Monday March 29, 8:11 pm Eastern Time
Company Press Release
SOURCE: Peritus Software Services, Inc.
Peritus Software Services, Inc.
Anticipates Loss For The First Quarter of 1999
BILLERICA, Mass., March 29 /PRNewswire/ -- Peritus Software Services, Inc. (OTC
Bulletin Board: PTUS - news), a provider of solutions for software maintenance, today
announced that it anticipates a net loss for the quarter ending March 31, 1999. Based on
information available to date, the Company anticipates a net loss of between $2 million and
$2.5 million. The Company reported that a significant license transaction that it was
expecting to close in the quarter has been delayed indefinitely.
As previously reported, the Company's ability to continue to finance its operations is
dependent upon achieving a cash flow breakeven position and/or obtaining additional
sources of financing. The anticipated net loss in the first quarter will significantly erode the
Company's cash balances and jeopardize its ability to continue as a going concern. The
Company does not believe that it will be able to achieve a cash flow breakeven position in
the future and the Company's Board of Directors is considering various alternatives. With
the exception of personnel required for delivery of customer obligations, the Company
anticipates that it will significantly reduce its workforce within the next several weeks.
About Peritus
Founded in 1991, Peritus Software Services, Inc. is a provider of software maintenance
outsourcing services. The Peritus Software Asset Maintenance (SAM) offerings enable
organizations to transform the maintenance process into an efficient, cost-effective
discipline that boosts productivity and performance. SAM offerings include customized
services for software providers, information systems organizations, and Year 2000
renovations. Peritus is headquartered in Billerica, MA. For more information, see the
Peritus web site at peritus.com.
This press release may contain certain forward-looking statements, which involve risks and
uncertainties. The Company's actual results may differ materially from the results discussed
in such statements. Certain factors that could cause actual results to differ materially from
those discussed in such forward-looking statements include the risks described in the
Company's Annual Report on Form 10-K for the year ended December 31, 1997, the
Quarterly Report on Form 10-Q for the quarter ended September 30, 1998, and other public
filings made by Peritus with the Securities and Exchange Commission, which factors are
incorporated herein by reference.
Peritus is a registered trademark and Software Asset Maintenance is a service mark of
Peritus Software Services, Inc.
SOURCE: Peritus Software Services, Inc. |
