Clarus Corporation Reports Record Fourth Quarter 1999 Results from e-Commerce.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 ATLANTA--(BUSINESS WIRE)--Jan. 31, 2000 - Software License Fees Increase 200 percent Over Previous Quarter Driven by 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. of the 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). Strategy in the 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. Marketplace Clarus Corporation (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 :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) e-commerce solutions, today announced record financial results from its e-commerce business for the quarter ended December December: see month. 31, 1999. 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 fourth quarter e-commerce revenues totaled $5.4 million as compared with $73,000 for the corresponding quarter in 1998. Compared with third quarter 1999 e-commerce revenues of $2.0 million, fourth quarter revenues increased 170 percent, or $3.4 million. Clarus' pro forma net loss from e-commerce for the quarter, excluding the amortization of stock-based compensation, was $5.4 million, or a loss of $0.47 per share. After including the stock-based compensation expense, the net loss for the fourth quarter of 1999 was $7.3 million, or $0.64 per share. E-commerce license fees for the quarter ended December 31, 1999 were $4.8 million, up 200 percent as compared to the third quarter of 1999. License fees represented 89 percent of total e-commerce revenues. Revenues from services for the quarter were $630,000, up 52 percent compared to the third quarter, and accounted for 11 percent of total revenues. Pro forma e-commerce revenues for the year ended December 31, 1999 were $11.5 million as compared to $270,000 for the year ended December 31, 1998. The pro forma net loss from e-commerce for the year excluding amortization of stock based compensation was $16.5 million, or $1.48 per share. The pro forma net loss for the year ended December 31, 1999, including amortization of stock based compensation, was $18.4 million, or a loss of $1.66 per share. &uot;Our revenue growth for the fourth quarter reflects the tremendous traction Clarus is achieving with new customers and partners 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. and now internationally,&uot; 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:
execute - execution in the digital framework marketplace.&uot;
Quarterly Highlights
The following milestones were accomplished during the fourth
quarter of 1999:
-- Clarus added eight new eProcurement customers, including Comcast,
Cinergy, Airtouch, Epicor, Cereus and Vesta. Three of these deals
were subscription based.
-- Clarus was selected by Comcast and collaborates with Microsoft to
bring to market the first digital marketplace framework built
entirely on Microsoft Windows 2000 technology. This framework
will be deployed initially as part of the Comcast Commercial
Internet Service (CCIS).
-- Clarus continued the aggressive expansion of its indirect sales
channels adding four new resellers, including its first ERP
reseller, Epicor Software Corporation. Epicor, the leading
mid-market enterprise solutions provider, will distribute
Clarus(TM) eProcurement globally as an integrated solution to its
10,000 existing and new customers.
-- Clarus expanded its application service provider (ASP) channel
with the addition of two new ASPs, including a multi-million
dollar, multi-year agreement with Cereus Technology Partners.
Cereus, with more than 300 customers, specializes in advanced
enterprise application and Microsoft technologies to service its
customers and partners.
-- On the international front, Clarus launched operations in Europe,
the Middle East and Africa with the announcement of its first
international customer, Gjensidige NOR, Norway's second largest
commercial bank. Clarus established strategic distribution
partnerships with key Microsoft partners in South America,
Australia/New Zealand and Northern Europe, dramatically extending
its customer reach and global presence.
-- Clarus participated as the go-to-market B2B electronic
procurement partner for the Microsoft/Cisco Application Hosting
Services initiative, focused on establishing application service
providers (ASPs) and providing hosting and implementation
services for electronic procurement.
-- Clarus shipped several major product releases, including:
Clarus(TM) eProcurement 5.0, providing additional functionality
and a completely new, award-winning user interface; and
Clarus(TM) eXpense, which was shipped to its first two customers
during the fourth quarter. In addition, Clarus expanded the
trading services provided by SupplierUniverse(TM), adding reverse
auctioning capabilities.
-- Clarus announced Clarus Content(TM) Services, a comprehensive
subscription-based content management service to support
Clarus(TM) eProcurement and digital marketplaces.
-- Clarus(TM) Fusion Links were shipped and successfully implemented
for Oracle and Geac. Clarus demonstrated the advantages of its
commitment to supporting open standards by providing the ability
to quickly integrate with legacy and ERP applications.
-- Clarus successfully held its first Customer Advisory Council in
December.
-- Clarus recruited Mark Gagne as executive vice president and chief
financial officer. Mr. Gagne brings with him significant
financial experience in mergers and acquisitions in the
high-growth technology industry.
Clarus' pro forma quarterly and annual operating results reported above do not include the operating results of its 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. business, which was divested in the fourth quarter of 1999. 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 (Business to Business Electronic-COMMERCE) Refers to one business selling to another business via the Web. See e-commerce. supporting the Free Trade model based on the Clarus Direct architecture. This architecture directly connects buyers and suppliers to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. cost savings, improve procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. efficiencies, and create new revenue opportunities for large and mid-sized companies. Clarus Commerce solutions leverage its SupplierUniverse trading network for managed content, trading services and supplier integration. Clarus solutions are being deployed at customer sites including Comcast Comcast Corporation, (NASDAQ: CMCSA) is the largest[1] cable television (CATV) company and the second largest Internet service provider in the United States. , AirTouch AirTouch Communications was a U.S.-based wireless service provider that was created when PacTel Cellular was spun off from Pacific Telesis on April 1, 1994, forming both AirTouch Cellular and AirTouch Paging. , Cinergy Cinergy Corp. was an energy company based in Cincinnati, Ohio. Cinergy was created on October 24, 1994, from the merger of the Cincinnati Gas & Electric Company (CG&E) with PSI Energy and later included Union Light, Heat & Power (ULH&P) as well. , MasterCard MasterCard Worldwide (NYSE: MA) is a mutinational corporation based in Purchase, NY in the United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "Mastercard" branded debit- and International, MetLife, 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. , First Data Corporation, and 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; . 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 dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). IN OUR REGISTRATION STATEMENT ON FORM S-3 FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON 1/7/2000. 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 Year Ended
December 31, 1999 December 31, 1999
------------------- -----------------
REVENUES:
License fees $ 4,795 $ 9,969
Services fees 610 1,515
--------- ---------
TOTAL REVENUES 5,405 11,484
COST OF REVENUES:
License fees 350 400
Services fees 1,305 3,130
--------- ---------
TOTAL COST OF REVENUES 1,655 3,530
OPERATING EXPENSES:
Research and development 2,221 6,217
Sales and marketing 4,865 12,366
General and administrative 1,522 4,013
Depreciation and amortization 644 2,538
Stock-based compensation 1,930 1,930
--------- ---------
TOTAL OPERATING
EXPENSES 11,182 27,064
--------- ---------
Operating loss (7,432) (19,110)
Interest income, (net) 131 371
--------- ---------
Net loss $ (7,301) $ (18,739)
========= =========
Weighted average shares
outstanding 11,351 11,097
========= =========
Net loss per share $ (0.64) $ (1.69)
========= =========
Net loss, excluding
stock-based compansation (5,371) (16,809)
========= =========
Net loss per share,
excluding stock-based
compansation $ (.47) $ (1.51)
========= =========
NOTE: The Company's Pro Forma Statement of Operations does not include
the operating results of its ERP business. The inclusion of the
ERP business in the statement of operations would have shown the
following results:
Three Months Ended Year Ended
December 31, 1999 December 31, 1999
------------------- -----------------
Revenues $ 1,301 $ 26,658
Cost of revenues 646 12,338
Operating expenses 857 10,365
--------- ---------
Operating (loss) income (202) 3,955
Gain on sale 9,419 9,419
Interest expense, (net) (34) (34)
--------- ---------
Net income $ 9,183 $ 13,340
========= =========
CLARUS CORPORATION
SUMMARY BALANCE SHEET
(in thousands)
December 31,
1999
---------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 14,127
Accounts receivable, net 10,483
Prepaid and other current assets 1,965
---------
Total current assets 26,575
PROPERTY AND EQUIPMENT - net 4,122
OTHER ASSETS:
Deferred marketing expense 10,016
Intangible assets, net 6,649
Investments 1,168
Deposits and other long-term assets 127
---------
Total other assets 17,960
---------
TOTAL ASSETS $ 48,657
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $ 6,420
Deferred revenue 3,081
Current maturities of long-term debt 6,046
---------
Total current liabilities 15,547
NON-CURRENT LIABILITIES:
Deferred revenue 293
Long-term debt, net of current maturities 0
Other non-current liabilities 202
---------
Total liabilities 16,042
STOCKHOLDERS' EQUITY:
Common stock 1
Additional paid in capital 63,953
Accumulated deficit (44,122)
Warrants 13,055
Treasury stock, at cost (2)
Deferred compensation (270)
Total stockholders' equity 32,615
---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 48,657
NOTE TO EDITORS: In addition to the historical information contained herein, certain matters set forth in this press release are forward-looking statements, including but not limited to statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results. The Company warns The Warns formed a Germanic nation in the Rhine delta. There was a war between the Angles of Great Britain and the Warns in cir. 540. See also
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 December 31, 1998, under the caption &uot;Risk Factors,&uot; which discussion is incorporated herein by reference. Clarus is a trademark of Clarus Corporation. |
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