Spescom Software Announces Fourth Quarter and Year-end Results

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Spescom Software Announces Fourth Quarter and Year-end Results SAN DIEGO, Dec. 26 /PRNewswire-FirstCall/ -- Spescom Software Inc., formerly Altris Software, Inc. (BULLETIN BOARD: ALTS) , a leading provider of integrated document, configuration and records management (iDCR) solutions, today reported results of operations for its fourth quarter and year ended September 30, 2003. Revenue for the fourth quarter ended September 30 2003 was $1.4 million compared with $1.9 million for the same period of 2002. The net loss was $2.2 million or ($0.07) per share for the quarter, compared with a net loss of $1.3 million, or ($0.04) per share, for the same period of 2002. The loss in 2003 included a one-time non-cash charge of approximately $1.5 million relating to a nonrecurring loss on the conversion of debt to preferred stock. The charge is calculated based on the difference between the fair value of the preferred stock less the value of the debt. The preferred stock was valued at $6.8 million, using contemporary trading prices and a Black-Scholes model. The loss in 2002 included in the cost of license revenue a write-down totaling $865,000 of certain of the Company's older capitalized software costs to net realizable value. Total revenue for the year ended September 30, 2003 was $7.4 million compared with $7.0 million for the year ended September 30, 2002. The net loss was $3.0 million, or $(0.10) per share, compared to $5.8 million, or $(0.19) per share for the year ended September 30, 2002. "We ended our fiscal year 2003 completing two significant transactions to strengthen the Company's balance sheet and to accelerate marketing initiatives," said Carl Mostert, Chief Executive Officer. "The first transaction was a private placement for $605,000, which brought new investors into the Company and resulted in an increase in trading volume in our stock. The second transaction was the conversion of $5.3 million of debt into preferred stock. The conversion of the debt, which was owed to our majority shareholder, not only eliminates the uncertainty surrounding its maturity in October 2004 but confirms our majority shareholder's confidence in the future prospects of the Company." About Spescom eB eB is a registered trademark of Spescom Software Inc. eB comprises an extensive set of software components that together form the foundation for an extremely flexible and powerful information management platform. eB's components include: document management; requirements management; records management; item management; change management; configuration management and workflow components. These components are tightly integrated with CAD, GIS, office and email applications to capture and view information. The full functionality of eB is available via a set of API's that enable the rapid definition and deployment of customer specific solutions and integration with other line-of-business applications including ERP, CRM, SCM, maintenance management and project management products. About Spescom Software Inc. Spescom Software (OTC:ALTS) (BULLETIN BOARD: ALTS) delivers enterprise eBusiness solutions that provide rapid access to accurate information in context to assets, products and processes, resulting in improved customer satisfaction, productivity and safety. It achieves this through a tightly integrated suite of document, configuration and records management technologies that not only allows it to capture and securely store information, but also organizes and structures this information to place it in context. Key customers include Ocean Energy, Continental Express, AmerenUE, City of Winston-Salem, Sempra Energy, Bombardier, Entergy, Northeast Utilities, London Underground, Railtrack, and many others. For further information visit us at http://www.spescomsoftware.com/ Safe Harbor Statement Except for historical information contained herein, the matters set forth in this release include forward-looking statements that are dependent on certain risks and uncertainties, known and unknown, including such factors, among others, as market acceptance, market demand for the Company's technologies and services, pricing, changing regulatory environment, the effect of the company's accounting policies, potential seasonality, industry trends, adequacy of the financial resources to execute its business plan, the Company's ability to attract, retain and motivate key technical, marketing and management personnel, possible disruption in commercial activities occasioned by terrorist activity and armed conflict, and other risk factors detailed in the Company's SEC filings. Such risks and uncertainties may cause actual results, performance or achievement to be materially different from any future trends, results, performance or achievements expressed or implied by these statements. The forward looking statements in this press release are based upon management's current expectations and belief, which management believes are reasonable. You are cautioned not to place undue reliance on any forward-looking statements. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's most recent reports on Form 10-K and Form 10-Q, each as it may be amended from time to time. SPESCOM SOFTWARE, INC. Consolidated Statements of Operations For the three months ended For the year ended September 30, September 30, 2003 2002 2003 2002 (Unaudited) (Unaudited) Revenues: Licenses $ 280,000 $ 710,000 $2,053,000 $1,958,000 Services and other 1,076,000 1,144,000 5,309,000 5,012,000 Total revenues 1,356,000 1,854,000 7,362,000 6,970,000 Cost of revenues: Licenses 101,000 1,142,000 690,000 2,041,000 Services and other 613,000 692,000 2,334,000 3,218,000 Total cost of revenues 714,000 1,834,000 3,024,000 5,259,000 Gross profit 642,000 20,000 4,338,000 1,711,000 Operating expenses: Research and development 365,000 293,000 1,494,000 1,828,000 Marketing and sales 534,000 568,000 2,452,000 3,479,000 General and administrative 320,000 286,000 1,410,000 1,809,000 1,219,000 1,147,000 5,356,000 7,116,000 Loss from operations (577,000) (1,127,000) (1,018,000) (5,405,000) Interest and other income -- 1,000 4,000 7,000 Interest and other expense (98,000) (125,000) (491,000) (371,000) Inducement expense on debt conversion (1,499,000) -- (1,499,000) -- Net loss $(2,174,000) $(1,251,000) $(3,004,000) $(5,769,000) Basic and diluted net loss per common share $(0.07) $(0.04) $(0.10) $(0.19) Shares used in computing basic and diluted net loss per common share 31,814,000 30,842,000 31,100,000 30,842,000 SPESCOM SOFTWARE INC. Consolidated Summary Balance Sheets September September 30, 30, 2003 2002 ASSETS Current assets: Cash and cash equivalents $ 333,000 $ 87,000 Receivables, net 423,000 1,459,000 Other current assets 169,000 244,000 Total current assets 925,000 1,790,000 Property and equipment, net 213,000 215,000 Computer software, net 63,000 420,000 Other assets 29,000 83,000 Total assets $1,230,000 $2,508,000 LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable 405,000 802,000 Payable to Spescom Limited 46,000 495,000 Accrued liabilities 1,080,000 1,288,000 Lease obligations - current portion 23,000 6,000 Deferred revenue 2,018,000 2,171,000 Fair value of equity instruments redeemable for common stock 1,233,000 -- Total current liabilities 4,805,000 4,762,000 Long term liability - related party 504,000 4,881,000 Lease Obligations 62,000 10,000 Total liabilities 5,371,000 9,653,000 Convertible preferred stock, $1,000 state value per share, 1,000,000 shares authorized; 5,291 shares issued and outstanding 6,790,000 -- Total Shareholders' Equity (Deficit) (10,931,000) (7,145,000) Total liabilities and shareholders' equity $1,230,000 $2,508,000 DATASOURCE: Spescom Software Inc. CONTACT: Carl Mostert, CEO or John Low, CFO, both of Spescom Software Inc. +1-858-625-3000 Web site: http://www.spescomsoftware.com/

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