TCR_Public/970116.MBX




InterNet Bankruptcy Library - News for January 16, 1997






Bankruptcy News For January 16, 1997



  1. Atlas Environmental Takes Action To Reorganize

  2. FPA Medical Management, Inc. responds to erroneous and misleading report

  3. Platinum Software Corporation Announces Second Quarter Fiscal 1997 Results




Atlas Environmental Takes Action To Reorganize


PLANTATION, Fla., Jan. 16, 1997 - Atlas Environmental, Inc. (Nasdaq: ATEV) and
eleven of its subsidiaries (the "Companies") filed petitions in the United States Bankruptcy
Court for the Southern District of Florida, Broward Division, on January 14, 1997,
seeking reorganization under Chapter 11 of the Federal Bankruptcy Code. The Companies
plan to reorganize their operations, and continue to operate as Debtors-In-Possession
under the protection of the Bankruptcy Court.


Atlas is headquartered in Plantation, Florida. For more information, call Atlas at
954-370-9011.


SOURCE Atlas Environmental, Inc. /CONTACT: Linda Lewis, Smith & Knibbs,
954-428-4477/




FPA Medical Management, Inc. responds to erroneous and misleading report


SAN DIEGO, CA--January 16, 1997--In response to an erroneous and misleading report,
FPA Medical Management, Inc. (Nasdaq:FPAM) announced that its subsidiary, Sterling
Healthcare Group, Inc. based in Coral Gables, Florida, did not file for Chapter 11
protection in December 1996. A publication inaccurately described FPA's subsidiary as
the party filing for Chapter 11 protection.


Sterling Healthcare Corp. of Bellevue, Washington, the company which reportedly filed
for Chapter 11 protection is in no way related to Sterling Healthcare Group, Inc. or FPA
Medical Management, Inc.


FPA Medical Management, Inc. is a national healthcare management service organization
which organizes and manages primary care physician networks and provides contract
management services to hospital based emergency departments.


CONTACT: FPA Medical Management, Inc. Investor Contact: Dr. Sol Lizerbram Angela
D. Rivera, 619-453-1000 or Morgen-Walke Associates Robert P. Jones\Jill Ruja Media
Contact: Miriam Adler, 212-850-5600




Platinum Software Corporation Announces Second Quarter Fiscal 1997 Results


IRVINE, Calif., Jan. 16, 1997 - Platinum Software Corporation (Nasdaq: PSQL) today
reported its financial results for the second quarter of fiscal year 1997. Revenues for the
second quarter of fiscal 1997, ended December 31, 1996, were $12.7 million as compared
to revenues of $10.2 million for the second quarter of fiscal 1996. A net loss of $.5
million or $.03 per share was reported for the second quarter of fiscal 1997, as compared
to a net loss of $11.0 million or $.82 per share for the same quarter a year ago. The
company's balance sheet as of December 31, 1996, showed cash, cash equivalents and
short-term investments of $14.5 million, accounts receivable of $7.8 million and deferred
revenue of $9.5 million.


George Klaus, chairman of the board, chief executive officer and president said, "I
continue to be pleased with the improving results. Our second fiscal quarter revenue of
$12.7 million shows a 17% increase from the prior quarter. Our net loss has been trimmed
to $.5 million from the prior quarter's $2.1 million. During the quarter we successfully
released Platinum(R) SQL, version 3.3 and Platinum(R) for Windows, Version 4.5. We
are well positioned to continue to move forward."


Platinum Software Corporation Platinum Software, the financial software company,
develops and markets leading client/server software products for corporations
worldwide. The company's products enable organizations to scale their technology
investments to meet the changing needs of their businesses. Founded in 1984, Platinum
Software is based in Irvine, California. More information about Platinum Software
Corporation and its products and services is available at the Platinum World Wide Web
site, http://www.platsoft.com.


Platinum is a registered trademark of Platinum Software Corporation. All other company
and product names mentioned in this document are trademarks of the respective companies
with which they are associated and are acknowledged.


                            PLATINUM SOFTWARE CORPORATION
                        CONDENSED CONSOLIDATED BALANCE SHEETS
                                    (in thousands)

                                          December 3l,        
                                             June 30,
        ASSETS                                    1996        
               1996 Current assets:
          Cash and cash equivalents             $8,948        
               $5,402 Short-term investments                
          5,534              10,098 Restricted cash           
                        ---               1,006 Accounts
          receivable, net               7,807              
          7,893 Notes receivable from divestitures, net  413  
                        825 Inventories                       
                502                 460 Prepaid expenses and
          other             1,813               1,638
            Total current assets                25,017        
                 27,322
        Property and equipment, net              7,873        
              8,896 Software development costs, net         
        2,520               2,250 Acquired intangible assets,
        net            653               1,088 Other assets   
                                   508                 446
                                               $36,571        
                                                   $40,002

        LIABILITIES AND STOCKHOLDERS' EQUITY
        Current liabilities:
          Accounts payable                      $3,297        
               $3,436 Accrued expenses                      
          6,714               7,522 Accrued restructuring
          costs            1,533               1,921 Deferred
          revenue                       9,491             
          10,912
            Total current liabilities           21,035        
                 23,791

        Stockholders' equity:
          Preferred stock                       31,692        
               31,996 Common stock                            
           19                  18 Additional paid-in capital  
                  113,239             111,194 Less: notes
          receivable from officers(11,563)            (11,563)
          Accumulated foreign currency
           translation adjustments                 419        
                   249
          Accumulated deficit                (118,270)        
            (115,683)
            Total stockholders' equity          15,536        
                 16,211
                                               $36,571        
                                                   $40,002

                            PLATINUM SOFTWARE CORPORATION
                   CONDENSED CONSOLIDATED STATEMENTS OF
                   OPERATIONS
                       (in thousands, except per share
                       amounts)

                                      Three Months Ended      
                                      Six Months Ended
                                            December 31,      
                                                December 31,
                                          1996       1995     
                                            1996       1995
        Revenues:
          License fees                  $6,524      4,201    
          $11,605    $10,977 Consulting and professional
            services                     2,362      2,872     
             4,483      6,101
          Support services               3,658      2,786     
           7,181      5,211 Royalty income                  
          138        297         273        505
                                        12,682     10,156     
                                        23,542     22,794
          Cost of revenues               4,743      5,042     
           8,905     10,550 Gross profit                  
          7,939      5,114      14,637     12,244

        Operating expenses:
          Sales and marketing            5,413      4,513     
          10,473     10,694 General and administrative    
          1,047      1,722       2,726      3,287 Software
          development           2,168      3,932       4,409  
             8,145 Charge for restructuring         ---     
          5,600         ---      5,600
                                         8,628     15,767     
                                         17,608     27,726
            Loss from operations         (689)   (10,653)    
            (2,971)   (15,482)
        Other income (expense), net        162      (306)     
           384         40
            Loss before provision
              for income taxes           (527)   (10,959)    
              (2,587)   (15,442)
        Provision for income taxes         ---        ---     
           ---        ---
            Net loss                    $(527)  $(10,959)   
            $(2,587)  $(15,442)
          Net loss per share           $(0.03)    $(0.82)     
          (0.14)    $(1.13) Shares used in computing
            net loss per share          18,378     13,353     
            18,256     13,682

SOURCE Platinum Software Corporation /CONTACT: Geri L. Schanz, APR, Director of
Corporate Communications, Platinum Software, 714-450-4578, gschanzplatsoft.com/