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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 9, 1997
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 9, 1997 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.
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Exhibit No. Exhibit
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99.1 Press release of the Company dated October 9, 1997
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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 9, 1997 By: /s/ Robert. P. Orlando
----------------------
Robert P. Orlando
Chief Financial Officer
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EXHIBIT INDEX
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Exhibit No. Description
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99.1 Press release of the Company dated October 9, 1997
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT:
BOB ORLANDO
MATHSOFT, INC.
(617) 577-1017, x742
MATHSOFT RELEASES FISCAL 1998 FIRST QUARTER RESULTS
CAMBRIDGE, Mass., October 9, 1997 - MathSoft, Inc. (Nasdaq: MATH) today
reported net income of approximately $350,000, or $0.04 per share, for its
fiscal first quarter ended September 30, 1997. These earnings compare to a net
loss of $1.3 million, or $0.14 per share, for the quarter ended June 30, 1997
and a net loss of approximately $465,000, or $0.05 per share, in the same
quarter of the prior fiscal year.
MathSoft reported net revenues for the quarter ended September 30, 1997
of approximately $6.4 million compared to net revenues of approximately $4.4
million for the quarter ended June 30, 1997 and $4.5 million in the same quarter
of the prior fiscal year.
Today, President and CEO Charles Digate commented, "We are pleased that
the significant investments we made last fiscal year in both our Mathcad and
S-PLUS product lines have propelled us back to profitability and we look forward
to continued success in the upcoming quarters."
Founded in 1984, MathSoft is the provider of the broadest line of
quantitative and analytical software for business and academia. With MathSoft's
products, users can deploy technical calculations and exploratory data analyses
across their entire organizations. The Company has more than one million users
of its Mathcad, StudyWorks, S-PLUS, MathSoft StatServer and Axum software
worldwide. Users include technical professionals worldwide at more than 90% of
the Fortune 1,000 companies and over 500 government installations, and students
and faculty at over 2,000 colleges and universities. MathSoft product
information can be obtained via the MathSoft Store located at
http://www.mathsoft.com, by phone at 1-800-628-4223, by fax at 617-577-8829 or
by mail at 101 Main Street, Cambridge, MA 02142.
Information contained in this document which refers to MathSoft's
future financial performance represents management's best estimate at the
present time and actual results could differ materially from present estimates.
Factors that might cause such a difference include, but are not limited to: the
risks associated with distribution channels; the risks associated with
international operations; the risks associated with acquisitions; and the
ability to enhance current products and to introduce new products. Please refer
to the
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cautionary statements appearing in MathSoft's Annual and Quarterly Reports and
prospectus filed with the Securities and Exchange Commission for a discussion of
these and other various factors that could cause MathSoft's actual results to
differ materially from those discussed in the forward-looking statements.
The MathSoft logo, Axum, S-PLUS, and Mathcad are registered trademarks and
StatServer, MathConnex and StudyWorks! are trademarks of MathSoft, Inc.
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MATHSOFT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
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ASSETS
SEPTEMBER 30, JUNE 30,
1997 1997
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CURRENT ASSETS:
Cash and cash equivalents $2,708 $2,802
Accounts receivables, net 3,132 2,353
Other receivables 1,061 885
Inventories 271 344
Prepaid expenses 369 475
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Total current assets 7,541 6,859
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PROPERTY AND EQUIPMENT, NET 1,537 1,553
OTHER ASSETS:
Purchased technology, net 108 287
Other assets 69 87
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TOTAL ASSETS $9,255 $8,786
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LIABILITIES AND STOCKHOLDERS' EQUITY
SEPTEMBER 30, JUNE 30,
1997 1997
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CURRENT LIABILITIES $6,451 $6,403
OTHER LONG-TERM LIABILITIES 182 215
STOCKHOLDERS' EQUITY 2,622 2,168
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $9,255 $8,786
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MATHSOFT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
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THREE MONTHS ENDED
SEPTEMBER 30, JUNE 30, SEPTEMBER 30,
1997 1997 1996
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REVENUES:
Software licenses $5,432 $ 3,670 $3,924
Services and other 923 688 602
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Total revenues 6,355 4,358 4,526
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COST OF REVENUES:
Software licenses 985 738 783
Services and other 316 226 191
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Total cost of revenues 1,301 964 974
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Gross profit 5,054 3,394 3,552
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OPERATING EXPENSES:
Sales and marketing 2,622 2,652 2,425
Research and development 1,402 1,329 1,091
General and administrative 679 715 526
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Total operating expenses 4,703 4,696 4,042
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INCOME (LOSS) FROM OPERATIONS 351 (1,302) (490)
INTEREST INCOME , NET 9 14 40
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INCOME (LOSS) BEFORE PROVISION FOR
INCOME TAXES 360 (1,288) (450)
PROVISION FOR INCOME TAXES 10 16 15
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NET INCOME (LOSS) $ 350 $(1,304) (465)
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NET INCOME (LOSS) PER COMMON AND
COMMON EQUIVALENT SHARE $ 0.04 $ (0.14) $(0.05)
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WEIGHTED AVERAGE NUMBER OF COMMON AND
COMMON EQUIVALENT SHARES OUTSTANDING 9,791 9,006 8,617
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