IRVINE, Calif. -- July 3, 1996 -- StarBase Corp.
(NASDAQ Electronic Bulletin Board:SBAS) (VcSE:SBE), a development-
stage company, Wednesday announced its results of operations for the
fiscal year ending March 31, 1996.
The company reported that for the fiscal year ended March 31,
1996, revenue was $991,000, compared with $3,535,000 in the prior
year. The net loss in fiscal 1996 was $5,893,000, or 81 cents per
share, compared with a net loss of $7,720,000, or $1.53 per share,
in fiscal 1995.
For the fourth quarter of fiscal 1996, the company reported
revenue of $264,000 and a net loss of $1,282,000. For the same
period last year, revenue was $831,000 and the net loss was
The results for the fiscal year reflect the company's
reorganization that started in the spring of 1995, when StarBase
decided to focus entirely on the development and marketing of
software designed to increase team productivity, rather than
individual programmer productivity. As a result, the company's
Consulting Division was discontinued.
In fiscal 1995, the Division produced revenue of $2,576,000, but
incurred a negative gross margin of $90,000.
In addition, sales of existing products were de-emphasized in
anticipation of the introduction of StarTeam 1.0, the company's
initial product in its Integrated Team Environment product line,
which was released in January 1996. The reorganization also
included the addition of five new members to the board of directors
and the appointment of a new chief operating officer and a new chief
StarBase produces StarTeam, the Integrated Team Environment for
software development. Within StarTeam, all essential development
tools come together for true functional integration in one easy-to-
learn user interface.
StarTeam runs on Windows 95 and Windows NT and supports all
popular file-based programming environments including C++, Delphi,
Visual Basic, JAVA and CGI. StarBase also produces Roundtable, an
enterprise-class software configuration management tool for Progress
Software. StarBase is located at 18872 MacArthur Blvd., Irvine,
Calif. 92715, and its World Wide Web site can be accessed at
Fiscal 1996 Summarized Financial Information
(In thousands, except per-share amounts)
Three months Fiscal Year
March 31, March 31,
1996 1995 1996 1995
Net revenue $ 264 $ 831 $ 991 $3,535
Gross profit 259 (111) 285 687
Net loss (1,282) (3,146) (5,893) (7,720)
Net loss per share $(0.16) $(0.59) $(0.81) $(1.53)
Weighted average shares
outstanding 7,829 5,298 7,244 5,044
CONTACT: StarBase Corp.
Robert Leimena, 714/442-4416
Lawrence Gibson, 714/442-4542
DALLAS, TX -- July 3, 1996 -- USTrails Inc. (OTC:USTQ)
announced today that it has executed a letter of intent with
Foothill Capital Corporation ("Foothill Proposal") under which
Foothill proposes to lead a $40 million senior secured credit
facility for use in connection with the company's previously
announced restructuring plan.
The company has approved the financial terms of the Foothill
Proposal. The Foothill Proposal is not a binding commitment to
provide financing, which also requires the participation of an
additional lender. Foothill has advised that it is in the process
of completing its diligence and expects to present the facility to
its credit committee for approval early next week.
Receipt of such a financing on terms acceptable to the company
is one of the conditions of the company's pending offer to purchase
and private exchange offer for its existing 12 percent Secured Notes
due 1998, and no assurance can be given that the proposed financing
will be obtained.
As previously announced, USTrails has offered to purchase for
$780 in cash, plus accrued interest, up to $20.1 million in
principal amount of its Secured Notes and is offering to certain of
its Secured Noteholders to exchange a combination of cash and debt
and equity securities of the company, plus accrued interest, for the
balance of the $101.5 million of outstanding Secured Notes.
If the restructuring is not consummated, the company may seek
relief under the United States Bankruptcy Code.
USTrails, through its subsidiaries Thousand Trails, Inc. and
National American Corporation (NACO), owns and operates a system of
58 membership-based campgrounds, which is one of the largest private
campground systems in the United States. USTrails also manages
timeshare facilities and owns certain real estate at eight full
service resorts and provides a reciprocal use program for members of
approximately 330 recreational facilities.
CONTACT: USTrails Inc., Dallas -
Harry J. White Jr., 214/243-2228 -
Bruce Spohler or Neil Wiesenberg, 212/885-4400