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MYSOFTWARE
ANNOUNCES SECOND QUARTER RESULTS
Company Reports Record Second Quarter Revenues And Returns to
Profitability
(PALO
ALTO, CA) Ø MySoftware (NASDAQ: MYSW) today reported revenues
of $3.5 million for the second quarter ended June 30, 1998, an 18 percent
increase over revenues of $2.9 million in the same quarter last year
and a 11 percent increase over first quarter revenues of $3.1 million.
The revenues were the highest second-quarter revenues in the Company's
history. The Company also reported its first operating profit
in more than a year, earning $81,000 or $.02 per share, compared to
a net loss of $254,000 or $.06 per share in the same quarter a year
ago and a net loss of $190,000 or $.04 per share in the first quarter
of 1998.
The
increase in second quarter revenues was due primarily to the growing
success of MySoftware's OEM efforts and continued sales growth from
the Company's annuity-based products and services. The Company
also introduced seven new products in the second quarter including MyTypeArtist,
an innovative graphics tool that turns words and phrases into works
of art.
For the six months ended June 30, 1998, net revenues increased 11 percent
to $6.6 million, up from $5.9 million in the same period last year.
For the six months, MySoftware reported a net loss of $109,000, or $.03
per share, compared to net loss of $830,000, or $.20 per share for the
same period a year ago.
The
Company was also cash flow positive for the quarter. As of June
30, 1998, the Company had $4.9 million in cash and cash equivalents
and working capital of $3.9 million. MySoftware has no debt.
"I'm
pleased with the progress we've made thus far," said Gregory Slayton,
president and CEO of MySoftware. "For the first time in MySoftware's
history, we are reporting back-to-back record revenue quarters, and
we believe that this is indicative of an important positive revenue
growth trend. Just as importantly, for the first time in over a year
we are profitable."
"The
second quarter results reflect the hard work and dedication of the entire
MySoftware team. Almost every division exceeded expectations on both
the revenue and cost sides Ø and we certainly don't intend to let up
our efforts now," continued Mr. Slayton. "As with all winning
companies, this was a true team effort. But we understand that two good
quarters does not make a great company. We still have a long way to
go, but these results would indicate that we are on the right track."
Company
Profile
MySoftware is the world's leading provider of productivity software
for the small business, home office market. Since introducing its first
product over 10 years ago, the Company has sold more than 3.5 million
MySoftware products. The Company provides users with powerful,
easy-to-learn and easy-to-use solutions, including tools for designing
and cost-effectively managing direct marketing campaigns. MySoftware
also provides productivity tools for creating brochures, stationery,
postcards, labels, databases, invoices and estimates, Internet home
pages and Web-based r…sum…s.
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 products are also available via select Value Added Resellers.
MySoftware actively partners with some of the world's best-known companies
to provide PC productivity solutions for their small business, home
office customers. MySoftware's common stock is traded on the Nasdaq
National Market under the symbol: MYSW. More information on MySoftware
and its products and partners is available on the Web at http://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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