Bluestone Software Reports Record Q1 2000 Results - 122% Annual Growth Over Same Quarter Prior Year and 44% Sequential Growth From Q4 1999!; Q1 Revenue Grows to a Record $7.3 Million.Business Editors/Hi-Tech Writers PHILADELPHIA--(BUSINESS WIRE)--April 19, 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 and 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. software, today reported its results for the quarter ended March 31, 2000. "Bluestone performed admirably ad·mi·ra·ble adj. Deserving admiration. ad  mi·ra·ble·ness n.ad in Q1 2000, meeting all established targets and exceeding expectations resulting in 122% same quarter growth over 1999 and an increase in revenues from $5.1 million in fourth quarter 1999 to $7.3 million in first quarter 2000, or a sequential quarterly growth rate of 44% over fourth quarter 1999," said P. Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Kilroy, 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 Software. "During the first quarter of 2000, Bluestone delivered on the promise of its recent Total-e-Business product launch with the majority of new license sales delivered through our Total-e-Business product family. At the same time Bluestone saw yet another successive quarterly increase in our average sales price (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). )." Kilroy further stated, "The reception of our newest product family, Total-e-Business, exceeded our expectations, and continues to deliver exciting new license revenues and new business opportunities in the B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business , Wireless 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. and the B2C (Business to Consumer) Refers to a business communicating with or selling to an individual rather than a company. See B2B. market. Equally as impressive is the Q1 initiation of our European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. operations, as scheduled, resulting in the rapid closure of a new significant, Wireless E-Commerce software license in the United Kingdom. In the first quarter of 2000 Bluestone completed a secondary offering providing the company with a strong cash balance in excess of $211 million to aggressively fuel our expansion and acquisition efforts into the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future. We continue to make impressive progress in every aspect of our business as we expand in terms of our geographic coverage, market share, and our technically advanced products and solutions as the premier provider of e-platform products and solutions." Total revenue for the first quarter of 2000 was $7.3 million, a 122% increase over total revenue of $3.3 million for the first quarter of 1999, and a 44% increase over the $5.1 million for the fourth quarter of 1999. Net loss for the first quarter of 2000 was $4.8 million, or $0.25 per share, as compared to a 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 of $2.5 million, or $0.24 per share for the first quarter of 1999, and a net loss of $4.0 million, or $0.22 per share for the fourth quarter of 1999. 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 first quarter of 2000 was $5.0 million, an increase of 122% from $2.3 million for the first quarter of 1999, and a 32% increase from $3.8 million for the fourth quarter of 1999. Services revenue for the first quarter of 2000 was $2.3 million, an increase of 122% compared to $1.0 million for the first quarter of 1999, and a 78% increase from services revenue of $1.3 million for the fourth quarter of 1999. A conference call to discuss Bluestone's results is scheduled for Wednesday April 19th at 4:45 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 ). 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 at http://www.streetfusion.com and StreetEvents at http://www.streetevents.com. About Bluestone Software Bluestone(R) Software, Inc. is a leading global provider of Enterprise Interaction Management and e-business software. Companies deploying e-business applications, like Avnet, CDNow, 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, Planalytics, Inc. (formerly 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, email 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 sufficiency of operating funds and 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. Cautionary statements relative to these forward looking statements and the Company's operating results are described in more detail in the Company's publicly filed reports, particularly 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. filed on February 15, 2000. 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 Consolidated Balance Sheets
(in thousands)
As of
March 31, December 31,
2000 1999
---------- ---------
(unaudited)
Current assets:
Cash and cash equivalents $192,072 $ 66,160
Marketable securities 19,504 --
Accounts receivable, net 6,553 4,079
Prepaid expenses and other 2,065 1,043
---------- ---------
Total current assets 220,194 71,282
Property and equipment, net 2,859 2,495
---------- ---------
Other assets 623 363
---------- ---------
Total Assets $223,676 $ 74,140
========== =========
Current liabilities:
Current liabilities $ 10,258 $ 5,771
Deferred revenues 3,171 1,966
---------- ---------
Total current liabilities 13,429 7,737
Long-term debt -- 439
---------- ---------
Total liabilities 13,429 8,176
---------- ---------
Total stockholders' equity 210,247 65,964
---------- ---------
Total Liabilities and Stockholders' Equity $223,676 $ 74,140
========== =========
Bluestone Software, Inc.
Condensed Consolidated Statements of Operations
(in thousands, expect per share data)
(unaudited)
Three Months Ended
March 31, March 31,
2000 1999
---------- ---------
Revenue:
Software license fees $ 5,002 $ 2,257
Services 2,269 1,020
---------- ---------
Total revenue 7,271 3,277
Cost of revenue:
Software license fees 211 57
Services 2,760 1,338
---------- ---------
Total cost of revenue 2,971 1,395
---------- ---------
Gross profit 4,300 1,882
---------- ---------
Operating expenses:
Sales and marketing 7,422 2,826
Product development 1,604 904
General and administrative 1,644 635
Amortization of stock-based
compensation 85 --
---------- ---------
Total operating expenses 10,755 4,365
---------- ---------
Operating loss (6,455) (2,483)
Interest income (expense), net 1,701 (48)
---------- ---------
Net loss (4,754) (2,531)
Accretion of preferred stock redemption
value -- (264)
---------- ---------
Net loss available to common stockholders $ (4,754) $ (2,795)
========== =========
Basic and diluted net loss per share $ (0.25) $ (0.99)
========== =========
Shares used in computing basic and diluted
net loss per share 19,125 2,815
========== =========
Pro forma basic and diluted net loss per
share (1) $ (0.25) $ (0.24)
========== =========
Shares used in computing pro forma basic and
diluted net loss per share (1) 19,125 10,403
========== =========
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.
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