Applix sells subsidiary and buys Dynamic Decisions

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Applix, has completed the sale of its VistaSource subsidiary to Parallax Capital Partners, receiving over $1 million plus a portion of outstanding accounts in the future.

The global provider of customer analytics and business planning software, has also acquired one of Australia’s fastest-growing companies, Dynamic Decisions for an undisclosed amount. Part of the deal involved the ongoing employment of two executives.

Dynamic Decisions, a technology company headquartered in Sydney, focuses exclusively on providing Applix On Line Analytical Processing (OLAP) solutions to companies in the New Zealand and Australia. It was recently named as the 26th fastest growing company in Australia with annual revenues of approximately $3 million.

The entire staff of Dynamic Decisions will join Applix Australia, including the two co-founders, Jeff Walter and Johann Potgieter, who take up senior management roles.

The company also announced that it had finalized its financial results for the year ended December 31, 2000. Applix reported revenues of $40.2 million and a net loss of $1.36 per share for the year ended December 31, 2000. This compares with 1999 revenues of $36.9 million and net loss of $0.40 per share.

The company had previously reported preliminary financial results of $50.5 million in revenue and a net loss of $0.69 per share for 2000. It had reported that it would treat VistaSource as a discontinued operation in its audited financial statements and that it expected to take a charge of $4 - $5 million for the discontinuance of VistaSource.

The increase in net loss and earnings per share from what was reported is attributable to accounting for VistaSource as a discontinued operation, as well as the non-cash write-off of deferred tax assets associated with the decision to treat VistaSource as a discontinued operation.

With respect to the discontinued operation related to VistaSource, the company reported a loss from discontinued operation of $367,000 for 2000, and a loss on the disposal of assets and losses during the phase-out period of $3.2 million for 2000.

The discontinued operation generated revenues of $10.3 million and a net loss of $.32 per share for 2000, compared to revenues of $19 million and net income of $0.62 per share for 1999.

About Applix, Inc.
Applix is one of the world’s only single source providers of CRM, customer analytics and business planning, making it a pioneer of demand chain management. Headquartered in Westboro, MA, Applix maintains offices in eight countries and has more than 4,000 customers worldwide.

Applix

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