Well, this pretty much covers it.
Tuesday October 5, 6:28 pm Eastern Time
Company Press Release
SOURCE: Prophet 21
Prophet 21(R) Announces Preliminary First Quarter Financial Results
YARDLEY, Pa., Oct. 5 /PRNewswire/ --
Prophet 21 Inc., a leading provider of business software for customer-intensive wholesale distributors, today announced that due primarily to the Year 2000 (Y2K) market slowdown, first quarter results will be lower than previous estimates. The company expects to report revenue of between $9 and $9.5 million for the first quarter ending September 30, 1999. Additionally, Prophet 21 estimates fully diluted earnings per share to be a loss of 20 to 25 cents a share in its first fiscal quarter. Actual operating results for the quarter are expected to be available on or before October 28.
The company believes that as the new millennium approaches, corporations are increasingly hesitant to implement new systems and are quite possibly preoccupied with Y2K issues, contributing to an overall slowdown in software market sales. Other factors that have impacted Prophet 21's first fiscal quarter performance include a longer sales cycle due to corporate focus on larger system sales and increased investment in research and development.
''A temporary softness in the market will not preclude Prophet 21 from pursuing technology objectives with expansive market potential. Prophet 21's financial strength and investments in new leading technology offerings serve to further strengthen our position in the market despite the lower than expected operating results for the quarter,'' said Charles L. Boyle, president and CEO, Prophet 21. ''We continue to be very optimistic and confident in our longer-term prospects.''
About Prophet 21
Prophet 21, Inc. (Nasdaq: PXXI - news), recognized for financial stability since 1967, was established to provide innovative software solutions that meet the changing business demands of distribution operations within the extended supply chain. The Company develops, markets, and supports a complete suite of distribution-centric enterprise applications for either Windows NT, UNIX or AS/400 environments for finance, order management, inventory management, purchasing, and electronic commerce. In addition, Prophet 21 provides industry-specific, distribution-centric enterprise solutions for select markets including industrial, automotive, aerospace and defense, electrical supply, electronics, medical and dental, tile, plumbing, and HVAC. Prophet 21 has installed software systems at more than 2,600 companies. Prophet 21 offers the services needed to ensure customer success: consulting, installation, implementation, training and support, including web-based customer service 24 hours a day, seven days a week. Prophet 21 product and service information is located on the World Wide Web at p21.com.
Prophet 21, Prophet 21 is a registered trademark. All other trademarks and registered trademarks are the property of their respective companies.
This press release contains forward-looking statements. All forward- looking statements involve risks and uncertainties, including, without limitation, the risks detailed in the Company's filings and reports with the Securities and Exchange Commission. Such statements are only predictions and actual events or results may differ materially. Potential risks and uncertainties that could affect the Company's future operating results include, but are not limited to: (i) economic conditions, including economic conditions related to the computer industry; (ii) the availability of components and parts from the Company's vendors at current prices and levels; (iii) the intense competition in the markets for the Company's products and services; (iv) the Company's ability to protect its intellectual property; (v) potential infringement claims against the Company for its software development products; (vi) the Company's ability to obtain customer maintenance contracts at current levels; (vii) the Company's ability to develop, market, provide, and achieve market acceptance of new service offerings to new and existing clients; and (viii) Year 2000 compliance of the Company's and other vendors' products and related issues, including impact of the Year 2000 problem on customer buying patterns.
SOURCE: Prophet 21
|
