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

To: Don Green who wrote (2976)	2/28/2003 1:24:20 PM
From: Thomas A Watson	Read Replies (1) \| Respond to of 3014

Applix has no connection with linux, they spun off the Applixware. What is left is just a small application company of Sales process tracking software. If you note the contents of my last post. businessweek.com Tivo is by the way embedded linux. Linux will screw Sun and greatly impact msft's ability to grow revenue. businessweek.com The Linux Uprising How a ragtag band of software geeks is threatening Sun and Microsoft--and turning the computer world upside down

To: Don Green who wrote (2976)	3/3/2003 4:58:24 PM
From: swimmygoof	Respond to of 3014

Here's a longer article from a local paper. Applix announces errors in reporting; CEO resigns WESTBORO -- The chief executive officer of software company Applix Inc. unexpectedly resigned yesterday after the company announced that it incorrectly reported results in 2001 and part of 2002. The company also added Bradley D. Fire, a former software developer who owns a horse ranch in Kansas, to its board of directors. Mr. Fire owns about 12 percent of Applix's shares, and had been critical of management's handling of the company. Chief Executive Officer and President Alan C. Goldsworthy resigned after the company said it must restate 2001 and three quarters of 2002 to properly account for revenue under a reseller agreement. In addition, the company will defer about $340,000 in revenue from the second quarter of 2002 relating to a licensing transaction by its German unit. Applix shares fell 26 cents to $1.70, a 13 percent decline, in trading yesterday on the Nasdaq Stock Market. The restatement will cut Applix's revenue for 2001 to $39.4 million from $40.3 million, but increase revenue for the first three quarters of 2002 to between $26.4 million and $26.8 million from $26.4 million. The changes will increase the company's loss in 2001 to $10.8 million, up from $9.9 million. But its loss for the first three quarters of 2002 will drop to between $2.8 million and $3.2 million from $3.2 million, the company said. Applix said it will release results for the fourth quarter and full year 2002 in late March, delaying the report as it works through the restatement. While fourth-quarter results are still under review, the company said it expects revenue of $9.5 million to $10 million for the quarter. Applix said it does not expect the restatement to have an adverse effect on its future operating results or business outlook. The company said in a press release that it ``believes that the errors underlying the restatement are the result of mistakes made in good faith and not the result of any fraud or dishonesty on the part of management.'' Mr. Goldsworthy joined Applix in January 2000 as its president of front office business solutions. In March 2000, he replaced former CEO Jit Saxena during a reshuffling of the company's business units. Prior to joining Applix, Mr. Goldsworthy was president and CEO of CMI-Competitive Solutions Inc., a Michigan-based software company, executing a turnaround of the company that saw its valuation rise by 200 percent within three years. Before that, he worked for Digital Equipment Corp. for 15 years in various capacities. David C. Mahoney, a board member since 1992, will serve as interim CEO as Applix searches for a permanent replacement to Mr. Goldsworthy, who also is giving up his seat on the board. In a Securities and Exchange Commission filing in November, Mr. Fire, 32, of Olathe, Kan., who owns about 12.3 percent, or 1.5 million, of the company's outstanding shares, said the management and board of Applix have made poor business decisions that have driven down the value of the company's shares. Mr. Fire said in the filing that he believes the company is ``tremendously undervalued due to a chronic neglect'' of its TM1 database analysis product, and that a new board and management team is needed. ``I have recently become convinced that Applix's present management and board have made and continue to make poor business decisions which have resulted in, and will continue to result in, a substantial drop in performance and stock value,'' he wrote in the filing. ``Accordingly, I now plan to become more involved with Applix.'' Yesterday, Mr. Fire declined to comment on Mr. Goldsworthy's resignation but added that he was ``very excited about the opportunity,'' to serve on the board. The company declined to make any executives available for comment yesterday to discuss Mr. Goldsworthy's resignation. A spokesman said Mr. Goldsworthy resigned ``to pursue other opportunities.'' In 1995, Mr. Fire and his brother, Jeff Dryer, founded Silicon Investor, an online information service for investors. The two sold the company to Go2Net Inc. in 1998 for $33 million in stock. Mr. Fire changed his last name from Dryer to Fire when he got married after the sale of Silicon Investor. Mr. Fire now owns and operates a horse stable called Peeper Ranch with his wife, Dawn Fire.