Peritus Software Services, Inc. Announces Its Financial Results For the First Quarter of 2001

Apr 20, 2001, 01:00 ET from Peritus Software Services, Inc.

    WESTBOROUGH, Mass., April 20 /PRNewswire Interactive News Release/ --
 Peritus Software Services, Inc. (OTC: PTUS.OB), a provider of solutions for
 software maintenance technology and services, today announced its financial
 results for the quarter ended March 31, 2001.
     Total revenue in the three months ended March 31, 2001 decreased 63.1% to
 $578,000 from $1,565,000 in the three months ended March 31, 2000.  The
 Company's net loss was $424,000 or $0.02 per share versus the net loss of
 $3,810,000 or $0.21 per share in the three months ended March 31, 2000.  In
 the three months ended March 31, 2000, excluding a non-cash charge of
 $4,000,000 related to the strategic investment by Rocket Software, net income
 was $190,000 or $0.01 per share on a diluted basis.
     Detailed results and commentary will be contained in the Company's Form
 10-Q, which is expected to be filed with the Securities and Exchange
 Commission by May 15, 2001.
 
     About Peritus
     Founded in 1991, Peritus Software Services, Inc. offers products and
 services that enable organizations to improve the productivity, effectiveness
 and quality of the software evolution process.  The Peritus Software Asset
 Maintenance (SAM) offerings enable organizations to transform the maintenance
 process into an efficient, cost-effective discipline that boosts productivity
 and performance.  Peritus is headquartered in Westborough, MA.  For more
 information, see the Peritus web site at http://www.peritus.com.
 
     Contact:   Ronald C. Garabedian
                Vice President and Treasurer
                Peritus Software Services, Inc.
                Phone:  508-870-0963
                Fax:  508-870-0764
                E-mail:  rgarabedian@peritus.com
 
     Peritus is a registered trademark of Peritus Software Services, Inc.
 
 
                        Peritus Software Services, Inc.
                 Condensed Consolidated Statement of Operations
                 (In thousands, except per share related data)
 
                                                            Three Months
                                                                Ended
                                                              March 31,
                                                        2001           2000
                                                     (unaudited)   (unaudited)
 
     Revenue:
      Outsourcing services                              $ 541          $ 809
      License                                              --            644
      Other services                                       37            112
       Total Revenue                                      578          1,565
 
     Cost of Revenue:
      Cost of outsourcing services                        319            510
      Cost of license                                       -              -
      Cost of other services                               14             70
       Total Cost of Revenue                              333            580
 
     Gross Profit                                         245            985
 
     Operating Expenses:
      Sales and marketing                                  82             57
      Research and development                            265            325
      General and administrative                          415            472
      Gain on sale of assets                                -            (24)
       Total Operating Expenses                           762            830
 
     Profit (Loss) from Operations                      (517)            155
 
     Interest income, net                                  93             35
     Cost of strategic investment                           -          4,000
     Provision for income taxes                             -              -
 
     Net Loss                                         $ (424)       $(3,810)
 
     Net Loss per share - basic & diluted              $(0.02)       $(0.21)
 
     Weighted average shares outstanding-
      basic & diluted                                  27,320         17,746
 
 
                        Peritus Software Services, Inc.
                      Condensed Consolidated Balance Sheet
                                 (In thousands)
 
                                                    March 31,    December 31,
                                                      2001            2000
                                                   (Unaudited)
     ASSETS
      Current Assets:
       Cash and cash equivalents                      $ 3,652        $ 3,716
       Short-term investments                           1,411          1,411
       Accounts receivable, net                           108            565
       Costs and estimated earnings
        in excess of billings on
        uncompleted contracts                              --              8
       Prepaid expenses and other
        current assets                                    206            196
        Total Current Assets                            5,377          5,896
       Long-term investments                            1,000          1,000
       Property and equipment, net                        139            217
       Intangible and other assets, net                    --             --
 
        Total Assets                                  $ 6,516        $ 7,113
 
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
      Current Liabilities:
       Current portion of capital
        lease obligations                                 $13            $13
       Accounts payable                                     6             34
       Customer advances                                  289            289
       Billings in excess of costs
        and estimated earnings on
        uncompleted contracts                              33            158
       Other accrued expenses and
        current liabilities                               360            377
        Total Current Liabilities                         701            871
       Capital lease obligations                            9             12
 
        Total Liabilities                                 710            883
 
      Stockholders' Equity:
       Common stock                                       273            273
       Additional paid-in capital                     113,208        113,208
       Accumulated deficit                          (107,661)       (107,237)
       Accumulated other comprehensive loss              (14)            (14)
 
        Total Stockholders' Equity                      5,806          6,230
 
        Total Liabilities and Stockholders'
         Equity                                       $ 6,516        $ 7,113
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X72348642
 
 

SOURCE Peritus Software Services, Inc.
    WESTBOROUGH, Mass., April 20 /PRNewswire Interactive News Release/ --
 Peritus Software Services, Inc. (OTC: PTUS.OB), a provider of solutions for
 software maintenance technology and services, today announced its financial
 results for the quarter ended March 31, 2001.
     Total revenue in the three months ended March 31, 2001 decreased 63.1% to
 $578,000 from $1,565,000 in the three months ended March 31, 2000.  The
 Company's net loss was $424,000 or $0.02 per share versus the net loss of
 $3,810,000 or $0.21 per share in the three months ended March 31, 2000.  In
 the three months ended March 31, 2000, excluding a non-cash charge of
 $4,000,000 related to the strategic investment by Rocket Software, net income
 was $190,000 or $0.01 per share on a diluted basis.
     Detailed results and commentary will be contained in the Company's Form
 10-Q, which is expected to be filed with the Securities and Exchange
 Commission by May 15, 2001.
 
     About Peritus
     Founded in 1991, Peritus Software Services, Inc. offers products and
 services that enable organizations to improve the productivity, effectiveness
 and quality of the software evolution process.  The Peritus Software Asset
 Maintenance (SAM) offerings enable organizations to transform the maintenance
 process into an efficient, cost-effective discipline that boosts productivity
 and performance.  Peritus is headquartered in Westborough, MA.  For more
 information, see the Peritus web site at http://www.peritus.com.
 
     Contact:   Ronald C. Garabedian
                Vice President and Treasurer
                Peritus Software Services, Inc.
                Phone:  508-870-0963
                Fax:  508-870-0764
                E-mail:  rgarabedian@peritus.com
 
     Peritus is a registered trademark of Peritus Software Services, Inc.
 
 
                        Peritus Software Services, Inc.
                 Condensed Consolidated Statement of Operations
                 (In thousands, except per share related data)
 
                                                            Three Months
                                                                Ended
                                                              March 31,
                                                        2001           2000
                                                     (unaudited)   (unaudited)
 
     Revenue:
      Outsourcing services                              $ 541          $ 809
      License                                              --            644
      Other services                                       37            112
       Total Revenue                                      578          1,565
 
     Cost of Revenue:
      Cost of outsourcing services                        319            510
      Cost of license                                       -              -
      Cost of other services                               14             70
       Total Cost of Revenue                              333            580
 
     Gross Profit                                         245            985
 
     Operating Expenses:
      Sales and marketing                                  82             57
      Research and development                            265            325
      General and administrative                          415            472
      Gain on sale of assets                                -            (24)
       Total Operating Expenses                           762            830
 
     Profit (Loss) from Operations                      (517)            155
 
     Interest income, net                                  93             35
     Cost of strategic investment                           -          4,000
     Provision for income taxes                             -              -
 
     Net Loss                                         $ (424)       $(3,810)
 
     Net Loss per share - basic & diluted              $(0.02)       $(0.21)
 
     Weighted average shares outstanding-
      basic & diluted                                  27,320         17,746
 
 
                        Peritus Software Services, Inc.
                      Condensed Consolidated Balance Sheet
                                 (In thousands)
 
                                                    March 31,    December 31,
                                                      2001            2000
                                                   (Unaudited)
     ASSETS
      Current Assets:
       Cash and cash equivalents                      $ 3,652        $ 3,716
       Short-term investments                           1,411          1,411
       Accounts receivable, net                           108            565
       Costs and estimated earnings
        in excess of billings on
        uncompleted contracts                              --              8
       Prepaid expenses and other
        current assets                                    206            196
        Total Current Assets                            5,377          5,896
       Long-term investments                            1,000          1,000
       Property and equipment, net                        139            217
       Intangible and other assets, net                    --             --
 
        Total Assets                                  $ 6,516        $ 7,113
 
 
     LIABILITIES AND STOCKHOLDERS' EQUITY
      Current Liabilities:
       Current portion of capital
        lease obligations                                 $13            $13
       Accounts payable                                     6             34
       Customer advances                                  289            289
       Billings in excess of costs
        and estimated earnings on
        uncompleted contracts                              33            158
       Other accrued expenses and
        current liabilities                               360            377
        Total Current Liabilities                         701            871
       Capital lease obligations                            9             12
 
        Total Liabilities                                 710            883
 
      Stockholders' Equity:
       Common stock                                       273            273
       Additional paid-in capital                     113,208        113,208
       Accumulated deficit                          (107,661)       (107,237)
       Accumulated other comprehensive loss              (14)            (14)
 
        Total Stockholders' Equity                      5,806          6,230
 
        Total Liabilities and Stockholders'
         Equity                                       $ 6,516        $ 7,113
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X72348642
 
 SOURCE  Peritus Software Services, Inc.

RELATED LINKS

http://www.peritus.com