Brio Technology Announces Record Fourth Quarter Revenues Of $39.6 Million, An Increase of 52%.Business/High Tech Editors PALO ALTO Palo Alto, city, California Palo Alto (păl`ō ăl`tō), city (1990 pop. 55,900), Santa Clara co., W Calif.; inc. 1894. Although primarily residential, Palo Alto has aerospace, electronics, and advanced research industries. , Calif.--(BUSINESS WIRE)--April 25, 2000 Record Results Due to Strong Demand for Brio's 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 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 analytic solutions for the e-enterprise, today reported revenues of $39.6 million for the fourth quarter of fiscal 2000. This represents an increase of approximately 52% from $26.0 million reported in the comparable fiscal 1999 quarter. Net income for the quarter ended March 31, 2000, was $5.0 million or $0.16 cents 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 net income of $1.2 million, or $0.04 per diluted share for the fourth quarter of fiscal 1999. Revenues for the fiscal year ended March 31, 2000, were $132.0 million, up 54% compared to $85.7 million for fiscal 1999. Net income for the same period, excluding 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 $22.3 million associated with the merger with SQRIBE Technologies Corp. and the settlement of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with Business Objects, was $11.3 million or $0.37 per diluted share. Net income for the fiscal year ended March 31, 1999, excluding the in-process research and development expenses associated with the acquisition of MerlinSoft, Inc. of $1.7 million, was $900,000 or $0.03 per diluted share for fiscal 1999. Including the effect of the non-recurring operating expenses and the in-process research and development expenses, the net loss for fiscal 2000 was $10.9 million, or a loss of $0.43 per share, and the net loss for fiscal 1999 was $753,000, or a loss of $0.04 per share. Results for the quarter and fiscal year ended March 31, 1999 have been restated to reflect the merger of Brio Technology and SQRIBE Technologies Corp. in August 1999 which was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . "During the fourth quarter, demand for Brio's suite of analytic products and services continued to be strong," said Yorgen Edholm, president and chief executive officer of Brio Technology. "Reflecting the evolving strength of the e-business market, Brio's complement of decision support analytic solutions is being recognized for allowing unparalleled insight into information related to customers, suppliers and other constituents, both inside and outside the firewall." Edholm continued, "We are excited to enter into the new year with such momentum and believe that the introduction of new features and upgrades across a number of Brio's core product offerings, which will be shown at Brio's upcoming user conference Insight 2000, will continue to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. Brio's leadership position in the marketplace." Fourth Quarter Highlights Brio continued to add more of the Fortune 2000 companies to its customer list, including some of today's emerging e-business companies, as well as companies that are transitioning to the Internet to connect their supply chain, conduct business-to-business transactions and leverage the Internet as a revenue channel. Additionally, Brio made significant product enhancements and executed critical partnerships that the Company believes will streamline its sales cycle and expand Brio's product reach. -- The quarter yielded a number of new Brio customers and partners including: Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , CitiBank, J.H. Whitney & Company, Ohio State University Ohio State University, main campus at Columbus; land-grant and state supported; coeducational; chartered 1870, opened 1873 as Ohio Agricultural and Mechanical College, renamed 1878. There are also campuses at Lima, Mansfield, Marion, and Newark. , Primary Knowledge, and Tricon Global Restaurants, Inc. -- This quarter also saw the purchase and deployment of Brio's technology throughout a number of the dot-com companies An organization that offers its services exclusively on the Internet, either via the user's Web browser or a client program that must be installed in the user's computer. Amazon.com, Yahoo!, Google and eBay are examples of dot-com companies. , including BUYandHOLD.com, DrugEmporium.com, eTime Capital, How2.com and living.com. -- Brio announced that it would incorporate Autonomy's technology for the automatic discovery, categorization and personalization Custom tailoring information to the individual. On the Web, personalization means returning a page that has been customized for the user, taking into consideration that person's habits and preferences. of vast amounts of unstructured information including documents, emails and web content. Integrated with Brio.Portal, the combined offering provides the industry's most comprehensive and proactive enterprise portal See corporate portal. solution that leverages applications, production and warehouse data. -- Brio also announced the appointment of Tamara MacDuff, a CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , as the CFO See Chief Financial Officer. and executive vice president of finance and operations. In this position, MacDuff assumes responsibility for managing Brio's corporate finance and operations and is the company's primary liaison with the investment community. About Brio Technology Brio Technology, Inc. (Nasdaq:BRIO) is the only business intelligence software provider to offer a complete range of business intelligence solutions to address the decision processing needs of today's e-enterprise. The Brio ONE solution includes software and services which enable organizations to deliver business intelligence, enterprise reporting With the dramatic expansion of information technology, and the desire for increased competitiveness in corporations, there has been an increase in the use of computing power to produce unified reports which join different views of the enterprise in one place. , and analytic applications Analytic Applications are a type of business application software, used to measure and improve the performance of business operations. More specifically, Analytic Applications are a type of Business Intelligence solution. in conjunction with an enterprise information portal See corporate portal. to provide unmatched ease of experience for all users. Brio ONE enables customers to derive higher business value from all of their enterprise information sources, including e-commerce applications, enterprise resource planning See ERP. (application, business) Enterprise Resource Planning - (ERP) Any software system designed to support and automate the business processes of medium and large businesses. (ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. ), sales force automation Automating the sales activities within an organization. A comprehensive SFA package provides such functions as contact management, note and information sharing, quick proposal and presentation generation, product configurators, calendars and to-do lists. (SFA See sales force automation. SFA - Sales Force Automation ) and customer relationship management (CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. ) applications as well as data marts A subset of a data warehouse for a single department or function. A data mart may have tens of gigabytes of data rather than hundreds of gigabytes for the entire enterprise. See data warehouse. , data warehouses and legacy data sources. Brio products are available through direct sales and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. organizations located in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, the United Kingdom, France, Germany and Australia, and more than 80 countries worldwide through VARs, resellers and distributors. Brio has commercial relationships with companies such as Hewlett Packard, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Microsoft, Oracle, PeopleSoft, SAP and Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. . Brio Technology is based in Palo Alto, California “Palo Alto” redirects here. For other uses, see Palo Alto (disambiguation). Palo Alto (IPA: /ˌpæloʊˈʔæltoʊ/, from Spanish: palo: "stick" and alto: "high", i.e. , and can be reached at 1.800.879.BRIO or on the Worldwide Web at www.brio.com. Brio and BrioQuery are registered trademarks of Brio Technology. BrioQuery.Server, Brio.Insight, Brio.Quickview, Brio.Report and Brio.Portal are trademarks of Brio Technology. Other products or company names may be trademarks of their respective owners. The matters contained in this news release that 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 Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, including, without limitation, any statements included herein regarding Brio's future product development and commercialization, product sales and other revenues, market opportunities, beliefs, expectations, goals, financial performance and future strategies, all of which are dependent on certain risks and uncertainties that may cause actual results to differ materially from those expressed in these or any other forward-looking statements made by or on behalf of Brio. These risks and uncertainties include such factors, among others, as 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, Brio's lengthy product sales cycle and the other risk factors listed in the Company's Registration Statement on Form S-4 dated July 14, 1999, its Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the period ended December 31, 1999, filed with the SEC on February 14, 2000, 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. and in other filings with the Securities and Exchange Commission.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, March 31,
2000 1999
------- ---------
ASSETS
Current assets:
Cash and cash equivalents $21,573 $21,026
Short-term investments 11,831 14,285
Accounts receivable 31,429 20,674
Inventories 822 376
Deferred income taxes 1,890 2,095
Prepaid expenses and
other current assets 3,862 1,458
------ ------
Total current assets 71,407 59,914
Property and equipment, net 12,118 6,540
Other assets 2,339 1,806
------ ------
$85,864 $68,260
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 7,801 $ 4,251
Accrued liabilities --
Payroll and
related benefits 11,423 5,902
Other 8,786 5,716
Line of credit -- 2,000
Deferred revenue,
current 24,108 18,666
------ ------
Total current
liabilities 52,118 36,535
Noncurrent deferred revenue 2,717 2,194
Other noncurrent liabilities 2,903 133
------ ------
Total liabilities 57,738 38,862
------ ------
Redeemable common stock -- 3,110
Stockholders' equity:
Convertible
preferred stock -- 5
Common stock 28 21
Additional paid-in
capital 76,807 66,180
Notes receivable
from stockholders (483) (1,820)
Deferred compensation (118) (456)
Accumulated components
of comprehensive income (loss) 312 (132)
Accumulated deficit (48,420) (37,510)
------ ------
Total stockholders' equity 28,126 26,288
------ ------
$ 85,864 $ 68,260
====== ======
BRIO TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
March 31, March 31,
2000 1999 2000 1999
Revenues:
License fees $ 26,889 $ 18,187 $ 89,670 $ 58,282
Services 12,733 7,849 42,366 27,404
------ ------ ------ ------
Total revenues 39,622 26,036 132,036 85,686
------ ------ ------ ------
Cost of revenues:
License fees 909 836 3,254 2,582
Services 4,722 3,408 16,835 10,468
------ ------ ------ ------
Total cost of
revenues 5,631 4,244 20,089 13,050
------ ------ ------ ------
Gross profit 33,991 21,792 111,947 72,636
------ ------ ------ ------
Operating expenses:
Research and
development 5,403 4,144 19,917 13,732
Sales and
marketing 19,788 13,935 66,208 48,470
General and
administrative 3,440 3,222 13,840 10,548
In-process research
and development -- -- -- 1,653
Non-recurring
operating expenses -- -- 22,297 --
------ ------ ------ ------
Total operating
expenses 28,631 21,301 122,262 74,403
------ ------ ------ ------
Income (loss)
from operations 5,360 491 (10,315) (1,767)
Interest and
other income, net 228 1,578 748 2,677
------ ------ ------ ------
Net income (loss)
before income taxes 5,588 2,069 (9,567) 910
Income taxes 634 500 1,343 747
Net income (loss) 4,954 1,569 (10,910) 163
Increase in redemption
value of redeemable
common stock -- (360) -- (916)
------ ------ ------ ------
Net income (loss)
applicable to common
stock $ 4,954 $ 1,209 $(10,910) $ (753)
------ ------ ------ ------
Basic net income
(loss) per share $ 0.18 $ 0.06 $ (0.43) $ (0.04)
------ ------ ------ ------
Shares used in
computing basic
net income (loss)
per share 27,563 20,961 25,261 19,984
------ ------ ------ ------
Diluted net
income (loss)
per share $ 0.16 $ 0.04 $ (0.43) $(0.04)
------ ------ ------ ------
Shares used in
computing diluted
net income (loss)
per share 31,070 28,060 25,261 19,984
------ ------ ------ ------
Supplemental net income data:
Net income excluding
write-off of in-process
research and
development and non-
recurring operating
expenses, net of
tax effect $ 4,954 $1,209 $11,267 $900
------ ------ ------ ------
Basic net income
per share excluding
write-off of
in-process research and
development and
non-recurring
operating expenses,
net of tax effect $ 0.18 $ 0.06 $ 0.45 $ 0.05
------ ------ ------ ------
Shares used in
computing basic net
income per share 27,563 20,961 25,261 19,984
------ ------ ------ ------
Diluted net income
per share excluding
write-off of
in-process research and
development and
non-recurring
operating expenses $ 0.16 $ 0.04 $ 0.37 $0.03
------ ------ ------ ------
Shares used in
computing diluted net
income per share 31,070 28,060 30,285 26,940
------ ------ ------ ------
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