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MYSOFTWARE
ANNOUNCES FIRST QUARTER RESULTS
Company Reports Record First Quarter
Revenues
(PALO
ALTO, CA)--April 14, 1998-- MySoftware (NASDAQ: MYSW) today reported
revenues of $3.1 million for the first quarter ended March 31, 1998,
a four percent increase over revenues of $3.0 million in the same quarter
last year. The revenues were the highest first-quarter revenues in the
Company's history.
The
increase in first quarter revenues was due primarily to increased sales
of MySoftware's core products in the retail channel as well as direct
sales of the Company's annuity-based products. The Company
also introduced two new products in the first quarter. MyDataBase, a
new version of the Company's easy-to-use data management program, was
launched in the Company's retail channel in March. The Company also
introduced Jet Mail, a basic mail list management program, for free
online distribution.
For
the quarter ended March 31, 1998, operating expenses decreased 15 percent
to $2.3 million, down from $2.7 million in same quarter a year ago.
Operating expenses decreased 24 percent from $3.1 million in operating
expenses prior to restructuring expenses in the fourth quarter of 1997.
The decrease in operating expenses can be attributed to the Company's
on-going efforts to reduce expenses, particularly in product development
and sales and marketing. The Company had an operating
loss of $251,000 for the first quarter of 1998, compared to an operating
loss in the same quarter a year ago of $667,000.
MySoftware
had a net loss for the first quarter of 1998 of $190,000, or $0.04 per
share, compared to a net loss in the first quarter of 1997 of $576,000,
or $0.14 per share. As of March 31, 1998, the Company had $4.8
million in cash and cash equivalents and working capital of $3.6 million.
MySoftware has no debt.
"I'm
very pleased with the progress we've made in the first quarter. By significantly
cutting expenses and driving increased revenues, we are well on our
way to a successful turnaround," said Gregory Slayton, CEO of MySoftware.
"These
first quarter results reflect MySoftware's renewed commitment to our
core strengths productivity software solutions for the small business,
home office market," continued Slayton. "We are squarely
focused on our goal of returning MySoftware to profitability."
Company
Profile
MySoftware is the leading provider of productivity software for
the small businesses, home office market. Since introducing its first
product over 10 years ago, the Company has sold more than 3 million
MySoftware products. The Company provides users with powerful,
easy-to-learn and easy-to-use solutions, including tools for managing
mail lists and for saving on direct mail postage. MySoftware also provides
productivity tools for creating brochures, stationery, postcards, labels,
databases, invoices and estimates, Internet home pages, Web-based r…sum…s
and Web-based calendars. Headquartered in Palo Alto, California, MySoftware
products are sold in thousands of retail outlets, including software
specialty stores, consumer electronics stores, computer superstores,
office warehouse clubs, and mass merchants. MySoftware's common
stock is traded on the Nasdaq National Market under the symbol: MYSW.
MySoftware is available on the Web at www.mysoftware.com.
Forward-looking
Statements
To the extent that any of the statements contained herein relating
to the Company are forward-looking, such statements are based on current
expectations that involve a number of uncertainties and risks.
Such uncertainties and risks include, but are not limited to, the development
of new products, the enhancement of existing products, the dependence
on principal customers, competitive pricing pressures, product volume
and mix, timing of orders received, and the introduction of competitive
products having technological and/or pricing advantages. As a
result, the Company's operating results may fluctuate, especially when
measured on a quarterly basis. For further information, refer
to the risk factors included in the Company's Annual Report 10-KSB for
the year ended December 31, 1997 as filed with the Securities and Exchange
Commission.
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