Continuus Software Reports First Quarter 2000; Increases License Revenues 31% on New Account Growth.Business Editors/High-Tech Writers IRVINE Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. , Calif.--(BUSINESS WIRE)--April 26, 2000 Continuus Software Corporation (Nasdaq:CNSW), the leading provider of eAsset management solutions, today reported total revenue for the quarter ended March 31, 2000 of $9.9 million, an increase of 20% over revenues of $8.2 million for the quarter ended March 31, 1999. The net loss 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 stock compensation and the amortization of goodwill and other costs associated with the acquisition of Pagoda Corporation, was $1.7 million or $0.17 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to a loss of $198,000 or $0.12 per diluted share, for the same period in 1999. Including stock compensation and the amortization of goodwill and other costs associated with the acquisition of Pagoda Corporation, the net loss for the quarter was $2.0 million, or $0.20 per diluted share. Revenues from license fees for the first quarter 2000 increased to $5.5 million from $4.2 million in the first quarter of 1999. "We achieved 31% license revenue growth in the first quarter driven by strong new account sales. In fact, new name license revenue accounted for 48% of all license revenue in the quarter," said John Wark John Wark (born Glasgow, 4 August 1957) was a Scottish footballer who grew up in the Ipswich Town side of the 1970s and went on to become a player synonymous with the club. He was also part of the all conquering Liverpool side of the mid 1980s. , 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. . "Unfortunately, we did see a handful of larger transactions slip out of the quarter, causing us to miss analyst expectations. Strong growth in 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 and 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. market continues to drive significant demand for our eAsset Management framework, but based on resetting of growth expectations for our services business, combined with our decision to accelerate sales and marketing spending to capture share in our core market, we anticipate that bottom line comparisons will be challenging for the remainder of the year." First Quarter Highlights: Customers The company continued to penetrate Global 1000 companies in support of their e-business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. initiatives, won additional business at emerging dot.com See dot-com. companies, and expanded its penetration of key suppliers of Internet infrastructure. Examples of some of these customers include: Remedy Corporation; REI.com; Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) ., a Time Warner Entertainment Company; HNC (HNC Software Inc., San Diego, CA) A software company that specialized in products that detect credit card fraud, manage merchant risk, automate lending decisions and home valuations and manage retail inventories. Founded in 1986 by Robert Hecht-Nielsen and Todd W. Software; MatchLogic, an independent subsidiary of Excite, Inc.; Homedirectory.com; OnLink; ComDais.com; Siemens Communication Devices; Sony SONY Standard Oil of New York (common, but untrue; it's an urban legend) Corporation and Hewitt Associates Some of the information in this article may not be verified by . It should be checked for inaccuracies and modified to cite reliable sources. Hewitt Associates LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Products In the first quarter, the company made substantial progress in expanding its product lines. It acquired Pagoda Corporation, a provider of an Internet-based application that enables project teams to leverage best practices to rapidly deliver web content and software applications. The company also began shipping version 5.0 of Continuus/CM Synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. , a 2nd generation task-based change management solution. Since the end of the first quarter, the company has shipped ChangeSynergy 3.0, a standalone stand·a·lone adj. Self-contained and usually independently operating: a standalone computer terminal. change tracking solution for e-business, and KnowledgeSynergy 3.0, an enhanced version of the original Pagoda product. Partners Recently, the company launched an eAsset Management strategic partnership program with Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. , Mercury Interactive For another company with a similar name, see Mercury Computer Systems. HP Mercury (formerly Mercury Interactive) is a subsidiary of Hewlett-Packard that is a market leader in automated software quality assurance and offers products in other areas such as diagnostics, , Novadigm, and Remedy. In addition, the company signed a strategic alliance with Pretzel Logic, a premier specialist in infrastructure and change expertise for e-business systems. About Continuus Continuus Software Corporation (Nasdaq:CNSW) is the leading provider of eAsset management solutions. eAsset management is an evolving technology solution that enables organizations to more effectively develop, enhance, deploy and manage their Internet and enterprise software systems, often developed by growing teams in multiple locations. Continuus products enable organizations to improve the quality of their eAssets and to reduce the time it takes to deliver Internet and software applications. Continuus offers integrated product lines designed to support the collaborative development, management, approval and deployment of the most complex and demanding software, Internet applications and Web content. The company also offers Continuus Professional Services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. that include consulting, training and maintenance services to facilitate the successful implementation of its solutions. Continuus has licensed its products to over 500 customers worldwide. For more information on Continuus: in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , call 949/453-2200; in Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , call 613/751-4499; in the United Kingdom, call 441-344-788-100; in Germany, call 49-895904-7189; in France, call 33-1-69-59-1616; in Australia, call 61-2-9904-6033; or visit the company's Web site at www.continuus.com. This press release contains certain 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 are based largely on Continuus Software's current expectations and are subject to a number of risks and uncertainties. Actual results and events could differ significantly from those discussed in the forward-looking statements. These risks and uncertainties include those associated with fluctuations in the company's revenues and financial performance, the development of new products and technologies, the emerging markets for the company's products, and intense competition in the company's markets, as well as other risks and uncertainties described from time to time in the company's filings with the Securities and Exchange Commission, including the company's most recent 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. .
CONTINUUS SOFTWARE CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three months Ended
March 31,
2000 1999
(unaudited) (unaudited)
Revenues:
License fees $ 5,451 $ 4,172
Services 4,432 4,067
------------- --------------
Total revenues 9,883 8,239
Cost of revenues:
License fees 304 156
Services 2,631 1,945
------------- --------------
Total cost of revenues 2,935 2,101
------------- --------------
Gross Profit 6,948 6,138
Operating Expenses:
Sales and marketing 5,400 4,098
Research and development 1,942 1,233
General and administrative 1,210 704
Other compensation costs
and goodwill amortization 298 41
------------- --------------
Total operating expenses 8,850 6,076
------------- --------------
Income (loss) from operations (1,902) 62
Other expense, net (65) (296)
------------- --------------
Net loss before income taxes (1,967) (234)
Income taxes provision (25) (5)
------------- --------------
Net loss $ (1,992) $ (239)
============= ==============
Net loss per share
Basic & Diluted $ (0.20) $ (0.15)
============= ==============
Weighted average shares outstanding
Basic & Diluted 10,109 1,637
============= ==============
CONTINUUS SOFTWARE CORP.
CONSOLIDATED CONDENSED BALANCE SHEETS
(In thousands)
March 31, 2000 Dec. 31, 1999
(unaudited)
Assets
Current Assets:
Cash and cash equivalents $ 11,702 $ 11,570
Investments in securities 3,589 9,125
Accounts receivable,net 9,360 8,940
Prepaid and other current assets 2,097 1,321
-------------- -----------
Total current assets 26,748 30,956
Property and equipment, net 3,391 2,154
Goodwill and other intangible assets,net 10,893 107
Other assets 1,417 757
-------------- -----------
Total Assets $42,449 $33,974
============== ===========
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 2,628 $ 1,662
Accrued liabilities 4,601 5,554
Deferred revenue 4,974 4,961
Current portion of
capital leases obligations 378 488
-------------- -----------
Total current liabilities 12,581 12,665
Long-term liabilites:
Long term note payable 6,000 6,000
Capital lease obligations,
less current portion 181 261
-------------- -----------
Total liabilities 18,762 18,926
Total Stockholders' Equity 23,687 15,048
-------------- -----------
Total Liabilities
and Stockholders' Equity $ 42,449 $ 33,974
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