The scruffy dog just reported, 1¢ worse than expected.
RICHARDSON, Texas--(BUSINESS WIRE)--Feb. 11, 1998--USDATA
Corporation (NASDAQ:USDC) today reported net revenues of $6.1 million
for the fourth quarter ended Dec. 31, 1997, compared to $6.8
million in the same period of 1996.
The company reported a net loss from continuing operations for
the 1997 fourth quarter of $959,000 or a loss of $0.09 per share
compared to a net loss from continuing operations of $436,000 or a
loss of $0.04 per share in the prior year.
For the year ended Dec. 31, 1997, revenues were $22.4 million
compared to $23.9 million in 1996. In 1997, the company reported a
net loss from continuing operations of $3.9 million or a loss of
$0.35 per share compared to a net loss from continuing operations of
$2.7 million or a loss of $.24 per share in the twelve months ended
Dec. 31, 1996.
The company also disclosed its intention to dispose of its system
integration and hardware servicing business and focus primarily on
its software business for the future. As a result of this decision,
the company's revenues and operating expenses for 1997 and 1996
reflect only the software business with the net results of the
system/hardware business reported as a single line item entitled
income from discontinued operations.
"Our software revenues for the fourth quarter of 1997 were
slightly better than expected and overall results are in line with
expectations," said Bob Merry, USDATA's president and chief
executive officer. "While we have adjusted our on-going operating
expenses to a level consistent with revenue expectations, earnings in
the near future will continue to be impacted by the programs required
to implement our new strategy."
"The company's strategic focus will now be on growing and
expanding our software business," added Merry. "We believe the
changes we are making will position USDATA to grow dynamically and
compete effectively in the market for real-time manufacturing
performance systems."
USDATA Corporation is a global supplier of real-time
manufacturing application software and development tools and related
consulting services. The company's products and services help
automate manufacturing and process control applications. Its
real-time data management capabilities enable customers to reduce
operating costs, shorten cycle times, improve product quality and
increase productivity. USDATA products are noted for
high-performance, ease-of-use and support of enterprise computing
environments. For more information, visit USDATA on the World Wide
Web at www.usdata.com.
This press release contains forward-looking statements with
respect to financial results and certain other matters. These
statements are made under the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 and involve a number
of risks and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. Such risks
and uncertainties include, without limitation, fluctuations in
demand, the quality and price of similar or comparable software
products, access to sources of capital, general economic conditions
in the company's market areas, and that future sales and growth rates
for the industry and the company could be lower than anticipated.
*T
USDATA Corporation
Summary Income Statement
(In thousands, except per share data)
Three months Twelve months
ended ended
Dec. 31, Dec. 31,
------------ -------------
(unaudited) (audited)
1997 1996 1997 1996
---- ---- ---- ----
Net sales $ 6,112 $ 6,815 $22,381 $23,885
Net loss from continuing
operations (959) (436) (3,907) (2,650)
Net (loss) income (913) 87 (3,690) (1,056)
Loss per share from
continuing operations ($ .09) ($ .04) ($ .35) ($ .24)
Earnings (loss) per share ($ .08) $ .01 ($ .33) ($ .10)
Average shares outstanding 10,950 12,012 11,066 11,014
Summary Balance Sheet
(audited)
($'s in thousands)
Dec. 31, Dec. 31,
1997 1996
------- -------
Cash and notes receivable $ 5,204 $ 6,398
Receivables 4,573 6,853
Other assets 7,446 7,228
Net assets of discontinued
operations 1,812 1,239
------- -------
Total assets $19,035 $21,718
======= =======
Current liabilities $ 4,652 $ 4,560
Deferred income taxes 510 510
Stockholder's equity 13,873 16,648
------- -------
Total liabilities and
stockholder's equity $19,035 $21,718
======= =======
Earnings per share calculations for each period are based on the
weighted average number of shares outstanding in each period. There
is no material difference between basic and diluted earnings per
share. |
