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CyberMedia Inc. Announces Fourth Quarter and Full Year Results for 1996SANTA MONICA, Calif.--(BUSINESS WIRE)--Feb. 25, 1997-- Cybermedia Inc. Tuesday announced its operating results for the quarter and the year ended Dec. 31, 1996. For the quarter ended Dec. 31, 1996, the company reported revenues of $15,830,000, a 681% increase over the $2,027,000 reported for the same period in 1995. Net income was $68,000, or $.01 per share vs. a loss of $2,556,000, or $.33 per share the previous year. Revenues for the year ended Dec. 31, 1996 were $38,510,000, a 703% increase from the $4,797,000 reported during the same period last year. Net loss was $3,482,000, as compared to $3,352,000 for 1995. Loss per share of $.42 vs. $.43 was reported for the years ended Dec. 31, 1996 and 1995 respectively. During the quarter, CyberMedia launched First Aid 97 and First Aid 3.1, the latest upgrades to its First Aid family of automated service and support products for PC users. The launch of these products as well as the launch of Oil Change, CyberMedia's new product designed to offer PC users a one-stop solution for automatically updating their software applications and device drivers over the Internet, in late September contributed to the unusually high revenue and sales and marketing expense levels for the quarter ended Dec. 31, 1996. CyberMedia, founded in 1991, develops and markets software products that help Windows PC users fix or avoid problems on their own, reducing their dependency on vendor or help desk technical support.
CyberMedia Inc.
Statements of Operations
(Unaudited)
Three months ended
December 31, December 31,
1996 1995
Net revenues $15,830,000 $2,027,000
Cost of revenues 4,710,000 1,329,000
Gross profit 11,120,000 698,000
Operating expenses:
Research and
development 1,225,000 269,000
Sales and marketing 9,688,000 2,355,000
General and
administrative 526,000 612,000
Total operating expenses 11,439,000 3,236,000
Loss from operations (319,000) (2,538,000)
Other income (expense) 387,000 (17,000)
Income (loss) before
income taxes 68,000 (2,555,000)
Income tax expense - 1,000
Net income (loss) $68,000 ($2,556,000)
Net income (loss)
per share $0.01 ($0.33)
Shares used in computing
net loss per share 12,428,000 7,864,000
Year ended
December 31, December 31,
1996 1995
Net revenues $38,510,000 $4,797,000
Cost of revenues 11,990,000 2,103,000
Gross profit 26,520,000 2,694,000
Operating expenses:
Research and
development 3,297,000 964,000
Sales and marketing 24,114,000 4,036,000
General and
administrative 2,955,000 987,000
Total operating expenses 30,366,000 5,987,000
Loss from operations (3,846,000) (3,293,000)
Other income (expense) 364,000 (58,000)
Income (loss) before
income taxes (3,482,000) (3,351,000)
Income tax expense - 1,000
Net income (loss) ($3,482,000) ($3,352,000)
Net income (loss)
per share ($0.42) ($0.43)
Shares used in computing
net loss per share 8,216,000 7,855,000
CyberMedia Inc.
Balance Sheet
December 31, 1996
Assets
Current assets:
Cash and cash equivalents $39,322,000
Trade accounts receivable,
net 12,297,000
Inventory 2,365,000
Prepaid expenses 1,689,000
Other current assets 186,000
Total current assets 55,859,000
Furniture, fixtures and
equipment, net 933,000
$56,792,000
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $7,011,000
Accrued expenses 845,000
Unearned revenue 4,024,000
Current portion of grant payable 413,000
Current portion of notes payable 0
Current portion of capital lease 12,000
Total current liabilities 12,305,000
Lease obligation 24,000
Notes payable, less
current portion 0
Total liabilities 12,329,000
Stockholders' equity
Series A preferred stock 0
Series B preferred stock 0
Series C preferred stock 0
Common stock 122,000
Additional paid-in capital 53,418,000
Accumulated deficit (9,077,000)
Net stockholders' equity 44,463,000
$56,792,000
December 31, 1995
Assets
Current assets:
Cash and cash equivalents $2,050,000
Trade accounts receivable,
net 1,182,000
Inventory 412,000
Prepaid expenses 111,000
Other current assets 10,000
Total current assets 3,765,000
Furniture, fixtures and
equipment, net 90,000
$3,855,000
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $1,620,000
Accrued expenses 419,000
Unearned revenue 677,000
Current portion of grant payable 607,000
Current portion of notes payable 0
Current portion of capital lease 8,000
Total current liabilities 3,331,000
Lease obligation 17,000
Notes payable, less
current portion 500,000
Total liabilities 3,848,000
Stockholders' equity
Series A preferred stock 30,000
Series B preferred stock 64,000
Series C preferred stock 0
Common stock 13,000
Additional paid-in capital 5,451,000
Accumulated deficit (5,551,000)
Net stockholders' equity 7,000
$3,855,000
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