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SANTA MONICA, CA - (March 12, 1998) -- CyberMedia, Inc. (Nasdaq: CYBR) today announced that it will be reissuing results from the quarter ended December 31, 1997, to show an increase in return reserves of $6-8 million.
CyberMedia also announced that it expects to report revenues between $5-8 million for the quarter ending March 31, 1998, compared to total revenues of $16.5 million for the comparable period in 1997.
"We are working with our major distributors to adjust channel inventory levels as they deem appropriate," commented Kanwal Rekhi, Chairman of the Board. "We are also working with our distributors to bring their account balances current with the company. They have responded at a level which is appropriate to meet the demand in the market for CyberMedia products. As a result, we feel comfortable with these revised fourth quarter reserve levels."
Additionally, the Board of Directors today announced the temporary appointment of Chairman Kanwal Rekhi as acting President with assistance from Executive Committee members Jim Tolonen and Ron Posner. This Executive Committee will be conducting a search for a permanent CEO and expects to conclude the search in a matter of weeks. At the same time, the company announced that Unni Warrier resigned as President and Chief Executive Officer, effective immediately. "I am confident that we will be naming a new CEO in the very near future," commented Rekhi.
"While first quarter results are disappointing, we are confident that CyberMedia's core business is strong," added Rekhi. "First Aid® and UnInstallerä are doing very well at retail, and both remain among the top ten best-selling business software packages. First Aid recently received PC Magazine's Editor's Choice Award. These products represent the bulk of the company's revenues, and demand for them shows no sign of waning."
About CyberMedia
CyberMedia's mission is to help computer users, anytime, anywhere with a complete set of products and services that provide the highest quality of immediate help to computer users at home and work, all over the world.
CyberMedia's ActiveHelp(TM) product line includes First Aid, to fix problems Windows users face automatically; Oil Change(TM), to update PCs with the latest bug fixes, patches and drivers; UnInstaller(TM), to clean Window's applications; Guard Dog Deluxe(TM), to automatically safeguard Internet security and privacy and the CyberMedia Support Server line of automatic technical support software for corporations and mid-size Businesses.
Founded in 1991, CyberMedia (Nasdaq: CYBR) employs more than 270, with company headquarters in Santa Monica, CA, and offices in San Jose, CA, Portland, OR, Washington, D.C., Japan, Ireland, and India. For additional information contact CyberMedia, Inc., 3000 Ocean Park Boulevard, Santa Monica, CA 90405; phone (310) 664-5000; fax (310) 664-4720; or visit the CyberMedia Web site at www.cybermedia.com.
This press release contains forward-looking statements which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "expects," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. The matters set forth under "Risk Factors" in the Company's form 10Q for the quarter ended September 30, 1997, on file with the Securities and Exchange Commission constitute cautionary statements identifying important factors with respect to such forward-looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from those in such forward looking statements. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Note: CyberMedia and First Aid are registered trademarks and Oil Change, Guard Dog, UnInstaller and the CyberMedia logo are trademarks of CyberMedia, Inc. All other trade names are trademarks of their respective owners.
Press Contact:
Kristin Gabriel, Director of Corporate Communications
(310)664-5049
krgabriel@cybermedia.com
Investor Contact:
Jill Fukuhara / Edward Stansfield
Financial Relations Board
(310)442-0599
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