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FOR RELEASE 8:00 AM EST Tuesday, January 15, 2002
Company Contact:
John S. Kirk
President
CE Software, Inc.
john.kirk@cesoft.com
(515) 221-1801

CE Software, Inc. Reports Fourth-Quarter and Year-End Results
Company Refinances its Real Estate for $650,000

West Des Moines, Iowa, January 15, 2002 -- CE SOFTWARE, INC. (OTCBB Symbol: CESW) today announced results for its fourth quarter and fiscal year ended September 30, 2001.

CE Software reports a net loss of $468,000, or $0.32 per share, for its fourth quarter of fiscal 2001 on revenues of $318,000.  For the same quarter a year ago, the company reported a net loss of $53,000, or $0.05 per share, on revenues of $653,000.

For the fiscal year 2001, CE Software reports a net loss of $1,213,000, or $0.93 per share, with revenues of $1,547,000.  For the previous fiscal year, the net loss was $484,000, or $0.43 per share, on revenues of $3,055,000.

"The company continues to experience declining revenues which were compounded during the fourth quarter by a continued decline in the economy," said John S. Kirk, president of CE Software, Inc.  "For the fiscal year 2002, we have made changes to reduce our expenses while, we are continuing the development on our e-mail software and we are placing a heavy concentration on the development efforts for our desktop productivity product, QuicKeys, as well as new products."

"To provide for working capital the company has received and signed a bank commitment letter to refinance its headquarters for a maximum of $650,000.  This will result in additional funds for working capital up to approximately $510,000 after paying off the existing mortgage and fees.  We believe this will allow the Company to continue development of current projects and bring them to market."

Since 1981, CE Software, Inc. has developed automation utilities and e-mail software that save time and effort for millions of Microsoft Windows 95/98, Windows NT/2000 and Macintosh users.  For more information: (515) 221-1801 or www.cesoft.com

This release contains forward-looking information that is subject to certain risks, trends and uncertainties and actual developments may differ materially from those projected.  For a discussion of important factors that could affect the Company's results, the reader is encouraged to refer to the Company's Form 10-SB, annual report on Form 10-KSB and quarterly Form 10-QSB.

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(c) Copyright 2002 CE Software, Inc.  All rights reserved.  QuicKeys and QuickConference are registered trademarks of CE Software, Inc.  QuickMail, InOut Tracker, CE Software, CE and the CE Software logo are trademarks of CE Software, Inc.  All other brand or product names are trademarks of their respective owners.

 

                                                CE SOFTWARE, INC.

                                        Condensed Statements of Operations
                                       (In thousands, except per share data)

                                    Three Months Ended        Fiscal Year Ended
                                       September 30             September 30

                                      2001        2000       2001        2000

Net revenues                          $318        $653      $1,547      $3,055
Cost of revenues                        63          81         293         661
    Gross profit                       255         572       1,254       2,394
Sales and marketing                    234         196         783         862
General and administrative             221         279         893       1,355
Research and development               256         156         766         664
    Operating expenses                 711         631       2,442       2,881
                                     _____       _____       _____       _____
Operating loss                        (456)        (59)     (1,188)       (487)

Other income (expense):
    Loss on sale of investments, net   (19)         (1)        (62)         (1)
    Interest income                      3           9          29          17
    Interest expense                    (3)         (5)        (15)        (23)
    Miscellaneous                        7           3          23          10
    Loss before income taxes          (468)        (53)     (1,213)       (484)

Income tax benefit                       0          0           0           0
Net loss                             $(468)       $(53)    $(1,213)      $(484)

Net loss per share                  $(0.32)     $(0.05)     $(0.93)     $(0.43)

Average common shares
  outstanding                        1,455       1,138       1,310       1,132

                                                                September 30
                                                              2001        2000
Total Assets                                                $1,567      $2,785
Total Liabilities                                              461         572
Total stockholders' equity                                   1,106       2,213
Cash and investments                                            63         787

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