Actuate Software Corporation Announces 130% Revenue Growth for 1998.SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--Jan. 13, 1999-- Company Reports First Operating Profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. in the Fourth Quarter Driven by Customer Adoption of Company's Web-Based Enterprise Reporting With the dramatic expansion of information technology, and the desire for increased competitiveness in corporations, there has been an increase in the use of computing power to produce unified reports which join different views of the enterprise in one place. Solution Actuate(R) Software 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 leader in web-based Enterprise Reporting, announced today record revenues for the quarter and fiscal year ended December December: see month. 31, 1998. Revenues for the fourth quarter of 1998 totaled $7.1 million, an increase of 114% from $3.3 million in revenues for the fourth quarter of 1997. Revenue from license fees for the fourth quarter of 1998 was $5.8 million, an increase of 130% from the $2.5 million in license fee revenue recorded during the fourth quarter of 1997. Income from operations and net income were $201,000 and $600,000, respectively, for the fourth quarter of 1998 compared with an operating and net loss of $2.1 million for the fourth quarter of 1997. Actuate's 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 basic and 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 for the fourth quarter of 1998 were $0.05 and $0.04, respectively, compared with a pro forma basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net loss per share of $0.22 in the fourth quarter of 1997. Revenues for the twelve months ended December 31, 1998 totaled $21.9 million, an increase of 130% from $9.5 million in revenues for the twelve months ended December 31, 1997. Revenue from license fees for fiscal 1998 was $17.8 million, an increase of 135% from the $7.5 million in license fee revenue recorded during fiscal 1997. Net loss for the twelve months ended December 31, 1998 was $3.2 million compared with a net loss of $7.2 million for fiscal 1997. Actuate's pro forma basic and diluted net loss per share for the twelve months ended December 31, 1998 was $0.28 compared to a pro forma basic and diluted net loss per share of $0.78 for fiscal 1997. "We are extremely pleased with our fourth quarter results as we continued to see strong revenue growth and achieved profitability for the first time in the company's history," said Nico Nierenberg, 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. and Chairman of Actuate Software. "We believe that Actuate was the fastest growing public enterprise software vendor during 1998. The Actuate web-based enterprise reporting system is rapidly being adopted as data distribution infrastructure by leading companies in the finance, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , manufacturing and entertainment industries." Key partner and customer wins in the fourth quarter included Aspect Development, Inc., a leading provider of component and supplier management systems and MEI Computer Technology Group, a leading provider of sales automation Sales Automation - Sales Force Automation software. Other fourth quarter partnership news included the integration of the Actuate Reporting System into the Ariba Operating Resource Management System (ORMS ORMS Operating Resource Management System ORMS Operations Research and Management Science ORMS Operational Readiness Monitoring System ORMS Orderly Room Management System ORMS Oracle Retail Merchandise System ) Release 5.0 from Ariba Technologies, Inc., a leading provider of e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. solutions and the integration of the Actuate Reporting System into Brightware 3, from Brightware, Inc., a market leader in e-mail/web response software. During the fourth quarter, Actuate announced that it will incorporate Extensible Markup Language See XML. (language, text) Extensible Markup Language - (XML) An initiative from the W3C defining an "extremely simple" dialect of SGML suitable for use on the World-Wide Web. http://w3.org/XML/. (XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. ) technology into the next major release of the Actuate Reporting System. Actuate believes that this technology significantly advances the value and functionality of Enterprise Reporting. Actuate customers will now have the capability to build an XML report foundation to enhance web data distribution and electronic commerce. Key Actuate enterprise partners Netscape (1) (Netscape Communications Corporation, Mountain View, CA, www.netscape.com) Part of America Online (AOL), Netscape specializes in Web software, including the Netscape Web browser. , PeopleSoft (PeopleSoft, Inc., Pleasanton, CA, www.peoplesoft.com) A software company that specialized in enterprise-wide applications for client/server environments. Initially specializing in human resources, its package offerings covered the gamut including financial, distribution, manufacturing , and Ariba embraced the Actuate XML strategy. During the fourth quarter of 1998, Actuate announced the promotion of Pete Cittadini from Executive Vice President to President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . In this expanded leadership role, Cittadini will be over-seeing product development, marketing, customer support and worldwide sales. ABOUT THE ACTUATE REPORTING SYSTEM The Actuate Reporting System allows organizations to rapidly develop, generate and distribute reports throughout the enterprise via 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 , thereby increasing access to and the value of corporate data. The Actuate Reporting System provides a scalable, dynamic reporting platform that can meet the Enterprise Reporting needs of organizations of any size. Actuate's Live Report Documents(R) feature rich interactive capabilities that enable users to more effectively access information. Actuate's adaptable a·dapt·a·ble adj. Capable of adapting or of being adapted. a·dapt  a·bil environment
allows developers to create reports from any data source and in any
format required by users. Actuate's web-based Report Server
contains a unique report distribution technology called Virtual Report
Distribution(TM) that scales to support thousands of users around the
world accessing thousands of report pages. Architected specifically for
the Internet, Actuate can be seamlessly integrated into any web site,
and ReportCast(R) technology can target the delivery of reports through
Internet channels The Internet Channel is a version of the Opera 9 web browser for use on the Wii by Opera Software and Nintendo.[1] On December 22, 2006, a free beta version (promoted as a "trial version") of the browser was released. to categories of subscribed users.ABOUT ACTUATE SOFTWARE CORPORATION Actuate Software Corporation, the leader in web-based Enterprise Reporting, is meeting the information access needs of the corporate enterprise. The Actuate Reporting System, including ReportCast, securely and efficiently delivers corporate reports to an enterprise of users. Actuate's customers include some of the largest 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. , telecommunications, health care and media companies. Software vendors reselling Actuate solutions include PeopleSoft, Siebel For the tech company, see . Siebel, originally Flugzeugbau Halle, was a German aircraft manufacturer in Halle an der Saale. Siebel aircraft included:
Actuate, Live Report Documents, Report Encyclopedia encyclopedia, compendium of knowledge, either general (attempting to cover all fields) or specialized (aiming to be comprehensive in a particular field). Encyclopedias and Other Reference Books and ReportCast are registered trademarks of Actuate Software Corporation. Live Report Extensions, ReportBlast, Transporter and Virtual Report Distribution are trademarks of Actuate Software Corporation. All other products and corporate names referenced are trademarks of their respective companies. (c) Copyright 1999, Actuate Software 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 the Company's expectations, beliefs, hopes, intentions or strategies regarding the future. All forward looking statements in this release are based upon information available to the Company as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the Company assumes no obligation to update any such forward looking statements. Actual results could differ materially from the Company's current expectations. Factors that could cause or contribute to such differences include, but are not limited to: variation in demand for and acceptance of the Company's products and services, the size and timing of sales, failure to maintain successful relationships with and to establish new relationships with enterprise application vendors, the level of product and price competition from existing and new competitors, changes in the Company's level of operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and its ability to control costs, changes in the mix of domestic and international revenues and changes in the mix of direct and indirect sales, delays in developing, marketing and deploying new products, the ability of the Company to expand its direct sales force and indirect distribution channels both domestically and internationally, the Company's success in attracting and retaining key personnel, the growth of the market for enterprise reporting, the ability of the Company to successfully integrate technologies and businesses it may acquire in the future and general domestic and international economic and political conditions. Readers are referred to the Company's Securities and Exchange Commission filings, specifically the Company's registration statement on Form S-1 filed on July 17, 1998. -0-
ACTUATE SOFTWARE CORPORATION
CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
1998 1997 1998 1997
Revenues:
License fees $ 5,763 $ 2,510 $ 17,750 $ 7,542
Services 1,345 812 4,122 1,976
Total revenues 7,108 3,322 21,872 9,518
Operating expenses:
Cost of license fees 193 327 1,012 647
Cost of services 855 544 3,171 1,263
Sales and marketing 3,223 2,464 11,658 7,366
Research and
development 1,899 1,607 7,373 6,213
General and
administrative 737 493 2,563 1,317
Total operating
expenses 6,907 5,435 25,777 16,806
Income (loss)
from operations 201 (2,113) (3,905) (7,288)
Equity in losses
of affiliate - (10) - (36)
Interest and other
income, net 399 (5) 739 82
Net income (loss) $ 600 $(2,128) $(3,166) $(7,242)
Basic earnings (loss)
per share $ 0.05 $ (0.67) $ (0.41) $ (2.48)
Diluted earnings (loss)
per share $ 0.04 $ (0.67) $ (0.41) $ (2.48)
Pro forma basic earnings
(loss) per share $ 0.05 $ (0.22) $ (0.28) $ (0.78)
Pro forma diluted earnings
(loss) per share $ 0.04 $ (0.22) $ (0.28) $ (0.78)
Weighted average shares
used in computing:
Basic earnings (loss)
per share 13,261 3,187 7,755 2,920
Diluted earnings
(loss) per share 14,422 3,187 7,755 2,920
Pro forma basic
earnings (loss)
per share 13,261 9,677 11,388 9,290
Pro forma
diluted earnings
(loss) per share 14,422 9,677 11,388 9,290
ACTUATE SOFTWARE CORPORATION
CONDENSED BALANCE SHEETS
(in thousands)
(unaudited)
December 31, December 31,
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $ 21,808 $ 2,901
Short-term investments 10,922 290
Accounts receivable, net 5,050 2,984
Other current assets 400 172
Total current assets 38,180 6,347
Property and equipment, net 1,405 1,096
Other assets 213 144
--------- --------
$ 39,798 $ 7,587
$ 39,798 $ 7,587
LIABILITIES AND STOCKHOLDERS' EQUITY
(NET CAPITAL DEFICIENCY)
Current liabilities:
Accounts payable $ 1,210 $ 843
Accrued compensation 1,293 997
Other accrued liabilities 3,393 1,679
Deferred revenue 7,868 6,021
Capital lease obligations - 125
Total current liabilities 13,764 9,665
Capital lease obligations - 124
Stockholders' equity
(net capital deficiency):
Convertible preferred stock - 6
Common stock 14 4
Additional paid-in capital 46,592 14,908
Note receivable from officer (40) (40)
Deferred stock compensation (393) (107)
Accumulated deficit (20,139) (16,973)
Total stockholders' equity
(net capital deficiency) 26,034 (2,202)
-------- --------
$ 39,798 $ 7,587
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