Clarus Corporation Announces Record First Quarter Results.Business Editors ATLANTA--(BUSINESS WIRE)--April 26, 2000 --First Quarter Revenues Increase 316% Over Prior Year Results; Operating Loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. Beats Analysts' Expectations by $.22-- 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). Corporation (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 (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, announced record results for the quarter ended March 31, 2000. Clarus reported record revenues of $7.0 million for the first quarter, a 316% improvement over 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 e-commerce results from the first quarter of 1999. Revenues from software license fees for the quarter ended March 31, 2000 were $5.8 million, or 83% of total revenues, up 269 percent as compared to the first quarter of 1999. Revenues from services for the current quarter were $1.2 million, or 17% of total revenues, a 943% increase over first quarter results from the prior year. Net loss from operations, excluding the amortization of stock-based compensation, was $6.7 million, or a loss of $.54 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , better than analyst expectations of an operating loss of $.76 per share, as reported by First Call. After the inclusion of non-cash stock-based compensation, the net loss for the first quarter of 2000 was $11.4 million, or $.93 per share. "We are extremely excited about Clarus' strong execution against our business plan during the first quarter, as well as about our Q1 operating results which significantly beat analyst expectations. Clarus further differentiated itself through its unique business model and gained market share in our target markets," said Steve Jeffery, president and 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. of Clarus. "The growing demand in the B2B e-commerce (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. market has allowed us to significantly expand our revenue streams through a recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. revenue model, as evidenced by the 63% increase in our sales 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. since the end of fourth quarter 1999." "Clarus' immensely successful follow-on offering Follow-On Offering An offering of additional shares after a company has had an initial public offering. Notes: This sometimes means the company is strapped for cash. So they need to issue more shares to pay bills or finance a new project. completed in March provided us the capital necessary for continued aggressive investment in our B2B e-commerce solutions and trading services, as well as marketing and international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ." Other First Quarter Highlights Clarus' significant first quarter achievements included the following: - increasing the number of customers by 30% with the addition of ten new customers, including Burlington 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, Cinergy Corp., 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. , Marex.com, Smurfit-Stone Container Smurfit-Stone Container Corporation (NASDAQ: SSCC) is an American paperboard and paper-based packaging company based in Chicago, Illinois. It has approximately 38,600 employees. Smurfit-Stone was formed in 1998 as a result of the merger between Jefferson Smurfit Corp. Corporation, Tibbett & Britton and Wachovia Corporation. - accelerating its international presence with the opening of an office in the U.K., targeting the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. , Middle Eastern and African markets. In addition, Clarus signed agreements with strategic resellers in 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, Australia and Scandinavia. The first international customer, Gjensidige NOR, was signed and is processing transactions using the Clarus eProcurement solution and network services during the first quarter. - expanding its leveraged sales channel through a strategic relationship with Epicor Software Corporation, the largest provider of business performance software exclusively for mid-market companies. Epicor will integrate and sell the Clarus eProcurement solution to its customer base of over 10,000, as well as to new customer opportunities. Epicor has already closed its first sale under this arrangement. - announcing the launch of Clarus(TM) eMarket, a comprehensive set of software and services allowing market makers to create digital marketplaces delivering procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. services to online trading communities An online trading community exists to provide its members with a structured method for trading, bartering, or selling goods or services. These communities often have forums and chatrooms designed to facilitate communication between the members. . Clarus and Microsoft Corp. have announced they will be working together to develop and promote Clarus eMarket, one of the first digital marketplace frameworks built exclusively for the Microsoft(R) Windows(R) 2000 and Commerce Server 2000 operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. . Clarus' first eMarket customers include Comcast Corporation and Wachovia Corporation. - introducing ClarusContent Services, a comprehensive subscription-based content and contract management service to support Clarus eProcurement and eMarket. This new network service has been extremely well received by customers. - successfully completing a follow-on offering of 2.4 million shares, resulting in an equity infusion of $243 million. Clarus launched its eC Leadership Conference, an annual event that will be held this year in Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. on June 7 - 10. This executive forum promises to be one of the most influential e-commerce events of the year. Along with co-sponsors Microsoft Corp. and 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. Corporation, Clarus has organized industry leaders and executives from around the world to participate in this one-of-a-kind exchange of information about B2B e-commerce innovations and trends. Information and registration for this event can be found on the company website at www.claruscorp.com. About Clarus Atlanta-based Clarus Corporation (www.claruscorp.com; NASDAQ: CLRS), a leader in business-to-business (B2B) e-Commerce, provides Web-based 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 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 is the clear alternative in B2B e-commerce supporting the open, direct Internet model based on the ClarusDirect(TM) architecture. This architecture directly connects buyers and suppliers to maximize cost savings, improve procurement efficiencies, and create new revenue opportunities for large and mid-sized companies. Clarus solutions leverage its SupplierUniverse trading network for managed content, trading services and supplier integration. Clarus solutions are being deployed at customer sites including Cinergy, Comcast Corporation, First Data Corporation, Gjensidige NOR, 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 and Wachovia. THIS PRESS RELEASE CONTAINS 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 AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS AS A RESULT OF CERTAIN RISKS INCLUDING THAT THE BUSINESS OR PROSPECTS EXPECTED BY THE COMPANY AS A RESULT OF THIS ANNOUNCEMENT MAY NOT OCCUR. FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE ALSO SUBJECT TO OTHER RISKS AND UNCERTAINTIES, INCLUDING THOSE DISCLOSED IN OUR REGISTRATION STATEMENT ON FORM S-3 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON 2/7/2000. Clarus and SupplierUniverse are trademarks of Clarus Corporation. 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.
CLARUS CORPORATION
Pro Forma Statement of Operations
(in thousands, except per share data)
Three Months Ended Three Months Ended
March 31, 2000 March 31, 1999
(Pro Forma)
REVENUES:
License fees $ 5,796 $ 1,570
Service fees 1,210 116
TOTAL REVENUES 7,006 1,686
COST OF REVENUES:
License fees 39 11
Service fees 1,572 362
TOTAL COST OF REVENUES 1,611 373
OPERATING EXPENSES:
Research and development 3,084 1,076
Sales and marketing 6,463 1,791
General and administrative 2,626 721
Depreciation and amortization 700 564
Stock-based compensation 4,765 42
TOTAL OPERATING EXPENSES 17,638 4,194
Operating loss (12,243) (2,881)
Interest income, (net) 812 91
Net loss $ (11,431) $ (2,790)
Weighted average shares
outstanding $ 12,247 $ 10,947
Net loss per share $ (0.93) $ (0.25)
Net loss,
excluding stock-based
compensation $ (6,666) $ (2,748)
Net loss per share,
excluding stock-based
compensation $ (0.54) $ (0.25)
The Companys Pro Forma Statement of Operations for the three
months ended March 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:
As of
As of
3/31/1999
-----------------------
Total revenues 11,401
Cost of revenues 4,696
Operating expenses 8,099
Operating loss (1,394)
Interest income, net 91
Net loss (1,303)
CLARUS CORPORATION
SUMMARY BALANCE SHEET
(in thousands)
March 31, December 31
2000 1999
-------------------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 247,920 $ 14,127
Accounts receivable, net 14,026 10,389
Deferred marketing expense, current 7,410 5,723
Prepaid and other current assets 1,652 1,965
Total current assets 271,008 32,204
PROPERTY AND EQUIPMENT net 4,540 4,122
OTHER ASSETS:
Deferred marketing expense 6,141 4,293
Intangible assets, net 6,511 6,649
Investments 1,918 1,168
Deposits and other long-term assets 167 127
Total other assets 14,737 12,237
TOTAL ASSETS $ 290,285 $ 48,563
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES:
Accounts payable and
accrued liabilities $ 6,394 $ 6,326
Deferred revenue 4,056 3,081
Current maturities
of long-term debt, net 15 6,046
Total current liabilities 10,465 15,453
NON-CURRENT LIABILITIES:
Deferred revenue 207 293
Long-term debt, net
of current maturities 5,000 0
Other non-current liabilities 202 202
Total liabilities 15,874 15,948
STOCKHOLDERS EQUITY:
Common stock 1 1
Additional paid in capital 319,673 63,953
Accumulated deficit (55,553) (44,122)
Warrants 14,847 13,055
Treasury stock, at cost (2) (2)
Deferred compensation (4,555) (270)
Total stockholders equity 274,411 32,615
TOTAL LIABILITIES AND STOCKHOLDERS
EQUITY $ 290,285 $ 48,563
The prior year numbers have been reclassified to conform to the
current periods presentation.
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