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Thursday July 30, 7:30 am Eastern Time
Company Press Release
SOURCE: Alydaar Software Corporation
Alydaar Software Corporation Reports 350% Increase
In Revenue And Earnings Of $2,846,000 Or $0.16/Sh
For 2nd Qtr 1998 Vs Loss Of ($2,345,000) ($0.16/Sh)
For 2nd Qtr 1997
CHARLOTTE, N.C., July 30 /PRNewswire/ -- Alydaar Software Corporation (Nasdaq:
ALYD - news) reported today that for the second quarter ended June 30, 1998, it had
revenues of $9,560,000 compared with $2,121,000 for second quarter, 1997, or a 350%
increase. The Company earned $2,846,000 or $0.16 per share for second quarter, 1998
versus a loss of [$2,345,000] or [$0.16] per basic and fully diluted share for second
quarter, 1997.
For the six months ended June 30, 1998, the Company had revenues of $17,968,000 and
net income of $4,546,000 ($0.26 per basic and fully diluted share) compared with
revenues of $2,308,000 and a loss of ($5,463,000) or ($0.39) per basic and fully diluted
share for the six months ended June 30, 1997. Average fully diluted shares were
177,668,000 and 14,052,000 for the six months ended June 30, 1998 and 1997,
respectively.
Commenting on the results, Mr. V. Hollis Scott, Chief Financial Officer, stated, ''We are
very pleased with our second quarter and six-months results. Out net income grew 67%
sequentially from first quarter to second quarter, 1998, while revenues grew 14%. Our
results also reflect the leveraging of our relatively fixed cost structure with net income at
30% of revenues, up from a result of net income of 20% of revenues for first quarter,
1998. We expect to continue to deliver double-digit, quarter-to-quarter growth in earnings
and revenues over each of the next six quarters.''
The statements made in this press release that are not historical facts contain
''forward-looking information'' within the meaning of the Private Securities Litigation
Reform Act of 1995, which can be identified by the use of forward-looking terminology
such as ''may,'' ''will,'' ''anticipates,'' ''expects,'' ''projects,'' ''estimates,'' ''believes'' or
''continue,'' the negative thereof, other variations or comparable terminology. Important
factors, including certain risks and uncertainties, with respect to such forward- looking
statements that could cause actual results to differ materially from those reflected in such
forward looking statements include, but are not limited to, the impact of competitive
products and services, the ability of customers to package code in a timely manner, the
Company's ability to manage growth and acquisitions of technology or people, the effect of
economic and business conditions, including risks inherent in international operations and
the ability to attract and retain technical personnel.
Alydaar Software Corporation is a software re-engineering company, specializing in
providing services to resolve the Year 2000 problem, as well as computer language
translation and systems migration services. Using SmartCode(R), its core re-engineering
technology, Alydaar can remediate most computer languages on most hardware platforms.
More information about Alydaar Software Corporation and its services can be found on the
World Wide Web at alydaar.com
Alydaar Software Corporation
Condensed Consolidated Balance
Assets June 30, 1998 June 30, 1997
(Unaudited) (Unaudited)
Total Current Assets $ 16,391,017 $ 7,140,657
Property and Equipment,
net 3,741,860 1,935,562
Goodwill, net 6,270,983 --
Other Assets 148,006 126,975
$ 26,551,866 $ 9,203,194
Liabilities and Stockholders' Equity
Total Current
Liabilities $ 5,356,279 $ 1,844,823
Capital Lease Obligation 129,514 --
Commitments and Contingencies -- --
Total Stockholders'
Equity $ 21,066,073 $ 7,358,371
$ 26,551,866 $ 9,203,194
Alydaar Software Corporation
Consolidated Statements of Operations
Periods Ended June 30, 1998 and 1997
(Unaudited)
Three Months Three Months
Ended Ended
6/30/98 6/30/97
Earned Revenues $ 9,560,419 $ 2,120,769
Expenses
Payroll and Related Items 3,886,992 3,629,629
Depreciation and Amortization 368,809 125,669
Rent and Occupancy 356,345 135,708
Other Operating Expenses 1,333,769 463,642
Bad Debt Expense 163,750 --
Litigation Costs 549,050 122,440
6,658,715 4,477,088
Operating Income (Loss) 2,901,704 (2,356,319)
Other Income (Expense) (55,322) 11,485
Net Income (Loss) $ 2,846,382 $ (2,344,834)
Earnings Per Share:
Basic $ 0.16 $ (0.16)
Fully Diluted $ 0.16 $ (0.16)
Average Shares Outstanding:
Basic 17,420,150 14,558,032
Diluted 17,682,441 14,558,032
SOURCE: Alydaar Software Corporation
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