Peerless Systems Corp. reported unaudited earnings results for the fourth quarter and year ended January 31, 2013. For the quarter, the company's revenues were $0.9 million, 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. The company reported net income of $0.2 million, or $0.08 per basic share and $0.07 per diluted share, compared to $0.3 million, or $0.09 per basic share and $0.08 per diluted share for the fourth quarter of fiscal 2012. Income before income taxes was $0.47 million compared with $0.49 million a year ago. For the year, the company's 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 its technology reached the end of their commercial lives. The company reported net income of $1.8 million, or $0.56 per basic share and $0.53 per diluted share, against $1.4 million, or $0.42 per basic share and $0.40 per diluted share in fiscal year 2012. Income before income taxes was $0.86 million compared with $2.2 million a year ago.

Peerless Systems Corp.’s board of directors has appointed Yi Tsai as the company’s Chief Financial Officer.  Mr. Tsai’s appointment became effective on January 14, 2013, upon the execution of an employment agreement between the Company and Mr. Tsai. Mr. Tsai, who is 56 years old, has served as the company’s principal financial officer under a consulting arrangement since November 7, 2012.  He served as Executive Director at Nexos Capital Partners, a private equity firm, from August 2005 until the date of his appointment as the company’s Chief Financial Officer. From April to December 2011, Mr. Tsai also served as Senior Financial Advisor to C-Quest Capital.

Peerless Systems Corp. reported unaudited earnings results for the third quarter and nine months ended October 31, 2012. For the quarter, the company’s revenues were $482,000, compared to $789,000 for the three months ended October 31, 2011, representing a 38.9% decrease. Revenues for the three months ended October 31, 2012 were negatively impacted by lower licensing revenue resulting from a decrease in the number of units containing the company's technology shipped by the company's customers. Net income was $1,397,000 or $0.45 per basic share and $0.43 per diluted share, compared to net income of $857,000, or $0.26 per basic share and $0.25 per diluted share, for the three months ended October 31, 2011. Income from operations was $134,000 compared to $229,000 a year ago. Income before income taxes was $125,000 compared to $1,324,000 a year ago. Net income was $1,397,000 or $0.43 per diluted share, compared to $857,000 or $0.25 per diluted share, a year ago. For the nine months, the company’s revenues were $1,547,000 compared to $2,906,000 for the nine months ended October 31, 2011, representing a 46.8% decline. Revenues for the nine months ended October 31, 2012 decreased due to an $800,000 block license that was sold during the nine months ended October 31, 2011, with no such license sold during the nine months ended October 31, 2012 and an overall decrease of licensing revenue as certain OEM devices reached the end of their commercial lives. Net income was approximately $1,540,000, or $0.48 per basic share and $0.45 per diluted share, compared to net income of approximately $1,069,000, or $0.34 per basic share and $0.32 per diluted share, for the nine months ended October 31, 2011. Excluding the effect of the reversal of the tax liability net income was $148,000 and $5,000 for the nine months and three months ended October 31, 2012, respectively. Income from operations was $226,000 compared to $484,000 a year ago. Income before income taxes was $394,000 compared to $1,695,000 a year ago. Net income was $1,540,000 or $0.45 per diluted share, compared to $1,069,000 or $0.32 per diluted share, a year ago.