Actuate Corporation Reports Record Results for Q4 2000 and FY 2000.Business Editors/High Tech Writers SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--Jan. 16, 2001 129% Annual Revenue Growth, Seventeenth Consecutive Quarter of Triple-Digit Revenue Growth and Ninth Consecutive Quarter of Increased Profitability Actuate(R) Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ACTU ACTU Australian Council of Trade Unions ACTU AIDS Clinical Trials Unit (Washington University Medical Center, St. Louis, Missouri) ACTU Association of Catholic Trade Unionists ACTU Australian Capital Territory Union ), the Information Delivery market leader, announced today record revenues for the fourth quarter and fiscal year ended December 31, 2000. Revenues for the fourth quarter of 2000 totaled $34.5 million, compared with revenues of $16.1 million during the fourth quarter of 1999 representing year-over-year growth of 114%. This was a record seventeenth consecutive quarter of triple-digit revenue growth. Excluding the amortization of goodwill and intangibles, 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 income from operations in the fourth quarter of 2000 was $5.2 million, a record 15.2% of revenues, which represented an increase of 430 basis points over the comparable quarter in fiscal 1999. Pro forma diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.07, compared with $0.03 per share in the fourth quarter of 1999. (See Table A) Actual diluted earnings per share, including goodwill and intangibles amortization, were $.04 for the fourth quarter of 2000. (See Table B) In addition, $8.5 million in cash was generated from operations in the fourth quarter of 2000, deferred revenue increased $2.3 million during the quarter and days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). ended the year at 86 days, down 10 days from year-end 1999. For fiscal year 2000, total revenues increased 129% to $107.3 million compared with $46.8 million of revenue during fiscal 1999. Pro forma diluted earnings per share for 2000, excluding goodwill and intangibles amortization, were $0.19, compared with $0.09 per share in 1999. (See Table A) Diluted earnings per share, including goodwill and intangibles amortization, were $0.08 in 2000. (See Table B) All EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. information above has been restated to reflect the stock split effective August 15, 2000. "2000 was another year of record-breaking financial and corporate accomplishments for Actuate," said Pete Cittadini, 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. of Actuate. "Our 17 consecutive quarters of triple-digit growth and nine consecutive quarters of increased profitability are a testament to the outstanding efforts of the employees of Actuate. The unique combination of rapid revenue growth and growing profits demonstrates that Actuate's Information Delivery offerings are proving essential to the success of our customers' mission critical e-Business strategies. As the volume of crucial business information exchanged via the Web continues to grow exponentially ex·po·nen·tial adj. 1. Of or relating to an exponent. 2. Mathematics a. Containing, involving, or expressed as an exponent. b. , companies recognize, now more than ever, the critical need to provide customers, partners and employees with structured, personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. , interactive and actionable content." Annual Highlights In 2000 Actuate recorded several significant accomplishments, including the following: -- Appointed Pete Cittadini to CEO; appointed Nico Nierenberg to Chairman and Chief Architect -- Relocated to new corporate headquarters in South San Francisco, CA -- Increased worldwide headcount to over 600 employees -- Split stock 2-for-1 -- Launched e.Report Designer and Actuate e.Report Designer Java edition, e.Analysis and Actuate e.Reporting Suite 5 -- Completed acquisition of EnterpriseSoft and Open Software Technology -- Launched e.Services business unit -- Opened customer support centers in UK, Germany, France, Japan and Australia -- Established strategic partnerships with Acta, Allaire, PricewaterhouseCoopers and SilverStream In Q4, the number of Actuate's direct customers grew to over 1,000. The 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. industry continued to be a high-growth area for the company with customers such as General American Gen·er·al American n. The speech of native speakers of American English that many consider to be typical of the United States, noted for its exclusion of phonological forms readily recognized as regional or limited to particular social groups and for Life, Key Bank National Association, Mizuho Trust and Banking, PaineWebber and Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank being added in Q4. Several large initial orders also came from Medtronic, Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. , Yahoo, Federated Connected and treated as one. See federated database and federated directories. Department Stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , Verizon Data Services, Ford Motor Credit Company Ford Motor Credit Company is the financial services arm of Ford Motor Company, and is headquartered in Dearborn, Michigan. Its business activities are concentrated primarily in the area of automobile loans in support of its parent company. , Orange in the UK, UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , Odyssey in Switzerland and the Ministry of Treasury in Italy. Actuate received significant repeat orders from companies including Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. Corporation and Meijer. Actuate also added multiple new customers to the list of e.Business application vendors reselling its e.Reporting products. These companies included Project Software and Development, Inc., Deltek, Selectica and Trendium. In addition Actuate signed significant contract extensions with Agile Software, Clarify, Siebel and i2 Technologies, who will integrate the Actuate Information Delivery solution with future versions of its industry leading e.Business applications for electronic marketplaces. About Actuate Corporation Actuate Corporation is the leading provider of Information Delivery solutions for Global 2000 companies, Internet start-ups and packaged application software vendors. Actuate provides software products for customer applications including e-CRM, e-Procurement and Net marketplaces. Actuate's Information Delivery offerings make it easy to extract operational data from disparate systems and publish secure, interactive and perfectly formatted content that is seamlessly integrated with the rest of a company's Web site. By instantly delivering personalized content to 100,000s of end users - without downloads - companies using Actuate can increase revenue, reduce costs and improve customer service. Actuate has over 1000 direct customers and over 100 OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and partners including American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , AT&T, Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , BMC Software BMC Software, Inc. NYSE: BMC, is an American enterprise management software provider, focusing on IT infrastructure applications. BMC was founded in 1980 and is headquartered in Houston, Texas. , Chase Manhattan Corporation The Chase Manhattan Corporation was a bank holding company formed as parent of the Chase Manhattan Bank. During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. , Clarify, Enron, Lucent Technologies, WorldCom, PeopleSoft and Siebel. Founded in 1993, Actuate has headquarters in South San Francisco, Calif., and has offices worldwide. For more information on Actuate, visit the company's Web site at www.actuate.com. Conference Call Information Actuate will be holding a conference call at 2 p.m. Pacific Time, today, January 16, 2001, to discuss fourth quarter and year-end 2000 results. The dial-in number for the call is 212-231-6019. The conference call will be simultaneously broadcast live on the Investor Relations Investor relations The process by which the corporation communicates with its investors. portion of Actuate's web site and will be available as an archived replay approximately two hours after the conclusion of the live event. Note to Editors: Actuate is a registered trademark of Actuate Corporation. e.Reporting is a trademark of Actuate Corporation. All other products and corporate names referenced are trademarks of their respective companies. Copyright 2001, Actuate Corporation. The statements contained in this release that are not purely historical are forward looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding Actuate's expectations, beliefs, hopes, intentions or strategies regarding the future. All 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. in this release are based upon information available to Actuate as of the date hereof, and Actuate assumes no obligation to update any such forward-looking statements. Actual results could differ materially from Actuate's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, the Risk Factors discussed in Actuate's Securities and Exchange Commission filings, specifically Actuate's 1999 Annual Report on 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. filed on March 30, 2000 and its Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. for the quarters ended March 31, June 30, 2000 and September 30, 2000.
TABLE A
ACTUATE CORPORATION
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues:
License fees $ 23,215 $ 11,879 $ 72,286 $ 35,014
Services 11,312 4,269 34,978 11,767
Total revenues 34,527 16,148 107,264 46,781
Operating expenses:
Cost of license fees 555 192 1,959 896
Cost of services 6,722 2,094 20,975 6,021
Sales and marketing 15,722 8,600 48,133 22,384
Research and development 4,309 2,478 14,938 9,289
General and
administrative 1,973 1,028 7,015 3,478
Total operating 29,281 14,392 93,020 42,068
expenses
Income from operations 5,246 1,756 14,244 4,713
Interest and other income,
net 251 286 891 1,313
Income before income taxes 5,497 2,042 15,135 6,026
Provision for income taxes 1,117 302 2,589 758
Net income $ 4,380 $ 1,740 $ 12,546 $ 5,268
Basic income per share $ 0.08 $ 0.03 $ 0.22 $ 0.10
Shares used in basic
per share calculation 56,829 54,610 56,114 53,926
Diluted income per share $ 0.07 $ 0.03 $ 0.19 $ 0.09
Shares used in diluted
per share calculation 65,710 62,104 64,483 59,900
This pro forma consolidated condensed statements of operations
information for the three and twelve-month periods ended December 31,
2000 and 1999 is for illustrative purposes only and is not prepared in
accordance with generally accepted accounting principles. It shows the
operating results of the Company, excluding goodwill and acquisition
related charges of $2.1 million and $7.1 million for the three and
twelve-month periods ended September 30, 2000, respectively, and
$603,000 and $1.6 million for the three and twelve-month periods ended
December 31, 1999, respectively. The provision for income taxes was
computed by applying the annual tax expense as used in the actual
statement of operations and may not reflect the actual or future
expected tax rate.
TABLE B
ACTUATE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
Revenues:
License fees $ 23,215 $ 11,879 $ 72,286 $ 35,014
Services 11,312 4,269 34,978 11,767
Total revenues 34,527 16,148 107,264 46,781
Operating expenses:
Cost of license fees 555 192 1,959 896
Cost of services 6,722 2,094 20,975 6,021
Sales and marketing 15,722 8,600 48,133 22,384
Research and
development 4,309 2,478 14,938 9,289
General and
administrative 1,973 1,028 7,015 3,478
Amortization of
goodwill and
acquisition costs 2,060 603 7,147 1,590
Total operating
expenses 31,341 14,995 100,167 43,658
Income before income taxes 3,186 1,153 7,097 3,123
Interest and other
income, net 251 286 891 1,313
Income before income taxes 3,437 1,439 7,988 4,436
Provision for income taxes 1,117 213 2,589 550
Net income $ 2,320 $ 1,226 $ 5,399 $ 3,886
Basic income per share $ 0.04 $ 0.02 $ 0.10 $ 0.07
Shares used in basic
per share calculation 56,829 54,610 56,114 53,926
Diluted income per share $ 0.04 $ 0.02 $ 0.08 $ 0.06
Shares used in diluted
per share calculation 65,710 62,104 64,483 59,900
TABLE C
ACTUATE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
2000 1999 (1)
(unaudited)
ASSETS
Current assets:
Cash, cash equivalents
and short-term
investments $26,928 $24,153
Accounts receivable, net 32,991 17,229
Other current assets 2,630 1,107
Total current assets 62,549 42,489
Property and equipment, net 10,190 2,438
Goodwill and other intangibles 24,193 8,024
Other assets 1,390 430
$98,322 $53,381
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,254 $ 1,749
Accrued compensation
and other accrued
liabilities 12,950 7,828
Deferred revenue 22,108 12,168
Total current liabilities 39,312 21,745
Long-term liabilities 2,033 --
Stockholders' equity 56,977 31,636
$98,322 $53,381
(1) Derived from audited financial statements
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