Clarus Announces Fourth Quarter and Fiscal Year 2000 Results.Business Editors ATLANTA--Feb. 13, 2001--Clarus Corporation (www.claruscorp.com; Nasdaq:CLRS CLRS Center for Labor Research and Studies CLRS Central Launch and Recovery Section CLRS Claims Legal Research System ), a leading provider of business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. (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 ) e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. solutions for large to mid-size enterprises (LME See London Metal Exchange. LME See London Metal Exchange (LME). ), today announced financial results for the quarter and fiscal year ended December December: see month. 31, 2000. Clarus Clarus (Greek Klaros) in the territory of Colophon in the Ionian coast of Asia Minor was a much-revered, much-famed cult center described by Pausanias (vii. 3, 1). reported revenues of $3.4 million for the fourth quarter. Net loss for the quarter excluding non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. was $22.4 million, or a loss of $1.44 per share. Revenues for the full year 2000 were $34.0 million, a 197 percent increase over 1999 pro-forma revenues of $11.5 million. Net loss for the year excluding non-cash charges was $41.8 million, or a loss of $2.90 per share. "Clarus has made significant progress in the execution of the strategy announced just eight weeks ago--further solidifying 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. focused execution in the large to mid-size enterprise B2B sector," said Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Jeffery Jeffery is a surname and occasionally an alternate spelling of the given name Jeffrey. It may refer to:
"The Clarus strategy is to deliver unique software and services solutions that will encourage the rapid adoption of e-commerce in the LME market," said Jim McDevitt, chief financial officer of Clarus. "The company is moving forward with its transition to a ratable That which can be appraised, assessed, or adjusted through the application of a formula or percentage. Ratable property is that which is taxable or capable of being appraised or assessed. ratable adj. revenue recognition model to support this strategy while implementing further operational expense controls to keep us on a steady path to profitability." Quarterly Highlights Clarus' significant recent achievements include the following: Business Strategy Execution -- Clarus expands its business model to include ratable revenue recognition in order to drive rapid adoption in the LME market; -- Reorganized to streamline operations, making strategic appointments of Steve Hornyak as executive vice president and general manager of Americas, Mark Ledbetter as vice president of sales for Americas, Alan MacLamroc as CTO and Jim McDevitt as CFO; -- Continued organizational growth from 375 to 425 employees; Customer Traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. -- Signed 20 license agreements during the quarter; -- Reached an agreement with the company's first industry consortium customer, RailMarketplace.com. Clarus will provide auctions, procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and payment settlement solutions for the marketplace and the founding partners which includes Burlington Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. Northern Santa Fe Santa Fe, city, Argentina Santa Fe, city (1991 pop. 341,000), capital of Santa Fe prov., NE Argentina, a river port near the Paraná, with which it is connected by canal. Corporation, Union Pacific, Norfolk Norfolk, cities, United States Norfolk (1, 2 nôr`fək; 2 nôr`fôk'). 1 City (1990 pop. 21,476), Madison co., NE Nebr., on the Elkhorn River; inc. 1881. Southern, Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. National, Canadian Pacific Railway Canadian Pacific Railway, transcontinental transportation system in Canada and extending into the United States, privately owned and operated. The construction of a railroad crossing the continent in Canadian territory was one of the conditions on which British , GE Global eXchange Services (GXS GXS Global Exchange Services (GE) GXS Gun X Sword (anime) ) and iRail.com, Inc.; -- Clarus eMarket(TM) has been selected to replace a competitor's marketplace platform for an online exchange due to its rapid deployment advantages. Products -- Enhances financial service offerings available with the Clarus Settlement(TM) solution, establishing partnerships with Metratech, Actrade, BankInfinity and eCredible; -- Clarus expands sourcing, dynamic pricing, and direct procurement capabilities with the release of Clarus Auctions 3.0; Channel Momentum -- International market expansion adding five resellers in its EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. region, and established a new reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. agreement in Latin America; -- Established strategic reseller agreement with VerticalNet Solutions to offer Clarus products as a complimentary solution targeting private and public exchanges as well as the VerticalNet Markets; -- Expands Compaq reseller agreement broadening the global distribution of the entire suite of Clarus e-commerce solutions; -- Clarus establishes strategic alliance with Deloitte & Touche to target the LME market with bundled software (1) Applications that are included with new hardware. For example, a new PC often comes with several applications, many of which may be light versions or full versions with no limit on usage. Others may be only 60- or 90-day trial packages. See bundle. and services offerings. A conference call for investors will be held today, February 13, at 5:00 PM EST EST electroshock therapy. EST abbr. electroshock therapy . Steve Jeffery, president and chief executive officer, and Jim McDevitt, chief financial officer, will host the call. Interested parties can access the audio conference via webcast at www.claruscorp.com/investor. About Clarus Atlanta-based Clarus Corporation (www.claruscorp.com; NASDAQ: CLRS), a leader in business-to-business (B2B) e-commerce, provides B2B procurement software Procurement software is business software that helps to automate the purchasing function of organizations. Activities including raising and approving purchase orders, selecting and ordering the product or service, receiving and matching the invoice and order, and paying the bill is and trading services that exploit the global marketplace of the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the to manage corporate purchasing and enable digital marketplaces. Clarus solutions provide a complete online procurement solution from sourcing to procurement to payment settlement. Clarus delivers open, interoperable The ability for one system to communicate or work with another. See interoperability. software solutions designed to make transacting business online more efficient for its customers. Clarus solutions are built on the latest Microsoft technology platforms and were recognized for its technology excellence named the Microsoft Global eCommerce Solution of the Year. Clarus solutions are being deployed at customer sites including Burlington Northern Santa Fe Corp., Comcast Corporation, Gjensidige NOR Gjensidige NOR was a Norwegian bank and insurance company that was in existence between 1999 and 2003. The company was created when the two savings banks Sparebanken NOR (bank) and Gjensidige (insurance) were merged in 1999. , MasterCard International, MetLife, Parsons Brinckerhoff Parsons Brinckerhoff (PB) is a planning, engineering, program and construction management organization. The company has been involved in planning and designing some of the world's largest public works projects, such as Boston's Big Dig, Britain's rail system Network Rail; , Perot Systems Perot Systems Corporation NYSE: PER is an information technology services provider based in Plano, Texas. Peter Altabef has served as president, chairman, and chief executive officer since 2004. , Smurfit-Stone and Wachovia. Note to Editors: Throughout this release, software and hardware products are mentioned by name. In most, if not all, cases, these product names are claimed as trademarks by the companies that manufacture the products. It is not our intention to claim these names or trademarks as our own. This news release includes 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. which are subject to the "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. " created by 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 Exchange Act of 1934, as amended. These forward-looking statements, which involve the company's plans, beliefs and goals, refer to estimates or use similar terms, involve certain risks and uncertainties, including the risks and uncertainties associated with rapidly changing technologies such as the Internet, the Internet, the, international computer network linking together thousands of individual networks at military and government agencies, educational institutions, nonprofit organizations, industrial and financial corporations of all sizes, and commercial enterprises risks of technology development and the risks of competition that can cause actual results to differ materially from those in the forward-looking statements. These forward-looking statements represent only the views of certain members of management and do not necessarily represent a consensus of all employees and managers within the company. Moreover, those forward-looking statements are based on limited information available to the company now, which is subject to change. It should be clearly understood that the factors and perceptions on which these forward-looking statements are based are highly likely to change over time and that the company has no current plans to update these statements. Actual results may differ substantially from what the company says today and no one should assume at a later date that the forward-looking statements provided herein are still valid. They speak only as of today. For more information about these risks and uncertainties, see the SEC filings of Clarus Corporation, which is available from the company on request and on the Internet at the SEC's Web site, www.sec.gov.
CLARUS CORPORATION
Selected Operating Data
(in thousands, except per share data)
(unaudited)
Three months ended Twelve months ended
December 31 December 31
--------------------- ----------------------
2000 1999 2000 1999
(Pro Forma) (Pro Forma)
REVENUES:
License fees $ 783 $ 4,795 $ 24,686 $ 9,969
Services fees 2,630 610 9,361 1,515
--------------------- ----------------------
TOTAL REVENUES 3,413 5,405 34,047 11,484
COST OF REVENUES:
License fees 41 350 154 400
Services fees 4,542 1,305 12,776 3,130
--------------------- ----------------------
TOTAL COST OF
REVENUES 4,583 1,655 12,930 3,530
OPERATING EXPENSES:
Research and development,
exclusive of
stock-based
compensation 6,132 2,221 21,891 6,217
In-process research
and development - - 8,300 -
Sales and marketing,
exclusive of
stock-based
compensation 11,467 4,865 35,888 12,366
General and
administrative,
exclusive of
stock-based
compensation 6,560 775 15,721 3,140
Depreciation and
amortization 2,920 644 8,132 2,538
Stock-based
compensation - 2,677 8,523 2,803
--------------------- ----------------------
TOTAL OPERATING
EXPENSES 27,079 11,182 98,455 27,064
--------------------- ----------------------
Operating loss $(28,249) $ (7,432) $(77,338) $(19,110)
Gain on sale of
assets 800 - 1,347 -
Realized loss on
sale of investments (95) - (100) -
Loss on impairment
of investments (4,128) - (4,128) -
Amortization of
debt discount - - (982) -
Interest income,
(net) 2,975 131 10,554 371
--------------------- ----------------------
Net loss $(28,697) $ (7,301) $(70,647) $(18,739)
===================== ======================
Weighted average
shares outstanding 15,503 11,352 14,420 11,097
===================== ======================
Net loss per
share $ (1.85) $ (0.64) $ (4.90) $ (1.69)
===================== ======================
Net loss before non-cash
charges, loss on investments
and gain on sale of
assets (1) $(22,354) $ (3,980) $(41,829) $(13,398)
===================== ======================
Net loss per share before
non-cash charges,
loss on investments
and gain on sale
of assets (1) $ (1.44) $ (0.35) $ (2.90) $ (1.21)
===================== ======================
(1) Non-cash charges are defined as in-process research and
development, depreciation and amortization, stock-based
compensation and amortization of debt discount.
The Company's Pro Forma Statement of Operations for the three months
and twelve months ended December 31, 1999 does not include the
operating results of its ERP business, which was sold in October 1999.
The inclusion of the ERP business in the statement of operations would
have shown the following results:
Three months ended Twelve months ended
December 31,1999 December 31,1999
Revenues $ 6,706 $ 38,142
Cost of revenues 2,301 15,868
Operating expenses 12,039 37,429
------------------ -------------------
Operating loss (7,634) (15,155)
Gain on sale of assets 9,417 9,417
Interest income, net 97 337
------------------ -------------------
Net income (loss) 1,880 (5,401)
CLARUS CORPORATION
SUMMARY BALANCE SHEET
(in thousands)
December 31, December 31,
2000 1999
(unaudited)
------------------ -------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 118,303 $ 14,127
Marketable securities 50,209 -
Accounts receivable, net 8,126 10,389
Deferred marketing expense,
current 5,321 5,723
Prepaid and other current assets 2,731 1,965
------------------ -------------------
Total current assets 184,690 32,204
PROPERTY AND EQUIPMENT - net 7,619 4,122
OTHER ASSETS:
Deferred marketing expense,
non-current 2,508 4,293
Intangible assets, net 58,214 6,649
Investments 13,619 1,168
Deposits and other long-term
assets 254 127
------------------ -------------------
Total other assets 74,595 12,237
------------------ -------------------
TOTAL ASSETS $ 266,904 $ 48,563
================== ===================
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued
liabilities $ 11,059 $ 6,326
Deferred revenue 2,295 3,081
Current maturities of
long-term debt, net - 6,046
------------------ -------------------
Total current liabilities 13,354 15,453
NON-CURRENT LIABILITIES:
Deferred revenue 881 293
Long-term debt, net of
current maturities 5,000 -
Other non-current liabilities 847 202
------------------ -------------------
Total liabilities 20,082 15,948
STOCKHOLDERS' EQUITY :
Common stock 2 1
Additional paid in capital 362,415 77,008
Accumulated deficit (114,769) (44,122)
Treasury stock, at cost (2) (2)
Foreign currency translation
adjustment (19) -
Unrealized loss on marketable
securities (553) -
Deferred compensation (252) (270)
------------------ -------------------
Total stockholders' equity 246,822 32,615
------------------ -------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 266,904 $ 48,563
================== ===================
The prior year numbers have been reclassified to conform to the
current period's presentation.
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