SAN MATEO, Calif., March 29 /PRNewswire/ -- Enlighten Software Solutions,
Inc. (Nasdaq: SFTW), a leading provider of integrated event monitoring and
system management software for Linux, Unix and Windows, today announced
operating results for the fourth quarter and the year ended December 31, 2000.
Revenue for the fourth quarter ended December 31, 2000 was $266,000, a
decrease from $434,000 in the third quarter of 2000, and a decrease from
$748,000 in the same quarter a year ago. For the fourth quarter of 2000,
Enlighten reported a net loss of $1.7 million, or $0.35 per share. This
compares to a net loss of $1.6 million, or $0.33 per share, in the third
quarter of 2000, and a net loss of $554,000, or $0.14 per share, in the same
quarter a year ago.
As stated in the second quarter of 2000, Enlighten now records license
revenue derived from Enlighten's agreement with SGI in the quarter in which
the revenue is reported to Enlighten, which is the quarter following the
shipments made by SGI. In the prior year, Enlighten reported SGI license
revenue in the quarter in which the related SGI shipments were made. During
the fourth quarter of 2000, non-SGI revenue was $95,000 a decrease from
$251,000 in the third quarter of 2000 and a decrease from $439,000 in the same
quarter a year ago.
For the year ended December 31, 2000, revenue was $1.8 million, a decrease
from revenue of $3.2 million in the same period a year ago. For the year,
Enlighten reported a net loss of $5.6 million, or $1.19 per share, compared to
a net loss of $1.9 million, or $0.49 per share, for the same period a year
ago.
As previously reported in February 2001, Enlighten entered into a loan
agreement pursuant to which privately-held Maden Tech Consulting, Inc. agreed
to provide Enlighten with a credit facility up to $1,118,250. The initial
$100,000 advance under the credit facility was made on March 6, 2001.
Subsequent to March 6, 2001, Maden Tech has advanced an additional $225,000
under the credit facility, so that Enlighten has incurred aggregate borrowings
of $325,000 as of March 28, 2001. Subsequent amounts may be advanced under
the credit facility at the sole discretion of Maden Tech, and will be reported
on a quarterly basis.
"I am excited about my opportunity to lead Enlighten through this period
of transition," stated Omar Maden, who became CEO of Enlighten on March 6,
2001 in connection with the initial advance under the credit facility.
"Mid-size IT departments which make up Enlighten's target audience are
continually looking for ways in which they can effectively and efficiently
manage increasingly complex cross-platform infrastructures. I believe
Enlighten's core technology, EnlightenDSM, can satisfy this under-served
demand." Maden added, "With the rest of the Enlighten team, I look forward to
launching new initiatives aimed at driving sales, enhancing the marketability
of Enlighten's core product and expanding Enlighten's financial resources."
Enlighten management will hold a conference call today at 1:45 pm PST to
discuss the company's financial results and other recent developments.
Interested parties may access a free Webcast over the Internet through
StreetEvents at http://www.streetevents.com . If you are unable to participate in
the live call, a replay of the Webcast will be available at the address above,
or through April 4 by dialing 703-925-2435, passcode # 5111143.
About Enlighten
Enlighten Software Solutions, Inc. is a provider of single point workgroup
administration and event monitoring solutions for Unix, Linux, Windows and
FreeBSD within distributed and Internet computing environments. The company's
award-winning EnlightenDSM product suite provides cost-effective systems
administration solutions for Unix, Linux, Windows and FreeBSD. The
EnlightenDSM product suite provides comprehensive functionality with
unprecedented ease of installation and use. The EnlightenDSM product suite
conforms to industry standard frameworks yet allows seamless integration with
other vendors' point solutions. For more information, please visit the
company's web site at http://www.EnlightenDSM.com .
Enlighten is a registered trademark and EnlightenDSM is a trademark of
Enlighten Software Solutions, Inc. All other product and company names may be
registered trademarks or trademarks of their respective owners.
The statements contained in this press release, other than historical
information, include forward-looking statements and are based on current
expectations and involve risks and uncertainties. Consequently, the Company's
actual results could differ materially from expectations expressed herein.
The various factors that could cause the Company's actual results to differ
include, but are not limited to, failure of the Company's products to gain
customer acceptance, quarterly fluctuations in results, the management of
growth, the ability to fund operations, the impact of competitive products and
pricing, the rapid pace with which technology changes, and other risks
detailed from time to time in the Company's Securities and Exchange Commission
filings. Actual results may differ materially from management expectations.
Enlighten Software Solutions, Inc.
Condensed Consolidated Statements of Operations
Three and Twelve Months Ended December 31, 2000 and 1999
(in thousands, except per share amounts)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Total revenue $265 $748 $1,802 $3,244
Cost of revenue 196 216 465 788
Gross profit 69 532 1,337 2,456
Operating expenses:
Research and development 813 247 2,918 1,764
Sales and marketing 454 542 2,423 1,859
General and
administrative 519 372 1,664 965
Total operating
expenses 1,786 1,161 7,005 4,588
Operating loss (1,717) (629) (5,668) (2,132)
Other income (expense) (20) 76 40 170
Net loss before taxes (1,737) (553) (5,628) (1,962)
Income tax benefit -- -- 15 10
Net loss $(1,737) $(553) $(5,613) $(1,952)
Net loss per share:
Basic and diluted $(0.35) $(0.14) $(1.19) $(0.49)
Weighted average
shares outstanding:
Basic and diluted 4,972 4,047 4,721 4,023
Enlighten Software Solutions, Inc.
Condensed Consolidated Balance Sheets
December 31, 2000 and 1999
Assets
2000 1999
Current assets:
Cash, cash equivalents and
short-term investments $183 $1,293
Accounts receivable, less allowance
for doubtful accounts 49 1,285
Prepaid expenses and other assets 72 61
Total current assets 304 2,639
Property and equipment, net 256 403
Software development costs, net -- 208
Other assets 365 312
$925 $3,562
Liabilities and Shareholders' Equity
Current liabilities:
Trade accounts payable $230 $177
Accrued and other current liabilities 268 335
Deferred revenue 116 82
Total current liabilities 614 594
Shareholders' equity:
Common stock 11,249 8,325
Accumulated other comprehensive loss -- (32)
Accumulated deficit (10,938) (5,325)
Total shareholders' equity 311 2,968
$925 $3,562
SOURCE Enlighten Software Solutions, Inc.
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Related links:
http://www.EnlightenDSM.com
CONTACT:
Omar Maden, Chief Executive Officer, or Steve
Giusti, VP Finance and CFO, of Enlighten Software Solutions,
Inc., 650-578-0700, or general, Janet Campbell, investors, Karen
Keating, or media, Dawn Swidorski, of Financial Relations Board
BSMG Worldwide, 415-986-1591
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