Corio, Inc. Announces Financial Results for First Quarter 2001.Business Editors SAN CARLOS San Carlos (săn kär`lōs), residential city (1990 pop. 26,167), San Mateo co., W Calif.; inc. 1925. The chief manufactures are plastic products, hardware, and machine parts. , Calif.--(BUSINESS WIRE)--April 24, 2001 Corio Corio may refer to
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 : CRIO CRIO COMSEC Regional Issuing Officer cRIO Compact Reconfigurable Input Output (National Instruments) ), a leading enterprise application service provider (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ), today announced revenues of $13.6 million for the first quarter ended March 31, 2001. This represents a 157 percent increase in revenues over the same period during the prior year. Application management services revenue, consisting principally of monthly fees from hosting arrangements, increased 31 percent to $8.8 million in the first quarter of 2001 from $6.8 million in the previous quarter. Professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. and other revenue, reflecting fees primarily from providing implementation, consulting, training and related services for customers, was $4.7 million in the most recent quarter. For the first quarter, the company reported a net loss of $(19.5) million. Excluding non-cash amortization charges and net interest income, the 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. for the first quarter was $(19.3) million, or $(0.39) per share. The following are financial highlights for Corio's first quarter: -- Application management services revenue increased 31 percent from the prior quarter while associated costs for providing such services increased by 10 percent. For the most recent quarter, application management services revenue represented 65 percent of total revenue. -- Average monthly recurring revenues per customer increased to approximately $40,000 per month from the average level of about $25,000 in the prior fiscal year. -- Balance of cash, cash equivalents, restricted cash and short-term investments at March 31, 2001 was $117 million and days sales outstanding remained healthy at 51 days. -- Cash flow utilized in operations in the quarter was $(15.5) million. Corio will discuss its recent results in a telephone conference call today at 1:30 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT . Interested parties may listen to the conference call via live broadcast over 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.corio.com or at 712-271-0003, pass code CORIO. For those unable to participate in the live call, a replay will be available beginning approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. one hour after conclusion of the call and continuing until May 1, 2001. The replay number is 402-998-0246. About Corio, Inc. Corio (NASDAQ: CRIO), a leading enterprise application service provider, delivers, hosts and manages best-of-breed The best product of its type. Organizations often purchase software from different vendors in order to obtain the best-of-breed for each application area; for example, a human resources package from one vendor and an accounting package from another. applications and infrastructure services for a monthly fee. Corio's application suite, the Corio Intelligent Enterprise, features leading vendors such as BroadVision A family of e-business applications from BroadVision, Inc., Redwood City, CA (www.broadvision.com) that provide the tools to develop a complete, commercial Web site. The suite of integrated and self-service applications includes BroadVision Process; Commerce; Content; and Portal, all of , Commerce One, E.piphany, Microsoft (Microsoft Corporation, Redmond, WA, www.microsoft.com) The most successful and influential software company. Microsoft's software and Intel's hardware pioneered the PC and revolutionized the computer industry. , Moai, PeopleSoft (PeopleSoft, Inc., Pleasanton, CA, www.peoplesoft.com) A software company that specialized in enterprise-wide applications for client/server environments. Initially specializing in human resources, its package offerings covered the gamut including financial, distribution, manufacturing , Oracle, Requisite, SAP sap, fluid in plants consisting of water and dissolved substances. Cell sap refers to this fluid present in the large vacuole, or cell cavity, that occupies most of the central portion of mature plant cells. and Siebel Systems Siebel is a brand name of Oracle Corporation. Siebel Systems, Inc., founded by Thomas Siebel in 1993, was principally engaged in the design, development, marketing and support of CRM applications. . Corio's infrastructure suite, the Corio Intelligent Infrastructure, features modular application delivery and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services . Additional information about Corio is available at http://www.corio.com. Note to Editors: Corio is a trademark of Corio, Inc. All other product and company names mentioned herein may be the trademarks of their respective owners.
CORIO, INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31,
2001 2000
-------- --------
Revenues:
Application management services $ 8,843 $ 1,137
Professional services and other 4,726 4,143
-------- --------
Total revenues 13,569 5,280
Costs and Expenses:
Application management services 10,640 5,848
Professional services and other 6,252 5,471
Research and development 2,693 2,233
Sales and marketing 6,880 9,076
General and administrative 6,405 4,747
Amortization expenses 1,134 6,471
-------- --------
Total operating expenses 34,004 33,846
-------- --------
Loss from operations (20,435) (28,566)
Interest and other
income (expense) 892 47
-------- --------
Net loss $ (19,543) $ (28,519)
======== ========
Basic and diluted
net loss per share $ (0.39) $ (16.75)
======== ========
Shares used in computation -
basic and diluted 49,650 1,703
======== ========
CORIO, INC.
PRO FORMA STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended March 31,
2001 2000
-------- --------
Revenues:
Application management services $ 8,843 $ 1,137
Professional services and other 4,726 4,143
-------- --------
Total revenues 13,569 5,280
Costs and Expenses:
Application management services 10,640 5,848
Professional services and other 6,252 5,471
Research and development 2,693 2,233
Sales and marketing 6,880 9,076
General and administrative 6,405 4,747
-------- --------
Total operating expenses 32,870 27,375
-------- --------
Loss from operations $ (19,301) $ (22,095)
======== ========
Basic and diluted net
loss per share $ (0.39) $ (0.70)
======== ========
Shares used in computation-
basic and diluted 49,650 31,668
======== ========
CORIO, INC.
BALANCE SHEETS
(in thousands)
March 31, December 31,
2001 2000
(unaudited)
-------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 34,272 $ 58,455
Short-term investments 75,872 80,326
Restricted cash 7,000 --
Accounts receivable 7,615 7,780
Prepaid expenses and other assets 2,685 2,293
-------- --------
Total current assets 127,444 148,854
Property and equipment and other assets 33,024 32,430
-------- --------
Total assets $160,468 $181,284
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $ 19,696 $ 21,526
Deferred revenue 3,615 3,196
Other current liabilities 6,668 7,616
-------- --------
Total current liabilities 29,979 32,338
Long-term liabilities 9,617 11,103
-------- --------
Total liabilities 39,596 43,441
Stockholders' equity 120,872 137,843
-------- --------
Total liabilities and
stockholders' equity $160,468 $181,284
======== ========
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