ASA International Ltd. Reports 2000 Fourth Quarter And Year-End Results

Apr 02, 2001, 01:00 ET from ASA International Ltd.

    FRAMINGHAM, Mass., April 2 /PRNewswire/ -- ASA International Ltd.
 (Nasdaq:   ASAA) today reported that revenues for the fourth quarter ended
 December 31, 2000 were $4,309,000, compared with $6,962,000 in the fourth
 quarter of 1999.
     The Company reported a loss from operations of $3,001,000 for the fourth
 quarter of 2000, compared to a loss from operations of $230,000 for the fourth
 quarter of 1999. The loss from operations for the fourth quarter of 2000
 includes an impairment loss on capitalized software of $1,986,000, with no
 corresponding amount during the fourth quarter of 1999.
     The net loss for the fourth quarter of 2000 was $2,015,000, or $(.67) per
 diluted share, compared with net earnings of $393,000, or $.12 per diluted
 share, for the fourth quarter of 1999.
     Revenues for the year ended December 31, 2000 were $19,633,000, compared
 with revenues of $25,623,000 for 1999. Revenues for 1999 included $2,915,000
 in revenue from the SmartTime software product line for which the Company
 discontinued operations in August 1999, and $1,965,000 in revenue from the
 Khameleon product line acquired in November 1999. Revenues for 2000 include
 $7,851,000 in revenue from the Khameleon product line.
     The Company reported a loss from operations of $5,242,000 for the year
 ended December 31, 2000, compared to earnings from operations of $491,000 for
 1999. The loss from operations for 2000 includes the impairment loss on
 capitalized software  of $1,986,000, and software amortization expense from
 the Khameleon Software product line of $1,185,000. Software amortization
 expense from the Khameleon Software product line for 1999 was $593,000.
     The net earnings for the year ended December 31, 2000 were $29,000, or
 $.01 per diluted share, compared with net income of $2,167,000, or $.63 per
 diluted share, for 1999. Net income for 1999 included a pretax gain of
 approximately $3,824,000 related to the sale of the Company's CommercialWare
 product line, which was completed in March 1999. Net earnings for 2000 include
 a pretax gain of approximately $6,716,000 on the sale of the Company's
 SmartTime product line. Net earnings for 2000 also include losses through the
 date of sale of SmartTime in August 2000 totaling approximately $977,000.
     ASA International Ltd. develops and builds enterprise-wide software
 solutions, delivers support and services, and enables leading companies in a
 wide range of industries to achieve a maximum return on their information
 technology investment. ASA's software is installed in more than 900 businesses
 in North America and South America. ASA was established in 1969 and is
 headquartered in Framingham, Massachusetts. URL: http://www.asaint.com.
     This press release contains forward-looking statements that involve a
 number of risks and uncertainties. Among the important factors that could
 cause actual results to differ materially from those indicated by such
 forward-looking statements are delays in product development, competitive
 pressures, general economic conditions and the risk factors detailed in the
 company's periodic reports and registration statements filed with Securities
 and Exchange Commission.
 
 

SOURCE ASA International Ltd.
    FRAMINGHAM, Mass., April 2 /PRNewswire/ -- ASA International Ltd.
 (Nasdaq:   ASAA) today reported that revenues for the fourth quarter ended
 December 31, 2000 were $4,309,000, compared with $6,962,000 in the fourth
 quarter of 1999.
     The Company reported a loss from operations of $3,001,000 for the fourth
 quarter of 2000, compared to a loss from operations of $230,000 for the fourth
 quarter of 1999. The loss from operations for the fourth quarter of 2000
 includes an impairment loss on capitalized software of $1,986,000, with no
 corresponding amount during the fourth quarter of 1999.
     The net loss for the fourth quarter of 2000 was $2,015,000, or $(.67) per
 diluted share, compared with net earnings of $393,000, or $.12 per diluted
 share, for the fourth quarter of 1999.
     Revenues for the year ended December 31, 2000 were $19,633,000, compared
 with revenues of $25,623,000 for 1999. Revenues for 1999 included $2,915,000
 in revenue from the SmartTime software product line for which the Company
 discontinued operations in August 1999, and $1,965,000 in revenue from the
 Khameleon product line acquired in November 1999. Revenues for 2000 include
 $7,851,000 in revenue from the Khameleon product line.
     The Company reported a loss from operations of $5,242,000 for the year
 ended December 31, 2000, compared to earnings from operations of $491,000 for
 1999. The loss from operations for 2000 includes the impairment loss on
 capitalized software  of $1,986,000, and software amortization expense from
 the Khameleon Software product line of $1,185,000. Software amortization
 expense from the Khameleon Software product line for 1999 was $593,000.
     The net earnings for the year ended December 31, 2000 were $29,000, or
 $.01 per diluted share, compared with net income of $2,167,000, or $.63 per
 diluted share, for 1999. Net income for 1999 included a pretax gain of
 approximately $3,824,000 related to the sale of the Company's CommercialWare
 product line, which was completed in March 1999. Net earnings for 2000 include
 a pretax gain of approximately $6,716,000 on the sale of the Company's
 SmartTime product line. Net earnings for 2000 also include losses through the
 date of sale of SmartTime in August 2000 totaling approximately $977,000.
     ASA International Ltd. develops and builds enterprise-wide software
 solutions, delivers support and services, and enables leading companies in a
 wide range of industries to achieve a maximum return on their information
 technology investment. ASA's software is installed in more than 900 businesses
 in North America and South America. ASA was established in 1969 and is
 headquartered in Framingham, Massachusetts. URL: http://www.asaint.com.
     This press release contains forward-looking statements that involve a
 number of risks and uncertainties. Among the important factors that could
 cause actual results to differ materially from those indicated by such
 forward-looking statements are delays in product development, competitive
 pressures, general economic conditions and the risk factors detailed in the
 company's periodic reports and registration statements filed with Securities
 and Exchange Commission.
 
 SOURCE  ASA International Ltd.