>>PRSW took a dive on some bad news...anybody gonna play for a bounce?<<
She better not! But I would short it here.
DJ Persistence Estimate -2: Street Puts 3Q Loss At 13c/Shr
SAN MATEO, Calif. (Dow Jones)--Persistence Software Inc. (PRSW) expects to report
third quarter losses wider than previous estmates due to a delay in finalizing a large
contract.
In a press release Monday, the software company said it expects to report revenue
between $2.5 million and $2.7 million for the third quarter ended Sept. 30.
A First Call/Thomson Financial survey of three analysts put Persistence's third
quarter loss at 13 cents a share.
The company said it views the shortfall as a timing issue.
-Roy R. Reynolds; Dow Jones Newswires; 201-938-5400
(END) DOW JONES NEWS 10-04-99
08:43 AM
Persistence Software Reports Preliminary Third Quarter Results
SAN MATEO, Calif., Oct. 4 /PRNewswire/ -- Persistence Software Inc. (Nasdaq: PRSW), a
provider of engines for e-commerce, today announced that due primarily to a delay in
finalizing a large contract, third quarter results will be lower than previous estimates.
The company expects to report revenue of between $2.5 and $2.7 million for the third
quarter ending September 30, 1999. Complete operating results for the third quarter are
expected to be available October 27.
"While we are disappointed with this contract delay, we recognize that the internal
approval cycles of our customers can be somewhat unpredictable," commented Christopher
Keene, Chairman and Chief Executive Officer.
"We view this revenue shortfall as an unfortunate timing issue and we are still in
negotiations with the potential customer. We remain extremely confident in our business
and are encouraged by the tremendous progress we have made during the quarter in terms of
new partnerships and customers."
"Separately today, we announced that Intershop, the leading vendor of on-line
sell-side software, will be using Persistence PowerTier for Enterprise JavaBeans (EJB),
as a platform for its next generation e-commerce solution. The new product, Intershop
enfinity, will enable Intershop to meet the growing demand of thousands of customers
building innovative e-commerce sites. Intershop is one of the largest software vendors to
base its core product on the EJB specification."
"We recently announced that Computer Sciences Corporation (CSC) has joined the
Persistence Software PowerPartner Program to co-market high-performance enterprise
integration and e-commerce solutions. This partnership further validates our superior
caching and integration technology, as well as the strength of our customer
relationships," Keene continued.
"During the quarter, we also announced a collaboration with Cysive to build an
Internet auction framework called Sold! Again, this partnership represents the
adaptability of our PowerTier technology within an e-commerce framework that requires
reliable, high-performance transactional data delivery."
Keene added, "We continue to add to our customer base. Three recent wins were
Live365.com, ShopNow.com and Budget.com who are using PowerTier for Enterprise JavaBeans
(EJB). Live365.com intends to use EJB to enable tens of thousands of listeners to
concurrently tune in to independent audio broadcasts. ShopNow.com will use EJB to
enhance their customers' on-line shopping experience. Budget.com will use EJB to enhance
their on-line car rental capabilities.
"These three customers represent the variety of Internet infrastructure solutions that
Persistence technology provides. We intend to continue to build our new customer base
and expand our relationships with existing customers to further drive the adoption of our
technology."
Persistence Software designs and develops transactional application servers used for
Internet software infrastructure in high volume, high performance electronic commerce
applications. Persistence PowerTier allows developers to reduce development time for
sophisticated electronic commerce applications with patented object-relational mapping
technology. PowerTier's shared transactional caching feature enables multiple users to
access in-memory information simultaneously, reducing network traffic between the
application server and the database, thereby delivering improved performance. Persistence
works with such industry leaders as Sun Microsystems (SUNW), Cambridge Technology
Partners (CATP), Genesis Development, Inline Software, Marimba (MRBA), Live Software, and
Object Era, providing customers with a combined comprehensive Internet transaction
processing solution. Persistence products are in use today in many Global 1000
companies, including Cisco (CSCO) and FedEx (FDX). Persistence was founded in 1991 in San
Mateo, California. For more information see persistence.com.
Management would like to remind readers that except for any historical information
contained in this press release, any other matters discussed in this press release are
forward-looking statements involving risks and uncertainties, which could cause actual
results to differ materially from those in such forward-looking statements. Potential
risks and uncertainties include, but are not limited to, Persistence Software's limited
operating history, potential fluctuations in our operating results, uncertainties related
to our long sales cycle, our reliance on a relatively small number of customers, our
dependence on the Java programming language and the Enterprise JavaBeans standard
becoming widely accepted standards, our need to deliver products that meet rapidly
changing technology standards, our need to build a strong direct sales team and develop
third information regarding these and other risks is included in our prospectus dated
June 24, 1999 and in our other filings with the Securities and Exchange Commission.
Persistence party sales channels, our dependence on the deployment of enterprise-wide
system deployments, and our need to address competition from companies with substantially
greater Further is a registered trademark and PowerTier is a trademark of Persistence
Software Inc. in the United States and other countries. Persistence currently holds U.S.
Patents Nos. 5,499,371; 5,615,362; 5,706,506. All other product, trademark, company, or
service names mentioned herein are the property of their respective owners.
/CONTACT: Chris Russell, VP & CFO of Persistence Software, 650-372-3600; or Karen
Keating, investors, or Traci McCarty, general, both of Financial Relations Board,
415-986-1591, for Persistence Software/
08:14 EDT |
