PUMA NEWS .06/share
SAN JOSE, Calif., May 21 /PRNewswire/ -- Puma Technology, Inc. (Nasdaq: PUMA) announced the results of its fiscal 1998 third quarter ended April 30, 1998. Revenue for the third quarter was $6,742,000, a 56% increase from the $4,325,000 reported for the third quarter of fiscal 1997. Diluted earnings per share were $.06 compared to the $.05 per share reported for the third quarter of fiscal 1997.
For the nine months ended April 30, 1998, revenue was $17,706,000, an increase of 59% from $11,151,000 for the first nine months of fiscal 1997. Diluted earnings per share were $.11 compared to $.12 for last year's nine month period. Last year's nine month earnings per share were $.11 under the primary method and $.12 for the diluted calculation as restated under new accounting standards.
Brad Rowe, President and CEO of Puma Technology(TM), said, "I am extremely pleased with our record-breaking results this quarter. We experienced accelerating demand for our Intellisync(R) product line in both the retail and direct corporate channels. We further benefited from several new relationships with cellular phone manufacturers and cellular service providers who have adopted our industry-leading synchronization and message-delivery architecture for their next generation products."
During the quarter, the Company continued to expand sales into the corporate arena as more and more corporations support hand-held devices for their work forces. In addition, the Company also had higher revenue from its retail sources, including Web sales and sales through the channel.
Puma recently shipped a new version of its Intellisync software for Windows CE as well as its initial version of Intellisync for the Franklin REX PC Companion product. Puma also began shipment and licensing of an Intellisync Software Developers' Kit (SDK) to allow software applications developers to provide their customers with mobile device synchronization support for their industry-specific vertical applications.
In addition, Puma Technology announced its membership in the new "Bluetooth" Special Interest Group (SIG), joining industry leaders Ericsson, IBM, Intel, Nokia, Toshiba and other member companies to define and enable wireless connectivity between future mobile phones, PCs, handhelds and other mobile computing and communications devices.
With the exception of historical factual information, the statements made in this press release constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks and uncertainties including, without limitation, the timely availability and acceptance of new products and upgrades, the impact of competitive products and pricing, consummation of binding agreements with prospective business partners and other factors set forth from time to time in Puma Technology's reports and registration statements filed with the Securities and Exchange Commission. Actual results could differ materially. Puma Technology disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
NOTE: Puma Technology, the Puma Technology logo, and IntelliSync are trademarks of Puma Technology, Inc. which may be registered in some jurisdictions. All other marks are owned by their respective owners.
PUMA TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
THREE MONTHS NINE MONTHS
ENDED ENDED
APRIL 30, APRIL 30,
1998 1997 1998 1997
Revenue $6,742 $4,325 $17,706 $11,151
Cost of revenue 972 534 2,226 1,186
Gross profit 5,770 3,791 15,480 9,965
Operating expenses:
Research and development 2,392 1,610 6,823 4,240
Sales and marketing 1,740 1,046 5,167 2,804
General and administrative 738 460 2,196 1,392
Total operating expenses 4,870 3,116 14,186 8,436
Operating income 900 675 1,294 1,529
Interest and other income, net 270 292 850 486
Income before income taxes 1,170 967 2,144 2,015
Provision for income taxes (444) (339) (814) (706)
Net income $726 $628 $1,330 $1,309
Net income per share:
Basic $0.06 $0.05 $0.11 $0.16
Diluted $0.06 $0.05 $0.11 $0.12
Shares used in per
share calculation:
Basic 12,137 11,990 12,099 8,434
Diluted 12,501 12,752 12,513 10,975
PUMA TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited)
April 30, July 31,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $7,461 $5,824
Short-term investments 14,229 15,347
Accounts receivable, net 4,555 3,615
Inventories 298 224
Other current assets 539 443
Total current assets 27,082 25,453
Property and equipment, net 3,303 2,844
Other assets 913 1,116
TOTAL ASSETS $31,298 $29,413
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $926 $1,215
Accrued liabilities 1,258 1,001
Deferred revenue 776 683
Current portion of capital
lease obligations 25 25
Total current liabilities 2,985 2,924
Capital lease obligations,
net of current portion 36 66
Total liabilities 3,021 2,990
Stockholders' equity:
Common stock, $0.001 par value;
12,178 and 12,032 shares issued and
outstanding at April 30, 1998 and
July 31, 1997, respectively 12 12
Additional paid-in capital 31,901 31,525
Receivable from stockholders (66) (192)
Deferred stock compensation (59) (81)
Accumulated deficit (3,511) (4,841)
Total stockholders' equity 28,277 26,423
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $31,298 $29,413
SOURCE Puma Technology Inc.
/CONTACT: investors and press, M. Bruce Nakao of Puma Technology,
408-321-3863, or bnakao@pumatech.com/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 117588/
(PUMA) |
