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To: WTSherman who wrote (270)	2/4/1999 4:59:00 PM
From: rupert1	Respond to of 309

Platinum Software Corporation Announces Second Quarter Fiscal Results PR Newswire - February 04, 1999 16:45 IRVINE, Calif., Feb. 4 /PRNewswire/ -- Platinum Software Corporation (Nasdaq: PSQL), a leading provider of customer-centric enterprise resource planning solutions for mid-sized businesses, today reported its second quarter financial results for the quarter ended December 31, 1998. Revenues for the second quarter were $33.4 million, compared to revenues of $21.7 million for the second quarter of fiscal 1998, representing 54 percent revenue growth year-to-year. Net income for the quarter was $5.6 million or $0.19 per share prior to a $6.0 million charge for restructuring and a $6.4 million charge for purchased research and development costs associated with the DataWorks merger. The reported net loss was $6.8 million or $0.24 per share, compared to a net income of $2.0 million or $0.07 per share for the same quarter a year ago. Since the merger with DataWorks closed effective December 31, 1998 and the merger was accounted for under the purchase method of accounting, the statement of operations for the quarter reflects the operations of Platinum Software alone, while the balance sheet at December 31, 1998, reflects the combined entities, including DataWorks. The company's balance sheet as of December 31, 1998 showed cash, cash equivalents and short-term investments of $52.7 million, accounts receivable of $84.8 million and deferred revenue of $36.8 million. Additionally, Platinum Software has adopted the calendar year as its new fiscal year. The company's first quarter for fiscal year 1999 will end on March 31, 1999. "We've taken another great step this quarter in our ongoing strategy to solidify Platinum Software's position as the midmarket's leading provider of enterprise applications," said George Klaus, chairman, president and chief executive officer of Platinum Software Corporation. "Our merger with DataWorks made us one of the ten largest ERP vendors in the world -- and the largest one focused exclusively on bringing advanced enterprise business solutions to mid-sized companies. We've already made great strides in unifying our business operations and expect continued success in executing our 'customer-centric' product strategy." Platinum Software achieved several key milestones during the quarter ended December 31, 1998, including: -- Completion of its merger with San Diego-based DataWorks Corporation. As part of the merger, Platinum Software eliminated duplicate and redundant operations that, when coupled with attrition, resulted in an approximate 15 percent reduction in force worldwide. -- Introduction of Platinum ERA 7.0, the company's "customer-centric" enterprise business solution optimized for Microsoft SQL Server. Platinum ERA, or Enterprise Ready Applications, provides mid-sized businesses with a competitive advantage by integrating Platinum Software's front and back office applications. -- Winning the coveted 1998 Industry Solution Award for "Best Customer Service and Support Solution." Platinum Software was chosen as the winner by an independent panel of judges for its solution developed for Command Software, which enabled them to increase profits, improve productivity and boost customer satisfaction levels by providing a consistent method for gathering, organizing, tracking and sharing customer information. This award is the second Industry Solution Award that Platinum Software has received in the past two years. In 1997, the company won the Industry Solution Award in accounting for "Best Functionality," making Platinum Software the only ERP vendor to win Industry Solution Awards for both front and back office applications. -- Introduction of Clientele 7.0, an enhanced version of the company's customer relationship management solution. Clientele 7.0 adds enhanced functionality and new features for both sales and marketing and customer service personnel, including List/Campaign Management, Change Request Management and Internet-enabled Product Registration. -- Introduction of Platinum for Windows 4.7, an enhanced version of Platinum Software's award-winning financial accounting solution for small- and medium-sized businesses. Major enhancements included Serial/Lot Tracking, Drop Shipments and reporting capabilities. Additionally, the company enhanced Platinum for Windows' Client/Server System Manager, incorporating ThinkNet Inc.'s AuditMaster module for increased security and complete auditability for all financial data as well as Pervasive Software's Pervasive.SQL database for both transactional and relational querying capabilities.