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Peerless Systems Announces Results For The Third Quarter Ended October 31, 2012

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

Third Quarter Results

Revenues were $482,000 for the three months ended October 31, 2012, compared to $789,000 for the three months ended October 31, 2011, representing a 38.9% decrease. Revenues for the three months ended October 31, 2012 were negatively impacted by lower licensing revenue resulting from a decrease in the number of units containing our technology shipped by our customers.

Revenues were $1,547,000 for the nine months ended October 31, 2012, compared to $2,906,000 for the nine months ended October 31, 2011, representing a 46.8% decline. Revenues for the nine months ended October 31, 2012 decreased due to an $800,000 block license that was sold during the nine months ended October 31, 2011, with no such license sold during the nine months ended October 31, 2012 and an overall decrease of licensing revenue as certain OEM devices reached the end of their commercial lives.

Total cost of revenues was $32,000 for the three months ended October 31, 2012, compared to $41,000 for the three months ended October 31, 2011, representing a 21.9% year-over-year decline primarily attributed to the continued reduction in units containing our technology shipped by our customers, offset by fluctuations in product mix.  Total cost of revenues were $77,000 for the nine months ended October 31, 2012, compared to $619,000 for the nine months ended October 31, 2011, reflecting a decline in license revenues, a positive adjustment of $26,000 related to adjustments to estimates of prior period costs, and third party license fees associated with the $800,000 block license sold during the nine months ended October 31, 2011.

Total operating expenses decreased 39.1% to $316,000 for the three months ended October 31, 2012, from $519,000 for the three months ended October 31, 2011.  Sales and marketing costs remained essentially flat in both periods.  Total operating expenses declined 31.0% to $1,244,000 for the nine months ended October 31, 2012, from $1,803,000 for the nine months ended October 31, 2011.  The decrease in operating expenses, in both periods, was due to lower stock-based compensation costs, lower spending on professional services and the Company's continued reduction of costs in general.

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