WESTBOROUGH, Mass., March 1 /PRNewswire/ -- Peritus Software Services,
Inc. (OTC Bulletin Board: PTUS), a provider of solutions for software
maintenance, today announced its preliminary financial results for the fourth
quarter and year ended December 31, 1999.
For the three months ended December 31, 1999, total revenue decreased
74.5% to $1,458,000 from $5,723,000 in the three months ended December 31,
1998. The net loss decreased 99.5% to $25,000 ($0.00 per share) from the net
loss of $5,344,000 ($0.33 per share) in the three months ended December 31,
1998. Excluding charges and adjustments related to restructuring and
impairment of long-lived assets, the net loss for the fourth quarter of 1999
decreased 99.2% to $25,000 from a net loss of $3,232,000 in last year's fourth
quarter. The net income for the fourth quarter of 1999 included an unusual
$392,000 credit to general and administrative expenses associated with
reductions to the Company's provisions for sales taxes, bad debts and other
contractual obligations.
For the year ended December 31, 1999, total revenue decreased 64.5% to
$11,198,000 from $31,532,000 in year ended December 31, 1998. The net loss
decreased 90.3% to $2,583,000 ($0.16 per share) from the net loss of
$26,673,000 ($1.65 per share) in the year ended December 31, 1998. Excluding
charges and adjustments related to restructuring and impairment of long-lived
assets, the net loss for year 1999 decreased 86.6% to $2,077,000 from a net
loss of $15,549,000 in 1998. The Company's unrestricted cash and cash
equivalent balance at December 31, 1999 was $2,475,000 versus $2,809,000 at
December 31, 1998.
Detailed final results and commentary including a full explanation of the
Company's restructuring and asset impairment charges and adjustments 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 March 30, 2000.
Separately, the Company announced that it received final approval on
Monday from the U.S. District Court for the District of Massachusetts of the
settlement of the previously filed class action securities litigation brought
against the Company and certain of its past or present officers and directors
covering the class period of October 22, 1997 through and including
October 26, 1998. The settlement, which was funded entirely by the Company's
directors and officers liability insurer, will become final at the expiration
of the appeal period.
About Peritus
Founded in 1991, Peritus Software Services, Inc. is a provider of software
maintenance outsourcing services. Peritus is headquartered in Westborough,
MA. For more information, see the Peritus web site at http://www.peritus.com.
Contact: Ron Garabedian
Treasurer
Peritus Software Services, Inc.
508-870-0963
Fax: 508-870-0764
Internet: rgarabedian@peritus.com
Peritus is a registered trademark of Peritus Software Services, Inc.
SOURCE Peritus Software Services, Inc.
 back to top
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:
Ron Garabedian, Treasurer of Peritus Software
Services, Inc., 508-870-0963, rgarabedian@peritus.com
|
