SAN MATEO, Calif. -- July 19, 1996 -- ENlighten
Software Solutions, Inc. NASDAQ: SFTW (formerly Software
Professionals, Inc.), a supplier of automated systems software
solutions for the UNIX and Tandem marketplaces, today reported
results for the second quarter and six months ended June 30, 1996.
The Company also announced that subsequent to the close of the
second quarter it had secured its first three licensees of its
ENlighten for UNIX/Distributed Systems Manager (DSM) 2.0 software
package, released in late May. Booz Allen & Hamilton and an
international retailer have agreed to serve as reference sites for
the product.
Revenues for the second quarter of 1996 were $1,119,000 compared
to $1,518,000 in the second quarter of 1995. For the second quarter
of 1996 the Company reported a net loss of $387,000, or $0.13 per
share, compared to a net loss of $266,000, or $0.09 per share, in
the second quarter of 1995. The weighted average number of shares
outstanding for the second quarter of 1996 was 2,894,000, compared
to 2,817,000 in the same period last year.
For the first six months of 1996, revenues were $2,587,000
compared to $3,333,000 in the same period a year ago. The Company
reported a net loss of $492,000, or $0.17 per share, compared to a
net loss of $143,000, or $0.05 per share, in the same period last
year. The weighted average number of shares outstanding for the
first six months of 1996 was 2,861,000, compared to 2,817,000 in the
same period last year.
Commenting on the period's results, Peter J. McDonald, Chief
Executive Officer of ENlighten Software, stated, "Our second quarter
results reflect our ongoing investment in R&D and building our sales
and marketing infrastructure for the UNIX marketplace without
corresponding revenue from our recently released ENlighten/DSM
systems administration package. In particular, the restructuring of
our sales and marketing effort has impacted our financial results so
far in 1996. However, we believe the new structure and team will be
in place by the end of the summer and that we should begin to see
improved results beginning in the fourth quarter.
"We have received a very favorable level of interest in
ENlighten DSM 2.0 and are encouraged by the pipeline we are
beginning to form and the initial license sales recorded so far in
the third quarter, little more than a month after the product's
release."
Byron E. Jacobs, Vice President, Sales and Marketing, stated:
"We are building a world-class sales organization for our UNIX
product, a process which has required expanding our geographic
reach, a number of new hires and the development of new distribution
relationships. In April we knew the next few quarters would be
difficult financially, but we set forth to accomplish three primary
goals: release our new ENlighten/DSM product at an industry
conference in late May, open and staff a sales office in Chicago in
June, and establish major reference accounts in July. Having
achieved these important milestones, we have demonstrated the
quality and determination of our staff and have made important
progress towards establishing a strong presence in the UNIX market.
"Additionally, we have hired new managers to head our tele-sales
and support and services departments and have expanded our
distribution reach through recent agreements with independent
software distributors (ISDs) Global Connections, LLC for Latin
America and OptiAsia Corp. for the Pacific Rim."
Except for the historical information in this press release, it
includes forward-looking statements that involve risks and
uncertainties, including, but not limited to, quarterly fluctuations
in results, the management of growth, 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.
Founded in 1986, ENlighten Software Solutions, Inc. is a
supplier of automated systems software solutions for the UNIX and
Tandem marketplaces. The Company's ENlighten for UNIX, Release 2.0,
provides low-cost systems administration solutions for cross-
platform UNIX systems including Sun Microsystems, IBM, Hewlett-
Packard, SCO and Silicon Graphics. In the Tandem market, Software
Professionals has a leadership position, providing a range of
automated systems management products to a client base of over 425
companies in 34 countries. ENlighten maintains sales offices in San
Mateo, Chicago and the United Kingdom and plans to open a New York
field office later this year.
ENlighten Software Solutions, Inc.
Summary Balance Sheet Data
June 30, 1996
(in thousands)
Cash and investments $2,978
Total current assets $4,087
Total other assets $2,556
Total assets $6,643
Total current liabilities $1,851
Total other liabilities --
Total shareholders' equity $4,793
ENlighten Software Solutions, Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Revenue:
Product license fees $ 167 $ 522 $ 495 $1,373
Product maintenance fees 862 892 1,776 1,807
Consulting services 90 104 316 152
Total revenue 1,119 1,518 2,587 3,333
Cost of revenue 222 331 523 762
Gross profit 897 1,187 2,064 2,571
Operating expenses:
Research and development 443 406 843 723
Sales and marketing 650 779 1,232 1,411
General and administrative 334 376 655 705
Total operating expenses 1,427 1,561 2,730 2,839
Operating loss (530) (374) (666) (268)
Other income 20 50 16 130
Net loss before taxes (510) (324) (650) (138)
Income tax expense (benefit) (123) (58) (158) 5
Net loss ($ 387) ($ 266) ($ 492) ($ 143)
Net loss per share ($ 0.13) ($ 0.09) ($ 0.17) ($ 0.05)
Weighted average
shares outstanding 2,894 2,817 2,861 2,817
CONTACT: ENlighten Software Solutions, Inc.
Michael A. Morgan
Chief Financial Officer
415/578-0700 or info@sftw.com
or
Jaffoni & Collins Incorporated
David C. Collins
212/505-3015 or dccjci@aol.com
LIVERMORE, Calif. -- July 19, 1996 -- Triad Systems
Corporation (NASDAQ:TRSC) today reported revenues of $42.3 million
for the quarter ended June 30, 1996, a 3% improvement over a year
ago. Despite the revenues gain, a $9 million, primarily non-cash
restructuring charge equaling 32 cents per share created a third-
quarter loss of 25 cents per share. Triad earned 9 cents per share
a year ago.
Triad President and Chief Executive James R. Porter said that
"even with the charge, we expect to be profitable for the year
ending September 30, 1996."
The restructuring followed a strategic review of Triad's entire
Automotive business, resulting in the decision to :
"We took this step due to slower-than-anticipated aftermarket
acceptance of the Triad Prism system and product performance issues
that impacted Automotive Division revenues," Porter said. "We will,
however, continue to market and support the Triad Prism product.
"We have enhanced the features and applications of another
product, the Triad Eclipse, and it is now being marketed by the
entire Automotive sales force to all but the largest parts
distributors. Those customers are being served by another part of
our product array, the Triad Ultimate.
"With our repositioned product line, we now have specific
systems with the features and applications that address the
information-management needs of each segment of the increasingly
fragmented parts distribution channel."
Triad anticipates increased productivity from its Automotive
sales and support operations due to larger geographic areas of
responsibility and the repositioned product line. "We've also
streamlined our Automotive management structure and shifted some
sales personnel to our Hardlines and Lumber operations, which
continue to show significant growth trends," Porter noted.
Triad's Hardlines and Lumber businesses had record revenues of
$16.0 million in the third quarter, a 19% improvement over revenues
of $13.5 million in 1995. Automotive Division revenues of $25.3
million declined 3% from the $26.0 million of the third quarter of
last year.
"Earlier this month, we also repurchased $10.1 million of our
12.25% senior fixed rate notes issued in our 1992 recapitalization,"
Porter added.
Triad had revenues of $125.6 million for the first three
quarters of 1996 compared to $127.3 million a year ago. After
reporting the accounting charge, the company recorded a loss of 4
cents per share for the first three quarters of 1996. Triad had
earnings of 30 cents per share for the comparable period of 1995.
Triad Systems Corporation
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
(Amounts in thousands
except per share data) 1996 1995 1996 1995
Revenues
Automotive $25,274 $25,975 $ 74,766 $ 82,750
Hardlines & lumber 15,991 13,458 47,047 39,561
Other 1,053 1,750 3,789 4,959
Total revenues 42,318 41,183 125,602 127,270
Cost of sales 22,601 21,048 66,813 64,479
Gross margin 19,717 20,135 58,789 62,791
Marketing 12,098 11,068 34,924 33,930
Product development 2,026 1,998 5,961 6,164
General & administrative
and other expenses 2,398 2,660 7,362 8,622
Restructuring Charge 9,000 -- 9,000 --
Operating income (loss) (5,805) 4,409 1,542 14,075
Interest and other
expenses (1,463) (1,838) (4,505)
(5,256)
Other income 153 -- 1,777 --
Income (loss) before
income taxes and
extraordinary charge (7,115) 2,571 (1,186) 8,819
Provision for (benefit
from) income taxes (2,704) 977 (451) 3,351
Income (loss) before
extraordinary charge (4,411) 1,594 (735) 5,468
Extraordinary charge on
repurchase of debt,
net of taxes -- -- -- (153)
Net income (loss) $(4,411) $ 1,594 $ (735) $ 5,315
Earnings (loss) per share
Primary
Income (loss) before
extraordinary charge $ (0.25) $ 0.09 $ (0.04) $ 0.31
Net income (loss) $ (0.25) $ 0.09 $ (0.04) $ 0.30
Weighted average
shares 17,676 17,842 17,517 17,943
Fully diluted
Income (loss) before
extraordinary charge $ (0.25) $ 0.09 $ (0.04) $ 0.31
Net income (loss) $ (0.25) $ 0.09 $ (0.04) $ 0.30
Weighted average
shares 17,676 17,914 17,517 18,028
OKLAHOMA CITY, Okla., July 19, 1996 - Homeland Stores,
Inc., a private company, announced today that the United States
Bankruptcy Court for the District of Delaware confirmed Homeland's
plan of reorganization. Court confirmation of the plan, which
follows overwhelming approval by the company's creditors,
stockholders and labor unions, clears the way for the reorganized
Homeland to exit from Chapter 11, which the company expects will
occur in the first week of August, 1996.
Pursuant to the restructuring, the $95 million of Homeland's
senior secured bonds currently outstanding (plus accrued interest)
will be canceled, and the bondholders will receive (in the
aggregate) $60 million face amount of new senior subordinated notes
and $1.5 million in cash. The new senior subordinated notes will
mature in 2003, bear interest semi-annually at a rate of 10% per
annum, and will not be secured. In addition, the bondholders and
the company's general unsecured creditors will receive approximately
60% and 35% respectively, of the equity of the reorganized Homeland
(assuming total unsecured claims of approximately $63 million,
including bondholder unsecured claims). Homeland's existing equity
holders will receive the remaining 5% of the new equity, together
with 5-year warrants to purchase an additional 5% of equity. The
company will use its best efforts to have the equity listed on the
Nasdaq National Market System or on such other exchange or system on
which the equity may be listed. July 19, 1996 is the record date
for purposes of determining bondholders and stockholders entitled to
receive distributions under the plan.
Homeland is the leading supermarket chain in Oklahoma, southern
Kansas, and the Texas panhandle region, operating a total of 65
stores. The company operates in four distinct marketplaces: Oklahoma
City, Oklahoma; Tulsa, Oklahoma; Amarillo, Texas; and certain rural
areas of Oklahoma, Kansas and Texas.
CONTACT: Thomas C. Franco or Rohit J. Menezes, 212-229-2222