Atlas Environmental Takes Action To Reorganize
PLANTATION, Fla., Jan. 16, 1997 - Atlas Environmental, Inc. (Nasdaq: ATEV) and
eleven of its subsidiaries (the "Companies") filed petitions in the United States Bankruptcy
Court for the Southern District of Florida, Broward Division, on January 14, 1997,
seeking reorganization under Chapter 11 of the Federal Bankruptcy Code. The Companies
plan to reorganize their operations, and continue to operate as Debtors-In-Possession
under the protection of the Bankruptcy Court.
Atlas is headquartered in Plantation, Florida. For more information, call Atlas at
954-370-9011.
SOURCE Atlas Environmental, Inc. /CONTACT: Linda Lewis, Smith & Knibbs,
954-428-4477/
FPA Medical Management, Inc. responds to erroneous and misleading report
SAN DIEGO, CA--January 16, 1997--In response to an erroneous and misleading report,
FPA Medical Management, Inc. (Nasdaq:FPAM) announced that its subsidiary, Sterling
Healthcare Group, Inc. based in Coral Gables, Florida, did not file for Chapter 11
protection in December 1996. A publication inaccurately described FPA's subsidiary as
the party filing for Chapter 11 protection.
Sterling Healthcare Corp. of Bellevue, Washington, the company which reportedly filed
for Chapter 11 protection is in no way related to Sterling Healthcare Group, Inc. or FPA
Medical Management, Inc.
FPA Medical Management, Inc. is a national healthcare management service organization
which organizes and manages primary care physician networks and provides contract
management services to hospital based emergency departments.
CONTACT: FPA Medical Management, Inc. Investor Contact: Dr. Sol Lizerbram Angela
D. Rivera, 619-453-1000 or Morgen-Walke Associates Robert P. Jones\Jill Ruja Media
Contact: Miriam Adler, 212-850-5600
Platinum Software Corporation Announces Second Quarter Fiscal 1997 Results
IRVINE, Calif., Jan. 16, 1997 - Platinum Software Corporation (Nasdaq: PSQL) today
reported its financial results for the second quarter of fiscal year 1997. Revenues for the
second quarter of fiscal 1997, ended December 31, 1996, were $12.7 million as compared
to revenues of $10.2 million for the second quarter of fiscal 1996. A net loss of $.5
million or $.03 per share was reported for the second quarter of fiscal 1997, as compared
to a net loss of $11.0 million or $.82 per share for the same quarter a year ago. The
company's balance sheet as of December 31, 1996, showed cash, cash equivalents and
short-term investments of $14.5 million, accounts receivable of $7.8 million and deferred
revenue of $9.5 million.
George Klaus, chairman of the board, chief executive officer and president said, "I
continue to be pleased with the improving results. Our second fiscal quarter revenue of
$12.7 million shows a 17% increase from the prior quarter. Our net loss has been trimmed
to $.5 million from the prior quarter's $2.1 million. During the quarter we successfully
released Platinum(R) SQL, version 3.3 and Platinum(R) for Windows, Version 4.5. We
are well positioned to continue to move forward."
Platinum Software Corporation Platinum Software, the financial software company,
develops and markets leading client/server software products for corporations
worldwide. The company's products enable organizations to scale their technology
investments to meet the changing needs of their businesses. Founded in 1984, Platinum
Software is based in Irvine, California. More information about Platinum Software
Corporation and its products and services is available at the Platinum World Wide Web
site, http://www.platsoft.com.
Platinum is a registered trademark of Platinum Software Corporation. All other company
and product names mentioned in this document are trademarks of the respective companies
with which they are associated and are acknowledged.
PLATINUM SOFTWARE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 3l,
June 30,
ASSETS 1996
1996 Current assets:
Cash and cash equivalents $8,948
$5,402 Short-term investments
5,534 10,098 Restricted cash
--- 1,006 Accounts
receivable, net 7,807
7,893 Notes receivable from divestitures, net 413
825 Inventories
502 460 Prepaid expenses and
other 1,813 1,638
Total current assets 25,017
27,322
Property and equipment, net 7,873
8,896 Software development costs, net
2,520 2,250 Acquired intangible assets,
net 653 1,088 Other assets
508 446
$36,571
$40,002
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $3,297
$3,436 Accrued expenses
6,714 7,522 Accrued restructuring
costs 1,533 1,921 Deferred
revenue 9,491
10,912
Total current liabilities 21,035
23,791
Stockholders' equity:
Preferred stock 31,692
31,996 Common stock
19 18 Additional paid-in capital
113,239 111,194 Less: notes
receivable from officers(11,563) (11,563)
Accumulated foreign currency
translation adjustments 419
249
Accumulated deficit (118,270)
(115,683)
Total stockholders' equity 15,536
16,211
$36,571
$40,002
PLATINUM SOFTWARE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts)
Three Months Ended
Six Months Ended
December 31,
December 31,
1996 1995
1996 1995
Revenues:
License fees $6,524 4,201
$11,605 $10,977 Consulting and professional
services 2,362 2,872
4,483 6,101
Support services 3,658 2,786
7,181 5,211 Royalty income
138 297 273 505
12,682 10,156
23,542 22,794
Cost of revenues 4,743 5,042
8,905 10,550 Gross profit
7,939 5,114 14,637 12,244
Operating expenses:
Sales and marketing 5,413 4,513
10,473 10,694 General and administrative
1,047 1,722 2,726 3,287 Software
development 2,168 3,932 4,409
8,145 Charge for restructuring ---
5,600 --- 5,600
8,628 15,767
17,608 27,726
Loss from operations (689) (10,653)
(2,971) (15,482)
Other income (expense), net 162 (306)
384 40
Loss before provision
for income taxes (527) (10,959)
(2,587) (15,442)
Provision for income taxes --- ---
--- ---
Net loss $(527) $(10,959)
$(2,587) $(15,442)
Net loss per share $(0.03) $(0.82)
(0.14) $(1.13) Shares used in computing
net loss per share 18,378 13,353
18,256 13,682
SOURCE Platinum Software Corporation /CONTACT: Geri L. Schanz, APR, Director of
Corporate Communications, Platinum Software, 714-450-4578, gschanzplatsoft.com/