BackWeb Reports Strong First Quarter 2000 Results; Growing Momentum as Internet's Push Infrastructure Drives Revenue Growth of 117 Percent Year-Over-Year.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--April 26, 2000 BackWeb An Internet delivery platform from BackWeb Technologies, Inc., San Jose, CA (www.backweb.com). The BackWeb Polite Sync Server pushes content to users such as news, stock quotes and virus and software upgrades. (R) Technologies (Nasdaq: BWEB BWEB Broadcast Web BWEB Bacula Web Interface ), a leading provider of push for e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. solutions, today announced first quarter results for the period ending March 31, 2000. Increased demand for BackWeb's leading push for e-business solutions across all of its core markets drove revenue growth of 117 percent over prior year and 13 percent growth over last quarter. BackWeb's push solutions are growing increasingly popular among Global 2000 companies as an integral component of their standard e-business communications infrastructure for internal, 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 "customer facing" communications. Revenues for the first quarter increased 117 percent to $8.9 million, from $4.1 million in the first quarter of 1999 and grew 13 percent from $7.9 million the previous quarter. Excluding amortization charges related to a previous acquisition and deferred stock compensation, net loss for the first quarter was $1.7 million, or $0.05 per 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. share, compared to a net loss of $2.5 million or $0.11 per diluted share for the same period a year earlier. Including these charges, net loss for the quarter was $2.2 million, or $0.06 per share loss compared to a net loss of $3.7 million, or $0.16 per share in the first quarter of 1999. "During the quarter we made continued progress in establishing BackWeb's Polite(TM) push infrastructure technology as a de facto [Latin, In fact.] In fact, in deed, actually. This phrase is used to characterize an officer, a government, a past action, or a state of affairs that must be accepted for all practical purposes, but is illegal or illegitimate. Internet standard An Internet standard is a specification for an innovative internetworking technology or methodology, which the Internet Engineering Task Force (IETF) ratified as an open standard after the innovation underwent peer review. ," said Eli Barkat, 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. of BackWeb Technologies. "This growth was driven by our continued success in the business-to-business sector, by increasing demand from existing customers, and by an aggressive effort by the Global 2000 to implement BackWeb beyond individual departments to the entire enterprise. Now more than ever, BackWeb is poised to lead the ubiquitous Found in large quantities everywhere. This English word means "all over the place." acceptance of push solutions to meet the demands of e-business." First Quarter 2000 Highlights BackWeb's first quarter of 2000 was highlighted by new customer wins, additional ubiquity-driving relationships, major business-to-business momentum, key strategic alliances, the debut of BackWeb-powered start-ups, and a major new product release.
-- INCREASING CUSTOMER ADOPTION: Strong Q1 2000 revenues resulted
from mounting demand among both new and existing customers. New
customer wins include ADP's Dealer Services Group, Dow Corning,
Enron Corp., Kaeser, Nationwide Builders Association, and Owens
Illinois. Also contributing to Q1 revenues were existing BackWeb
customers, including Bell Atlantic Mobile, Cisco Systems, Inc.,
Charles Schwab & Co., Inc., Goldman Sachs & Co., Hewlett-Packard
Company, Nortel Networks and SBC Communications.
-- UBIQUITY ALLIANCES: New alliances with such companies as
NEC/Packard Bell continue to drive BackWeb's ubiquity in the
marketplace.
-- B-to-B Momentum: BackWeb made significant inroads into the B-to-B
space as SAP AG and Whomakesit.com (a B-to-B infomediary portal
for the electronics component industry), announced plans to
integrate the BackWeb infrastructure into their marketplaces as
part of a growing effort to create "proactive exchanges. Ericsson,
NEC Computers International BV, and Sage Software all announced
plans to implement BackWeb's software to proactively deliver
critical, time-sensitive information and materials to hundreds of
thousands of partners around the world.
-- STRATEGIC ALLIANCES: SAP AG's BackWeb-enabled CRM solutions helped
drive BackWeb's revenues in Q1 2000, reflecting the strength and
potential of the company's partnership with SAP. BackWeb and
Viador, Inc.(TM) also announced a joint effort to allow Viador's
E-Portal Suite(TM) customers to transform their enterprise portals
into proactive, personalized sources of current and vital
information. Cable & Wireless and BackWeb also jointly announced
that the global telecommunications group will offer BackWeb
solutions to its largest multinational accounts.
-- START-UPS BUILDING ON BACKWEB PUSH: Two new start-ups debuted in
Q1 that feature businesses driven by BackWeb technology:
Deliverex, a delivery exchange service for digital content, and
Adsavers.com, a pay-per-view Internet advertising company.
-- NEW PRODUCTS: BackWeb Sales Accelerator 2.0, the next generation
of BackWeb's popular solution for empowering the sales chain with
mission-critical communication, delivery and feedback
capabilities, debuted with enhancements for business-to-business
environments.
Conference Call BackWeb has scheduled a conference call for 5:00 p.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT today to discuss the first quarter results. Interested parties may access the conference call 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 at http://www.backweb.com. About BackWeb Technologies BackWeb Technologies is a leading provider of push for e-business solutions that enable companies to communicate time-sensitive, business-critical information throughout the extended enterprise of customers, partners and employees. Via Internet-based applications and proactive portals, corporations such as Cisco, Compaq (Compaq Computer Corporation, Houston, TX, www.compaq.com) Compaq was the leading PC manufacturer when it was acquired by HP in 2002. Founded in 1982 by Rod Canion, Jim Harris and Bill Murto, one year later the company shipped 53,000 PC-compatible COMPAQ Portables, resulting in $111 , Hewlett-Packard See HP. Hewlett-Packard - (HP) Hewlett-Packard designs, manufactures and services electronic products and systems for measurement, computation and communications. The company's products and services are used in industry, business, engineering, science, medicine and , and Schlumberger Schlumberger Limited is the world's largest oilfield services corporation operating in approximately 80 countries, with about 70,000 people of 140 nationalities. Schlumberger supplies a wide range of products and services from seismic acquisition and processing; formation Dowell have deployed BackWeb's Polite(TM) push Internet infrastructure for managing critical changes for key e-business and customer service applications. BackWeb Technologies is headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , and Ramat Gan Ramat Gan (rä`mät gän), city (1994 pop. 122,200), W central Israel, adjacent to Tel Aviv. Founded in 1921, Ramat Gan is an important industrial center. Food processing is the chief industry; construction materials are also made there. , Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. . For more information, visit its web site at www.backweb.com or call (800) 863-0100. Statements in this news release which are not purely historical 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. within the meaning of the U.S. Federal Securities laws, including, any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include changes in the competitive landscape including new competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. the impact of competitive pricing and products, dependence upon a limited number of key resellers and customers, timely availability and customer acceptance of new and existing products, rapid changes in market conditions due to changing technological standards, fluctuations in quarterly results, BackWeb's dependence upon and ability to attract and retain qualified employees, potential Year 2000 problems Year 2000 problem, Y2K problem, or millennium bug, in computer science, a design flaw in the hardware or software of a computer that caused erroneous results when working with dates beyond Dec. 31, 1999. with BackWeb's products or internal operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , and the risks and uncertainties detailed from time to time in BackWeb's periodic reports and registration statements filed with the U.S. Securities and Exchange Commission. BackWeb undertakes no obligation to publicly update or revise any forward-looking statements. Note to Editors: BackWeb is a registered trademark of BackWeb Technologies. Polite Agent is a trademark of BackWeb Technologies. All other trademarks are the property of their respective owners.
BACKWEB TECHNOLOGIES LTD
Consolidated Statements of Operations
(in $ thousands, except per share data)
Three Months Ended
March 31, March 31,
2000 1999
------- -------
$'000 $'000
------- -------
Revenues:
License 6,883 3,308
Service 2,020 789
------- -------
Total revenues 8,903 4,097
Cost of revenues:
License 32 73
Service 1,329 592
------- -------
Total cost of revenues 1,361 665
Gross profit 7,542 3,432
Operating expenses:
Research and development 1,843 997
Sales and marketing 6,936 3,831
General and administrative 1,596 931
Amortization of goodwill, other
intangibles, and deferred stock
compensation 447 1,202
------- -------
Total operating expenses 10,822 6,961
------- -------
Loss from operations (3,280) (3,529)
Other income, net 1,128 (157)
------- -------
Net loss (2,152) (3,686)
======= =======
Basic and diluted net
loss per share (including amort.) (0.06) (1.40)
======= =======
Basic and diluted net
loss per share (excluding amort.) (0.05) (0.95)
======= =======
Shares used in
computing basic and diluted
net loss per share 35,985 2,627
======= =======
Pro forma basic
and diluted net loss
per share (including amort.) (0.16)
=======
Pro forma basic and
diluted net loss
per share (excluding amort.) (0.11)
=======
Shares used in computing
pro forma basic and diluted
net loss per share 23,058
=======
UNAUDITED
BACKWEB TECHNOLOGIES LTD
Consolidated Balance Sheets
(in $ thousands)
March 31, Dec. 31,
2000 1999
------ ------
$'000 $'000
------ ------
ASSETS
Current assets:
Cash and cash equivalents 41,522 18,818
Short term investments 44,983 56,789
Accounts receivable, net 8,000 6,142
Other current assets 2,927 2,344
------ ------
Total current assets 97,432 84,093
Property and equipment, net 1,788 1,631
Goodwill and other purchased intangibles, net 13 181
Other assets 165 144
------ ------
99,398 86,049
====== ======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities 7,569 8,576
Deferred revenue 3,131 3,321
Payable of related parties -- 50
Current portion of shareholders' loans 368 823
------ ------
Total current liabilities 11,068 12,770
Long-term liabilities:
Long-term deferred revenue 113 --
Accrued severance pay, net 222 150
Total Shareholders' equity 87,995 73,129
------ ------
99,398 86,049
====== ======
UNAUDITED
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