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Applix Reports 1999 First Quarter Results with Front Office Application Reveneues Up 45% and EPS of $0.04

WESTBORO, MA, April 20, 1999 -- Applix, Inc. (NASDAQ:APLX) announced today its results for the first quarter ended March 31, 1999 by reporting revenues of $12.9 million, compared to revenues of $12.6 million for the first quarter ended March 31, 1998. Net income for the 1999 first quarter was $400,000, or $0.04 per share diluted, versus the 1998 first quarter net income of $200,000, or $0.02 per share diluted. The attached schedule provides comparative financial highlights for the quarter.

"We are pleased with our first quarter's performance," said Jit Saxena, Chairman and Chief Executive Officer. "Our Front Office Business Solutions (Applix Enterprise and Applix TM1) revenues increased by 45% over the first quarter of 1998 and comprised 64% of our total revenues. Our Applixware for Linux revenues increased by more than 50% over the fourth quarter of 1998. As we look forward, we continue to be very optimistic about our Internet-centric Front Office Business Solutions. Our efforts to integrate Applix Enterprise with Applix TM1, which will add a powerful analytical capability to our customer relationship management solution, continue to make good progress with an anticipated release later this year. Our investment in solutions-focused sales and marketing initiatives continued to generate solid results as demonstrated by 46% growth in service revenues over the first quarter of 1998."

Applix, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)


Three Months Ended

March 31,

March 31,

1999

1998

License revenue

$7,483

$8,887

Service revenue

5,463

3,732



   Total revenues

12,946

12,619

Cost of license revenue

525

645

Cost of service revenue

3,111

1,964



   Gross margin

9,310

10,010

Operating expenses:

   Selling and marketing

5,509

6,594

   Research and development

2,313

2,293

   General and administrative

1,089

1,093



   Total operating expenses

8,911

9,980



Operating income (loss)

399

30

Interest income (net)

227

272



Net income (loss) before income taxes

626

302

Provision for (benefit from) income taxes

231

112



Net income (loss)

$395

$190





Basic earnings (loss) per share

$0.04

$0.02





Diluted earnings (loss) per share

$0.04

$0.02





Weighted average common and common
    equivalent shares outstanding:

   Basic

10,439

10,117





   Diluted

11,111

10,984






 

 
Balance Sheet Highlights: March 31, 1999 December 31, 1998
(in thousands)
Cash, Cash Equivalents and Short-term Investments $22,406 $21,445
Total Current Assets 41,374 40,904
Total Assets 45,956 45,613
Total Liabilities 15,386 16,038
Shareholders' Equity 30,570 29,575

About Applix, Inc.

Applix, Inc. (NASDAQ:APLX), headquartered in Westboro, Mass., develops, markets and supports web-based, front office business solutions, which allow organizations to improve decision-making and corporate productivity. The Front Office Business Solutions include the Applix iCustomer.Advantage suite of thin-client Customer Relationship Management (CRM) and real-time Business Intelligence applications: Applix iEnterprise, Applix iHelpDesk and Applix iTM1. In addition to its Front Office Business Solutions, Applix also provides a set of Decision Support applications, consisting of Applixware and Applix Anyware products. The Company's products are available on a variety of software platforms, including Windows, Windows NT, UNIX and Linux environments. More information can be found at www.applix.com and linux.applixware.com.

Notes to Investors

This press release contains certain forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. Specifically, comments related to the demand for, revenue from and acceptance of the Company's products and the Company's position in the markets, may be considered forward-looking and subject to a number of risks and uncertainties, including but not limited to: the rate of growth in market demand for the products; the acceptance of the Company's products; intense competitive conditions; rapid technological change; frequent new product introductions and evolving domestic and international standards which may render existing products and services obsolete. Refer to the Form 10-K for the year ended 1997 for a list of factors as discussed under "Risk Factors ".

All trademarks, registered trademarks, and service marks are property of their respective owners.

 
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