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Interlinq Restructuring Includes Ouster of Its CEO.(Jiri Nechleba stepping down at Interlinq Software)(Brief Article)
Interlinq Software Corp., facing decreased revenue and increased losses, is hoping a restructuring will return it to a positive cash flow and profitability
As part of that restructuring, its well-known president and CEO Jiri Nechleba is resigning.
The company reported quarterly net revenue of $4.3 million for the third quarter ended March 31, a 7% decrease compared to revenue of $4.6 million for the same period last year.
Interlinq said that, including certain non-cash charges, it had a net loss for the quarter of $3 million, or $0.63 per share, on 4,824,077 shares, compared to a net loss of $286,000, or $0.06 per diluted share, on 4,827,154 shares for the same period last year.
According to the company, pro forma net loss for the quarter, excluding certain non-cash charges, was $601,000, or $0.12 per diluted share.
Non-cash charges Interlinq reported for the quarter include a $1.4 million pre-tax write-down of certain capitalized software development costs; a $881,000 pre-tax write-off of goodwill and other intangible assets associated with the acquisition of Logical Software Solutions and its FlowMan technology in June of 1998; and reduction of the company's expected tax benefit by $950,000 to establish a valuation allowance on its net deferred tax assets.
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