Asymetrix Reports Q2 99 Financial Results.BELLEVUE Bellevue (bĕl`vy  ).1 City (1990 pop. 30,982), Sarpy co., E Nebr., a suburb of Omaha, on the Missouri River; inc. 1855. , Wash.--(BUSINESS WIRE)--July 21, 1999-- Asymetrix Learning Systems, Inc. (Nasdaq:ASYM) today announced revenues for the three months ended June June: see month. 30, 1999, of $8.6 million, an increase of 15% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen from the quarter ended March 31, 1999, and 2% over the prior year period. Loss per share was $0.14 on 14.02 million average weighted shares outstanding compared to $0.32 loss per share in the second quarter of 1998. Online learning product revenue grew to $3.3 million, an increase of 20% over Q1 99 and 27% over the prior year. Asymetrix today outlined plans for a new business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. and consumer learning portal, click2learn.com. This 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 learning destination, which complements the companies existing line of products, will be a conduit conduit /con·du·it/ (kon´doo-it) channel. ileal conduit the surgical anastomosis of the ureters to one end of a detached segment of ileum, the other end being used to form a stoma on the to web-delivered courseware Educational software. See CBT and OpenCourseWare. (application) courseware - Programs and data used in Computer-Based Training. and ancillary Subordinate; aiding. A legal proceeding that is not the primary dispute but which aids the judgment rendered in or the outcome of the main action. A descriptive term that denotes a legal claim, the existence of which is dependent upon or reasonably linked to a main claim. products, as well as a free publishing vehicle for online course content. "We are pleased with the solid performance in revenues and operating results in Q2, particularly during a period of heightened internal activity surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the company's business-to-business learning portal," said Jim Billmaier, 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. . "Click2learn.com represents a totally new approach to learning and training. It allows organizations to implement an online learning solution, with immediately useful content, and without financial risk. It also will allow individuals to access online learning on virtually any topic, easily and affordably, from anywhere in the world. According ac·cord v. ac·cord·ed, ac·cord·ing, ac·cords v.tr. 1. To cause to conform or agree; bring into harmony. 2. , we are investing incrementally in marketing and site development to make this the leading business-to-business and consumer Internet learning destination." Asymetrix founder and largest shareowner share·own·er n. See shareholder. Noun 1. shareowner - someone who holds shares of stock in a corporation shareholder, stockholder investor - someone who commits capital in order to gain financial returns Paul Allen
Paul Gardner Allen (born January 21, 1953 in Seattle, Washington) is an American entrepreneur. With Bill Gates, he formed Microsoft. has challenged his portfolio companies to develop advanced services to leverage his broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). platform and Internet investments. Building upon its leading online training position, click2learn.com is the company's first step toward meeting this challenge. The site is currently accessible in preview To see ahead of time. Page layout and word processing programs often have a preview function that lets you see how all the pages will appear before they are printed. In the days of character-based interfaces, a preview was absolutely necessary to see how different fonts would look or how mode located at http://click2learn.asymetrix.com. About Asymetrix Learning Systems, Inc. Asymetrix Learning Systems, Inc. (Nasdaq:ASYM) is a leading provider of online enterprise learning solutions that enable organizations to author, deploy and manage Internet-based training and education. Asymetrix offers a single source training solution incorporating learning management and authoring software products with professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. , including custom development, strategic consulting and integration services. For more information on Asymetrix solutions, call 800/448-6543 or 425/462-0501. Asymetrix Learning Systems Inc. is located on the World Wide Web at http://www.asymetrix.com. 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 made pursuant to the 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. provisions of 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. Investors are cautioned that such forward-looking statements, involve significant risks and uncertainties, including and without limitation: increased demand for, and market acceptance of, technology-based training and online learning solution; market acceptance of the Company's or its competitors' products and services; the Company's ability to meet the needs of sophisticated corporate customers; and the other risks related to the business of Asymetrix as detailed in the Company's Prospectus A document, notice, circular, advertisement, letter, or communication in written form or by radio or television that offers any security for sale, or confirms the sale of any security. dated June 12, 1988 on file with the SEC, and in its 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. dated March 31, 1999. Asymetrix is a registered trademark and click2learn.com is a trademark of Asymetrix Learning Systems, Inc. Asymetrix is registered in the USA and in certain other countries. -0-
ASYMETRIX LEARNING SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, Dec. 31,
1999 1998
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $ 16,245 $ 21,713
Accounts receivable, net
of allowance for returns and
doubtful accounts
of $861 and $1,397 9,568 7,917
Inventories 302 370
Other current assets 1,541 1,257
----------- -----------
Total current assets 27,656 31,257
Property and equipment, net 2,521 2,320
Goodwill and other
intangible assets, net 9,780 9,917
Other assets 231 128
----------- -----------
Total assets $ 40,188 $ 43,622
=========== ===========
Liabilities and Stockholders' Equity
Current liabilities $ 7,153 $ 6,344
Noncurrent liabilities 219 268
----------- -----------
Total liabilities 7,372 6,612
Stockholders' equity 32,816 37,010
----------- -----------
Total liabilities and
stockholders' equity $ 40,188 $ 43,622
=========== ===========
ASYMETRIX LEARNING SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
Three months ended Six months ended
June 30, June 30,
------- ------- ------- -------
1999 1998 1999 1998
------- ------- ------- -------
(Unaudited) (Unaudited)
Revenue:
Product revenue:
Online learning products $ 3,280 $ 2,588 $ 6,016 $ 4,893
Other products 288 730 706 2,270
------- ------- ------- -------
Total product revenue 3,568 3,318 6,722 7,163
Services revenue 4,983 5,054 9,289 9,407
------- ------- ------- -------
Total revenue 8,551 8,372 16,011 16,570
------- ------- ------- -------
Cost of revenue:
Product revenue:
Online learning
products 225 269 403 478
Other products 122 288 258 577
------- ------- ------- -------
Total cost of
product revenue 347 557 661 1,055
Services revenue 3,491 3,140 6,767 5,992
------- ------- ------- -------
Total cost of revenue 3,838 3,697 7,428 7,047
------- ------- ------- -------
Gross margin 4,713 4,675 8,583 9,523
------- ------- ------- -------
Operating expenses:
Research and
development 1,644 1,551 3,158 3,070
Sales and
marketing 3,654 3,556 7,180 7,061
General and
administrative 1,400 1,443 2,656 2,944
------- ------- ------- -------
Total operating
expenses 6,698 6,550 12,994 13,075
Amortization of
goodwill 219 195 438 379
Loss from operations (2,204) (2,070) (4,849) (3,931)
Other income
(expense), net 201 15 440 2,166
------- ------- ------- -------
Net loss $(2,003) $(2,055) $(4,409) $(1,765)
------- ------- ------- -------
Earnings per share,
based on net loss $(0.14) $(0.25) $(0.32) $(0.23)
Accretion of redemption
value of redeemable
common stock - (604) - (1,370)
======= ======= ======= =======
Net loss attributable
to common stockholders $(2,003) $(2,659) $(4,409) $(3,135)
======= ======= ======= =======
Net loss per share, basic
and diluted $(0.14) $(0.32) $(0.32) $(0.41)
======= ======= ======= =======
Weighted average common
shares outstanding,
basic and diluted 14,019 8,304 13,993 7,618
======= ======= ======= =======
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