BILLERICA, Mass., March 29 /PRNewswire/ -- Peritus Software Services, Inc.
(OTC Bulletin Board: PTUS), a provider of solutions for software maintenance,
today announced that it anticipates a net loss for the quarter ending March
31, 1999. Based on information available to date, the Company anticipates a
net loss of between $2 million and $2.5 million. The Company reported that a
significant license transaction that it was expecting to close in the quarter
has been delayed indefinitely.
As previously reported, the Company's ability to continue to finance its
operations is dependent upon achieving a cash flow breakeven position and/or
obtaining additional sources of financing. The anticipated net loss in the
first quarter will significantly erode the Company's cash balances and
jeopardize its ability to continue as a going concern. The Company does not
believe that it will be able to achieve a cash flow breakeven position in the
future and the Company's Board of Directors is considering various
alternatives. With the exception of personnel required for delivery of
customer obligations, the Company anticipates that it will significantly
reduce its workforce within the next several weeks.
About Peritus
Founded in 1991, Peritus Software Services, Inc. is a provider of software
maintenance outsourcing services. 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. SAM offerings include customized services for software
providers, information systems organizations, and Year 2000 renovations.
Peritus is headquartered in Billerica, MA. For more information, see the
Peritus web site at http://www.peritus.com.
This press release may contain certain forward-looking statements, which
involve risks and uncertainties. The Company's actual results may differ
materially from the results discussed in such statements. Certain factors that
could cause actual results to differ materially from those discussed in such
forward-looking statements include the risks described in the Company's Annual
Report on Form 10-K for the year ended December 31, 1997, the Quarterly Report
on Form 10-Q for the quarter ended September 30, 1998, and other public
filings made by Peritus with the Securities and Exchange Commission, which
factors are incorporated herein by reference.
Peritus is a registered trademark and Software Asset Maintenance is a
service mark of Peritus Software Services, Inc.
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:
John Giordano, Chief Financial Officer of
Peritus Software Services, 978-670-0800, or fax, 978-670-2060, or
jgiordano@peritus.com
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