MANZ--- here we bitch about this dog when CHRZ is just a different breed,,, how would you like to own this mutt tonight...ANOTHER famos Y2K company--
To: Starwalt (10011 )
From: Ed Flynn
Thursday, Apr 1 1999 6:20PM ET
Reply # of 10018
Thursday April 1, 5:03 pm Eastern Time
Company Press Release
Alydaar Software Announces Correction of Previously
Reported 1998 Results
CHARLOTTE, N.C.--(BUSINESS WIRE)--April 1, 1999--Alydaar Software
Corporation
(Nasdaq: ALYD - news) today announced an adjustment of its previously reported
1998
results.
The Company determined that the results reported were overstated by approximately
$2 million at December 31, 1998. The
balance sheet and income statement will be restated to reflect the adjustment. The
overstatement was primarily due to an error
made in the consolidation of the accounts of Alydaar with its wholly owned subsidiary,
Alydaar International Ltd. based out of the
United Kingdom.
In response to the discovery of the adjustment in reported results, Mr. V. Hollis Scott,
Chief Financial Officer, tendered his
resignation which was accepted by the Company. Mr. Scott also resigned his Board of
Directors seat, effective immediately. As
of April 1st, Frank Milligan, Alydaar's President, has been appointed to Mr. Scott's seat
on the Board. Alydaar Software will
restate its fourth quarter 1998 results to reflect the adjustment to the final financial
statements will be filed with the Company's
Form 10-K. The following table reflects a summary of the results for the 1998 calendar
year as previously reported and as
corrected:
-0-
Results reported Corrected results reported
March 17, 1999 March 31, 1999
-------------- --------------
Revenues $29,711 $27,790
Pre-tax earnings 2,118 198
Net Earnings 3,318 1,398
E.P.S. .19 .08
-0-
Alydaar Software also announced today the appointment of Mr.
Richard J. Blumberg to its Board of Directors. Mr. Blumberg is a
practicing attorney in New York City and a member of the New York law
firm of McLaughlin & Stern, LLP. Mr. Blumberg specializes in
securities matters. For nine years, Mr. Blumberg served with the
Securities and Exchange Commission both in New York and Miami,
Florida.
Previous first quarter guidance was estimated to be seven million
in revenues. The Company believes its first quarter revenues will be
approximately $5.0 million. Management is aggressively evaluating the
overall strength of our Year 2000 business with a view towards cost
containment, if the present weakness continues.
Robert Gruder, Alydaar's CEO, stated: "We are all obviously
disappointed in the restatement and are now conducting a top to bottom
review of our financial reporting system to see that this will not
occur again. However, we are convinced the overall direction of the
Company is positive with its E-business initiative taking a top
priority."
Alydaar Software Corporation is a worldwide developer of
Enterprise Information Portals. Alydaar provides management
consulting, design, development and the deployment of Virtual
Information Portal solutions. Additionally, Alydaar assists
organizations in transforming their current legacy information systems
architecture to support a heterogeneous, scalable, flexible, and
ubiquitous internet/intranet architecture. Alydaar also offers Year
2000 services utilizing its SmartCode technology, remediating or
auditing most computer languages on most hardware platforms.
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, and Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, both as amended, 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 Company's ability to manage
growth and acquisitions of technology or people, diversification of
the Company's business, the effect of economic and business
conditions, including risks inherent in international operations, the
ability to attract and retain technical personnel and other risks
detailed from time to time in the Company's SEC reports. The Company
assumes no obligation to update the information in this release
Contact:
Alydaar Software Corporation, Charlotte
Thomas Dudchik, 704/365-2324 |
