<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):
April 20, 1999
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
Cambridge, Massachusetts
(Address of principal 02142
executive offices) (Zip Code)
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.
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On April 20, 1999, 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
- ------------ -------
99.1 Press release of the Company dated April 20, 1999
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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.
April 20, 1999 By: /s/ Robert P. Orlando
---------------------------
Robert P. Orlando
Chief Financial Officer
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FOR IMMEDIATE RELEASE
CONTACT:
BOB ORLANDO, CFO
MATHSOFT, INC.
(617) 577-1017, x742
MATHSOFT RELEASES RESULTS FOR FIRST QUARTER
CAMBRIDGE, Mass., April 20, 1999 - MathSoft, Inc. (Nasdaq: MATH) today reported
net income of approximately $637,000, or $0.06 per diluted share, for its first
quarter ended March 31, 1999. This compares with net income of $481,000, or
$0.05 per diluted share for the corresponding quarter of 1998. Revenues for the
first quarter of 1999 grew approximately 15%, reaching $6.5 million, compared
with $5.7 million achieved in the first quarter of the prior year.
"MathSoft continues to demonstrate leadership in its core markets, with steady
revenue growth, timely new product flow and respectable earnings," said Charles
Digate, president and CEO.
Founded in 1984, MathSoft is the provider of a broad line of technical
calculation 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, StatServer and Axum software worldwide.
Users include 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.
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 differences 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 in a timely fashion. Please
refer to the 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.
###
Axum, S-PLUS, StatServer, StudyWorks and Mathcad are registered trademarks and
the MathSoft logo is a trademark of MathSoft, Inc.
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MATHSOFT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN THOUSANDS)
(UNAUDITED)
ASSETS
<TABLE>
<CAPTION>
MARCH 31, DEC 31,
1999 1998
---- ----
<S> <C> <C>
CURRENT ASSETS:
Cash, cash equivalents and short-term investments $ 5,788 $ 5,707
Accounts receivables, net . . . . . . . . . . . . 4,567 4,009
Other receivables . . . . . . . . . . . . . . . . 1,293 1,309
Inventories . . . . . . . . . . . . . . . . . . . 254 374
Prepaid expenses. . . . . . . . . . . . . . . . . 643 343
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Total current assets. . . . . . . . . . . . 12,545 11,742
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PROPERTY AND EQUIPMENT, NET . . . . . . . . . . . . . . 1,153 1,262
------- -------
OTHER ASSETS. . . . . . . . . . . . . . . . . . . . . . 458 488
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TOTAL ASSETS . . . . . . . . . . . . . . . . $14,156 $13,492
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</TABLE>
LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
MARCH 31, DEC 31,
1999 1998
---- ----
<S> <C> <C>
CURRENT LIABILITIES . . . . . . . . . . . . . . . . . $ 6,655 $ 7,302
OTHER LONG-TERM LIABILITIES . . . . . . . . . . . . . 86 139
STOCKHOLDERS' EQUITY. . . . . . . . . . . . . . . . . 7,415 6,051
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $14,156 $13,492
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</TABLE>
MATHSOFT, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31, MARCH 31,
1999 1998
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<S> <C> <C>
REVENUES:
Software licenses . . . . . . . . . . . . . . $ 5,277 $ 4,920
Services and other. . . . . . . . . . . . . . 1,262 782
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Total Revenues. . . . . . . . . . . . . . 6,539 5,702
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COST OF REVENUES:
Software licenses . . . . . . . . . . . . . . 805 706
Services and other. . . . . . . . . . . . . . 390 297
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Total cost of revenues. . . . . . . . . . 1,195 1,003
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Gross Profit. . . . . . . . . . . . . . . 5,344 4,699
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OPERATING EXPENSES:
Sales and marketing . . . . . . . . . . . . . 2,816 2,421
Research and development. . . . . . . . . . . 1,188 1,219
General and administrative. . . . . . . . . . 735 602
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Total operating expenses. . . . . . . . . 4,739 4,242
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Income from Operations. . . . . . . . . . 605 457
INTEREST INCOME , NET . . . . . . . . . . . . . . . 42 24
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Income Before Provisions for Income Taxes 647 481
PROVISION FOR INCOME TAXES. . . . . . . . . . . . . 10 -
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Net Income . . . . . . . . . . . . . . . . $ 637 $ 481
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BASIC EARNINGS PER SHARE: . . . . . . . . . . . . . $ 0.07 $ 0.05
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DILUTED EARNINGS PER SHARE: . . . . . . . . . . . . $ 0.06 $ 0.05
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WEIGHTED AVERAGE COMMON SHARES OUTSTANDING. . . . . 9,687 9,131
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WEIGHTED AVERAGE COMMON SHARES ASSUMING DILUTION. . 10,869 10,214
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</TABLE>
