Liberate Announces Financial Results for Fourth Quarter and Fiscal Year Ended May 31, 2004

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ETFS 2x Daily Long Brent Crude	BIT:LBRT	Italy	Exchange Traded Fund

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Liberate Announces Financial Results for Fourth Quarter and Fiscal Year Ended May 31, 2004 Conference Call July 13, 2004, at 2:00 p.m. Pacific Time SAN MATEO, Calif., July 13 /PRNewswire-FirstCall/ -- Liberate Technologies (Pink Sheets: LBRTQ), a leading provider of software for digital cable systems, announced financial results for its fourth quarter and fiscal year ended May 31, 2004. Liberate's revenues for its fourth fiscal quarter were $4.2 million, compared to $5.1 million for the same quarter of the prior fiscal year. The net loss for the quarter was $4.8 million, or $0.05 per share, compared to a loss of $92.3 million, or $0.89 per share, for the same quarter of the prior fiscal year. The revenues for the fourth quarter of fiscal 2004 include recognition of approximately $2.3 million of revenue that had been deferred pending customer acceptance of services work and resolution of customer claims and uncertainties. During the fourth quarter, in conjunction with its Chapter 11 filing, Liberate reviewed existing and potential claims against the Company. Based on this review, the Company revised previous estimates of liabilities and accrued expenses related to legal costs, costs to complete customer contracts, and other items, which resulted in a reduction of liabilities and thereby decreased cost of revenues and expenses by approximately $3.1 million. For the year ended May 31, 2004, Liberate's revenues were $8.6 million, compared to $25.4 million for the prior fiscal year. The net loss for the year was $33.4 million, or $ 0.32 per share, compared with a net loss of $399.3 million, or $3.82 per share, for the prior fiscal year. The net loss for the year ended May 31, 2003 included a charge of $209.9 million for the cumulative effect of a change in accounting principle upon the adoption of SFAS 142 "Goodwill and Other Intangibles" on June 1, 2002. As of May 31, 2004, Liberate had cash and cash equivalents and restricted cash of $226.7 million, a decrease of $6.5 million during the quarter. On April 30, 2004, Liberate filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code to resolve certain liabilities, reduce its costs and strengthen its business. During the Chapter 11 proceeding, Liberate continues to execute on its business plan and service and support its customers and their cable subscribers. One of Liberate's significant creditors, the landlord of its former San Carlos headquarters, has filed a motion to dismiss the case, and the Company has filed an opposition to this motion. "We are working hard to resolve our outstanding liabilities and lower our costs through bankruptcy in order to strengthen the company," said David Lockwood, Chairman and CEO of Liberate. "We are pleased with business developments in the last quarter, particularly the signing of new license agreements with NTL and Telewest. We continue to execute on our business plan to develop the best products for our customers to deliver the next generation of digital television services." Conference Call Liberate has scheduled a conference call on July 13, 2004, at 2:00 p.m. Pacific Time. The call-in number is 800-732-8451. A replay of the call will be available until July 20, 2004 on either 402-977-9140 or 800-633-8284, reservation code 21200665. The conference call can also be accessed via live webcast at Liberate's website (http://www.liberate.com/) and will remain available for replay. About Liberate Technologies Liberate Technologies is a leading provider of software for digital cable systems. Based on industry standards, Liberate's software enables cable operators to run multiple services -- including high-definition television, video on demand, and personal video recorders -- on multiple platforms. Headquartered in San Mateo, California, Liberate also has offices in Ontario, Canada and the United Kingdom. NOTE: Liberate and the Liberate design are registered trademarks of Liberate Technologies. Other product names used in association with these registered trademarks are trademarks of Liberate Technologies. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 Those statements above that involve expectations or intentions (such as those relating to its filing under Chapter 11 of the U.S. Bankruptcy Code, the time that a Chapter 11 case would take to complete, the result of a Chapter 11 case, any savings or other effects arising from such a filing, future business or financial performance, or anticipated corporate or commercial activities) are forward-looking statements and are not guarantees of future performance. Actual results may vary materially due to the uncertain market for interactive television services, dependence on a limited number of cable network operators, business disruption resulting from Liberate's restatement and related litigation, necessary adjustments related to recent restructuring, other uncertainties related to litigation and the Chapter 11 filing, and other risks outlined in Liberate's filings with the Securities and Exchange Commission. Contact: Greg Wood Chief Financial Officer Liberate Technologies 650-645-4003 LIBERATE TECHNOLOGIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) Unaudited May 31, May 31, 2004 2003 Assets Current assets: Cash and cash equivalents $215,877 $261,689 Accounts receivable, net 3,143 3,310 Prepaid expenses and other current assets 1,817 3,069 Assets of discontinued operations -- 6,936 Total current assets 220,837 275,004 Property and equipment, net 1,851 6,113 Intangible assets, net -- 22 Deferred costs related to warrants 3,583 14,449 Restricted cash 10,869 9,249 Other assets 268 131 Total assets $237,408 $304,968 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $3,102 $1,888 Accrued liabilities 16,384 39,442 Accrued payroll and related expenses 685 1,562 Payable to bank 608 -- Deferred revenues 6,137 10,619 Liabilities of discontinued operations -- 5,375 Total current liabilities 26,916 58,886 Long-term excess facilities charges 19,140 22,330 Other long-term liabilities 2,416 2,242 Total liabilities 48,472 83,458 Stockholders' equity: Common stock 1,055 1,040 Contributed and paid-in-capital 1,503,113 1,490,125 Deferred stock-based compensation (8,453) (194) Accumulated other comprehensive income (loss) (2,112) 1,804 Accumulated deficit (1,304,667) (1,271,265) Total stockholders' equity 188,936 221,510 Total liabilities and stockholders' equity $237,408 $304,968 LIBERATE TECHNOLOGIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Unaudited Three months ended Years ended May 31, May 31, May 31, May 31, 2004 2003 2004 2003 Revenues: License and royalty $1,412 $868 $(263) $6,501 Service 2,765 4,201 8,875 18,893 Total revenues 4,177 5,069 8,612 25,394 Cost of revenues: License and royalty 32 214 597 1,315 Service 957 2,798 5,317 24,262 Total cost of revenues 989 3,012 5,914 25,577 Gross margin 3,188 2,057 2,698 (183) Operating expenses: Research and development 3,989 4,215 16,325 26,080 Sales and marketing 425 2,696 3,561 18,783 General and administrative 1,260 30,633 13,587 45,538 Reversal of bad debt expense (554) -- (554) -- Amortization of deferred costs related to warrants -- 1,049 1,831 3,837 Restructuring costs (41) 2,116 1,406 8,586 Amortization and impairment of goodwill and intangible assets - 137 22 1,670 Impairment of warrants -- -- 4,969 -- Amortization of deferred stock-based compensation -- 282 10 1,299 Excess facilities charges and related asset impairment 3,429 8,718 4,022 25,094 Total operating expenses 8,508 49,846 45,179 130,887 Loss from operations (5,320) (47,789) (42,481) (131,070) Interest income, net 530 1,058 2,224 6,977 Other income (expense), net (106) (4,803) 530 (14,028) Loss from continuing operations before income tax provision (4,896) (51,534) (39,727) (138,121) Income tax provision 157 517 138 1,560 Loss from continuing operations (5,053) (52,051) (39,865) (139,681) Loss from discontinued operations -- (40,199) (3,075) (50,287) Gain on sale of discontinued operations 252 -- 9,538 -- Cumulative effect of a change in accounting principle -- -- -- (209,289) Net loss $(4,801) $(92,250)$ (33,402)$(399,257) Basic and diluted income (loss) per share: Continuing operations $(0.05) $(0.50) $(0.38) $(1.34) Discontinued operations $-- $(0.39) $0.06 $(0.48) Cumulative effect of a change in accounting principle $-- $-- $-- $(2.00) Basic and diluted net loss per share $(0.05) $ (0.89) $(0.32) $(3.82) Shares used in computing basic net loss per share 105,495 104,006 104,805 104,500 LIBERATE TECHNOLOGIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Unaudited Three months ended May 31, February 29, November 30, August 31, 2004 2004 2003 2003 Revenues: License and royalty $1,412 $(54) $(697) $(924) Service 2,765 1,756 1,885 2,469 Total revenues 4,177 1,702 1,188 1,545 Cost of revenues: License and royalty 32 206 208 151 Service 957 1,549 1,368 1,443 Total cost of revenues 989 1,755 1,576 1,594 Gross margin 3,188 (53) (388) (49) Operating expenses: Research and development 3,989 5,022 3,647 3,667 Sales and marketing 425 703 1,004 1,429 General and administrative 1,260 3,667 4,479 4,181 Reversal of bad debt expense (554) -- -- -- Amortization of deferred costs related to warrants -- -- 1,027 804 Restructuring costs (41) 86 881 480 Amortization and impairment of goodwill and intangible assets -- -- -- 22 Impairment of warrants -- -- 4,969 -- Amortization of deferred stock-based compensation -- -- -- 10 Excess facilities charges and related asset impairment 3,429 -- 593 -- Total operating expenses 8,508 9,478 16,600 10,593 Loss from operations (5,320) (9,531) (16,988) (10,642) Interest income, net 530 504 573 617 Other income (expense), net (106) 1,184 (173) (375) Loss from continuing operations before income tax provision (4,896) (7,843) (16,588) (10,400) Income tax provision (benefit) 157 (122) -- 103 Loss from continuing operations (5,053) (7,721) (16,588) (10,503) Loss from discontinued operations -- -- (992) (2,083) Gain on sale of discontinued operations 252 249 9,037 -- Cumulative effect of a change in accounting principle -- -- -- -- Net loss $(4,801) $(7,472) $(8,543) $(12,586) Basic and diluted income (loss) per share: Continuing operations $(0.05) $(0.07) $(0.16) $(0.10) Discontinued operations $-- $-- $0.08 $(0.02) Discontinued operations, diluted $-- $-- $0.07 $-- Basic and diluted net loss per share $(0.05) $(0.07) $(0.08) $(0.12) Shares used in computing basic net loss per share 105,495 105,204 104,515 104,006 DATASOURCE: Liberate Technologies CONTACT: Greg Wood, Chief Financial Officer of Liberate Technologies, +1-650-645-4003, or Web site: http://www.liberate.com/

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LBRT ETFS 2x Daily Long Brent Crude