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CyberMedia, Inc. Announces Record Second Quarter Revenues
SANTA MONICA, Calif., July 22 /PRNewswire/ -- CyberMedia, Inc. (Nasdaq-NNM:CYBR), the leader in automatic service and support, today
announced its operating results for the quarter and six months ended June 30,
1997.
For the quarter ended June 30, 1997, the company reported revenues of
$20,447,000, a 159% increase over the $7,891,000 reported for the same period
in 1996. Net income before one-time in-process R&D and acquisition related
charges was $1,840,000 or $.14 per share versus a loss of $1,212,000 or $.15
per share the previous year. A one time charge of $9,091,000 was incurred
during the quarter related to the acquisitions of MicroHelp UnInstaller and
Walk Softly, Inc. resulting in a net loss for the quarter of $6,706,000 or
$.55 per share.
Revenues for the six months ended June 30, 1997 were $36,980,000, a 165%
increase from the $13,949,000 reported during the same period last year. Net
income before one-time in-process R&D and acquisition related charges was
$3,172,000 or $.23 per share versus a loss of $2,229,000 or $.28 per share for
the first six months of 1996. After one-time in-process R&D and acquisition
related charges CyberMedia reported a net loss of $5,374,000 or $.45 per share
for the first six months of 1997.
Quarterly Highlights
During the quarter, CyberMedia completed two acquisitions. CyberMedia
acquired MicroHelp UnInstaller the top rated PC Windows cleanup technology and
successfully launched CyberMedia UnInstaller 4.5. In addition, CyberMedia
acquired Walk Softly, Inc., a leading provider of privacy and security
technology, which enabled the Company to announce the beta availability of PC
Guard Dog, the first comprehensive personal Internet security and privacy
software product designed for Windows 95 users. During June, CyberMedia also
launched a significant upgrade to its award-winning Oil Change automatic
update software for Windows 95 users. This quarter the Company also entered
the Japanese market with the formation of CyberMedia K.K., a wholly-owned
subsidiary of CyberMedia, Inc., and the launch of Japanese versions of its
best-selling automatic service and support products, First Aid 97, First Aid
97 Deluxe and UnInstaller. CyberMedia continued to expand its strategic
relationships within the PC industry by announcing a new bundling agreement
with CompUSA and an expanded strategic partnership with Sony.
About CyberMedia
CyberMedia's mission is to empower computer users to fix computer problems
on their own, before they need to call technical support hotline for help.
The leading supplier of automatic service and support solutions for PC users;
the CyberMedia's ActiveHelp product line includes First Aid(R), Oil
Change(TM), UnInstaller(TM), PC Guard Dog(TM) and the Tech Support Yellow
Pages.
CyberMedia products are distributed through more than 10,000 retail stores
in the United States, including WalMart and CompUSA. They are also
distributed internationally in Germany, Canada, Japan, Italy, France, Austria,
Switzerland, the United Kingdom and Australia. CyberMedia products are also
available from OEM distribution partners, including AST, Sony, Fujitsu,
Packard Bell-NEC and Phoenix Technologies. They are also available for sale
on the Internet through leading online resellers as well as the CyberMedia web
site. Founded in 1991, CyberMedia (Nasdaq:CYBR) employs more than 200
people, with company headquarters in Santa Monica, CA and offices in San Jose,
CA and Japan. For additional information contact CyberMedia, Inc., 3000 Ocean
Park Boulevard, Santa Monica, CA 90405; phone 310-581-4700; fax 310-581-4720;
e-mail info@cybermedia.com or visit the CyberMedia web site.
CYBERMEDIA,INC.
STATEMENTS OF OPERATIONS
(Unaudited)
Quarter Quarter Six Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
Revenue $20,447,000 $7,891,000 $36,980,000 $13,949,000
Cost of goods sold 3,875,000 2,787,000 8,088,000 4,888,000
Gross profit 16,572,000 5,104,000 28,892,000 9,061,000
Expenses
Research and development2,740,000 669,000 4,285,000 1,143,000
Sales & marketing 9,584,000 4,730,000 17,739,000 8,609,000
General &
administrative 1,679,000 902,000 2,649,000 1,513,000
One-time in-process R&D
and acquisition
expenses 9,091,000 -- 9,091,000 --
Total Operating
expenses 23,094,000 6,301,000 33,764,000 11,265,000
Operating
income (loss) (6,522,000) (1,197,000) (4,872,000) (2,204,000)
Other income (expense) 398,000 (15,000) 919,000 (25,000)
Profit (loss) before
income taxes (6,124,000) (1,212,000) (3,953,000) (2,229,000)
Provision for
income taxes 582,000 -- 1,421,000 --
Net income (loss) $(6,706,000) $(1,212,000)$(5,374,000) $(2,229,000)
Net income (loss)
per share $(0.55) $(0.15) $(0.45) $(0.28)
Shares used in
computing net income
(loss) per share 12,178,000 7,890,000 12,050,000 7,890,000
CYBERMEDIA, INC.
SUPPLEMENTAL STATEMENTS OF OPERATIONS
EXCLUDING ONE TIME WRITE-OFF OF R & D AND ACQUISITION EXPENSES
Quarter Quarter Six Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
1997 1996 1997 1996
Revenue $20,447,000 $7,891,000 $36,980,000 $13,949,000
Cost of goods sold 3,875,000 2,787,000 8,088,000 4,888,000
Gross profit 16,572,000 5,104,000 28,892,000 9,061,000
Total operating
expenses 14,003,000 6,301,000 24,673,000 11,265,000
Operating income (loss)2,569,000 (1,197,000) 4,219,000 (2,204,000)
Other income (expense) 398,000 (15,000) 919,000 (25,000)
Profit (loss) before
income taxes 2,967,000 (1,212,000) 5,138,000 (2,229,000)
Provision for
income taxes 1,127,000 -- 1,966,000 --
Net income (loss) $1,840,000 $(1,212,000) $3,172,000 $(2,229,000)
Net income (loss)
per share $0.14 $(0.15) $0.23 $(0.28)
Share's used in
computing net income
(loss) per share 13,598,000 7,890,000 13,510,000 7,890,000
Note -- does not include $9,091,000 of one-time R & D and acquisition
expenses incurred in the quarter and six months ended June 30, 1997.
CYBERMEDIA, INC.
BALANCE SHEETS
June 30,1997 December 31, 1996,
Unaudited Audited
Assets
Current assets:
Cash and cash equivalents $22,646,000 $39,322,000
Marketable securities 6,869,000 --
Trade accounts receivable, net 23,953,000 12,318,000
Inventory 1,671,000 2,365,000
Prepaid expenses 923,000 1,270,000
Other current assets 220,000 185,000
Total current assets 56,282,000 55,460,000
Goodwill, net 231,000 --
Furniture, fixtures and equipment, net 1,732,000 990,000
Total assets $58,245,000 $56,450,000
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $8,123,000 $7,004,000
Accrued expenses 2,764,000 1,247,000
Unearned revenue 3,662,000 4,024,000
Grant payable 4,000 413,000
Current portion of capital lease 31,000 45,000
Liability to technology vendor 1,589,000 --
Total current liabilities 16,173,000 12,733,000
Capital lease obligation 49,000 49,000
Liability to technology vendor 2,812,000 --
Total liabilities 19,034,000 12,782,000
Stockholders' equity
Common stock 122,000 119,000
Additional paid-in capital 53,607,000 52,583,000
Accumulated deficit (14,408,000) (9,034,000)
Currency Translation (110,000) --
Total Stockholders' Equity 39,211,000 43,668,000
Total liabilities and stockholders' equity$58,245,000 $56,450,000
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