CE Software, Inc. Reports Year-End Results
The company is proceeding with liquidation proposal
West Des Moines, Iowa, April 13, 2004 -- CE SOFTWARE, INC. (OTC Symbol: CESF) today announced financial results for its year ended September 30, 2003.
CE Software reports a net loss of $239,715, or $16.52 per share, with operating revenues of $1,248,970. For the previous fiscal year, the net loss was $221,036, or $15.19 per share, on operating revenues of $1,653,620.
"The company's revenues decreased significantly this past year," said John S. Kirk, President. "Not seeing a way to effectively manage this company as a public company with limited resources, we announced in August 2003 that we were selling our building and investigating a corporate action that would result in the liquidation of the corporation and a sale of the continuing operations. The building was sold just prior to the fiscal year end of September 30, 2003. Subsequently we sold our QuickMail product on December 31, 2003. The product had represented about one third of our net revenues for fiscal 2003."
John S. Kirk continued, "The remaining operations were sold on April 1, 2004 subject to shareholder approval, details to follow in a later press release. For the latest news, please check the following Web site at http://www.cesoft.com/home/pressrelease-all.html for both news and detailed explanations. We will be setting up a Web page for shareholder questions and our responses [here]. For shareholders without Internet access, please write to CE Software, Inc., Shareholder Relations, P.O. Box 65580, W. Des Moines, IA 50265, and ask to be put on the 'shareholder news' mailing list.
"Assuming approval by the shareholders the corporation will be dissolved and the remaining assets liquidated. The proceeds of the liquidation will be distributed to the shareholders. The Board of Directors believes that this sale of the operations will enhance shareholder value. The actual amount of any distribution will depend on the expenses of the proxy solicitation and other liquidation matters, as well as continuing operating expenses of minimal personnel and any unforeseen expenses. Shareholders will receive a formal notice of meeting and a proxy statement in the near future."
"Without any implication as to the eventual amount of the liquidating distribution," John S. Kirk, President, said, "I can state that as of March 31, 2004, we had approximately $600,000 in cash and no long or short term debt except payables and accruals in the ordinary course of business with about 14,483 shares outstanding."
This release contains forward-looking information that is subject to certain risks, trends and uncertainties and actual developments may differ materially from those projected.
Balance Sheets Statements of Operations Statements of Stockholders' Equity Statement of Cash Flow
© Copyright 2004 CE Software, Inc. All rights reserved. QuicKeys and QuickConference are U.S. registered trademarks of CE Software, Inc. InOut Tracker, TransLucy, CE Software, CE and the CE Software logo are trademarks of CE Software, Inc. or its assigns. All other brand or product names are trademarks of their respective owners.