CE Software, Inc. First-Quarter Results
West Des Moines, Iowa, March 1, 2007 -- CE SOFTWARE, INC. (OTC Symbol: CESF) today announced results for its first quarter ended December 31, 2006.
CE Software reports a pro forma net loss of $30,000, or $2.04 per share, for its first quarter of fiscal 2007 on pro forma operating revenues of none. For the same quarter a year ago, the company reported a pro forma net loss of $33,000, or $2.23 per share, on pro forma operating revenues of none.
"With the contingent sale of our remaining software products, inventory and fixed assets on April 1, 2004," said John S. Kirk, president of CE Software, Inc., "there was no revenue for the quarter ended December 31, 2006. The sale is contingent in that it is subject to approval of the shareholders. Since management anticipates that approval will be obtained, financial results are reported accordingly on pro forma basis. If the sale were not to be approved by shareholders, the contingent sale would be reversed and management believes actual losses of the company would be greater than the pro forma results.
"Since April 1, 2004, the Company has been operating with minimal staff and has reported no operating revenue, based on the anticipation that the contingent sale to Startly Technologies will be approved. General and administrative expenses are continuing. We have experienced delays in resolving issues. Management is only aware of one material claim remaining unresolved that could affect the amount of potential distribution to shareholders. Management intends to seek shareholder approval of the contingent sale of the Company's operating assets and approval to distribute cash to the shareholders upon resolution of that claim."
John S. Kirk continued, "As we continue to work on the proposed liquidation that was discussed in our press release of April 13, 2004, the members of the Company's Board of Directors are also considering the possibility of selling their shares in the Company to another entity that may wish to purchase a controlling interest. Any such sale, if it were to occur, would be preceded by a distribution of substantially all of the cash in the Company to its shareholders. We anticipate that a purchaser in any such sale would endeavor to continue the Company with a new business plan, which plan could include seeking out and completing a merger with an operating company."
For this and prior press releases, which include more detailed financial information, and to ask questions and read answers, set your Web browser to http://www3.cesoft.com or write to CE Software, Inc., Shareholder Relations, P.O. Box 65580, W. Des Moines, IA 50265.
This release contains forward-looking information that is subject to certain risks, trends and uncertainties and actual developments may differ materially from those projected.
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