Brio Technology Announces First Quarter Revenues Of $38.9 Million, an Increase of 14%.Business Editors SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Jan. 23, 2001 Brio Technology Brio Technology was a San Francisco Bay area software company cofounded in 1984 by Yorgen Edholm and Katherine Glassey. It made money early on by doing contract work for Metaphor Corporation and performing contract programming. , Inc. (Nasdaq:BRIO (Brio Technology, Palo Alto, CA, www.brio.com) A software company founded in 1989 and acquired by Hyperion Solutions Corporation in 2003 that specialized in enterprise analysis and reporting programs that run on several platforms. ), a leading provider of business intelligence and analytic an·a·lyt·ic or an·a·lyt·i·cal adj. 1. Of or relating to analysis or analytics. 2. Expert in or using analysis, especially one who thinks in a logical manner. 3. Psychoanalytic. solutions for the Fortune 1000, today reported revenues of $38.9 million for the third quarter of fiscal 2001 which ended on December December: see month. 31, 2000. This represents an increase of approximately 14% from $34.2 million reported in the comparable fiscal 2000 quarter. The net loss for the quarter ended December 31, 2000, was $260,000 or a loss of $0.01 per basic and 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 income of $3.9 million or $0.13 per diluted share, excluding the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of non-recurring operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of $896,000, net of tax effect, for the quarter ended December 31, 1999. "Our third quarter results confirm a continued strong market for our products," stated Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. Brennan Bren·nan , William Joseph, Jr. 1906-1997. American jurist who served as an associate justice of the U.S. Supreme Court (1956-1990). , 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 Brio Technology. "We demonstrated our ability to further penetrate the Fortune 1000 with the industry's best business intelligence solution. As the new CEO, I am eager to advance our product leadership and to significantly improve our go-to-market capabilities. Quite frankly, Brio is one of the best-kept secrets in Silicon Valley. I intend to launch marketing and sales programs to demonstrate just how great Brio's products are and how we can help our customers to dramatically improve their top line growth and bottom line results. In addition, I will personally lead our upcoming customer roadshow to meet with our key customers and demonstrate how we can be their decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from platform." Third Quarter Highlights As an organization, Brio continued to strengthen its management team, cross-sell its entire Brio ONE suite of products into its installed customer base, as well as announce strategic alliances with a number of today's technology leaders. Highlights of the third quarter include: -- Concluded process for hiring Craig Brennan as President and Chief Executive Officer -- Increased sales with numerous world class organizations selecting Brio, including: American Express, Gateway, GE Capital, and Staples -- Increased Brio ONE sales into its customer base, including: IBM, Level 3 Communications, JDS Uniphase, Lucent, Cigna, Merck Medco Managed Care, Motorola and California State University -- Launched its participation as a Premier Software Partner in the Siebel Alliance Program -- Expanded its international sales with large implementations at UPC and BAX Global as well as through its international channel partners, Sharp System Products and Cannon Sales Brio Earnings Conference Call The company will discuss its results in a conference call on January January: see month. 23rd at 2:00 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . Craig Brennan, president and chief executive officer, and Tamara TAMARA There Are Many and Real Alternatives MacDuff Macduff may refer to:
The process by which the corporation communicates with its investors. page. Listeners should be advised to visit the website at least 15 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. A replay of the call will also be available on the website, on the investor relations page, for 30 days after the call. About Brio Technology Brio Technology provides a proven and reliable analytic software platform that enables companies to simplify the complex process of using corporate data to make better day-to-day day-to-day adj. 1. Occurring on a routine or daily basis: the day-to-day movements of the stock market. 2. decisions. Widely recognized as one of the easiest to use and deploy analytic solutions in the industry, Brio ONE expands business intelligence beyond advanced query and analysis technologies to include powerful information delivery through enterprise-class reporting and executive dashboards. Used by more than half of the Fortune 500, Brio ONE products empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems individuals, workgroups See workgroup, workgroup-based network and Windows for Workgroups. and executives in an organization to find, access, share, manage, and exchange information with thousands of employees, partners and customers through an Internet-enabled enterprise. Founded in 1989, and headquartered in Santa Clara, CA, Brio products and services can be found around the globe at www.brio.com. Brio and BrioQuery are registered trademarks of Brio Technology. BrioQuery.Server, Brio.Insight, Brio.Impact, Brio.Quickview QuickView is a file viewer application in Windows 95, Windows 98 and Windows NT operating systems. With some workarounds the viewer can be used to view practically any file [1]. , Brio.Report, Brio.Portal and Brio ONE are trademarks of Brio Technology. Other products or company names may be trademarks of their respective owners. The statements in this press release regarding our future product development and commercialization, product sales and other revenues, market opportunities, beliefs, expectations, goals, financial performance and future strategies 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 Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities and Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, but are not limited to, the potential for fluctuations in Brio's quarterly operating results, Brio's dependence upon its direct sales force, Brio's ability to attract and retain qualified personnel and Brio's lengthy product sales cycle. For a more complete discussion of risk factors that could affect the Company's current and future operating results, see the discussions in the Company's reports filed with the SEC from time to time, including but not limited to the Company's 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. for the year ended March 31, 2000 filed with the SEC on June June: see month. 29, 2000, as amended on July July: see month. 28, 2000, and the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September September: see month. 30, 2000 filed with the SEC on November 14, 2000.
BRIO TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, March 31,
2000 2000
(unaudited)
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 14,161 $ 21,573
Short-term investments 3,886 11,831
Accounts receivable 30,530 31,429
Note receivable from officer 1,500 --
Inventories 403 822
Deferred income taxes 632 1,890
Prepaid expenses and
other current assets 3,068 3,862
-------- --------
Total current assets 54,180 71,407
Property and equipment, net 27,145 12,118
Other assets 1,833 2,339
-------- --------
$ 83,158 $ 85,864
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,559 $ 7,801
Accrued liabilities--
Payroll and related benefits 8,821 11,423
Other 11,389 8,786
Deferred revenue, current 29,805 24,108
-------- --------
Total current liabilities 56,574 52,118
Noncurrent deferred revenue 1,058 2,717
Other noncurrent liabilities -- 2,903
-------- --------
Total liabilities 57,632 57,738
-------- --------
Stockholders' equity:
Common stock 28 28
Additional paid-in capital 82,749 76,807
Notes receivable from
stockholders (52) (483)
Deferred compensation (45) (118)
Accumulated components
of comprehensive income 293 312
Accumulated deficit (57,447) (48,420)
-------- --------
Total stockholders' equity 25,526 28,126
-------- --------
$83,158 $ 85,864
======== ========
BRIO TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
2000 1999 2000 1999
------ ----- ---- ----
Revenues:
License fees $ 22,835 $ 23,311 $ 60,787 $ 62,781
Services 16,023 10,868 44,982 29,633
--------- --------- --------- ---------
Total revenues 38,858 34,179 105,769 92,414
--------- --------- --------- ---------
Cost of revenues:
License fees 830 847 2,794 2,345
Services 7,033 4,305 19,812 12,113
--------- --------- --------- ---------
Total cost of revenues 7,863 5,152 22,606 14,458
--------- --------- --------- ---------
Gross profit 30,995 29,027 83,163 77,956
--------- --------- --------- ---------
Operating expenses:
Research and development 6,672 4,999 18,968 14,514
Sales and marketing 21,484 16,769 62,569 46,420
General and
administrative 3,361 3,265 10,830 10,400
Non-recurring
operating expenses -- 896 -- 22,297
--------- --------- --------- ---------
Total operating expenses 31,517 25,929 92,367 93,631
--------- --------- --------- ---------
Loss from operations (522) 3,098 (9,204) (15,675)
Interest and other
income (expense), net 262 341 177 520
--------- --------- --------- ---------
Net loss before provision
for income taxes (260) 3,439 (9,027) (15,155)
Provision for income taxes -- 310 -- 709
--------- --------- --------- ---------
Net loss $ (260) $ 3,129 $ (9,027) $(15,864)
========= ========= ========= =========
Basic net loss per share $ (0.01) $ (0.12) $ (0.32) $ (0.65)
========= ========= ========= =========
Shares used in computing
basic and diluted
net loss per share 28,385 27,041 28,204 24,497
========= ========= ========= =========
Diluted net loss
per share $ (0.01) $ 0.10 $ (0.32) $ (0.65)
========= ========= ========= =========
Shares used in computing
diluted net loss
per share 28,385 30,880 28,204 24,497
========= ========= ========= =========
Supplemental net income data:
Net income (loss)
excluding write-off
of in-process
research and development
and non-recurring
operating expenses
(net of tax effect) $ (260) $ 3,944 $(9,027) $ 6,313
========= ========= ========= =========
Basic net income (loss)
per share excluding
write-off of in-process
research and development
and non recurring
operating expenses
(net of tax effect) $ (0.01) $ 0.15 $ (0.32) $ 0.26
========= ========= ========= =========
Shares used in computing
basic net income
(loss) per share 28,385 27,041 28,204 24,497
========= ========= ========= =========
Diluted net income (loss)
per share excluding
write-off of in-process
research and development
and non recurring
operating expenses
(net of tax effect)
$ (0.01) $ 0.13 $ (0.32) $ 0.21
========= ========= ========= =========
Shares used in computing
diluted net income
(loss) per share 28,385 30,880 28,204 29,846
========= ========= ========= =========
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