TRUTH, << here it is! >>
April 29, 1998 10:30 AM
CHARLOTTE, N.C., April 29 /PRNewswire/ -- Alydaar Software Corporation ALYD reported today that, for first quarter, 1998, its revenues grew to $8,408,000, a 36% increase over fourth quarter, 1997 revenues, and that it earned $1,699,000 as compared with $13,000 profit for the fourth quarter, 1997. For first quarter, 1997, as the Company was emerging from a research and development stage, the Company recorded revenues of $188,000 and a net loss for the period of ($3,295,000). The comparative per share amounts were net income of $0.09 per share, based upon 18,272,000 average shares outstanding, for the first quarter, 1998, and a net loss of ($0.23) per share, based upon 14,532,000 average shares outstanding, for first quarter, 1997. As of March 31, 1998, total current assets were $13,461,000 and total current liabilities were $4,708,000.
V. Hollis Scott, CFO, stated, "We are very pleased with the operating results for first quarter, 1998. We believe that current contract activity validates our "factory" approach versus the "tools vendors" approach to remediating code. We have found that every customer's code has uniqueness, which makes it difficult to use an off-the-shelf tool to fix code. We believe that, based upon published data for our competitors and our internal tracking of results, the Company has the lowest error rate per million lines of code in the industry. The low error rate saves companies significant amounts of money and time in performing unit testing of remediated code. Based upon our low error rate, some of our customers have eliminated the unit testing stage for repairing code to be put back into production. We believe that our factory approach, which enables us to handle large volumes of code in a short period of time, and our low error rate, which saves testing time and cost, will position us to be successful in winning contracts awards from large companies which have attempted to fix code internally and decide to outsource the project. The Company's automated fixes for multiple computer programming languages and multiple platforms positions it to be successful in winning contract awards for remediating non-Cobol code. We believe that the Company's prospects for continued growth in revenues and earnings are excellent."
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 SmartCodea, 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" "believes" or "continue", the negative thereof, other variations or comparable terminology. 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.
Alydaar Software Corporation
Consolidated Statement of Operations
Three Months Ended March 31, 1998 and 1997
(Unaudited)
1998 1997
Revenues $ 8,407,822 $ 187,500
Expenses 6,646,777 3,483,647
Operating Income (Loss) 1,761,045 (3,296,147)
Other Income (Expense) (61,727) 1,490
Net Income (Loss) $ 1,699,318 $(3,294,657)
Earnings Per Share:
Basic $ 0.09 $ (0.23)
Fully Diluted $ 0.09 na - antidilutive
Average Shares
Outstanding:
Primary 18,271,598 14,531,614
Fully Diluted 18,380,642 na - antidilutive
SOURCE Alydaar Software Corporation
Larry |
