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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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