Brio Technology Announces Second Quarter Revenues of $33.9 Million, an Increase of 11%.Business Editors, High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers 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)--Oct. 25, 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: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, today reported revenues of $33.9 million for the second quarter of fiscal 2001 which ended on September September: see month. 30, 2000. This represents an increase of approximately 11% from $30.7 million reported in the comparable fiscal 2000 quarter. The net loss for the quarter ended September 30, 2000, was $4.3 million, or a loss of $0.15 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 $2.8 million, or $0.09 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 $20.2 million, net of tax effect, for the quarter ended September 30, 1999. "I am pleased to report that this quarter we delivered the financial results we promised. We met our sales goals with a quarter that delivered record bookings, closed over 50% of the deals that slipped last quarter and built significant backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. ," stated Yorgen Edholm, 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. and president of Brio Technology. "In addition we enhanced our Brio ONE solution by shipping substantial new versions of two core products with the release of Brio.Portal 7.0 and Brio.Enterprise 6.2." Second Quarter Highlights Brio made 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 Fortune 1000 companies and further integrated its Brio ONE suite by introducing improved versions of its leading business intelligence and information portal solutions. Highlights of the second quarter included: -- Confirming Brio's position as a leading provider of a single, integrated platform for enterprise business intelligence, Motorola, Enron, the Social Security Administration, Genuity, Lycos, Covad Communications, Norfolk Southern and Fleet Capital Corporation made significant purchases this quarter. Timken Company, First Data Corporation, and Navigant International selected Brio for both internal and external use where they plan to share information with their suppliers and partners in extranet deployments. -- Brio expanded the integration of its Brio ONE solution by delivering an enhanced version of its leading enterprise business intelligence solution, Brio.Enterprise 6.2 and a new version of its information portal, Brio.Portal 7.0. A core component of Brio ONE, Brio.Portal 7.0 gives users a secure, single point of access to valuable information buried within corporate applications, files, and the internet, through a web browser or wireless device. Brio.Enterprise 6.2 increases the number of operating platforms supported, while providing increased speed, security and stronger end-user capabilities. Brio Earnings Conference Call Brio management will hold a conference call today at 2:00 p.m., Pacific Standard Time, to discuss these results. Those wishing to listen should dial 212/896-6082. The reservation number is 16512103. Investors are also invited to listen at the company's website, http://www.brio.com on the investor relations Investor relations The process by which the corporation communicates with its investors. page. Listeners should go to 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. About Brio Technology Brio Technology, Inc. (Nasdaq:BRIO) delivers a complete business solution that enables companies to use information to be more competitive, customer-centric and responsive to the increasing demands of business. With Brio ONE, organizations have one integrated, scalable and easy-to-use solution 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. , information portals, and packaged 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. across the extended enterprise. Brio ONE helps companies derive higher business value from all of their enterprise information sources, including 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. , SFA See sales force automation. SFA - Sales Force Automation and 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 the Web. Brio products and services are available through direct sales and professional service organizations located in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Asia Pacific and Europe, and through worldwide 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 headquarters is located in Santa Clara, California Santa Clara, California (IPA: /ˌsæntəˈklærə/) , founded in 1777 and incorporated in 1852, is a city in Santa Clara County, in the U.S. state of California. . More information can be found on our Web site: www.brio.com or by calling 408/496-7400 or 877/289-BRIO. 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 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 29, 2000, as amended on July 28, 2000, and the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2000 filed with the SEC on August 14, 2000.
BRIO TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, March 31,
2000 2000
(unaudited)
ASSETS --------------------------
Current assets:
Cash and cash equivalents $12,044 $21,573
Short-term investments 5,138 11,831
Accounts receivable 29,865 31,429
Inventories 443 822
Deferred income taxes 633 1,890
Prepaid expenses and
other current assets 3,607 3,862
------- -------
Total current assets 51,730 71,407
Property and equipment net 24,833 12,118
Other assets 2,015 2,339
------- -------
$78,578 $85,864
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 5,603 $ 7,801
Accrued liabilities --
Payroll and related
benefits 8,572 11,423
Other 10,041 8,786
Deferred revenue, current 27,822 24,108
------- -------
Total current
liabilities 52,038 52,118
Noncurrent deferred revenue 1,431 2,717
Other noncurrent liabilities 980 2,903
------- -------
Total liabilities $ 54,449 $ 57,738
-------- --------
Stockholders' equity:
Common stock 28 28
Additional paid-in capital 80,889 76,807
Notes receivable from
stockholders (82) (483)
Deferred compensation (62) (118)
Accumulated components
of comprehensive income 543 312
Accumulated deficit (57,187) (48,420)
-------- --------
Total stockholders'
equity 24,129 28,126
-------- --------
$ 78,578 $ 85,864
======== ========
BRIO TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
2000 1999 2000 1999
-------- -------- -------- --------
Revenues:
License fees $ 18,982 $ 21,177 $ 37,952 $ 39,470
Services 14,904 9,479 28,959 18,765
-------- -------- -------- --------
Total revenues 33,886 30,656 66,911 58,235
-------- -------- -------- --------
Cost of revenues:
License fees 1,007 826 1,964 1,498
Services 6,735 3,835 12,779 7,808
-------- -------- -------- --------
Total cost of
revenues 7,742 4,661 14,743 9,306
-------- -------- -------- --------
Gross profit 26,144 25,995 52,168 48,929
-------- -------- -------- --------
Operating expenses:
Research and
development 6,688 4,856 12,255 9,515
Sales and marketing 20,053 14,888 41,126 29,651
General and
administrative 3,544 3,888 7,469 7,135
Non-recurring
operating expenses -- 20,242 -- 21,401
Total operating
expenses 30,285 43,874 60,850 67,702
-------- -------- -------- --------
Loss from
operations (4,141) (17,879) (8,682) (18,773)
Interest and
other income
(expense), net (171) 407 (85) 179
Net loss before provision
for income taxes (4,312) (17,472) (8,767) (18,594)
Provision for income taxes -- -- -- 399
Net loss $ (4,312) $(17,472) $ (8,767) $(18,993)
======== ======== ======== ========
Basic and diluted
net loss per share $ (0.15) $ (0.71) $ (0.31) $ (0.82)
======== ======== ======== ========
Shares used in computing
basic and diluted net
loss per share 28,194 24,764 28,092 23,201
======== ======== ======== ========
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) $ (4,312) $ 2,770 $ (8,767) $ 2,369
Basic net income
(loss) per share
excluding write-off
of in-process research
and development and
non recurring operating
expenses (net of tax
effect) $ (0.15) $ 0.11 $ (0.31) $ 0.10
Shares used in computing
basic net income
(loss) per share 28,194 24,764 28,092 23,201
Diluted net income
(loss) per share
excluding write-off
of in-process research
and development and
non recurring operating
expenses (net of tax
effect) $ (0.15) $ 0.09 $ (0.31) $ 0.08
Shares used in
computing diluted
net income (loss)
per share 28,194 29,399 28,092 29,239
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