Active Software Announces Record First Quarter Results; Revenue Up 282% Year-over-Year.Business Editors/High-Tech Writers SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--April 24, 2000 Active Software, Inc. (Nasdaq:ASWX), a leading provider of eBusiness See e-business. infrastructure software products, today announced record financial results for the first quarter ended March 31, 2000. Total revenues for the first quarter were $13.6 million, an increase of 282% over the $3.6 million reported for the same period last year. Growth for the quarter was driven by increasing demand for the ActiveWorks(TM) Integration System to conduct rapid eBusiness integration inside the enterprise and with customers and B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business trading partners over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the . Excluding non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc stock compensation, goodwill and purchased in-process technology, Active Software's net loss for the quarter was $737,000, or $0.03 per share, as compared to a net loss of $2.5 million, or $0.55 per share, for the first quarter last year. Including non-cash charges relating to stock compensation, goodwill and purchased in-process technology, net loss for the quarter was $5.8 million, or $0.25 per share, as compared to a net loss of $2.7 million, or $0.60 per share, for the first quarter last year. "We are very pleased with our strong revenue growth, much of it driven by our ability to attract a broad range of customers, which gives us a larger addressable Reachable. When something is addressable, it can be identified and manipulated independently of its surroundings. For example, screen pixels and RAM memory are addressable. Each of the screen's picture elements can be individually turned on and off, and each of the memory's bytes can be market than our competitors," said Jim Green
Born in Alabama, Green moved to Canada to avoid being drafted for the Vietnam War. , chairman 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. , Active Software. "In any vertical industry, both speed of implementation and speed in automating business processes is critical. Our ability to provide fast time to market, together with an impressive number of ready-to-implement solutions from VARs and system integrators See systems integrator. , fueled our growth." Highlights for Active Software's First Fiscal Quarter 2000 Strong Customer Growth Active Software's customer base now totals nearly 200, having added approximately 20 new customers in the first quarter. The company also strengthened its position in key vertical markets such as telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and high technology. New customers for the quarter included: ABN Amro ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) , Bouygues Telecom, Cadence Design Systems (company) Cadence Design Systems - A company that sells electronic design automation software and services. http://cadence.com/. See also Verilog. , Dade Behring Beh·ring , Emil Von 1854-1917. German physiologist. He won a 1901 Nobel Prize for work on serum immunization against diphtheria and tetanus. , Extreme Networks, HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) , Long's Drug Stores, Minacs Worldwide, SecureTrade, Outpurchase.com, Retail Aspect, ServiceMaster, Smartpipes, Techsmart, Telcordia and Trailworks. New Products During the quarter, Active Software announced the ActiveWorks Business Exchange Server, a business-to-business (B2B) solution that enables a company to quickly automate To turn a set of manual steps into an operation that goes by itself. See automation. end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. business processes and share sensitive business information with partners over the Internet securely and reliably. A significant new component of ActiveWorks, the Business Exchange Server is designed to deliver B2B integration that helps trading partners increase efficiency throughout the value chain and achieve new competitive advantages. The Business Exchange Server is currently in Beta and has already generated strong interest among Active Software's existing and prospective customers. During the quarter, Active Software also released the ActiveWorks Application Transaction Coordinator (ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered ). Active Software believes that the ATC is the only eBusiness solution of its kind to ensure the transactional integrity of end-to end business processes. Using the ATC, customers can ensure that all business processes complete successfully, enabling customers to trust their most critical data to the ActiveWorks Integration System. The company expects to announce more details concerning the ATC in May 2000. Strategic Partners Partners continued to play a key role in Active Software's business model in the first quarter, participating in over 60% of all opportunities. Active Software continued to develop and expand its relationships with industry-leading system integrators and technology partners, which now number over 100. During the quarter, Active Software announced an exclusive partnership with NTT NTT Nippon Telegraph and Telephone Corporation NTT New Technology Telescope NTT National Technology Transfer, Inc NTT Name That Tune (TV game show) NTT National Tree Trust NTT Number Theoretic Transform Software Corporation to increase its presence in the Japanese market. New alliances were also formed with Asera, AristaSoft, Corio, QOS, HP OSD (1) (On-Screen Display) An on-screen control panel for adjusting monitors and TVs. The OSD is used for contrast, brightness, horizontal and vertical positioning and other monitor adjustments. and LMNJ, furthering the company's Application Service Provider initiative. Also during the quarter, Active Software expanded its telecommunications industry initiative through a series of new strategic alliances with American Management Systems American Management Systems (previous NASDAQ symbol: AMSY) was founded in 1970 as a technology and management consulting firm. It was founded by a group of five former United States Department of Defense officials who worked under Robert McNamara in the Kennedy and Johnson (AMS AMS - Andrew Message System ), Cambio, Hewlett-Packard Company, Noochee Solutions and Siebel Systems Siebel is a brand name of Oracle Corporation. Siebel Systems, Inc., founded by Thomas Siebel in 1993, was principally engaged in the design, development, marketing and support of CRM applications. . Acquisitions During the quarter, Active Software agreed to acquire the following companies to widen wid·en tr. & intr.v. wid·ened, wid·en·ing, wid·ens To make or become wide or wider. wid  en·er n. the scope of its integration solution and enable
customers in a range of vertical industries to rapidly deploy end-to-end
integration solutions that support critical eBusiness initiatives.
-- Alier, Inc., is a worldwide provider of Enterprise Application
Integration (EAI) software for the banking and financial services
industry. Alier provides Active Software customers with extensive
expertise and products for integrating financial systems with
leading enterprise applications.
-- Premier Software Technologies, Inc., is a leading provider of
integration products and services to help companies deliver rapid
business solutions while leveraging existing IT assets in
Web-based, eCommerce and n-tier applications. The acquisition of
Premier provides Active Software with extensive expertise for
integrating eCommerce, Web server and legacy systems with leading
enterprise applications.
-- TransLink Software, Inc., is a leading provider of
high-performance mainframe integration solutions for eBusiness
that do not require time-consuming custom programming,
re-engineering, or modification of mainframe applications.
TransLink provides Active Software customers with extensive
expertise and products for integrating vital data and business
logic stored in mainframe systems.
The company closed the acquisitions of Alier and TransLink in February and April, respectively, and expects to close the acquisition of Premier Software Technologies during the second quarter. "Last quarter we were instrumental in automating business processes and accelerating time to market for many of the world's leading companies. At the same time, we extended our customers' eBusiness capabilities enabling them to embrace networked relationships with customers and B2B partners. Our recent acquisitions broaden our product line, providing faster time to deployment and significant competitive advantages. Our vision is to enable the new network economy, and in the first quarter we've achieved a running start," concluded Green. About Active Software, Inc. Founded in 1995, Active Software, Inc, (Nasdaq:ASWX) is a leading provider of eBusiness infrastructure software products. Active Software's eBusiness platform, the ActiveWorks(TM) Integration System, automates end-to-end business processes both within the enterprise and with B2B trading partners and customers across the Internet. Active Software has approximately 200 customers in industries such as telecommunications, financial services, government, technology, utilities, distribution, manufacturing and transportation. Active Software is headquartered in Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. . For more information, visit the company Web site at www.activesoftware.com. Except for the historical information contained herein, the matters discussed in this news release 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 to differ materially from those in such forward-looking statements. Potential risks and uncertainties include, without limitation, Active Software's limited operating history, potential fluctuations in operating results, the company's substantial dependence on its ActiveWorks software products, the company's need to expand its sales and distribution channels, and the uncertain market acceptance of eBusiness integration software products. These and other risk factors are described in detail in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999 and in its other filings with the Securities and Exchange Commission. Note to Editors: The Active Software logo, Active Software and ActiveWorks, are trademarks or registered trademarks of Active Software Inc. All other trademarks mentioned herein are the property of their respective owners.
ACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
March 31,
2000 1999
Revenues:
License $ 10,170 $ 2,364
Service 3,425 1,198
Total revenues 13,595 3,562
Cost of revenues:
License 404 152
Service 2,566 1,227
Total cost of revenues 2,970 1,379
Gross profit 10,625 2,183
Operating expenses:
Research and development 2,640 1,060
Sales and marketing 7,991 3,146
General and administrative 1,211 476
Amortization of deferred
stock compensation 303 263
Amortization of intangible assets 2,018 --
Purchased in-process technology 2,737 --
Total operating expenses 16,900 4,945
Loss from operations (6,275) (2,762)
Other income (expense):
Interest income 533 62
Interest expense and other (53) (41)
Total other income, net 480 21
Net loss $ (5,795) $ (2,741)
Basic and diluted
net loss per share $ (0.25) $ (0.60)
Shares used in calculating
basic and diluted net
loss per share 23,560 4,542
ACTIVE SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
Three months Year ended
ended December 31,
March 31, 2000 1999 (1)
ASSETS
Current assets:
Cash and cash equivalents $ 14,938 $ 17,299
Short-term investments 16,916 19,906
Accounts receivable
(net of allowances of
$593 and $493, respectively) 9,336 9,486
Prepaid expenses and
other current assets 1,631 953
Total current assets 42,821 47,644
Property and equipment, net 2,563 1,951
Convertible subordinated
promissory note receivable -- 2,000
Long-term marketable securities 4,500 --
Intangible assets, net 44,651 --
Other assets 2,281 227
Total assets $ 96,816 $ 51,822
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,166 $ 1,424
Accrued compensation
and related benefits 2,883 3,039
Deferred revenue 6,220 4,006
Accrued royalties 558 400
Other accrued liabilities 2,111 1,617
Current portion of
long-term obligations 609 109
Total current liabilities 14,547 10,595
Long-term obligations,
less current portion 267 --
Stockholders' equity:
Common stock 118,173 71,900
Deferred stock compensation (3,228) (3,530)
Notes receivable from stockholders -- (2)
Accumulated other comprehensive loss (39) (32)
Accumulated deficit (32,904) (27,109)
Total stockholders' equity 82,002 41,227
Total liabilities and
stockholders' equity $ 96,816 $ 51,822
(1) Derived from December 31, 1999 audited balance sheet included in
the 1999 Annual Report on Form 10-K of Active Software, Inc.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion