WESTBOROUGH, Mass., Feb. 26 /PRNewswire/-- Peritus Software Services, Inc.
(OTC: PTUS.OB), a provider of solutions for software maintenance technology
and services, today announced its financial results for the three and twelve
months ended December 31, 2000.
The Company reported net income of $36,000 or $0.00 per share on a diluted
basis for the three months ended December 31, 2000 as compared to a net loss
of $25,000 or ($0.00) per share on a diluted basis for the three months ended
December 31, 1999. For the three months ended December 31, 2000, total
revenue decreased 32.4% to $985,000 from $1,458,000 in the three months ended
December 31, 1999. As previously announced, the fourth quarter of 2000
included $320,000 of revenue as a result of a settlement of the Company's
litigation with Micah Technology Services, Inc. & Affiliated Computer
Services, Inc. In addition, revenue for the fourth quarter of 2000 included
$50,000 associated with the resolution of a prior period customer dispute.
General and administrative expense in the fourth quarter of 2000 included a
credit of $65,000 associated with the reduction of the Company's provision for
sales/use taxes. General and administrative expense in the fourth quarter of
1999 included a credit of $392,000 associated with the reduction of the
Company's provisions for sales/use taxes, bad debts, and other contractual
obligations.
For the twelve months ended December 31, 2000, excluding a non-cash charge
of $4,000,000 related to the strategic investment by Rocket Software, the
Company's net loss decreased 93.6% to $166,000 or ($0.01) per share on a
diluted basis as compared to the net loss of $2,583,000 or ($0.16) per share
on a diluted basis in the year ended December 31, 1999. For the twelve months
ended December 31, 2000, total revenue decreased 59.6% to $4,523,000 from
$11,198,000 in the twelve months ended December 31, 1999. The Company's
unrestricted cash, cash equivalents, short and long term investment balance at
December 31, 2000 was $6,127,000 versus $2,475,000 at December 31, 1999.
Detailed results and commentary will be contained in the Company's Annual
Report on Form 10-K, which is expected to be filed with the Securities and
Exchange Commission by April 2, 2001.
About Peritus
Founded in 1991, Peritus Software Services, Inc. offers products and
services that enable organizations to improve the productivity, effectiveness
and quality of the software evolution process. The Peritus Software Asset
Maintenance (SAM) offerings enable organizations to transform the maintenance
process into an efficient, cost-effective discipline that boosts productivity
and performance. Peritus is headquartered in Westborough, MA. For more
information, see the Peritus web site at http://www.peritus.com.
Contact: Ronald C. Garabedian
Vice President and Treasurer
Peritus Software Services, Inc.
Phone: 508-870-0963
Fax: 508-870-0764
E-mail: rgarabedian@peritus.com
Peritus is a registered trademark of Peritus Software Services, Inc.
Peritus Software Services, Inc.
Condensed Consolidated Statement of Operations
(In thousands, except per share related data)
Three Months Twelve Months
Ended Ended
December 31, December 31,
2000 1999 2000 1999
(unaudited) (unaudited) (unaudited)
Revenue:
Outsourcing services $592 $1,077 $2,664 $5,923
License -- 150 1,045 2,087
Other services 393 231 814 3,188
Total Revenue 985 1,458 4,523 11,198
Cost of Revenue:
Cost of outsourcing
services 287 653 1,465 4,778
Cost of license -- 76 -- 238
Cost of other services 65 171 295 2,013
Total Cost of Revenue 352 900 1,760 7,029
Gross Profit 633 558 2,763 4,169
Operating Expenses:
Sales and marketing 59 83 368 1,450
Research and
development 286 238 1,189 1,316
General and
administrative 366 294 1,766 3,570
Impairment of
long-lived assets -- -- -- 961
Restructuring charge -- -- -- (455)
Gain on sale of assets -- -- (24) --
Total Operating
Expenses 711 615 3,299 6,842
Loss from Operations (78) (57) (536) (2,673)
Interest income, net 101 29 342 92
Cost of strategic
investment -- -- 4,000 --
Provision for income
taxes (13) (3) (28) 2
Net Profit (Loss) $36 $(25) $(4,166) $(2,583)
Net Profit (Loss) per common share:
Basic $0.00 $(0.00) $(0.17) $(0.15)
Diluted $0.00 $(0.00) $(0.17) $(0.15)
Weighted average common shares outstanding:
Basic 27,320 17,174 24,939 16,670
Diluted 28,265 17,174 24,939 16,670
Peritus Software Services, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
December 31, December 31,
2000 1999
ASSETS (Unaudited)
Current Assets:
Cash and cash equivalents $3,716 $2,475
Short-term investments 1,411 --
Accounts receivable, net 565 532
Costs and estimated earnings in excess
of billings on uncompleted contracts 8 281
Prepaid expenses and other current assets 196 248
Total Current Assets 5,896 3,536
Long-term investments 1,000 --
Property and equipment, net 217 702
Intangible and other assets, net -- 55
Total Assets $7,113 $4,293
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of capital lease obligations $13 $13
Accounts payable 34 11
Customer advances 289 296
Billings in excess of costs and estimated
earnings on uncompleted contracts 158 253
Deferred revenue -- 195
Other accrued expenses and current
liabilities 377 1,128
Total Current Liabilities 871 1,896
Capital lease obligations 12 25
Total Liabilities 883 1,921
Stockholders' Equity:
Common stock 273 172
Additional paid-in capital 113,208 105,279
Accumulated deficit (107,237) (103,071)
Accumulated other comprehensive loss (14) (8)
Total Stockholders' Equity 6,230 2,372
Total Liabilities and
Stockholders' Equity $7,113 $4,293
SOURCE Peritus Software Services, Inc.
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Related links:
http://www.peritus.com
Company News On-Call:
http://www.prnewswire.com/comp/123089.html or fax,
800-758-5804, ext. 123089
CONTACT:
Ronald C. Garabedian, Vice President and
Treasurer of Peritus Software Services, Inc., 508-870-0963, or
rgarabedian@peritus.com
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