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Peerless Systems Announces Results For The Year And Quarter Ended January 31, 2013

STAMFORD, Conn., April 29, 2013 (GLOBE NEWSWIRE) -- Peerless Systems Corporation (Nasdaq:PRLS), a provider of imaging and networking technologies to the digital document market, today reported financial results for the fiscal year and quarter ended January 31, 2013.

Fourth Quarter 2013 Results

Revenues were $0.9 million for the fourth quarter ended January 31, 2013, compared to $0.7 million for the corresponding quarter in fiscal 2012, representing a 27% increase. The increase in revenue for this quarter is primarily attributable to two customers who had exhausted their block licenses and are currently paying the Company on a pay-as-you-go basis.

Gross margin was 84% and 86% in the fourth quarters of fiscal 2013 and 2012, respectively. The slight decrease in gross margin is primarily attributable to higher fees being paid to third parties due to a change in the product mix underlying licensing revenues.

Operating expenses decreased 52% to $0.3 million for the fourth quarter ended January 31, 2013, from $0.7 million for the same quarter in fiscal year 2012. The decrease in operating expenses was due to lower compensation costs, lower spending on professional services and the Company's continued cost reduction efforts in general.

Other income, net decreased from $0.5 million in the fourth quarter of fiscal 2012 to about $4,000 for the fourth quarter of fiscal 2013. This decrease was attributable to the decrease in investing activities during the current fiscal quarter as compared to the same quarter last fiscal year.

Peerless reported net income of $0.2 million, or $0.08 per basic share and $0.07 per diluted share, for the fourth quarter of fiscal 2013, compared to $0.3 million, or $0.09 per basic share and $0.08 per diluted share for the fourth quarter of fiscal 2012.

Fiscal 2013 Full-Year Results

Fiscal year 2013 revenue was $2.5 million as compared to $3.7 million for fiscal year 2012. This 32% decrease in total revenue from the prior fiscal year was primarily attributable to an $800,000 block license that was sold in fiscal 2012, with no such license sold during fiscal 2013, and an overall decrease of licensing revenue as certain OEM devices utilizing our technology reached the end of their commercial lives.

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