Naperville, IL--April 23, 1997--Spyglass Inc. (Naperville, IL) reported strong financial results for the second quarter of fiscal 1997. The company reported revenues of $12.0 million for the three months ended March 31, 1997, as compared to revenues of $5.0 million for the same period last year. The company also reported net income of $2.1 million, or $0.16 per share, versus net income of $752,000 or $0.06 cents per share, for the same period a year ago.
The results include a one-time payment of $8.0 million from Microsoft Corp. for the full buyout of all current and future royalties under a license agreement with Microsoft for Spyglass software used in the Microsoft Internet Explorer.
Operating expenses for the quarter include a non-recurring pre-tax charge of $900,000 for expenses associated with the consolidation of the company's Champaign, IL development center with its Cambridge, MA and Naperville, IL locations.
Also during the quarter, the company added several strategic customers:
- Network Computing Devices Inc.--NCD network computers deploy Spyglass Device Mosaic because it is a modular Web browser designed for devices that have enough computing processing power, memory, and display functionality to support an embedded browser.
- IBM Corp.--IBM also licensed Spyglass Device Mosaic for use in the IBM Network Station, which began shipping this week.
- Xerox Corp.--Xerox licensed the Spyglass MicroServer for use in future office products because of its small footprint and features necessary to support management and control of devices.
- ViewCall America Inc.--ViewCall licensed SurfWatch client and ProServer filtering technology, Spyglass Device Mosaic, and Spyglass Web Server technology for use in On-TV, ViewCall's personal Internet TV channel.
The company continued to invest in its services organization. Specifically, Spyglass made strategic investments in its Professional Services group with core competencies in Java, RTOS integration, and project management.
In other news, Brian Jackman, president of Tellabs Operations Inc., has joined the company's Board, replacing Bill Kaiser--a general partner of Greylock Management, a venture capital firm.
1240 E. Diehl Rd.
Naperville, IL 60563
Fax: (630) 245-6693
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