loss for the year 1997 of $0.4 million or
$0.04 per share compared to a net loss of $2.6 million or $0.27 per
share for 1996 after taking into account a $10.8 million acquisition
charge.
"We continued to execute on our plan during the last three
quarters. Our focus on front office applications continues to
position us well for the opportunities ahead," said Jit Saxena,
Chairman and Chief Executive Officer.
About Applix, Inc.
Applix, Inc., (NASDAQ:APLX) headquartered in Westboro, MA, is a
leading provider of thin-client business solutions for managing
customer interaction, real-time decision support and office
productivity across globally networked, extended enterprise
environments. The company provides thin-client computing solutions
throughout its core offerings: Applix Enterprise, customer
interaction software (CIS); Applix TM1, real-time multidimensional
analysis for financial decision support systems; Applix office
automation solutions, including Applix Office for UNIX(R) and Windows
NT and Anyware Office for Java-based desktops; Applixware, an open
suite of desktop and development tools for accessing, analyzing and
communicating information in real-time; and Applix Anyware, an
application development and deployment solution that leverages Java
to customize and deploy Applix's full suite of applications. Applix
has offices worldwide and can be found on the world wide web at
www.applix.com.
Notes to Investors
This press release contains certain forward-looking statements
which involve a number of risks and uncertainties that could cause
actual results to differ materially. Specifically, comments related
to the demand for, revenue from and acceptance of the Company's
products and the Company's position in the markets, may be considered
forward-looking and subject to a number of risks and uncertainties,
including but not limited to: the rate of growth in market demand for
the products; the acceptance of the Company's products; intense
competitive conditions; rapid technological change; frequent new
product introductions and evolving domestic and international
standards which may render existing products and services obsolete.
Refer to the Form 10-K for the year ended 1996 for a list of factors
as discussed under "Risk Factors ".
All trademarks, registered trademarks and service marks are property
of their respective companies
Applix, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31 Dec. 31 Dec. 31,
1997 1996 1997 1996
License revenue $9,291 $10,997 $33,577 $37,094
Service revenue 4,206 3,982 14,921 14,143
Total revenues 13,497 14,979 48,498 51,237
Cost of license
revenue 651 524 3,055 2,238
Cost of service
revenue 1,881 1,652 6,797 5,275
Gross margin 10,965 12,803 38,646 43,724
Operating expenses:
Selling and
marketing 7,067 6,827 27,753 22,318
Research and
development 2,016 2,022 8,661 6,731
General and
administrative 1,108 860 3,838 3,347
In-process research
& development - 10,821 - 10,821
Total operating
expenses 10,191 20,530 40,252 43,217
Operating income
(loss) 774 (7,727) (1,606) 507
Interest income (net) 256 280 973 1,265
Net income (loss)
before income taxes 1,030 (7,447) (633) 1,772
Provision for
(benefit from) income
taxes 390 1,182 (229) 4,408
Net income (loss) $640 ($8,629) ($404) ($2,636)
Basic earnings (loss)
per share $0.06 ($0.88) ($0.04) ($0.27)
Diluted earnings
(loss) per share $0.06 ($0.88) ($0.04) ($0.27)
Weighted average
common and common
equivalent shares
outstanding:
Basic 11,121 9,813 9,988 9,612
Diluted 10,055 9,813 9,988 9,612
CONTACT:
Applix, Inc.
(financial) Patrick J. Scannell, Jr.
508-870-0300, ext. 396
or
(editorial) Jillian Harvey-Asquith
508-870-0300, ext. 261
KEYWORD: MASSACHUSETTS
BW1593 JAN 27,1998
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