SAN MATEO, Calif., May 9 /PRNewswire/ -- Enlighten Software Solutions,
Inc. (Nasdaq: SFTW), a leading provider of system management software for
Linux, Unix, Windows and FreeBSD, today announced operating results for the
first quarter year ended March 31, 2001.
Revenue for the first quarter ended March 31, 2001 was $346,000, an
increase from $266,000 in the fourth quarter of 2000, and compared with
$436,000 in the same quarter a year ago. For the first quarter of 2001,
Enlighten reported a net loss of $648,000 or $0.13 per share. This compares
to a net loss of $1.7 million, or $0.35 per share, in the fourth quarter of
2000, and a net loss of $1.3 million, or $0.30 per share, in the same quarter
a year ago. As of March 31, 2001, Enlighten had incurred aggregate borrowings
of approximately $325,000 under the secured credit facility extended in March
2001 by Maden Tech Consulting, Inc. Since March 31, 2001, Maden Tech has
advanced Enlighten an additional $175,000 for aggregate borrowings of
$500,000. Subsequent amounts, up to the facility cap of $1,118,250, may be
advanced under the credit facility at the sole discretion of Maden Tech and
any additional advances will be reported on a quarterly basis.
As stated in the second quarter of 2000, product license revenues from SGI
shipments for the first quarter of 2000 are not included in the March 31, 2000
results. Beginning in the first quarter of 2000, Enlighten records product
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. Previously, Enlighten reported SGI product license
revenue in the quarter in which the related SGI shipments were made. During
the first quarter of 2001, non-SGI revenue was $227,000, an increase from
$95,000 in the fourth quarter of 2000 and a decrease from $311,000 in the
first quarter of 2000. As the company reported previously, the licensing
agreement with SGI expired during the first quarter of 2001 and Enlighten will
not recognize any revenue related to that agreement in future periods.
Commenting on the results, Omar Maden, CEO of Enlighten, said "In the
first quarter, Enlighten concentrated on formulating the strategies to expand
our sales and marketing efforts. Our initial plans included identifying
cross-selling opportunities with the Maden Tech companies to begin selling
Enlighten's products to their existing and potential clients beginning in the
second quarter of 2001. In addition, we identified areas to improve our
overall operations and took necessary actions to reduce our costs. As part of
this effort, we have recently relocated Enlighten's corporate headquarters to
smaller facilities in San Mateo, which has immediately lowered related
overhead costs. We will continue to maintain an infrastructure level that
complements the current rate of growth at the company," stated Maden.
According to Maden, "Going forward, we at Enlighten will continue to focus
on the expansion of our sales and marketing capacity. Based on initial
activities in the second quarter, we are optimistic that the synergies between
Enlighten and the Maden Tech companies will lead to enhanced revenue
opportunities for Enlighten.
Enlighten management will hold a conference call today at 2:00 pm PST to
discuss the company's financial results. 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 May 16th by dialing 703-925-2435, passcode # 5204211.
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, the Company's ability to fund operations and
continue as a going concern, its ability to achieve and sustain profitability,
the potential of the Company's products to gain customer acceptance, quarterly
fluctuations in results, 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
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2001 2000
Total revenue $346 $436
Cost of revenue 6 127
Gross profit 340 309
Operating expenses:
Research and development 303 611
Sales and marketing 398 680
General and administrative 326 294
Total operating expenses 1,027 1,585
Operating loss (687) (1,276)
Other income 40 18
Net loss before taxes (647) (1,258)
Income tax expense (1) (1)
Net loss $(648) $(1,259)
Basic and diluted net loss per share $(0.13) $(0.30)
Shares used in computing basic
and diluted net loss per share 4,977 4,230
Enlighten Software Solutions, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
Assets
March 31, December 31,
2001 2000
Current assets:
Cash $64 $183
Accounts receivable, less
allowance for doubtful accounts 244 49
Prepaid expenses and other current assets 29 72
Total current assets 337 304
Property and equipment, net 230 256
Other assets 377 365
$944 $925
Liabilities and Shareholders' (Deficit) Equity
Current liabilities:
Trade accounts payable $551 $230
Accrued and other current liabilities 173 268
Convertible note payable 325 --
Deferred revenue 230 116
Total current liabilities 1,279 614
Shareholders' (deficit) equity:
Common stock 11,253 11,249
Deferred stock based compensation (2) (1)
Accumulated deficit (11,586) (10,938)
Total shareholders' (deficit) equity (335) 311
$944 $925
SOURCE Enlighten Software Solutions, Inc.
 back to top
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, or investors,
Karen Keating, or media, Dawn Swidorski, of Financial Relations
Board BSMG Worldwide, 415-986-1591
|
