WESTBOROUGH, Mass., April 20 /PRNewswire Interactive News Release/ --
Peritus Software Services, Inc. (OTC: PTUS.OB), a provider of solutions for
software maintenance technology and services, today announced its financial
results for the quarter ended March 31, 2001.
Total revenue in the three months ended March 31, 2001 decreased 63.1% to
$578,000 from $1,565,000 in the three months ended March 31, 2000. The
Company's net loss was $424,000 or $0.02 per share versus the net loss of
$3,810,000 or $0.21 per share in the three months ended March 31, 2000. In
the three months ended March 31, 2000, excluding a non-cash charge of
$4,000,000 related to the strategic investment by Rocket Software, net income
was $190,000 or $0.01 per share on a diluted basis.
Detailed results and commentary will be contained in the Company's Form
10-Q, which is expected to be filed with the Securities and Exchange
Commission by May 15, 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
Ended
March 31,
2001 2000
(unaudited) (unaudited)
Revenue:
Outsourcing services $ 541 $ 809
License -- 644
Other services 37 112
Total Revenue 578 1,565
Cost of Revenue:
Cost of outsourcing services 319 510
Cost of license - -
Cost of other services 14 70
Total Cost of Revenue 333 580
Gross Profit 245 985
Operating Expenses:
Sales and marketing 82 57
Research and development 265 325
General and administrative 415 472
Gain on sale of assets - (24)
Total Operating Expenses 762 830
Profit (Loss) from Operations (517) 155
Interest income, net 93 35
Cost of strategic investment - 4,000
Provision for income taxes - -
Net Loss $ (424) $(3,810)
Net Loss per share - basic & diluted $(0.02) $(0.21)
Weighted average shares outstanding-
basic & diluted 27,320 17,746
Peritus Software Services, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
March 31, December 31,
2001 2000
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 3,652 $ 3,716
Short-term investments 1,411 1,411
Accounts receivable, net 108 565
Costs and estimated earnings
in excess of billings on
uncompleted contracts -- 8
Prepaid expenses and other
current assets 206 196
Total Current Assets 5,377 5,896
Long-term investments 1,000 1,000
Property and equipment, net 139 217
Intangible and other assets, net -- --
Total Assets $ 6,516 $ 7,113
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of capital
lease obligations $13 $13
Accounts payable 6 34
Customer advances 289 289
Billings in excess of costs
and estimated earnings on
uncompleted contracts 33 158
Other accrued expenses and
current liabilities 360 377
Total Current Liabilities 701 871
Capital lease obligations 9 12
Total Liabilities 710 883
Stockholders' Equity:
Common stock 273 273
Additional paid-in capital 113,208 113,208
Accumulated deficit (107,661) (107,237)
Accumulated other comprehensive loss (14) (14)
Total Stockholders' Equity 5,806 6,230
Total Liabilities and Stockholders'
Equity $ 6,516 $ 7,113
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,
rgarabedian@peritus.com
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