April 27, 2007
Revenue gains despite charges
By Matthew L. Brown
Acquisition charges, stock-based compensation charges and legal costs of a U.S. Securities and Exchange Commission investigation brought Westboro-based Applix Inc.'s reported first quarter net income to $759,000 on revenue of $13.9 million.
The first quarter revenue results were a 55 percent increase over the $8.99 million the software company reported for the same period a year ago.
The company said without $112,000 in legal expenses, a $738,000 charge for stock-based compensation, and $255,000 in charges related to the acquisition of Temtec International, the company would've posted first quarter net income of $1.42 million.
After posting similar expenses and charges a year ago, the company reported net income of $97,000.
The company settled the SEC investigation without paying a monetary penalty.
The SEC's investigation was related to the restatement of the company's financial statements from 2001 and 2002. The settlement, the company said, avoided "a protracted dispute with the SEC."
As part of the agreement, the company agreed to retain a consultant to help the company review SEC compliance procedures.
The first quarter revenue results were a 55 percent increase over the $8.99 million the software company reported for the same period a year ago.
The company said without $112,000 in legal expenses, a $738,000 charge for stock-based compensation, and $255,000 in charges related to the acquisition of Temtec International, the company would've posted first quarter net income of $1.42 million.
After posting similar expenses and charges a year ago, the company reported net income of $97,000.
The company settled the SEC investigation without paying a monetary penalty.
The SEC's investigation was related to the restatement of the company's financial statements from 2001 and 2002. The settlement, the company said, avoided "a protracted dispute with the SEC."
As part of the agreement, the company agreed to retain a consultant to help the company review SEC compliance procedures.
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