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Peerless Systems Announces Results For The Second Quarter Ended July 31, 2012

STAMFORD, Conn., Sept. 14, 2012 (GLOBE NEWSWIRE) -- Peerless Systems Corporation (Nasdaq:PRLS) today reported financial results for the second fiscal quarter ended July 31, 2012.

Second Quarter Results

Revenues were $451,000 for the three months ended July 31, 2012, compared to $358,000 for the three months ended July 31, 2011, representing a 26.0% year-over-year increase. Revenues for the three months ended July 31, 2011 were negatively impacted due to disruptions in a customer's business from the earthquake and related tsunami in Japan that occurred during that period.

For the six months ended July 31, 2012 revenues were $1,065,000, compared to $2,116,000 for the six months ended July 31, 2011, representing a 49.7% decline. Revenues for the six months ended July 31, 2012 declined due to a difficult year-over-year comparison resulting from an $800,000 block license that was sold during the six months ended July 31, 2011 with no such license sold this year, as well as an overall decrease of per-unit licensing revenue.  

Total cost of revenues was negative $8,000 for the three months ended July 31, 2012, compared to negative $12,000 for the three months ended July 31, 2011.  Product licensing costs were negative for the three months ended July 31, 2012 and 2011, primarily due to adjustments to estimates of prior period costs. Our gross margins were 101.8% and 103.4% for the three months ended July 31, 2012 and July 31, 2011, respectively. 

Total cost of revenues was $44,000 for the six months ended July 31, 2012, compared to $578,000 for the six months ended July 31, 2011. Product licensing costs were higher for the six months ended July 31, 2011, primarily due to the third party license fees in the 2011 period associated with the $800,000 block license. Our gross margins were 95.9% and 72.7% for the six months ended July 31, 2012 and July 31, 2011, respectively.

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