Altris Software Announces First Quarter 1999 Results
SAN DIEGO--(BUSINESS WIRE)--May 17, 1999--Altris Software, Inc.
(OTC BB: ALTS) today reported results of operations for its first
fiscal quarter ended March 31, 1999.
Total revenues for the quarter were $2.4 million compared to $3.0
million for the quarter March 31, 1998. The net loss for the quarter
totaled $2.4 million or ($0.26) per share compared to a net loss of
$2.8 million or ($0.30) per share for the same period of 1998.
Roger Erickson, Altris' Chief Executive Officer, stated, "As
expected, our quarter was impacted by a reduction of incoming orders
in recent months, which we believe is primarily due to customers
deferring purchases while awaiting the release of our Altris EB
product. In addition, with the recent settlement of the securities
class action lawsuits against the Company, we are experiencing
positive reactions from our customers and are now able to move forward
and completely focus our attention on the sale and distribution of
Altris EB."
Based in San Diego, California, Altris Software delivers
enterprise-wide document management software to its customers around
the world.
Safe Harbor Statement
Except for historical information contained herein, the matters
set forth in this release include forward-looking statements that are
dependent on certain risks and uncertainties, including such factors,
among others, as market acceptance, market demand, pricing, changing
regulatory environment, the effect of the company's accounting
policies, potential seasonality and other risk factors detailed in the
company's SEC filings.
Note to editors: Altris EB is a registered trademark of Altris
Software Inc. All other named products mentioned in this release may
have been identified by trademarks or registered trademarks of their
respective holders.
-0-
*T
ALTRIS SOFTWARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the three months
ended March 31,
1999 1998
Revenues:
Licenses $ 772 $ 891
Services and other 1,613 2,110
Total revenue 2,385 3,001
Cost of revenues:
Licenses 305 294
Services and other 1,067 1,507
Total cost of revenues 1,372 1,801
Gross profit 1,013 1,200
Operating expenses:
Research and development 1,011 743
Marketing and sales 765 1,669
General and administrative 1,447 1,410
Total operating expenses 3,223 3,822
Loss from operations (2,210) (2,622)
Interest and other income 9 15
Interest and other expense (163) (163)
------- -------
Net loss $(2,364) $(2,770)
======= =======
Basic net loss per common share $ (.26) $ (.30)
======= =======
Diluted net loss per common share $ (.26) $ (.30)
======= =======
Shares used in computing basic and diluted
net loss per common share 9,615 9,615
ALTRIS SOFTWARE, INC.
CONSOLIDATED BALANCE SHEET
March 31, Dec. 31,
1999 1998
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 391 $ 530
Receivables, net 495 1,128
Inventory, net 275 277
Other current assets 193 244
Total current assets 1,354 2,179
Long-term assets 8,131 9,187
Total assets $ 9,485 $ 11,366
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 2,921 $ 2,779
Accrued liabilities 2,095 1,934
Notes payable 700 745
Deferred revenue 3,667 3,230
Total current liabilities 9,383 8,688
Long term notes payable 421 468
Deferred revenue, long term portion 1,963 2,131
Other long-term liabilities 1,162 1,263
Subordinated debt, net of discount 2,620 2,591
Total liabilities 15,549 15,141
Mandatorily redeemable convertible preferred
stock 3,108 3,003
Shareholders' deficit (9,172) (6,778)
-------- --------
Total liabilities and shareholders' deficit $ 9,485 $ 11,366
*T
CONTACT:
Altris Software, Inc.
Roger Erickson, CEO / John Low, CFO, 619/625-3000
OR
Lippert/Heilshorn & Assoc.
Lillian Armstrong / Kris Otridge, 415/433-3777 |
