SAN MATEO, Calif., Nov. 2 /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 its third quarter ended September 30, 2000.
Recent Highlights
-- Expands agreement with SGI to offer distributed systems for SGI Linux
and IRIX customers, giving Enlighten greater access to SGI's customer
base
-- Signs re-seller agreement with Linux NetworX, the leading provider of
scalable Linux-based cluster systems
-- Partners with TeamLinux to offer enterprise-wide system management
solution
-- Exhibits premier system management software at LinuxWorld Conference
and 2nd Annual BSD Conference and Expo
Revenue for the third quarter ended September 30, 2000 was $434,000, a
decrease from $667,000 in the second quarter of 2000, and a decrease from
$720,000 in the same quarter a year ago. For the third quarter of 2000,
Enlighten reported a net loss of $1.6 million, or $0.33 per share. This
compares to a net loss of $995,000, or $0.21 per share, in the second quarter
of 2000, and a net loss of $468,000, or $0.12 per share, in the same quarter a
year ago.
As stated in the second quarter of 2000, Enlighten now records SGI license
revenue 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 third quarter of 2000, non-SGI revenue was $251,000 a
decrease from $381,000 in the second quarter of 2000 and an increase from
$164,000 in the same quarter a year ago.
For the first nine months of 2000, revenue was $1,537,000, a decrease from
revenue of $2,497,000 for the first nine months of 1999. Net loss for the
nine months was $3.9 million, or $0.84 per share, compared to a net loss of
$1.4 million, or $0.35 per share, for the same period a year ago.
"While demand continues at an increased pace for easy to use, cross-
platform management tools and solutions, such as our core EnlightenDSM
product, Enlighten is focused on building the next generation management
product to provide IT departments with highly scalable, flexible solutions
that provide immediate management benefits," said Bill Bradley, President and
Chief Executive Officer. "In addition to leveraging our existing OEM partners
and opportunities with end users, such as Earthlink, our primary strategic
focus is on the product evolution going forward. We anticipate releasing
certain upgrades by year-end, with full release of our next generation product
by the second half of 2001. These new products will bring users unprecedented
ease of use across multiple operating environments, fully enabled browser-
based management, portal-type integration of other key, third party management
products and immediate benefit to the productivity and availability issues
faced by administrators today."
Enlighten management will hold a conference call today at 2 p.m. PST to
discuss the company's financial results and other recent announcements.
Interested parties may access a free Webcast over the Internet via Enlighten's
Website at http://www.enlightendsm.com and through StreetEvents at
http://www.streetevents.com . If you are unable to participate for the live call, a
replay will be available through the Webcast the addresses above, or through
November 9 by dialing 703-925-2435, code #4666712.
In response to the SEC's Regulation FD, Enlighten will be implementing
certain modifications to its disclosure policies. Performance and earnings
guidance may be provided within each quarterly earnings release. These
forecasts will be as of the date of the release and will include estimates
based on factual information, as well as certain assumptions which management
believes to be reasonable at that time. Enlighten will not undertake issuing
that guidance until the next quarterly earnings release. Any interim updates
will be provided via either a press release or an SEC filing. Enlighten's
management will continue to make presentations to the investment community and
will provide copies of these presentations on its Web site. Enlighten will
continue to provide additional company information on its Web site at
http://www.EnlightenDSM.com including press releases, conference calls, SEC filings,
and other financial data.
About Enlighten
Enlighten Software Solutions, Inc. is a leading provider of single point
workgroup administration and event monitoring solutions for Linux, Unix, NT
and Windows in open systems, distributed and Internet computing environments.
The company's award-winning EnlightenDSM product suite provides cost-effective
systems administration solutions for Linux (Red Hat, SuSE, Mandrake-Linux and
TurboLinux), Sun Microsystems, IBM, Hewlett-Packard, SGI, SCO, NT and Windows
95/98. 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 Nine Months Ended September 30, 2000 and 1999
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Total revenue $434 $720 $1,537 $2,497
Cost of revenue 60 165 269 572
Gross profit 374 555 1,268 1,925
Operating expenses:
Research and
development 800 520 2,105 1,518
Sales and Marketing 632 385 1,969 1,317
General and
administrative 581 155 1,145 593
Total operating
expenses 2,013 1,060 5,219 3,428
Operating loss (1,639) (505) (3,951) (1,503)
Other income 17 26 59 94
Net loss before
taxes (1,622) (479) (3,892) (1,409)
Income tax benefit -- (11) (15) (10)
Net loss $(1,622) $(468) $(3,877) $(1,399)
Net loss per share:
Basic $(0.33) $(0.12) $(0.84) $(0.35)
Diluted $(0.33) $(0.12) $(0.84) $(0.35)
Weighted average shares
outstanding:
Basic 4,966 4,047 4,637 3,981
Diluted 4,966 4,047 4,637 3,981
Enlighten Software Solutions, Inc.
Condensed Consolidated Balance Sheets
September 30, 2000 and December 31, 1999
Assets
September 30, December 31,
2000 1999
Current assets:
Cash, cash equivalents and short-term
investments $1,783 $1,293
Accounts receivable, less allowance
for doubtful accounts 190 1,285
Prepaid expenses and other assets 162 61
Total current assets 2,135 2,639
Property and equipment, net 289 403
Software development costs, net 162 208
Other assets 352 312
$2,938 $3,562
Liabilities and Shareholders' Equity
Current liabilities:
Trade accounts payable $188 $177
Accrued and other current liabilities 533 335
Deferred Revenue 204 82
Total current liabilities 925 594
Shareholders' equity:
Common stock 11,274 8,325
Deferred stock based compensation (28)
Accumulated other comprehensive loss (31) (32)
Accumulated deficit (9,202) (5,325)
Total shareholders' equity 2,013 2,968
$2,938 $3,562
SOURCE Enlighten Software Solutions, Inc.
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Related links:
http://www.enlightenDSM.com
CONTACT:
Bill Bradley, President and CEO, or Steve
Giusti, VP Finance and CFO, both of Enlighten Software Solutions,
650-578-0700, or General, Lisa Horn Chainey, Investors, Karen
Keating, or Media, Dawn Swidorski, all of The Financial Relations
Board, 415-986-1591
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