Accrue Software Announces Fiscal 2002 First Quarter Financial Results; Revenue Increases for 2nd Consecutive Quarter; Operating Loss Declines.Business Editors FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--July 23, 2001 Accrue To increase; to augment; to come to by way of increase; to be added as an increase, profit, or damage. Acquired; falling due; made or executed; matured; occurred; received; vested; was created; was incurred. (TM) Software, Inc. (Nasdaq:ACRU ACRU American Civil Rights Union ACRU Active Confirmed Registered User (eBay) ), today announced financial results for its fiscal 2002 first quarter ended June June: see month. 30, 2001. For the first quarter, Accrue reported net revenues of $3.6 million, a sequential increase of 8 percent over net revenues of $3.3 million reported in the previous quarter ending March 2001. Product license revenue was $1.1 million compared to $.5 million reported in the previous quarter. The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss for the first fiscal quarter was $3.4 million, or ($0.12) per share, compared to a pro forma net loss of $10.4 million, or ($0.35) per share reported in the prior quarter. The pro forma net loss for the first quarter does not include extraordinary income related to the sale of the company's NeoVista intellectual property. Jeffrey Walker
Jeffrey Walker (born March 25, 1969) is a bass guitarist and singer from St Helens, UK. , who became Accrue Software's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. in March, commented, "Our results for the quarter demonstrate gradual progress toward our financial objectives to sequentially grow revenues and return to profitability by fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. . License revenue growth was primarily the result of a substantial win with a new, large European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. wireless telecom customer. We are committed to this trend of increasing revenue and license sales as more companies recognize the strong value proposition that our solutions offer and we see progress for Accrue G2, our next generation analytic an·a·lyt·ic or an·a·lyt·i·cal adj. 1. Of or relating to analysis or analytics. 2. Expert in or using analysis, especially one who thinks in a logical manner. 3. Psychoanalytic. solution." Walker continued, "We reduced our net loss from the prior quarter by successfully managing expenses and realizing the benefits from cost-cutting programs. We also strengthened our financial position with the sale of a portion of our NeoVista intellectual property to JDA Software JDA Software Group, Inc. is a demand and supply chain partner to the world’s leading retailers, manufacturers and suppliers and is located in Scottsdale, AZ. History Jim Armstrong, co-founded the U.S.-based JDA Software in 1985. for $5.0 million, while retaining royalty-free Royalty-free describes material (typically graphics such as stock photography and icons, but also sound such as music loop samples) that may be used for profit, without paying royalties. rights to continue to use this intellectual property." "We remain enthusiastic about Accrue's near and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. market opportunities and are encouraged by the interest in our Accrue G2 Preferred Customer Program while cautioning investors that our progress will be gradual in this economy. During the past several months, we have strengthened our channel and technology partnerships and expect to begin realizing increased sales from these alternate channels in the current quarter. Accrue is well positioned to leverage the opportunity that exists for companies to optimize optimize - optimisation their internet presence, and we are committed to investing in our existing customer relationships and penetrating penetrating breaching the tissues of the body. the marketplace with our scalable analytic solutions." Investor Conference Call As previously announced, Accrue Software will be holding a conference call today, July July: see month. 23, 2001 at 2:00 p.m. PT. To participate in the call, please dial (212) 896-6110 approximately 10 minutes prior to the start of the call. A replay of the call will be available from approximately 4:00 p.m. PT on July 23, 2001 until 4:00 p.m. PT July 30, 2001. To access the replay, please dial (800) 633-8284. The confirmation code for the call is 19270922. The call can also be accessed through the investor relations Investor relations The process by which the corporation communicates with its investors. section of Accrue's website at www.accrue.com. To listen to the call, please go to the website at least 15 minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. For those who cannot listen to the live broadcast, the event will be archived and available approximately two hours following the live webcast. About Accrue Software Accrue Software is a leading provider of enterprise-level analytic solutions that help companies understand, predict, and respond to Internet customer behavior. Accrue's solutions enable highly targeted campaigns to improve the profitability of customer interactions across multiple touch points. Accrue has over 600 customers, including industry leaders such as FedEx, Gateway, Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance , Eastman Kodak (company) Kodak - The photographic company responsible for Photo CD. http://kodak.com/. Company, MTV MTV in full Music Television U.S. cable television network, established in 1980 to present videos of musicians and singers performing new rock music. MTV won a wide following among rock-music fans worldwide and greatly affected the popular-music business. , Macy's Macy's formerly R.H. Macy & Co., Inc. Major U.S. department-store chain. Its former flagship, an 11-story store that occupies a city block in New York City's Herald Square, was for many years the largest single store in the country. Rowland H. , and Deutsche Telekom Deutsche Telekom AG (ISIN: DE0005557508, FWB: DTE, NYSE: DT, LSE: DEU, TYO: 9496 ) (abbreviated DTAG) is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Germany and in the EU. . Accrue Software was founded in 1996 and is headquartered in Fremont, Calif., with regional sales offices throughout the U.S. and international headquarters in Cologne Cologne (kəlōn`), Ger. Köln, city (1994 pop. 962,500), North Rhine–Westphalia, W Germany, on the Rhine River. It is a commercial, financial, and industrial center, a rail and road junction, and a river port. , Germany. Accrue has strategic partnerships with leading e-business vendors, including Art Technology Group, BEA BEA - Basic programming Environment for interactive-graphical Applications, from Siemens-Nixdorf. , BroadVision, DoubleClick, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Oracle, Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. and Vignette Vignette A symbol or pictorial representation of the corporation on a stock certificate. Usually a complicated and artistic design, it is meant to make the counterfeiting of stock certificates as difficult as possible. . Accrue Software can be reached at 1-888-4ACCRUE or 510-580-4500 and at www.accrue.com. Accrue is a trademark of Accrue Software, Inc. All other trademarks are the sole property of their respective owners. Except for the historical information contained herein, the matters discussed in the news release, including projections of future revenues, earnings and financial results, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties that could cause actual results, future revenues or earnings to differ materially from those in such forward-looking statements. These forward-looking statements are made only as of the date of this press release, and Accrue undertakes no obligation to update or revise the projections of revenue and earnings, or the other forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on these projections of future revenue and earnings, and other forward-looking statements. Potential risks and uncertainties include, without limitation, the Company's limited operating history, history of losses, fluctuations in operating results, competition in the e-business analysis market, reliance on sales from a limited number of products for its revenue, reliance on expanding sales operations and distribution channels and potential difficulties associated with the integration of the personnel, operations and products of Marketwave and Pilot with Accrue's personnel, operations and products. These and other risk factors are described in detail in the Company's Registration Statement on Form S-1, and in the Company's other filings, which are on file with the Securities and Exchange Commission (http://www.sec.gov).
Accrue Software, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Three Months
Ended Ended
June 30, June 30,
2001 2000
---- ----
Net revenue:
Software license $ 1,147 $ 6,923
Maintenance and service 2,465 2,827
--------- ---------
Total revenue 3,612 9,750
Cost of revenue:
Software license 105 381
Maintenance and service 2,128 1,439
--------- ---------
Total cost of revenue 2,233 1,820
--------- ---------
Gross profit 1,379 7,930
Operating expenses:
Research and development 2,122 1,936
Sales and marketing 1,489 4,149
General and administrative 1,323 904
--------- ---------
Total operating expenses 4,934 6,989
--------- ---------
Gain (loss) from operations (3,555) 941
Other income 179 409
Other expense (45) (4)
--------- ---------
Net income (loss) $ (3,421) $ 1,346
========= =========
Net loss per share, basic and diluted $ (0.11) $ 0.05
========= =========
Shares used in computing net income
(loss) per share, basic and diluted 29,800 25,578
========= =========
Accrue Software, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)
Three Months Three Months
Ended Ended
June 30, June 30,
2001 2000
---- ----
Net revenue:
Software license $ 1,147 $ 6,923
Maintenance and service 2,465 2,827
--------- ---------
Total revenue 3,612 9,750
Cost of revenue:
Software license 105 381
Maintenance and service 2,128 1,439
--------- ---------
Total cost of revenue 2,233 1,820
--------- ---------
Gross profit 1,379 7,930
Operating expenses:
Research and development 2,122 1,936
Sales and marketing 1,489 4,149
General and administrative 1,323 904
Amortization of intangibles 3,368 10,859
Stock-based compensation expense 209 749
--------- ---------
Total operating expenses 8,511 18,597
--------- ---------
Loss from operations (7,132) (10,667)
Other income 179 409
Gain on sale of technology asset 4,306 --
Other expense (45) (4)
--------- ---------
Net loss $ (2,692) $(10,262)
--------- ---------
Net loss per share, basic and diluted $ (0.09) $ (0.40)
========= =========
Shares used in computing net
loss per share, basic and diluted 29,800 25,578
========= =========
Accrue Software, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in thousands)
June 30, March 31,
2001 2001
---- ----
ASSETS
Current assets:
Cash and cash equivalents $11,868 $14,248
Accounts receivable, net 1,056 1,868
Prepaid expenses and other current assets 383 782
--------- ---------
Total current assets 13,307 16,898
Property and equipment, net 2,651 2,923
Other assets, net 7,080 10,448
--------- ---------
TOTAL ASSETS $23,038 $30,269
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 386 $ 1,026
Accrued liabilities 3,221 4,406
Accrued liabilities, merger 54 80
Deferred revenue 3,929 4,897
Line of credit -- 2,000
--------- ---------
Total current liabilities 7,590 12,409
--------- ---------
Total stockholders' equity 15,448 17,860
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $23,038 $30,269
========= =========
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