LOS GATOS, Calif., Nov. 16 /PRNewswire/ -- Red Brick(R) Systems, Inc.
(Nasdaq: REDB) today filed its quarterly report on Form 10-Q for the quarter
ended September 30, 1998 with the Securities and Exchange Commission. As
reported in its Form 10-Q, the company's third quarter 1998 revenues were
stated as $8.0 million and net loss was $5.0 million, which resulted in a
diluted loss per share of forty cents.
The third quarter net revenue reported in the Form 10-Q reflects a
decrease of $336,000 from the net revenue previously reported by the company
on October 15, 1998. This decrease was the result of one software license
transaction which the company moved from the third quarter 1998 to the fourth
quarter 1998 in order to comply with its accounting policies. The company has
already received payment for this transaction.
In contrast, the company has determined that sales and marketing expenses
originally recorded in connection with its September 1998 sale of a portion of
its interest in a joint venture, Red Brick Systems Australasia, Pty. Ltd. were
higher than actual expenses incurred. Accordingly, the third quarter total
expenses reported in the Form 10-Q reflect a decrease of $357,000 from the
total expenses previously reported by the company on October 15, 1998.
The combined results of these offsetting adjustments is that the third quarter
net loss reported in the Form 10-Q decreased by $21,000 from the net loss
previously reported on October 15, 1998. Due to rounding, the diluted loss
per share did not change.
The company's auditors are currently completing audits in connection with
the proposed acquisition of the company by Informix Corporation as required by
the definitive merger agreement between the companies.
About Red Brick
Red Brick Systems, Inc. is a premier provider of data warehousing
solutions. Through Red Brick DecisionScape(SM), a comprehensive, integrated
environment of products, services, methodology and partnerships, Red Brick
helps its customers and partners improve the quality, speed and accuracy of
their business decision-making. Red Brick's leading expertise and innovative,
server-integrated technology deliver scalable decision support solutions for
data warehousing, data marts, OLAP and data mining.
Except for the historical information contained herein, the matters
discussed in this news release include forward-looking statements that involve
risks and uncertainties described from time to time in the Company's filings
with the Securities and Exchange Commission (SEC). Factors that could cause
actual events or results to differ materially include without limitation:
Failure to Close the Proposed Merger with Informix; Effect of Decreased Cash
and Working Capital; Increased Competition within the Data Warehousing
Industry; Potential Selling Price Erosion; Sales and Marketing Repositioning;
Dependence on New Products and Rapid Technological Change; Dependence Upon Key
Personnel; Product and Customer Concentration; Risks associated with
Litigation; Dependence on Continued Growth of the Data Warehouse Market; and
other factors discussed in the "Risk Factors" sections of the most recent
Annual Report filed with the SEC on Form 10-K for the year ended December 31,
1997and the most recent Form 10-Q for the quarter ended September 30, 1998.
News releases and corporate background information may also be retrieved
by fax. For an index of available materials, please call 800-758-5804, and
enter PIN #105756. Red Brick and the Red Brick logo are registered trademarks
and Red Brick DecisionScape is a service mark and trademark of Red Brick
Systems, Inc. All other trademarks and registered trademarks are the property
of their respective holders.
SOURCE Red Brick Systems, Inc.
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Related links:
http://www.redbrick.com
Company News On-Call:
http://www.prnewswire.com/comp/105756.html or fax,
800-758-5804, ext. 105756
CONTACT:
investors, Rebecca Kreps, 408-399-7824, or
rkreps@redbrick.com; or media, Carolyn Hughes, 408-399-7216, or
chughes@redbrick.com, both of Red Brick Systems, Inc.
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