WESTBOROUGH, Mass., Oct. 30 /PRNewswire/ -- Peritus Software Services,
Inc. (OTC: PTUS.OB), a provider of solutions for software maintenance
technology and services, today announced its financial results for the three
and nine months ended September 30, 2000.
Total revenue in the three months ended September 30, 2000 decreased
46.6% to $1,047,000 from $1,960,000 in the three months ended September 30,
1999. The Company's net profit was $41,000 or $0.00 per share on a diluted
basis as compared to a net loss of $71,000 or $0.00 per share on a diluted
basis in the three months ended September 30, 1999. Included in the three
months ended September 30, 2000 was $375,000 of paid-up license revenue and an
$80,000 insurance reimbursement of legal expenses primarily incurred in 1999.
For the nine months ended September 30, 2000, total revenue decreased
63.7% to $3,538,000 from $9,740,000 in the nine months ended September 30,
1999. The Company's net loss, excluding a non-cash charge of $4,000,000
related to the strategic investment by Rocket Software, was $202,000 or
$0.01 per share on a diluted basis, versus the net loss of $2,558,000 or
$0.16 per share on a diluted basis in the nine months ended September 30,
1999.
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)
(unaudited)
Three Months Nine Months
Ended Ended
September 30, September 30,
2000 1999 2000 1999
Revenue:
Outsourcing services $582 $ 1,354 $ 2,072 $ 4,846
License 375 149 1,045 1,937
Other services 90 457 421 2,957
Total Revenue 1,047 1,960 3,538 9,740
Cost of Revenue:
Cost of outsourcing
services 278 951 1,178 4,125
Cost of license - 15 - 162
Cost of other services 91 159 230 1,842
Total Cost of Revenue 369 1,125 1,408 6,129
Gross Profit 678 835 2,130 3,611
Operating Expenses:
Sales and marketing 100 112 309 1,367
Research and
development 318 264 903 1,078
General and
administrative 336 793 1,400 3,276
Impairment of
long-lived assets - 207 - 961
Restructuring charge - (450) - (455)
Gain on sale of assets - - (24) -
Total Operating
Expenses 754 926 2,588 6,227
Loss from Operations (76) (91) (458) (2,616)
Interest income, net 102 25 241 63
Cost of strategic
investment - - 4,000 -
Provision for
income taxes (15) 5 (15) 5
Net Profit (Loss) $41 $(71) $(4,202) $(2,558)
Net Profit (Loss) per common share:
Basic $ 0.00 $ (0.00) $ (0.17) $ (0.16)
Diluted $ 0.00 $ (0.00) $ (0.17) $ (0.16)
Weighted average common shares outstanding:
Basic 27,320 16,711 24,140 16,480
Diluted 27,682 16,711 24,140 16,480
Peritus Software Services, Inc.
Condensed Consolidated Balance Sheet
(In thousands)
September 30, December 31,
2000 1999
ASSETS (Unaudited)
Current Assets:
Cash and cash equivalents $ 2,754 $ 2,475
Short-term investments 1,411 -
Accounts receivable, net 338 532
Costs and estimated earnings
in excess of billings on
uncompleted contracts 83 281
Prepaid expenses and other current assets 289 248
Total Current Assets 4,875 3,536
Long-term investments 2,000 -
Property and equipment, net 290 702
Intangible and other assets, net 42 55
Total Assets $ 7,207 $ 4,293
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Current portion of capital lease obligations $13 $13
Accounts payable 29 11
Customer advances 296 296
Billings in excess of costs and
estimated earnings on
uncompleted contracts 135 253
Deferred revenue 6 195
Other accrued expenses and current liabilities 517 1,128
Total Current Liabilities 996 1,896
Capital lease obligations 15 25
Total Liabilities 1,011 1,921
Stockholders' Equity:
Common stock 273 172
Additional paid-in capital 113,208 105,279
Accumulated deficit (107,273) (103,071)
Accumulated other comprehensive loss (12) (8)
Total Stockholders' Equity 6,196 2,372
Total Liabilities and Stockholders' Equity $ 7,207 $ 4,293
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:
Ronald C. Garabedian, Vice President and
Treasurer of Peritus Software Services, Inc., 508-870-0963,
rgarabedian@peritus.com
|
