APTS ... NEWS (PR NEWSWIRE) DJ: Apertus Technologies Announces Strong Quarter Over Quart
DJ: Apertus Technologies Announces Strong Quarter Over Quarter Growth;
Restructured Company Building Revenue Momentum
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--May 7, 1998--Apertus Technologies
Incorporated (NASDAQ:APTS) announced today revenue growth of 90% for the
fourth quarter of fiscal year 1998 over third quarter, reflecting increased
sales momentum from refocusing the Company to compete in the data warehouse
and system conversion marketplace in November 1997. Results for continuing
operations for the fourth quarter ended March 29, 1998 were revenues of
$1.46 million with a net loss of $(1.68 million) or $(.10) per share. The
Company ended the quarter with a strong balance sheet with approximately
$11.1 million in cash.
For the full fiscal year ended March 29, 1998, continuing operations had
revenues of $3.05 million, with a net loss of $(6.29 million) or $(.41) per
share excluding non-recurring charges associated with the Company's
restructuring. The total net loss for the year was $(11.8 million) or $(.78)
per share, which includes significant non-recurring charges incurred due to
the restructuring, income from operations of the Internet Solutions
Division, and gain from divestiture of that Division.
"Apertus made exceptional progress in the quarter, our second quarter as a
newly created data warehousing company. We won license business with several
major new customers, including Federal Express, State of Colorado, Health
Management Systems and Variable Annuity Life Insurance Company (VALIC).
During the quarter, several other customers including Cargill, 3M, and Best
Foods completed successful warehousing projects utilizing our products and
implementation services. We also began to work effectively with our channel
partners, Computer Sciences Corporation and Sybase, Inc.," said Robert D.
Gordon, Chairman, Chief Executive Officer and President of Apertus
Technologies Incorporated. "Several key initiatives were completed, such as
the addition of N-Way Plus to Enterprise/Integrator(tm) for significantly
faster performance, the creation of our "Blue Ribbon" Customer Reference
Program to showcase our premiere customer implementations, and the training
of our entire sales and management organization in a new solutions-oriented
sales methodology."
"I am also pleased to announce the successful subleasing of our corporate
headquarters to Best Buy Co. Inc. (NYSE:BBY)," added Mr. Gordon. "This
transaction relieves us of a significant future liability and allows the new
company to relocate into smaller quarters more appropriate to our
restructured size."
Building on the momentum of the last few months, we will be changing our
name to Carleton Corporation, which takes advantage of the name recognition
among data warehouse implementers. Our tag line "Pure data Pure results"
signifies our focus on data integration and delivering value to our
customers. The corporate name and identity program is designed to harmonize
the Company in purpose, voice and image, and further advance Carleton to a
forerunner position in the data warehouse market. Shareholders will be
voting on the name at the July shareholder meeting.
The information in this press release contains forward-looking statements
that involve risks. Apertus cautions readers that actual results could
differ materially from results suggested by these statements. Factors that
could cause actual results to differ are discussed in the Company's annual
report or Form 10-Q for the third quarter ended December 28, 1997.
Apertus Technologies Incorporated
Apertus Technologies Incorporated (doing business as Apertus Carleton
Corporation) provides data integration solutions for business critical
applications, such as data warehousing and application conversions. The
Company markets its products and services to Fortune 1000 clients in
industries such as financial services, insurance, health care, and
manufacturing. Headquartered in Eden Prairie, Minnesota, Apertus Carleton
distributes its technology and consulting services through direct sales and
channel partners worldwide. For more information, call 800-328-3998, send
e-mail to info@apertus.com, or visit Apertus Carleton's Web site at
carleton.com.
Apertus is a registered trademark and Enterprise/Integrator is a trademark
of Apertus Technologies Incorporated
APERTUS TECHNOLOGIES INCORPORATED
STATEMENT OF OPERATIONS
(Dollars in thousands, except per share amounts)
Three Months Ended Year Ended
March 29, March 30,March 29, March 30,
1998 1997 1998 1997
Revenues
Sales $ 1,068 $ 555 $ 2,210 $ 2,589
Maintenance and other 395 62 838 205
Total 1,463 617 3,048 2,794
Costs and Expenses
Cost of revenues 693 407 2,202 1,220
Research, development
and engineering 953 224 2,519 766
Selling, general
and administrative 1,633 1,200 5,100 4,545
Other charges 0 382 10,379 382
Total 3,279 2,213 20,200 6,913
Loss from operations (1,816) (1,596) (17,152) (4,119)
Investment income 163 117 566 365
Interest expense (32) (24) (78) (83)
Loss from continuing
operations before
income taxes (1,685) (1,503) (16,664) (3,837)
Income taxes 0 5 10 20
Net loss from
continuing operations (1,685) (1,508) (16,674) (3,857)
Discontinued operations:
Income (loss) from
operations of discontinued
Internet Solutions Division (8,409) 606 (10,621)
Gain on disposal of
Internet Solutions Division 102 4,264
102 (8,409) 4,870 (10,621)
Net Loss ($ 1,583) ($ 9,917) ($11,804) ($14,478)
Income (Loss) per Share:
Continuing Operations ($ 0.10) ($ 0.11) ($ 1.10) ($ 0.27)
Discontinued Operations 0.00 (0.59) 0.32 (0.76)
Total ($ 0.10) ($ 0.70) ($ 0.78) ($ 1.03)
Weighted Average Shares
Outstanding 16,507 14,162 15,178 14,112
CONSOLIDATED BALANCE SHEET
(Dollars in Thousands)
March 29, March 30,
1998 1997
ASSETS
Current Assets
Cash and cash equivalents $ 11,111 $ 13,865
Cash in escrow 730 802
Accounts receivable - net 1,517 9,437
Inventories 0 923
Current portion of installment
receivables - net 0 420
Other 76 413
Total cuurent assets 13,434 25,860
Property and equipment 4,649 15,632
Accumulated depreciation (3,256) (11,917)
Property and equipment - net 1,393 3,715
Other Assets
Capitalized software - net 0 1,373
Installment receivables -
net of current portion 0 539
Goodwill - net 0 390
Total other assets 0 2,302
$ 14,827 $ 31,877
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 319 $ 7,603
Accrued expenses 3,067 4,281
Deferred revenue 809 3,733
Note payable 1,000 1,000
Total current liabilities 5,195 16,617
Long-term Notes Payable 602 0
Shareholders' Equity
Common stock - authorized, 30,000,000 shares
at $.05 par value; issued and outstanding at
March 29, 1998 - 16,526,815 shares
March 30, 1997 - 14,158,623 shares 826 708
Additional paid-in capital 62,723 57,373
Retained deficit (54,519) (42,715)
Unearned compensation 0 (106)
Total shareholders' equity 9,030 15,260
Total $ 14,827 $ 31,877
CONTACT: Apertus Technologies Incorporated
Investor Relations:
Don McIlwain, 612/828-0311
don.mcilwain@apertus.com
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