CyberMedia Announces Results for the First Quarter of 1998
SANTA MONICA, Calif., April 24 /PRNewswire/ -- CyberMedia, Inc. (Nasdaq: CYBR - news) today announced financial results for the first quarter ended March 31, 1998. Total revenues for the three months ended March 31, 1998 were $4.7 million, compared to $16.5 million for the three months ended March 31, 1997. Net loss was $16.0 million, or $1.27 per basic and diluted common share, for the three months ended March 31, 1998, compared with net income of $1.3 million, or $0.10 per diluted common share, for the comparable prior year period.
Commenting on the loss, Kanwal Rekhi, Chairman and Acting President of CyberMedia, said, ''During the first quarter of 1998, when it became clear that a mismatch between channel inventory levels and our run rate retail business had occurred, we took the steps necessary to correct the problem. In our March 12, 1998 press release we shared the early results of our actions and our estimate of how these actions would impact the Company's financial performance for the first quarter of 1998. The results we are announcing today are consistent with our earlier message.''
During the quarter net accounts receivable dropped from $19.9 million at December 31, 1997 to $5.2 million at March 31, 1998. This decrease was due primarily to collections on accounts receivable. Cash use was $3.7 million for the quarter. Days sales in accounts receivable (DSO) dropped from over 150 days in the fourth quarter of 1997 to 99 days in the first quarter of 1998. With respect to CyberMedia's balance sheet Rekhi continued, ''We are continuing to monitor inventories at all levels of distribution and we believe we are taking the steps necessary to put CyberMedia back on track.''
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