Commerce One Reports Record First Quarter 2000 Results.Business Editors PLEASANTON Pleasanton, city (1990 pop. 50,553), Alameda co., W Calif., a suburb of the San Francisco–Oakland area, in a vineyard and dairy region; inc. 1894. Wine and cheese are produced, and there are publishing and stone-quarrying industries. , Calif.--(BUSINESS WIRE)--April 19, 2000 Revenues Increase 107% Over Previous Quarter Driven by New Customers, including Major Industry Exchanges, and Growth of the Commerce One Global Trading Web Net Loss Per Share of $0.09 adjusted for 2-for-1 stock split effective April 19, 2000 Commerce One, Inc. (Nasdaq - CMRC CMRC Canadian Motosport Racing Club CMRC Commerce One Inc. (stock symbol) CMRC Caribbean Marine Research Center CMRC Crime Mapping Research Center CMRC Credit Management Research Centre (UK) ), the leader in 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 business, today announced financial results for the quarter ended March 31, 2000. Revenues for the current quarter totaled $35.0 million as compared with $2.1 million for the corresponding quarter in 1999 and $16.9 million for the quarter ended December December: see month. 31, 1999. This represents an increase of 1,564% over revenues for the quarter ended March 31, 1999 and 107% over revenues for the quarter ended December 31, 1999. Net loss for the current quarter, excluding non-operating charges, was $14.0 million, or $0.09 per share, as compared to $7.8 million, or $0.09 per share, for the corresponding quarter in 1999 and $11.7 million, or $0.08 per share, for the quarter ended December 31, 1999. Including all charges, the net loss for the current quarter was $43.6 million, or $0.29 per share, as compared with a net loss of $12.3 million, or $0.14 per share, for the corresponding quarter ended March 31, 1999, and $28.8 million, or $0.20 per share, for the quarter ended December 31, 1999. Net loss per share amounts reflected herein have been adjusted for the 2-for-1 stock split effective April 19, 2000. Revenues from license fees for the quarter ended March 31, 2000 were $27.1 million, or 77% of total revenues as compared with $13.1 million, or 77% of total revenues, for the quarter ended December 31, 1999. Revenues from services for the current quarter were $7.9 million as compared to $3.8 million for the quarter ended December 31, 1999. "Our revenue more than doubled over the previous quarter, driven by strong demand in all sectors," said Mark Hoffman, chairman and chief executive officer of Commerce One. "Not only are we winning business with leading companies around the world, but we are the market leader in powering the new breed of major industry exchanges. We believe that the companies investing in these mega-exchanges, as well as our many other portal partners, have selected Commerce One for our leadership in this market, and they are rapidly plugging into our global infrastructure for e-commerce." Quarterly Highlights The following milestones were completed or announced during the first quarter of 2000:
-- Commerce One added 70 new customers for the quarter, including
Citigroup, Boeing and Eli Lilly, bringing the total customer count
to 135.
-- Ford, General Motors and DaimlerChrysler announced plans to form a
joint venture to create the world's largest automotive exchange,
with Commerce One as a strategic technology partner. Nissan and
Renault announced recently that they also would join this
exchange.
-- Royal Dutch/Shell announced a joint venture with Commerce One to
build the world's largest global exchange for the energy industry.
The joint venture was recently expanded to include 13 other
partners including BP Amoco.
-- Boeing, Lockheed Martin, Raytheon and BAE SYSTEMS announced a
joint venture with Commerce One to create the world's largest
global exchange for the aerospace and defense industry.
-- BellSouth and Commerce One announced a joint venture to create the
telecommunications industry's first business-to-business trading
exchange.
-- Citigroup and Commerce One announced the creation of Citibank
Procurement Connection, a business-to-business marketplace
providing e-commerce services to Citigroup's worldwide corporate
customers.
-- The Commerce One Global Trading Web expanded significantly with
many new portal partnerships and operations in Europe and Asia
Pacific.
-- Commerce One announced availability of two new product and service
offerings. MarketSite Direct Material Services is designed to
enable integrated sourcing, collaborative planning, real-time
business transaction management and support services across the
entire manufacturing supply chain. The MarketSite Portal Solution
for Net Market Makers is a "portal in a box" for both dot-com and
traditional companies planning to establish a trading community on
the Internet.
-- Commerce One hosted two eLink 2000 conferences on global
e-commerce, including the industry's first ever in Europe. The
conferences attracted over 2,400 procurement, IT, marketing and
financial executives. The next eLink 2000 conference will be held
in Las Vegas in September 2000.
-- Commerce One announced a two-for-one stock split, to be effected
on April 19, 2000.
The statements contained in this release which are not historical facts may be deemed to 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. that involve risks and uncertainties, including but not limited to statements regarding the company's competitive position and business model and expected growth 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. electronic commerce market. All forward-looking statements included in this press release are based upon information available to Commerce One as of the date of the release, and the company assumes no obligation to update any such forward-looking statement. Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the competitive nature of the market in which the company competes, the early stage of development of the company's products, and the lack of market acceptance of the company's Commerce Chain Solution. These and the other risks and uncertainties associated with the company's business are detailed in 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 December 31, 1999 filed with the Securities and Exchange Commission on March 30, 2000. About Commerce One Commerce One is the leader in global e-commerce solutions for business. Through its products, portals, and services, Commerce One creates access to worldwide markets, allowing anyone to buy from anyone, anytime, anywhere. The Commerce One Global Trading Web(TM) is the world's largest business-to-business trading community. Comprised of many open e-marketplaces, the Global Trading Web provides unprecedented economies of scale for buying organizations, suppliers, and service providers worldwide. Commerce One is located in Pleasanton, Calif., and can be reached by phone at (800) 308-3838 or (925) 520-6000 or via 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 at http://www.commerceone.com/. Commerce One, Many Markets. One Source., Global Trading Web, BuySite, MarketSite, Global Trading Platform, Common Business Library, XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. Development Kit, XML Commerce Connector, MarketView, and SupplyOrder are either trademarks or registered trademarks of Commerce One, Inc. All other company, product, and brand names are trademarks of their respective owners.
Commerce One, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
Three months ended
-------------------------------------
March 31, December 31, March 31,
2000 1999 1999
-------- ------------- --------
(unaudited) (unaudited) (unaudited)
Revenues:
License fees $ 27,121 $ 13,067 $ 1,456
Services 7,888 3,821 648
--------- --------- ---------
Total revenues 35,009 16,888 2,104
Costs and expenses:
Cost of license fees 1,099 206 --
Cost of services 10,816 6,332 1,668
Sales and marketing 19,204 11,789 4,078
Product development 14,154 8,172 3,362
General and administrative 3,686 2,074 827
--------- --------- ---------
Total costs and expenses 48,959 28,573 9,935
Loss before interest,
income tax, purchased
in-process research
and development --------- --------- ---------
and amortization (13,950) (11,685) (7,831)
--------- --------- ---------
Purchased in-process
research and development 5,142 6,337 3,037
Amortization of deferred
stock compensation 4,199 545 584
Amortization of goodwill
and other intangible assets 21,895 8,156 875
--------- --------- ---------
31,236 15,038 4,496
Loss before interest --------- --------- ---------
and income tax (45,186) (26,723) (12,327)
--------- --------- ---------
Interest income, net 1,541 1,496 16
Provision for income taxes -- 3,602 --
--------- --------- ---------
Net loss $ (43,645) $ (28,829) $ (12,311)
========= ========= =========
Pro forma basic
and diluted ========= ========= =========
net loss per share $ (0.29) $ (0.20) $ (0.14)
========= ========= =========
Shares used in
calculation of
net loss per share 151,420 144,960 85,050
========= ========= =========
Net loss per share
before interest,
income tax, purchased
in-process research and
development and amortization $ (0.09) $ (0.08) $ (0.09)
========= ========= =========
Commerce One, Inc.
Consolidated Balance Sheets
(In thousands)
ASSETS
------
March 31, December 31,
2000 1999
------------ -------------
(unaudited)
Current assets:
Cash and cash equivalents $ 97,039 $ 124,606
Accounts receivable, net 26,520 15,845
Prepaid expenses and
other current assets 7,003 4,656
----------- -----------
Total current assets 130,562 145,107
Property and equipment, net 20,261 11,892
Intangible assets, net 347,613 227,611
Investments 2,750 --
----------- -----------
Total assets $ 501,186 $ 384,610
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
----------------------------------------------
Current liabilities:
Accounts payable $ 8,205 $ 6,885
Accrued compensation
and related expenses 7,950 3,972
Current portion of
capital lease obligations 86 274
Current portion of notes payable 446 411
Deferred revenue 46,050 40,414
Other current liabilities 19,390 15,671
----------- -----------
Total current liabilities 82,127 67,627
Notes payable 129 262
Stockholders' equity (deficit) 418,930 316,721
----------- -----------
Total liabilities
and stockholders' equity (deficit) $ 501,186 $ 384,610
=========== ===========
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