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<<eSoft Announces Preliminary Financial Results for Third Quarter 1999;Linux Software Supplier Reports Dramatic Revenue and Earnings Increases
BROOMFIELD, Colo., Oct. 20 /PRNewswire/ -- eSoft Inc. (Nasdaq: ESFT), the
company that develops and markets the TEAM Internet(R), Linux(TM) software
suite for small businesses, today reported its results for the quarter ending
September 30, 1999.
"We are pleased to report that our results for the past quarter continue
the positive momentum we have established over the past several quarters,"
said Jeff Finn, eSoft president and CEO. "Linux-based solutions are a fast
growing part of the Internet and we continue to see extremely positive results
from our decision to focus our efforts on Linux-based software and services.
The efforts of the eSoft team have generated a 45 percent increase in quarter
over quarter revenues and a 39 percent improvement in quarter over quarter
earnings per share and the completion of the Technologic merger has been an
added strength for eSoft.
"In addition, we experienced considerable growth and exposure for
eSoft.com, which continues to generate leads and orders from our value-added
resellers and we have seen great momentum from both European and Asia Pacific
resellers and distributors," said Finn. "We are confident that our business
strategy will enable us to continue producing significant positive quarter
over quarter financial results."
PRELIMINARY STATEMENT OF OPERATIONS
(unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
1998 1999 1998 1999
(restated) (restated)
Revenues $2,932,041 $2,201,915 $7,371,531 $6,008,752
Cost of Goods Sold 1,140,208 998,417 2,949,809 2,901,109
SG&A 2,679,746 2,895,288 6,512,117 11,304,815
Amortized Software
Costs 54,695 43,301 156,788 126,953
Operating Profit (942,608) (1,735,091) (2,247,183) (8,324,125)
Other Income (Expense) 88,439 (192,403) 89,477 (10,062)
Net Loss $(854,169) $(1,927,494) $(2,157,706) $(8,334,187)
Average Shares
Outstanding 9,770,780 10,990,457 8,153,145 10,552,303
Basic and Diluted Loss
Per Share $(0.08) $(0.20) $(0.26) $(0.79)
Balance Sheet Information (unaudited):
September 30, 1999
ASSETS
Cash $2,059,256
Other Current Assets 4,470,812
Total Current Assets 6,530,068
Other Assets 1,368,821
Total Assets $7,898,889
LIABILITIES AND
STOCKHOLDERS' EQUITY
Total Current Liabilities $3,327,081
Long Term Liabilities 3,256,090
Total Liabilities 6,583,171
Stockholders' Equity 1,315,718
Total Liabilities and Stockholders' Equity $7,898,889
About eSoft Inc.
eSoft Inc. was founded in 1984 with headquarters in Broomfield, Colo.
eSoft provides a family of Internet appliances and services that enable
small- to medium-sized business to harness the full power of the Internet.
The TEAM Internet family of products is designed for businesses with up to
200 workstations and provides low-cost, LAN-to-Internet connectivity and
includes a range of features, including e-mail, Web browsing, ICSA certified
firewall security, a Web server, remote access and virtual private network
(VPN) functionality. Contact eSoft at 295 Interlocken Blvd., #500,
Broomfield, Colo., 80021, USA; 303-444-1600 phone; 303-444-1640 fax;
www.esoft.com.
TEAM Internet is a registered trademark of eSoft Inc. All other
trademarks or registered trademarks are the property of their respective
owners.>> |
