Liberate Announces Financial Results for Quarter Ended February 29, 2004

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Liberate Announces Financial Results for Quarter Ended February 29, 2004 Company Considering Chapter 11 Filing to Resolve Outstanding Liabilities SAN MATEO, Calif., April 14 /PRNewswire-FirstCall/ -- Liberate Technologies , a leading provider of software for digital cable systems, announced financial results for its third fiscal quarter ended February 29, 2004. (Logo: http://www.newscom.com/cgi-bin/prnh/19990630/LIBERATE ) Liberate's revenues for its third fiscal quarter were $1.7 million, compared to $5.3 million for the same quarter of the prior fiscal year. Before offsets for amortization of deferred costs related to warrants, revenues were $2.6 million for the third quarter and $6.6 million for the same quarter of the prior fiscal year. The net loss for the quarter was $7.5 million, or $0.07 per share, compared to a loss of $26.1 million, or $0.25 per share, for the same quarter of the prior fiscal year. As of February 29, 2004, Liberate had cash and short-term investments of $222.3 million, a decrease of $9.0 million during the quarter. In addition to cash and short-term investments, the Company had $10.9 million in restricted cash held as security for office leases. The Company is considering filing under Chapter 11 of the U.S. Bankruptcy Code to further strengthen its financial position and significantly reduce its cost structure, and emerge as a stronger company to deliver products and services to its customers. The Company currently has a number of potential liabilities and exposures, including those arising from leases on excess facilities in San Carlos, California and in the United Kingdom, claims from former employees, equipment leases, outstanding contracts with certain vendors and licensees, and pending shareholder and patent litigations. The Company is continuing its efforts to reach consensual resolution of many of these liabilities. However, if these liabilities cannot be resolved, the Company is considering seeking the benefits of filing under Chapter 11 to complete its restructuring. For example, the Company believes that a Chapter 11 filing would allow the Company to reduce substantially its lease obligations on excess office space, as lease claims in bankruptcy for rejected leases are limited to rent for the greater of 12 months or 15% of the balance of the term not exceeding three years. The savings to the company in connection with leases rejected in a Chapter 11 proceeding could total approximately $38.0 million. In the event the Company determines to move forward with a Chapter 11 filing, the Company intends to file a proposed Plan of Reorganization that would pay 100% of all valid claims. The Company plans to seek prompt approval of such Plan of Reorganization in order to emerge from Chapter 11 within a period of 4 to 6 months. In a Chapter 11 proceeding, the Company would continue to execute on its business plan, including continued compliance with active contracts with customers and vendors, and service and support of its customers and their cable subscribers. Given the Company's cash position, coupled with the workforce and expense reductions implemented last year, the Company expects to have ample working capital to operate its business in usual course and continue to expand its business. At this time, Liberate continues to evaluate restructuring alternatives, and has not made a final decision on whether to pursue a Chapter 11 reorganization. "We will continue efforts, as part of our restructuring plan, to resolve our outstanding liabilities. However, if we cannot reach an appropriate resolution in the coming weeks, we believe it may well be in the best interests of our shareholders, employees and customers to proceed with a Chapter 11 filing," said David Lockwood, Chairman and CEO of Liberate. "Regardless of a financial restructuring to reduce our liabilities, we will continue to execute on our business plan, investing in the development of our technology platform and delivering our products and services to existing customers. In addition, we will continue to aggressively market to new customers in order to grow revenues." Conference Call Liberate has scheduled a conference call on April 14, 2004, at 2:00 p.m. Pacific Time. The call-in number is 888-265-4625. A replay of the call will be available until April 22, 2004 on either 402-977-9140 or 800-633-8284, reservation code 21189959. 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 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 possible 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 potential 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 Feb. 29, 2004 May 31, 2003 Assets Current assets: Cash and cash equivalents $222,299 $261,689 Accounts receivable, net 3,835 3,310 Prepaid expenses and other current assets 2,273 3,069 Assets of discontinued operations -- 6,936 Total current assets 228,407 275,004 Property and equipment, net 4,270 6,113 Intangible assets, net -- 22 Deferred costs related to warrants 4,479 14,449 Restricted cash 10,876 9,249 Other assets 324 131 Total assets $248,356 $304,968 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $1,848 $1,888 Accrued liabilities 19,522 39,436 Accrued payroll and related expenses 1,380 1,568 Deferred revenues 10,415 10,619 Liabilities of discontinued operations -- 5,375 Total current liabilities 33,165 58,886 Long-term excess facilities charges 19,631 22,330 Other long-term liabilities 2,373 2,242 Total liabilities 55,169 83,458 Stockholders' equity: Common stock 1,055 1,040 Contributed and paid-in-capital 1,501,597 1,490,125 Deferred stock-based compensation (7,589) (194) Accumulated other comprehensive income (loss) (2,011) 1,804 Accumulated deficit (1,299,865) (1,271,265) Total stockholders' equity 193,187 221,510 Total liabilities and stockholders' equity $248,356 $304,968 LIBERATE TECHNOLOGIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Unaudited Three months ended Nine months ended Feb. 29 Feb. 28, Feb. 29, Feb. 28, 2004 2003 2004 2003 Revenues: License and royalty $(54) $2,077 $(1,675) $5,633 Service 1,756 3,250 6,110 14,692 Total revenues 1,702 5,327 4,435 20,325 Cost of revenues: License and royalty 206 257 565 1,101 Service 1,549 4,240 4,360 21,464 Total cost of revenues 1,755 4,497 4,925 22,565 Gross margin (53) 830 (490) (2,240) Operating expenses: Research and development 5,022 5,485 12,336 21,865 Sales and marketing 703 4,258 3,136 16,087 General and administrative 3,667 5,858 12,327 14,905 Amortization of deferred costs related to warrants -- 841 1,831 2,788 Restructuring costs 86 4,412 1,447 6,470 Amortization and impairment of goodwill and intangible assets -- 479 22 1,533 Impairment of warrants -- -- 4,969 -- Amortization of deferred stock-based compensation -- 254 10 1,017 Excess facilities charges and related asset impairment -- (127) 593 16,376 Total operating expenses 9,478 21,460 36,671 81,041 Loss from operations (9,531) (20,630) (37,161) (83,281) Interest income, net 504 1,441 1,694 5,919 Other income (expense), net 1,184 (2,657) 636 (9,225) Loss from continuing operations before income tax provision (7,843) (21,846) (34,831) (86,587) Income tax provision (122) 238 (19) 1,043 Loss from continuing operations (7,721) (22,084) (34,812) (87,630) Loss from discontinued operations -- (3,999) (3,075) (10,088) Gain on sale of discontinued operations 249 -- 9,286 -- Cumulative effect of a change in accounting principle -- -- -- (209,289) Net loss $(7,472) $(26,083) $(28,601) $(307,007) Basic and diluted income (loss) per share: Continuing operations $(0.07) $(0.21) $(0.33) $(0.84) Discontinued operations $-- $(0.04) $0.06 $(0.10) Cumulative effect of a change in accounting principle $-- $-- $-- $(2.00) Basic and diluted net loss per share $(0.07) $(0.25) $(0.27) $(2.93) Shares used in computing basic net loss per share 105,204 104,006 104,573 104,667 http://www.newscom.com/cgi-bin/prnh/19990630/LIBERATE http://photoarchive.ap.org/ DATASOURCE: Liberate Technologies CONTACT: Greg Wood, Chief Financial Officer for Liberate Technologies, +1-650-645-4003, or Web site: http://www.liberate.com/

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