Bluestone Software, Inc. Reports Record Revenues for the Fourth Quarter and Year End 1999; 4th Quarter Revenue Grows to a Record $5.1 Million.Business Editors/Hi-Tech Writers PHILADELPHIA--(BUSINESS WIRE)--Jan. 31, 2000 Bluestone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. (R) Software, Inc., (Nasdaq NM: BLSW), a leading provider of Enterprise Interaction Management software, today reported its results for the fourth quarter and year-ended December December: see month. 31, 1999. Total revenue for the fourth quarter of 1999 was $5.1 million, a 192% increase over proprietary software licensing and services revenue of $1.7 million for the fourth quarter of 1998, and a 26% increase over the $4.0 million for the third quarter of 1999. 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 net loss was $4.0 million, or $0.22 per share for the fourth quarter of 1999, as compared to a pro forma net loss of $4.0 million, or $0.38 per share for the fourth quarter of 1998, and a pro forma net loss of $3.7 million, or $0.27 per share for the third quarter of 1999. Beginning in the second quarter of 1998, the Company curtailed its licensing and services related to third party software. Its revenues since then have been related to proprietary products. Pro forma net loss per share is presented herein assuming (i) the net loss prior to the accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends, and (ii) the conversion of all the outstanding shares of preferred stock and accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. dividends on preferred stock into common stock upon the Company's initial public offering using the as converted method from their respective dates of issuance. Software license revenue for the fourth quarter of 1999 totaled $3.8 million, an increase of 347% from $845,000 for the fourth quarter of 1998, and a 20% increase from $3.1 million for the third quarter of 1999. Services revenue for the fourth quarter of 1999 was $1.3 million, an increase of 44% compared to $885,000 for the fourth quarter of 1998, and a 49% increase from services revenue of $856,000 for the third quarter of 1999. For the twelve months ended December 31, 1999, total revenue increased 123% to $15.6 million over proprietary software licensing and services revenue of $7.0 million for the twelve-months ended December 31 1998. Pro forma net loss was $15.1 million, or $1.13 per share for the twelve months ended December 31, 1999, compared to a pro forma net loss of $11.6 million, or $1.35 per share for the twelve months ended December 31, 1998. &uot;The final quarter of 1999 presented significant opportunities for Bluestone and we showed our corporate culture by rising to the challenge&uot; said P. Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Kilroy Kilroy fictitious American soldier; left inscription, “Kilroy was here,” everywhere U.S. soldiers were stationed (1940s). [Am. Mil. Folklore: Misc.] See : Ubiquity , 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 Bluestone, &uot;Not only did we deliver quality product on time, but we won deals against many of our competitors, adding recognized and new names such as Avnet Avnet, Inc. (NYSE: AVT) is a technology B2B distributor headquartered in Phoenix, Arizona. The company states on their website that:
A conference call to discuss Bluestone's results is scheduled for Monday Monday: see week. January January: see month. 31st at 5:00 p.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ). Investors will have the opportunity to listen to 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 through Vcall at http://www.vcall.com. To listen to the live call, please go to the Vcall web site at least fifteen minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and a transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record will be available 24 to 48 hours later. Institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. can access a replay of the call through Streetfusion until Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , February February: see month. 18th at http://www.streetfusion.com and StreetEvents at http://www.streetevents.com. About Bluestone Software Bluestone(R) Software, Inc. is a leading provider of Enterprise Interaction Management software. Companies deploying e-business applications, like Avnet, Food.com, MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. WorldCom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. , Reliance National, Strategic Weather Services, and Time Inc., rely on Bluestone Total-e-Business(TM), Bluestone Sapphire/Web(R), and Bluestone 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. Suite(TM) to provide comprehensive e-business platforms, Internet-class infrastructures, and robust integration services that e-business success demands. Bluestone is headquartered at 300 Stevens Drive, Philadelphia, Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , 19113-1597. For more information, please call 888-Bluestone or 610-915-5000, e-mail info@bluestone.com, or visit http://www.bluestone.com Bluestone and Sapphire/Web are registered trademarks, and Bluestone XML Suite and Total-e-Business are trademarks of Bluestone Software, Inc. All other names, brands or products may be trademarks or registered trademarks of their respective owners. Certain statements in this press release constitute 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. as such term is defined in 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. Forward looking statements involve known and unknown risks, uncertainties and other factors, including those contained in Bluestone's publicly filed reports with the Securities and Exchange Commission, which may cause Bluestone's actual results, performance, or achievements or those of its customers or its industry to be materially different from the future results, performance or achievements expressed or implied by these forward looking statements. Specifically, the Company's beliefs with respect to the business opportunities presented by e-business and the Company's ability to profitably market and deploy its product and services may prove to be inaccurate. In light of the significant uncertainties inherent in these forward looking statements, the information in this press release should not be considered a representation by the Company or any other person that Bluestone's objectives and plans will be achieved. (Financial tables follow)
Bluestone Software, Inc.
Condensed Statements of Operations
(in thousands, except per share data)
Three Months Ended Year Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1999 1998 1999 1998
---- ---- ---- ----
Revenue:
Software license fees $ 3,780 $ 845 $11,654 $ 3,391
Services 1,272 885 3,993 3,620
Third party products
and related services - 61 - 1,107
------- ------- ------- -------
Total revenue 5,052 1,791 15,647 8,118
Cost of revenue:
Software license fees 191 50 401 259
Services 1,379 1,163 4,791 4,433
Third party products and
related services - 35 - 643
------- ------- ------- -------
Total cost of revenue 1,570 1,248 5,192 5,335
------- ------- ------- -------
Gross profit 3,482 543 10,455 2,783
------- ------- ------- -------
Operating expenses:
Sales and marketing 5,235 2,874 15,936 9,551
Product development 1,450 866 4,537 2,474
General and administrative 1,299 701 4,412 2,316
Amortization of
stock-based compensation 85 - 282 -
------- ------- ------- -------
Total operating
expenses 8,069 4,441 25,167 14,341
------- ------- ------- -------
Operating loss (4,587) (3,898) (14,712) (11,558)
Interest income (expense),
net 629 (56) (406) (47)
------- ------- ------- -------
Net loss (3,958) (3,954) (15,118) (11,605)
Accretion of preferred
stock redemption value - (269) (1,636) (846)
------- ------- ------- -------
Net loss available to
common stockholders $(3,958) $(4,223) $(16,754) $(12,451)
======= ======= ======= =======
Basic and diluted net
loss per share $ (0.22) $ (1.50) $ (2.42) $ (4.42)
======= ======= ======= =======
Shares used in computing
basic and diluted net
loss per share 17,979 2,815 6,928 2,814
======= ======= ======= =======
Pro forma basic and
diluted net loss per
share (1) $ (0.22) $ (0.38) $ (1.13) $ (1.35)
======= ======= ======= =======
Shares used in computing pro
forma basic and diluted
net loss per share (1) 17,979 10,403 13,429 8,619
======= ======= ======= =======
1) Pro forma net loss per share is presented herein assuming (i) the
net loss prior to the accretion of preferred stock dividends, and
(ii) the conversion of all the outstanding shares of preferred stock
and accrued dividends on preferred stock into common stock upon
Bluestone Software's public offering using the as converted method
from their respective dates of issuance.
Bluestone Software, Inc.
Condensed Balance Sheet
December 31, December 31,
1999 1998
---- ----
Current assets:
Cash and cash equivalents $ 66,160 $ 2,535
Accounts receivable, net 4,079 3,370
Prepaid expenses and other 1,043 149
-------- --------
Total current assets 71,282 6,054
Net property and equipment 2,495 1,449
Deposits 363 33
-------- --------
Total Assets $ 74,140 $ 7,536
======== ========
Current liabilities:
Current liabilities $ 5,771 $ 3,169
Deferred revenues 1,966 3,223
-------- --------
Total current liabilities 7,737 6,392
Long-term debt 439 876
Subordinated note due related party - 1,000
-------- --------
Total liabilities 8,176 8,268
-------- --------
Mandatorily redeemable
convertible preferred stock - 17,415
-------- --------
Total stockholders' equity (deficit) 65,964 (18,147)
-------- --------
Total Liabilities and Stockholders'
Equity (Deficit) $ 74,140 $ 7,536
======== ========
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