Brio Technology Announces Record Third Quarter Revenues Of $34.2 Million, An Increase of 52%; E-Business Customers and Partners Propel Brio's Growth.Business 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)--Jan. 20, 2000 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:BRYO BRYO Brisbane Regional Youth Orchestra (Brisbane, Australia) BRYO Brunswick Maine Youth Orchestra (now Maine Youth Orchestra) ), a leading provider of business intelligence solutions for the e-enterprise, today reported revenues of $34.2 million for its third fiscal 2000 quarter which ended December 31, 1999. This represents an increase of approximately 52% from $22.5 million reported in the comparable fiscal 1999 quarter. Net income for the quarter ended December 31, 1999, was 3.9 million or .13 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, 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 $896,000 associated with the acquisition of SQRIBE Technologies, Corp., compared to net income of $161,000, or $0.01 per diluted share for the third quarter of fiscal 1999, excluding the write off of in-process research and development of $1.7 million. Including the effect of the merger and restructuring costs, net income for the third quarter of fiscal 2000 was $3.1 million, or $0.10 per diluted share. &uot;More than ever, customers are seeing the need for the full complement of decision analytic software as well as the infrastructure needed to support decision making at Internet speed, both inside and outside of the firewall,&uot; said Yorgen Edholm, president and chief executive officer of Brio Technology. &uot;We believe the results of this past quarter reflect the growing e-business momentum in the market, which is fueling the demand for Brio's comprehensive business intelligence solution for the virtual enterprise.&uot; Third Quarter Highlights In addition to making a strong headway head·way n. 1. Forward movement or the rate of forward movement, especially of a ship. 2. Progress toward a goal. 3. The clear vertical space beneath a ceiling or archway; clearance. 4. with a number of the emerging &uot;dot-com&uot; companies, Brio Technology further integrated its product offerings and introduced 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. .Impact, Brio's first packaged application. -- The quarter yielded a number of significant new Brio customers and partners including Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , Fidelity Investment, Viacom, Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Dean Witter Dean Witter may refer to:
PSDI Public Service Directory Interactive PSDI Project Software Development Incorporated PSDI Pin Service Denial Indicator , 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, BellSouth, Qualcomm, Compaq and Merrill Lynch -- In October, Brio announced Brio.Impact, the first packaged application designed specifically for revenue optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. . Focused on improving top-line effectiveness, Impact is the first in a series of new 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. from Brio. -- In November, Brio introduced Brio.Enterprise 6.0.5, its enterprise business intelligence product suite that supports eight languages and tightly integrates with Brio's enterprise information portal to provide self-service access to corporate information. Appealing to the global organization, Brio.Enterprise 6.0.5 now supports an extensive array of languages, including Chinese, French, German, Italian, Japanese, Portuguese (Brazilian), as well as Spanish. About Brio Technology Brio Technology, Inc. (Nasdaq:BRYO) 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 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 &uot;forward-looking statements&uot; 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 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. 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 Prospectus dated April 30, 1998, its Annual Report of 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.
BRIO TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
Dec. 31, March 31,
1999 1999
--------- ---------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 10,602 $ 21,026
Short-term investments 20,837 14,285
Accounts receivable, net of
allowance of $2,253 and $1,394 30,674 20,674
Inventories 635 376
Deferred income taxes 2,999 2,095
Prepaid expenses and other
current assets 2,095 1,458
-------- --------
Total current assets 67,842 59,914
Property and equipment, net 8,113 6,540
Other assets 2,104 1,806
-------- --------
$ 78,059 $ 68,260
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,539 $ 4,251
Accrued liabilities --
Payroll and related benefits 10,050 5,902
Other 11,716 5,716
Line of credit -- 2,000
Deferred revenue, current 23,509 18,666
-------- --------
Total current liabilities 50,814 36,535
Noncurrent deferred revenue 2,013 2,194
Other noncurrent liabilities 3,893 133
-------- --------
Total liabilities 56,720 38,862
-------- --------
Redeemable common stock -- 3,110
Stockholders' equity:
Convertible preferred stock -- 5
Common stock 27 26
Additional paid-in capital 74,876 66,175
Notes receivable from stockholders (524) (1,820)
Deferred compensation (214) (456)
Accumulated components of
comprehensive income (loss) 548 (132)
Accumulated deficit (53,374) (37,510)
-------- --------
Total stockholders' equity 21,339 26,288
-------- --------
$ 78,059 $ 68,260
========= ========
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,
1999 1998 1999 1998
-------- -------- -------- --------
Revenues:
License fees $ 23,311 $ 15,090 $ 62,781 $ 40,095
Services 10,868 7,420 29,633 19,555
-------- -------- -------- --------
Total revenues 34,179 22,510 92,414 59,650
-------- -------- -------- --------
Cost of revenues:
License fees 847 719 2,345 1,746
Services 4,305 2,842 12,113 7,060
-------- -------- -------- --------
Total cost of
revenues 5,152 3,561 14,458 8,806
-------- -------- -------- --------
Gross profit 29,027 18,949 77,956 50,844
-------- -------- -------- --------
Operating expenses:
Research and
development 4,999 3,659 14,514 9,588
Sales and marketing 16,769 12,572 46,420 34,535
General and
administrative 3,265 2,663 10,400 7,326
In-process research
and development 1,653 1,653
Non-recurring
operating expenses 896 -- 22,297 --
-------- -------- -------- --------
Total operating
expenses 25,929 20,547 93,631 53,102
-------- -------- -------- --------
Income (loss) from
operations 3,098 (1,598) (15,675) (2,258)
Interest and other
income, net 341 459 520 1,099
-------- -------- -------- --------
Net income (loss)
before income taxes 3,439 (1,139) (15,155) (1,159)
Income taxes 310 83 709 247
-------- -------- -------- --------
Net income (loss) 3,129 (1,222) (15,864) (1,406)
Increase in redemption
value of redeemable
common stock -- (270) -- (556)
Net income (loss)
applicable to common
stock $ 3,129 $ (1,492) $(15,864) $ (1,962)
Basic net income
(loss) per share $ 0.12 $ (0.07) $ (0.60) $ (0.10)
Shares used in
computing basic
net income (loss)
per share 27,041 20,767 21,385 19,648
Diluted net income
(loss) per share $ 0.10 $ (0.07) $ (0.60) $ (0.10)
======== ======== ======== ========
Shares used in
computing diluted
net income (loss)
per share 30,880 20,767 21,385 19,648
======== ======== ======== ========
Supplemental net
income data:
Net income (loss)
excluding write-off
of in-process research
and development and
non-recurring operating
expenses $ 3,944 $ 161 $ 6,313 $ (309)
======== ======== ======== ========
Basic net income
(loss) per share
excluding write-off
of in-process research
and development and
non-recurring
operating expenses $ 0.15 $ 0.01 $ 0.30 $ (0.02)
======== ======== ======== ========
Shares used in
computing basic net
income (loss) per
share 27,041 20,767 21,385 19,648
Diluted net income
(loss) per share
excluding write-off
of in-process research
and development and
non-recurring operating
expenses $ 0.13 $ 0.01 $ 0.21 $ (0.02)
Shares used in
computing diluted
net income (loss)
per share 30,880 27,223 29,772 19,648
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