Sign in Subscribe
Software industry

Wall Data Inc. Reports Strong Financial Results for First Quarter Ended March 31, 1994

Strategic Insights

— 1 min read

Wall Data Inc. (NASDAQ:WALL) has announced its financial results for the first quarter ended March 31, 1994, showing a significant increase in net revenues and net income. The company's net revenues increased by 70 percent to $17.2 million, compared to $10.1 million in the first quarter of 1993. Net income, excluding a non-recurring acquisition-related charge, reached $2.0 million, up 90 percent from $1.1 million in the comparable period a year ago. The company's chairman, president, and CEO, James Simpson, attributed the strong performance to the company's continued broadening and deepening of its RUMBA line of connectivity software products.

Key Takeaways:

  • Net revenues increased by 70 percent to $17.2 million in the first quarter of 1994, compared to $10.1 million in the first quarter of 1993.
  • Net income, excluding a non-recurring acquisition-related charge, reached $2.0 million, up 90 percent from $1.1 million in the comparable period a year ago.
  • The company recorded a non-recurring charge of $2.5 million, net of income taxes, for the write-off of in-process research and development resulting from its agreement with Apple Computer Inc. in January 1994.
  • Average shares outstanding totaled 10,158,000 in the first quarter of 1994, compared to 8,233,000 shares in 1993.
  • The company extended its support for a range of operating environments, including an upgrade of RUMBA for the Mainframe OS/2 Version to support OS/2 2.1.
  • The company introduced RUMBA for Gateway System Remote Feature Option, which extends RUMBA's host connectivity capabilities to the growing mobile and remote workforce.
  • The company announced channel program enhancements to give it direct access to high-volume resellers, with subsequent rebalancing of inventories in the channel complete.

Statistics:

  • Net revenues: $17.2 million (Q1 1994) vs. $10.1 million (Q1 1993)
  • Net income (excluding non-recurring charge): $2.0 million (Q1 1994) vs. $1.1 million (Q1 1993)
  • Net loss (including non-recurring charge): $0.5 million (Q1 1994)
  • Average shares outstanding: 10,158,000 (Q1 1994) vs. 8,233,000 (1993)

Sources:

  • Wall Data Inc. press release, April 1994 (exact date not specified)
  • Wall Data Inc. (NASDAQ:WALL) financial statements, Q1 1994
  • Interview with James Simpson, chairman, president, and CEO of Wall Data Inc.

Read more