well here it is,
Alydaar Software Corporation Reports 350% Increase In RevenueAnd Earnings Of $2,846,000 Or $0.16/Sh For 2nd Qtr 1998 Vs LossOf 2,345,000)0.16/Sh) For 2nd Qtr 1997
CHARLOTTE, N.C., July 30 /PRNewswire/ -- Alydaar Software Corporation
(Nasdaq: ALYD) reported today that for the second quarter ended June 30, 1998,
it had revenues of $9,560,000 compared with $2,121,000 for second quarter,
1997, or a 350% increase. The Company earned $2,846,000 or $0.16 per share
for second quarter, 1998 versus a loss of [$2,345,000] or [$0.16] per basic
and fully diluted share for second quarter, 1997.
For the six months ended June 30, 1998, the Company had revenues of
$17,968,000 and net income of $4,546,000 ($0.26 per basic and fully diluted
share) compared with revenues of $2,308,000 and a loss of ($5,463,000) or
($0.39) per basic and fully diluted share for the six months ended June 30,
1997. Average fully diluted shares were 177,668,000 and 14,052,000 for the
six months ended June 30, 1998 and 1997, respectively.
Commenting on the results, Mr. V. Hollis Scott, Chief Financial Officer,
stated, "We are very pleased with our second quarter and six-months results.
Out net income grew 67% sequentially from first quarter to second quarter,
1998, while revenues grew 14%. Our results also reflect the leveraging of our
relatively fixed cost structure with net income at 30% of revenues, up from a
result of net income of 20% of revenues for first quarter, 1998. We expect to
continue to deliver double-digit, quarter-to-quarter growth in earnings and
revenues over each of the next six quarters."
The statements made in this press release that are not historical facts
contain "forward-looking information" 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 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 remediate most
computer languages on most hardware platforms. More information about Alydaar
Software Corporation and its services can be found on the World Wide Web at
alydaar.com
Alydaar Software Corporation
Condensed Consolidated Balance
Assets June 30, 1998 June 30, 1997
(Unaudited) (Unaudited)
Total Current Assets $ 16,391,017 $ 7,140,657
Property and Equipment,
net 3,741,860 1,935,562
Goodwill, net 6,270,983 --
Other Assets 148,006 126,975
26,551,866 $ 9,203,194
Liabilities and Stockholders' Equity
Total Current
Liabilities $ 5,356,279 $ 1,844,823
Capital Lease Obligation 129,514 --
Commitments and Contingencies -- --
Total Stockholders'
Equity $ 21,066,073 $ 7,358,371
26,551,866 $ 9,203,194
Alydaar Software Corporation
Consolidated Statements of Operations
Periods Ended June 30, 1998 and 1997
(Unaudited)
Three Months Three Months
Ended Ended
6/30/98 6/30/97
Earned Revenues $ 9,560,419 $ 2,120,769
Expenses
Payroll and Related Items 3,886,992 3,629,629
Depreciation and Amortization 368,809 125,669
Rent and Occupancy 356,345 135,708
Other Operating Expenses 1,333,769 463,642
Bad Debt Expense 163,750 --
Litigation Costs 549,050 122,440
6,658,715 4,477,088
Operating Income (Loss) 2,901,704 (2,356,319)
Other Income (Expense) (55,322) 11,485
Net Income (Loss) $ 2,846,382 $ (2,344,834)
Earnings Per Share:
Basic $ 0.16 $ (0.16)
Fully Diluted $ 0.16 $ (0.16)
Average Shares Outstanding:
Basic 17,420,150 14,558,032
Diluted 17,682,441 14,558,032
SOURCE Alydaar Software Corporation
CO: Alydaar Software Corporation
ST: North Carolina
IN: CPR
SU: ERN
07/30/98 07:30 EDT prnewswire.com
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