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Peerless Systems Announces Results For The Quarter Ended April 30, 2013

STAMFORD, Conn., June 13, 2013 (GLOBE NEWSWIRE) -- Peerless Systems Corporation (Nasdaq:PRLS) today reported financial results for its first fiscal quarter that ended April 30, 2013.

First Quarter Results

Revenues were $1,101,000 for the three months ended April 30, 2013, compared to $614,000 for the three months ended April 30, 2012. This 79.3% increase is primarily attributable to two customers who have recently exhausted their block licenses and are currently paying us on a pay-as-you-go basis.

Our gross margins were 88.4% and 91.5% for the three months ended April 30, 2013 and April 30, 2012, respectively. The decrease in gross margins was the result of more fees being paid to third parties due to a change in the product mix generating licensing revenues.

Income from operations was $636,000 for the three months ended April 30, 2013, compared to $126,000 for the three months ended April 30, 2012. This 405% increase is primarily attributable to the 79.3% increase in revenue and in part to lower operating expenses.

Other income (loss), net was a loss of $414,000 for the three months ended April 30, 2013 as compared to a gain of $609,000 for the three months ended April 30, 2012, due to realized losses on sales of marketable securities in the current period.

Our net income for the three months ended April 30, 2013 was approximately $135,000 or $0.05 per basic share and $0.04 per diluted share, compared to a net income of approximately $446,000, or $0.13 per basic and diluted share, for the three months ended April 30, 2012. We had 2.9 million and 3.3 million weighted average shares of common stock outstanding for the three months ended April 30, 2013 and April 30, 2012, respectively. This decrease is primarily due to the repurchase by the Company of its common stock.

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