Artemis International Solutions Corporation Reports Third Quarter 2001 Financial Results.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 19, 2001 Opus opus (ō`pəs) [Lat.,=work], in music, term used in cataloging a composer's works, designating either a single composition or a group published together or considered a unit. 360 Corporation d/b/a Artemis Artemis (är`təmĭs), in Greek religion and mythology, Olympian goddess, daughter of Zeus and Leto and twin sister of Apollo. Artemis' early worship, especially at Ephesus, identified her as an earth goddess, similar to Astarte. International Solutions Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :OPUS.OB), a leading provider of Web-based, enterprise-wide project and resource collaboration Working together on a project. See collaborative software. solutions, today reported financial results for its third quarter 2001. Artemis' total revenue for the quarter ending September September: see month. 30, 2001 was $15.9 million, an increase of 25% from the $12.7 million recorded for the quarter ended September 30, 2000. Reported net loss for the quarter was $7.7 million, or $0.09 per share, compared with a net loss of $2.5 million, or $1.17 per share, for the quarter ended September 30, 2000. For the first nine months of 2001, Artemis reported total revenue of $50.4 million, an increase of 47% from the $34.2 million recorded for the comparable period in fiscal year 2000. Reported net loss for the first nine months of 2001 was $17.1 million, or $0.58 per share, compared with a net loss of $3.0 million, or $1.43 per share for the 2000 comparable period. The current period results reflect the inclusion of historical Opus360 Corporation operations from July July: see month. 31, 2001, as well as consolidation of the Company's Asian (less Japan), Finnish, French, German and Italian subsidiaries since January January: see month. 2001. Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. Yager Ya´ger n. 1. (Mil.) In the German army, one belonging to a body of light infantry armed with rifles, resembling the chasseur of the French army. , Artemis's chief executive officer, observed ob·serve v. ob·served, ob·serv·ing, ob·serves v.tr. 1. To be or become aware of, especially through careful and directed attention; notice. 2. that, "This was a key quarter for Artemis. We achieved a number of milestones. Specifically, we combined the operations of Opus360 with Artemis, we delivered PortfolioDirector(TM), an entirely new, web-enabled project risk assessment tool for CXOs on time and within budget. We also announced Artemis ViewPoint(TM), which gives project and resource managers a Web-based, portal approach to managing extremely complex projects with confidence." The Company has scheduled a conference call to discuss its results for the third quarter of 2001 at 10:00 a.m. Eastern Standard Time on Monday Monday: see week. , November November: see month. 19th. Artemis International 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. Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Yager will host the call. A replay of the call will be available on the artemisintl.com Web site after 7:00 p.m. Eastern Standard Time the same day, and will remain available until midnight Eastern Standard Time on November 27, 2001. About Artemis International Solutions Corporation Artemis International Solutions Corporation is the most experienced project and resource collaboration software See collaborative software. company in the world. The company's 25 years of success are built on its proven ability to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution customer-driven applications for all levels of the enterprise-- from the executive to the knowledge worker. Only Artemis offers the complete Business Management Architecture(TM), comprised of scalable client/server An architecture in which the user's PC (the client) is the requesting machine and the server is the supplying machine, both of which are connected via a local area network (LAN) or wide area network (WAN). and Web-based applications See Web application. and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" . Artemis' package of enterprise software includes strategic portfolio management and project and resource management applications. Artemis provides mission-critical solutions to Global 2000 companies worldwide. Recently named one of Knowledge Management World's "Top 100 Companies That Matter," Artemis operates through its international network of 41 offices in 27 countries. The Artemis family of companies recently combined with Opus360 Corporation. The common stock of the resulting company trades under the symbol "OPUS" on the OTCBB. For more information, visit the Artemis Web site at www.artemisintl.com. Forward Looking Statements "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This press release contains or may contain 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. such as statements regarding the effect of completing the combination of Opus360 with the Artemis businesses, the ability of Opus360 and Artemis to successfully integrate their businesses, the combined company's growth and profitability, growth strategy, liquidity and access to public markets, operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. reduction and trends in the industry in which the Company operates. These forward-looking statements are based on current expectations and are subject to a number of risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements are detailed in the documents filed by Opus360 with the Securities and Exchange Commission including but not limited to those contained under the Risk Factors section of the Definitive Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed by the Company with the Securities and Exchange Commission on November 6, 2001. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in risks, uncertainties or assumptions underlying or affecting such statements or for prospective events that may have a retroactive Having reference to things that happened in the past, prior to the occurrence of the act in question. A retroactive or retrospective law is one that takes away or impairs vested rights acquired under existing laws, creates new obligations, imposes new duties, or attaches a effect.
Artemis International Solutions Corporation
Combined and Consolidated Statements of Operations
(Unaudited)
(in thousands except, per share amounts)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
------------------------------------------------------
2001 2000 2001 2000
------------------------------------------------------
Revenue:
Software $ 2,731 $ 5,959 $ 10,757 $ 13,421
Support 4,382 2,864 12,833 8,636
Services 8,802 3,891 26,786 12,149
------------------------------------------------------
Net Revenue 15,915 12,714 50,376 34,206
Cost of revenue:
Software 546 569 1,423 1,210
Support 1,848 1,408 5,547 8,954
Services 5,968 3,106 18,349 4,047
------------------------------------------------------
8,362 5,083 25,319 14,211
------------------------------------------------------
Gross margin 7,553 7,631 25,057 19,995
Operating expenses
Selling and
marketing 4,357 3,128 12,910 8,758
Research and
development 3,223 1,887 8,225 5,904
General and
administrative 3,202 1,176 7,036 3,551
Amortization
expense 3,858 1,899 12,154 3,373
Management fees - 352 806 1,349
Acquisition costs 363 1,809 363 1,809
------------------------------------------------------
15,003 10,251 41,494 24,744
------------------------------------------------------
Operating loss (7,450) (2,620) (16,437) (4,749)
Interest expense,
net 201 307 537 1,018
Equity in loss of
unconsolidated
affiliates 55 169
Other (income)
expense 11 (125) (54) 103
------------------------------------------------------
267 182 652 1,121
------------------------------------------------------
Loss before
income taxes (7,717) (2,802) (17,089) (5,870)
Income tax
expense (benefit) (15) (283) 135 (2,850)
------------------------------------------------------
Loss before
minority interest (7,702) (2,519) (17,224) (3,020)
Minority interest
in earnings of
unconsolidated
subsidiary - - (95) -
------------------------------------------------------
Net loss $ (7,702) $ (2,519) $ (17,129) $ (3,020)
======================================================
Basic and diluted
net loss per share $ (0.09) $ (1.17) $ (0.58) $ (1.43)
======================================================
Weighted average
common shares used
in computing basic
and diluted net
loss per share 82,826 2,150 29,434 2,109
======================================================
Artemis International Solutions Corporation
Combined and Consolidated Balance Sheets
September 30, 2001 December 31, 2000
(unaudited)
---------------------------------------
(In thousands, except share amounts)
Assets
Current assets:
Cash $ 6,253 $ 3,200
Trade accounts receivable,
less allowance for doubtful
accounts of $278 at
September 30, 2001 and
$138 at December 31, 2000 15,116 17,369
Accounts receivable-
affiliates/distributors 279 1,235
Short-term investments - 250
Prepaid expenses and
other current assets 3,668 2,019
------------------------------------
Total current assets 25,316 24,073
Property and equipment, net of
depreciation of $4,515 at
September 30,2001 and $4,254
at December 31, 2000 3,823 1,825
Goodwill, net of accumulated
amortization of $17,026 at
September 30, 2001 and
$10,505 at December 31, 2000 18,488 25,009
Other intangible assets, net of
amortization of $7,291 at
September 30, 2001 and $2,284
at December 31, 2000 32,735 37,742
Deferred taxes 2,869 2,819
Investment in affiliates
and other assets 2,517 1,102
------------------------------------
Total assets $ 85,748 $ 92,570
====================================
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 6,861 $ 5,088
Accounts payable -
parent company - 2,050
Short-term line of credit 1,025 880
Current portion of
long-term debt 1,082 1,770
Deferred revenue 8,407 8,228
Accrued liabilities 11,108 4,035
Accrued taxes 3,403 3,543
Other accrued liabilities 1,261 1,302
------------------------------------
Total current liabilities 33,147 26,896
Long-term debt, less
current portion 2,593 3,776
Accrued pension and
other liabilities 1,058 898
------------------------------------
Total liabilities 36,798 31,570
------------------------------------
Minority interest - 95
Stockholders' equity:
Common stock, $0.001 par value,
150,000,000 shares authorized,
123,736,703 and 2,296,523
issued and outstanding,
respectively 124 23
Investment in stock of
parent company - (2,783)
Additional paid-in capital 80,073 74,555
Accumulated deficit (30,575) (11,388)
Accumulated other comprehensive
income (loss) (672) 498
------------------------------------
Total stockholders' equity 48,950 60,905
------------------------------------
Total liabilities and
stockholders' equity $ 85,748 $ 92,570
====================================
--30--NTC/rr/se*
CONTACT: Artemis International Solutions Corporation
Peter Schwartz, 212/884-6432
pete.schwartz@us.artemisintl.com
KEYWORD: NEW YORK
INDUSTRY KEYWORD: SOFTWARE EARNINGS
SOURCE: Artemis International Solutions Corporation
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