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Wednesday May 12, 9:30 am Eastern Time
Company Press Release
SOURCE: Accent Software International
Accent Reports First Quarter Financial Results; New Internet Strategies Foster Continued Improvement
COLORADO SPRINGS, Colo., May 12 /PRNewswire/ -- Accent Software International (OTC Bulletin Board: ACNTF - news, ACNUF - news) announced today that its first quarter revenue was $471,000, showing an 8% improvement over the previous quarter. The company also reported that its net income was $662,000 or $0.02 earnings per share, due to a one time extraordinary gain from converting a loan into equity in the first quarter, compared to a net loss of $1,841,000 or $0.08 loss per share in the first quarter of 1998. The net loss before the extraordinary gain improved to $455,000 or $0.02 loss per share compared to $1,841,000 or $0.08 loss per share during the same period in 1998 showing an improvement of over 400%.
''By utilizing the Internet to further increase access to our language information technology products and services, the trend toward profitability continues,'' says Todd Oseth, Accent's president and CEO. ''The Internet is driving demand for software products and literature in a variety of languages and with our technology automating much of the document management process over the Internet, Accent is positioned to take on a greater amount of business with far less overhead than typical translation companies.''
The Company experienced an extraordinary gain following the retirement of a guaranteed loan to the Israeli government. The exchange of 2.448 million warrants in satisfaction of the loan was a positive milestone for the Company and improved Accent's net tangible assets, cash flow, and liabilities. This gain amounted to $.04 per share making the quarterly net income show a total of $.02 per share.
CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars and shares in thousands (except per share information)
For the three months ended March 31,
1999 1998
(Unaudited) (Unaudited)
Net sales $471 $705
Operating costs and expenses
Cost of sales 243 206
Product development costs 21 1,125
Marketing expenses 130 458
General and administrative expenses 505 712
Total operating costs and expenses 899 2,501
Operating loss (428) (1,796)
Other Income (Expense) (27) (45)
Net loss before extraordinary item (455) (1,841)
Extraordinary gain from debt extinguishment
(less income taxes of $0) 1,117 --
Net income (loss) $662 $(1,841)
Net income (loss) per share:
Before extraordinary gain $(0.02) $(0.08)
Extraordinary gain 0.04 --
Net income (loss) per share $0.02 $(0.08)
Weighted average number of
shares outstanding 29,292 22,792
Portions of this press release contain historical information and forward- looking statements. Statements looking forward in time are included pursuant to the ''safe harbor'' provision of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks and the Company's actual results in future periods may be materially different from any future performance suggested herein.
About Accent Software International: Accent Software International, founded in 1988, provides software products and services that help internationalize software and media in any language over the Internet. Accent's current products and services are enabling the Internet with Language Information Technologies that facilitate global communication. For additional information visit the Company's web sites at accentsoft.com and languageware.net.
SOURCE: Accent Software International |
