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Technology Stocks : Applix is back in action -- Ignore unavailable to you. Want to Upgrade?

To: Thomas A Watson who wrote (2975)	2/28/2003 12:52:19 PM
From: Don Green	Read Replies (2) \| Respond to of 3014

Applix CEO Resigns, Company Restates Revenue DG> It has been a long time since someone has posted here, maybe this is a reason? WESTBOROUGH, Mass. (Reuters) - Software company Applix Inc. (APLX.O) said on Friday its chief executive has resigned and that it would restate nearly two years of results to properly account for revenue. Its already-battered shares lost as much as 23 percent, before easing in mid-day trading. The company, which makes software to help companies in budgeting and forecasting, said in a statement that Alan Goldsworthy stepped down as president and director as well as CEO, but will serve as a consultant. David Mahoney, a board member, was named interim CEO. The company did not say why Goldsworthy resigned. Applix officials were not immediately available for comment. Applix said it would revise its financial statements for 2001 and the first three quarters of 2002, deferring certain revenue payments to different fiscal periods. It said the restatements would not impact future results. The company also said for the second quarter of 2002 it would defer $340,000 in revenues related to a German unit. Applix, in a statement, described the errors as mistakes "made in good faith and not the result of any fraud or dishonesty on the part of management." As a result of the restatement, Applix said its 2001 revenue would be cut to $39.4 million from $40.3 million, and its net loss would widen to $10.8 million from $9.9 million. For the first three quarters of 2002, Applix said, the restatement would increase revenue to between $26.4 million and $26.8 million from $26.4 million and would decrease its net loss to between $2.8 million and $3.2 million from $3.2 million. In addition, the company estimated fourth-quarter revenue at $9.5 million to $10 million. It said it would release full results at the end of March. Shares of Applix were off 18 cents, or more than 9 percent, at $1.78, having earlier fallen as low as $1.40.