Centra Announces Record Results for First Quarter 2000 Driven By Strong Product License Revenue Growth.Business/Technology Editors LEXINGTON, Mass.--(BUSINESS WIRE)--April 13, 2000 Centra Software, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CTRA CTRA Canadian Therapeutic Recreation Association CTRA College Terrace Residents' Association CTRA Canadian Telecommunications Resellers Alliance CTRA Committee To Restore America ) will hold its quarterly results conference call for the first quarter ending March 31, 2000, at 10:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) today. During the call, Chairman and Chief Executive Officer Leon Navickas, Chief Financial Officer Stephen A. Johnson, and President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Anthony J. Mark will discuss financial results and be available to answer questions about other topics related to Centra's strategy and opportunities. At 9:50 a.m. EST, interested participants should call 1-800-818-5264 in the U.S. or 1-913-981-4910 internationally. There will also be a live Webcast of the call on the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of Centra's Web site at www.centra.com. Centra Software, Inc. (NASDAQ: CTRA), the leader in software infrastructure that enables business people to interact and collaborate live on the Internet, today announced financial results for the first quarter ended March 31, 2000. Total revenues increased to a record $3.8 million for the first quarter, a 270% increase over the same period last year and a 26% increase over the previous quarter. Product license revenues for the quarter were $3.2 million, a 27% increase over the previous quarter. On 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 basis, excluding the non-cash stock-based compensation expense, the net loss was $3.2 million, or ($0.15) per share in the first quarter of 2000, compared with a net loss of $2.2 million, or ($0.18) per share, for the same period in 1999. "We had an outstanding first quarter that exceeded expectations, driven by demand for enterprise collaboration products See collaborative software. and aggressive international expansion," said Leon Navickas, Chairman and Chief Executive Officer of Centra. "We added 50 new customers, including American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. , BroadVision, Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , Merck, and Exxon/Mobil, bringing our total installed customer base to more than 225 companies across all industries and geographies." Navickas continued, "We've added over 10,000 new users to the CentraNow network meeting service during the quarter and more than 25 new eCommerce and service partners to the Centra Business Collaboration Network (CentraBCN). Today CentraBCN partners include Microsoft bCentral, inc.com, SkillsVillage, Ariba, Corio and others, representing a very large community of potential users that can take advantage of the unique capabilities of our live eBusiness collaboration services." "As planned, we made significant investments in marketing, sales, R&D, and IT infrastructure to support the growth of our business," added Navickas. "And, we're seeing strong results from our indirect and partner channel expansion across Europe and Japan." Navickas concluded, "We're optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Centra's ability to expand upon our strong first quarter performance. We expect continued sales growth through new product introductions and increased demand for our solutions. Centra continues to out-distance competitors with the only complete offering to address the business collaboration needs of the enterprise. We also envision new strategic partnerships to strengthen the breadth of our products and services." First Quarter Highlights Company --Centra had a successful initial public offering of 5,750,000 shares in February 2000. The company's stock is traded on NASDAQ under the symbol "CTRA." --Centra announces significant international expansion with the addition of three new European sales and service facilities, and 12 strategic distribution partner agreements with leading consulting, systems integration, software, hardware, and training services companies. --Published in February 2000, a Gartner Group (company) Gartner Group - One of the biggest IT industry research firms. Address: Connecticut, USA. report entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: , "The Virtual Classroom Providers - A First Quarter 2000 Evaluation," gives Centra 99 the highest overall score and names Centra the strongest vendor in the virtual classroom market. Products --Centra introduces premium membership services on the CentraNow network meeting service. Convenient low-cost packages augment free Web meeting capabilities with expanded capacity for large group meetings and collaborative business events on the Web. --Centra transforms the economics of Web conferencing A videoconferencing session via the Internet. In order to interact with other participants, attendees use either a Web application or an application downloaded into their client machines. with Centra Conference 3.0, which integrates voice-over-IP to dramatically reduce teleconferencing charges and extensive end-user support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services , required by competitive products. --Major enhancements to the Centra 99 enterprise Web application provide a more robust collaboration environment, including live streaming video A one-way video transmission over a data network. It is widely used on the Web as well as company networks to play video clips and video broadcasts. Computers in home networks stream video to digital media hubs connected to a home theater. , greater accessibility across the Internet, and enterprise integration. Partnerships --Centra signs top eCommerce, content, and service companies to the Centra Business Collaboration Network. New partners include Microsoft bCentral, inc.com, ChannelWave, Corio, and SkillsVillage.com. --Leading Learning Management System (LMS (Learning Management System) An information system that administers instructor-led and e-learning courses and keeps track of student progress. Used internally by large enterprises for their employees, an LMS can be used to monitor the effectiveness of the ) vendors partner with Centra to offer `best-of-breed' eLearning solutions. Arista arista (ä·riˑ·st , Docent, IntraLearn, ISOPIA, KnowledgePlanet.com, Pinnacle pinnacle (pĭn`ĭkəl), minor architectural motif of vertical tapering shape, usually crowning a pier, buttress, or gable. Although sometimes it appears in Renaissance design, as in the Certosa di Pavia, it is almost exclusively a medieval Multimedia, Saba and WBT See Windows-based terminal. Systems become charter members of Centra LMS Partner Program. About Centra Centra (NASDAQ: CTRA) is the leading provider of software infrastructure and a marketplace for live, business-to-business collaboration on the Internet. Centra's solutions include Centra 99, an enterprise Web application for high-velocity sales, marketing, services and eLearning; and the innovative CentraNow network service - a convenient Web destination for live, voice-enabled business meetings and events. The Centra Business Collaboration Network, the industry's first real-time 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 marketplace, utilizes this software infrastructure to enable the exchange of live collaborative services on the Internet. Centra's customers include Fortune 1000 companies such as Armstrong, Domino's Pizza For Domino's Pizza in Australia, New Zealand, France, Belgium, the Netherlands and the Principality of Monaco, see . Domino's Pizza, LLC (NYSE: DPZ) (LSE: DOM) is an international pizza delivery corporation headquartered just outside Ann Arbor, Michigan, United , Kraft, Nationwide, Compaq, Sony, and Viacom. Centra has business and software partnerships with PricewaterhouseCoopers, Deloitte Consulting, Microsoft, Oracle, Ariba, and Global Knowledge. Headquartered in Boston's technology corridor, Centra has sales offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia. Visit Centra at www.centra.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Under 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 With the exception of the historical information contained in this release, the matters described herein contain 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. , including but not limited to, statements that involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially. These risk factors include, but are not limited to, results of future operations, technological difficulties, the results of future research, lack of product demand and market acceptance for current and future products, the effect of economic conditions, the impact of competitive products and pricing, and/or other factors outside the control of the company, which are detailed from time to time in the company's SEC reports. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
CENTRA SOFTWARE, INC
CONSOLIDATED CONDENSED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
March 31, December 31,
2000 1999
Assets
Current assets:
Cash and cash equivalents $ 71,073 $ 7,878
Short-term investments 516 $ --
Accounts receivable, net 2,133 2,667
Prepaid expenses and other current 1,020 510
assets
Total current assets 74,742 11,055
Property and equipment, net 2,103 1,477
Other assets 316 764
Total assets 77,161 13,296
Liabilities, convertible preferred stock
and stockholders' equity (deficit)
Current liabilities:
Current maturities of term loan 340 339
Accounts payable 681 562
Accrued expenses 2,374 2,780
Deferred revenue 2,197 1,546
Total current liabilities 5,592 5,227
Term loan, net of current maturities 290 376
Total convertible preferred stock -- 32,480
Total stockholders' equity (deficit) 71,279 (24,787)
Total liabilities, convertible preferred
stock and stockholders' equity (deficit) $ 77,161 $ 13,296
CENTRA SOFTWARE, INC
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended March 31, 2000 and 1999
(Amounts in thousands, except per share data)
(Unaudited)
Three months
ended March 31,
2000 1999
Revenues
License $ 3,150 $ 686
Service 643 340
Total revenues 3,793 1,026
Cost of Revenues
License 31 36
Service 649 327
Total cost of revenues 680 363
Gross profit 3,113 663
Operating Expenses
Sales and marketing 4,152 1,356
Product Development 1,806 1,122
General and Administrative 953 417
Compensation charge for issuance of
stock options 234 21
Total operating expenses 7,145 2,916
Operating loss (4,032) (2,253)
Interest income, net 596 5
Income taxes 8 --
Net loss (3,444) (2,248)
Accretion of discount on preferred stock 649 127
Net loss attributable to common stockholders $ (4,093) $ (2,375)
Basic and diluted net loss per share $ (0.23) $ (0.38)
Weighted average shares outstanding:
Basic and diluted 17,749 6,323
Pro forma net loss (1) $ (3,210) $ (2,227)
Pro forma net loss per share $ (0.15) $ (0.18)
Pro forma basic and diluted weighted
average common shares outstanding 21,028 12,203
(1) The pro forma net loss excludes non-cash stock-based
compensation expense, accretion of discount on preferred stock and
assumes the conversion of convertible preferred stock into common
stock at the beginning of each period presented.
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