Alydaar Software Corporation Announces Fourth Quarter and Annual
Results
PR Newswire - April 01, 1998 09:13
ALYD %CPR %ERN V%PRN P%PRN
CHARLOTTE, N.C., April 1 /PRNewswire/ -- Alydaar Software Corporation
(Nasdaq: ALYD) announced today its final audited operating results for fourth
quarter, 1997 and year ended December 31, 1997. Revenues were $6,169,000 and
$10,736,000 for fourth quarter, 1997 and year ended December 31, 1997,
respectively, as compared with $38,000 for the fourth quarter and full year of
1996. The Company was essentially a research and development company during
1996 and through the first quarter, 1997. For the fourth quarter ended
December 31, 1997, the Company was slightly above breakeven with a $13,000
profit or $-0- per share, and for the full 1997 year lost ($7,797,000) or
($.51) per share, compared with ($3,217,000) or ($.26) per share and
($5,133,000) or ($.41) per share for the same periods of 1996. The Company
ended the fourth quarter with approximately $7,970,000 in cash and
receivables, and had total liabilities of approximately $2,947,000.
The Company expects to report a significant increase in revenues in first
quarter, 1998 over fourth quarter, 1997 revenues, and expects to be profitable
for the quarter.
Alydaar Software Corporation is a software re-engineering company,
specializing in providing services to resolve the Year 2000 problem, as well
as computer language translation and systems migration services. Using
SmartCode(R), its core re-engineering technology, Alydaar can automatically
correct millions of lines of code per month at its Charlotte, NC code
remediation factory. Alydaar has offices throughout North America and Europe.
The statements made in this news release that are not historical facts
contain "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, which can be identified by the use
of forward-looking terminology such as "may," "will," "anticipates,"
"expects," "projects," "estimates" or "continue," the negative thereof, other
variations or comparable terminology, involve risks and uncertainties.
Important factors, including certain risks and uncertainties, with respect to
such forward looking statements that could cause actual results to differ
materially from those reflected in such forward looking statements include,
but are not limited to, the impact of competitive products and services, the
ability of customers to package code in a timely manner, the Company's ability
to manage growth and acquisitions of technology or people, the effect of
economic and business conditions, including risks inherent in international
operations and the ability to attract and retain technical personnel.
SOURCE Alydaar Software Corporation
/CONTACT: Thomas J. Dudchik, Alydaar Software Corporation, 704-365-2324
ext. 2049/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 124139/
/Web site: alydaar.com |
