Portal Software, Inc. (Pink Sheets:PRSF), the premier provider of billing and Revenue Management solutions for the global communications and media markets, today announced preliminary, unaudited business results for its fiscal 2007 first quarter ended April 28, 2006.
Selected First Quarter Fiscal 2007 Preliminary, Unaudited Financial Information
– First quarter 2007 bookings were $32.7 million compared to $40.4 million for the same period last year;
– Cash and investments at April 28, 2006 were $56.4 million (including $12.7 million in restricted cash and investments), down from $60.5 million at the end of the fourth quarter of 2006;
SEC Filing Update
As disclosed previously, as a result of Portal’s extended financial close process, the Company is currently delinquent in filing its Form 10-K for the fiscal year ended January 28, 2005 and in filing its Form 10-Qs and Form 10-K for fiscal 2006. The Company will also be delinquent in filing its Form 10-Q for the fiscal year 2007 first quarter which ended on April 28, 2006.
Tender Offer Update
On April 11, 2006, Portal agreed to be acquired by Oracle Systems Corporation, a wholly owned subsidiary of Oracle Corporation. Under the terms of an Agreement and Plan of Merger by and among Oracle Systems Corporation, Potter Acquisition Corporation, a wholly owned subsidiary of Oracle Systems Corporation and Portal, Potter Acquisition Corporation commenced a tender offer to purchase all outstanding shares of common stock of Portal at a price of $4.90 per share in cash. The tender offer is schedule to expire at 12:00 midnight on Monday, May 22, 2006.
The Board of Directors of Portal has unanimously approved the merger agreement with Oracle Systems, and determined that the tender offer and the related merger are advisable, fair to and in the best interest of Portal’s stockholders. Accordingly, the Portal Board of Directors unanimously recommends that you tender your shares in the tender offer before the scheduled expiration date of the tender offer at 12:00 midnight on Monday, May 22, 2006.
About Portal Software, Inc.
Portal Software is the premier provider of billing and Revenue Management solutions for the global communications and media markets. The Company delivers the only platform for the end-to-end management of customer revenue across offerings, channels, and geographies. Portal’s solutions enable companies to dramatically accelerate the launch of innovative, profit-rich services while significantly reducing the costs associated with legacy billing systems. Portal is the Revenue Management partner of choice to the world’s leading service providers including: Vodafone, AOL Time Warner, Deutsche Telekom, TELUS, NTT, China Telecom, Reuters, Telstra, China Mobile, Telenor Mobil, and France Telecom.