<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 10, 1996
MathSoft, Inc.
(Exact name of Registrant as specified in its charter)
Massachusetts 0-020992 04-2842217
(State or jurisdiction (Commission (IRS Employer
of Incorporation File number) Identification No.)
101 Main Street 02142
Cambridge, Massachusetts (Zip Code)
(Address of principal
executive offices)
Registrant's telephone number, including area code: (617) 577-1017
No change since last report
(Former name or former address, if changed
since last report)
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Item 5. Other Events.
- ---------------------
On October 10, 1996 the Company issued a press release, a copy of which is
attached as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7. Financial Statements and Exhibits.
- ------------------------------------------
Exhibit No. Exhibit
- ---------- -------
99.1 Press release of the Company dated
October 10, 1996
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MATHSOFT, INC.
October 10, 1996 By: /s/ Robert. P. Orlando
----------------------
Robert P. Orlando
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
- ---------- -----------
99.1 Press release of the Company dated October 10, 1996
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EXHIBIT 99.1
------------
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MATHSOFT RELEASES FISCAL 1997 FIRST QUARTER RESULTS
CAMBRIDGE, Mass., October 10, 1996 -- MathSoft, Inc. (Nasdaq: MATH) today
reported a net loss of $465,000, or $0.05 per share, for the three months ended
September 30, 1996.
This compares to net income of $416,000, or $0.05 per share, for the
corresponding quarter of its last fiscal year.
MathSoft's net revenues for the three months ended September 30, 1996 were
$4.5 million. This compares to revenues reported for the same quarter a year
earlier of $5.1 million. "Although total net revenues are down year to year,"
stated Charles J. Digate, Chairman and CEO of MathSoft, Inc., "total net
revenues excluding revenues generated from the upgrade of the Company's core
product, Mathcad, in the first quarter of fiscal 1996, grew approximately 30
percent on a year to year basis for the three months ended September 30, 1996."
Founded in 1984, MathSoft is the leading provider of knowledge discovery
software for students and technical professionals. It has licensed more than
600,000 users of its StudyWorks, Mathcad, S-PLUS and Axum software worldwide.
Users include technical professionals worldwide at more than half the Fortune
1,000 companies and over 500 government installations, and students and faculty
at over 2,000 colleges and universities.
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MATHSOFT, INC. AND SUBSIDIARY
<TABLE>
Consolidated Condensed Balance Sheets
(in Thousands)
(Unaudited)
<CAPTION>
September 30, June 30,
1996 1996
------------- --------
<S> <C> <C>
Assets
Current Assets:
Cash, cash equivalents and short-term investments... $ 4,562 $ 4,954
Accounts receivables, net........................... 2,728 3,119
Other receivables................................... 851 762
Inventories......................................... 552 548
Prepaid expenses.................................... 462 382
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Total current assets............................. 9,155 9,765
-------- -------
Property and Equipment, net........................... 1,582 1,599
Other Assets:
Purchased technology, net........................... 450 504
Other assets........................................ 52 31
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Total Assets..................................... $11,239 $11,899
======= =======
Liabilities and Stockholders' Equity
<CAPTION>
September 30, June 30,
1996 1996
------------- --------
Current Liabilities................................... $ 4,680 $ 5,077
Other Long-term Liabilities........................... 54 63
Stockholders' Equity.................................. 6,505 6,759
------- -------
Total Liabilities and Stockholders' Equity........ $11,239 $11,899
======= =======
</TABLE>
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MATHSOFT, INC. AND SUBSIDIARY
<TABLE>
Consolidated Condensed Statements of Operations
(in Thousands, except per share data)
(Unaudited)
<CAPTION>
Three Months Ended
September 30, June 30, September 30,
1996 1996 1995
------------- -------- -------------
<S> <C> <C> <C>
Revenues:
Software licenses................. $3,924 $4,420 $4,414
------ ------ ------
Services and other................ 602 621 674
------ ------ ------
Total revenues................ 4,526 5,041 5,088
------ ------ ------
Cost of Revenues:
Software licenses................. 783 823 705
Services and other................ 191 231 241
------ ------ ------
Total cost of revenues......... 974 1,054 946
------ ------ ------
Gross profit................... 3,552 3,987 4,142
------ ------ ------
Operating Expenses:
Sales and marketing............... 2,425 2,461 2,415
Research and development.......... 1,091 926 752
General and administrative........ 526 588 586
------ ------ ------
Total operating expenses........ 4,042 3,975 3,753
------ ------ ------
Income (Loss) from Operations... (490) 12 389
Interest Income, net................ 40 54 38
------ ------ ------
Income (Loss) Before Provision
for Income Taxes............... (450) 66 427
Provision for Income Taxes.......... 15 16 11
------ ------ ------
Net Income (Loss)............... $ (465) $ 50 $ 416
====== ====== ======
Net income (loss) per common and
common equivalent share........... $(0.05) $ 0.01 $ 0.05
====== ====== ======
Weighted average number of common
and common equivalent shares
outstanding...................... 8,617 9,678 9,204
====== ====== ======
</TABLE>
The MathSoft logo, StudyWorks, Collaboratory, Mathcad, S-PLUS, and Axum are
trademarks of MathSoft, Inc.
Information contained in this document which refers to MathSoft's future
financial status is only management's best estimate at the present time and
actual results could differ from present estimates. Please refer to the
cautionary statements appearing in MathSoft's Annual Report on Form 10-K for the
fiscal year ended June 30, 1996 for a discussion of various factors that could
cause MathSoft's actual results to differ materially from those discussed in the
forward-looking statements.
