And the company said its gloomy financial situation likely will continue through fiscal 1998.
Quarterdeck said it increased its reserves for returns in the U.S. market as its older products fell out of favor in light of its new products shipments this past week. The company shipped such products as its CleanSweep Deluxe and Zip-It 4.0, as well as its TuneUp/Tuneup.com, which automatically updates software products.
The company also said it will take a $14 million, largely non-cash charge for restructuring. The company?s write-offs include severance costs from its downsizing and the pending sale of its former DataStorm building in Missouri.
Meanwhile, the company has received private financing for about $26 million and has paid off warrants. This resulted in cash proceeds of $14.5 million--giving the company a cash balance of $23 million at the end of the quarter.
"The restructuring and new financing have successfully positioned Quarterdeck to direct all of its fiscal 1998 energies on growing revenue and profit behind its new strategy," said Curt Hessler, president and chief executive, in a statement.
The company has been hit over the past two years with a slowdown in new product releases. Its main cash cow, QEMM, a memory-compression software producer, was put out to pasture as Windows 95 emerged on the scene.