Corio, Inc. Announces Financial Results for Fourth Quarter 2000 and Fiscal Year; Application Management Services Revenue Increases 57 Percent Over Prior Quarter.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)--Jan. 30, 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 $14.1 million for the fourth quarter ended December December: see month. 31, 2000. Application management services revenue, consisting principally of 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. monthly fees from hosting arrangements, increased 57 percent to $6.8 million in the fourth quarter of 2000 from $4.3 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, were $7.3 million in the most recent quarter. For the fourth quarter, the company reported a net loss of $(19.0) million. Excluding non-cash amortization charges and 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 fourth quarter was $(18.6) million, or $(0.38) per share, based on pro-forma shares outstanding, compared with $(20.0) million or $(0.44) per share for the prior quarter. For the fiscal year ended December 31, 2000, revenues totaled $43.6 million, including $15.0 million of application management services revenue and $28.6 million of professional services and other revenue. This represents a 653% increase in revenue over the prior year. After giving effect to a previously 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). beneficial conversion adjustment, net loss was $(5.15) per share for the fiscal year 2000. Excluding the beneficial conversion adjustment, non-cash amortization charges, and interest income, the operating loss for the year was $(83.7) million, or $(2.02) per share, based on 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 shares outstanding. The following are recent Corio financial highlights for the fourth quarter: -- Application management services revenue increased 57% from the prior quarter. -- Operating loss, excluding non-cash amortization expenses, declined for the second consecutive quarter to $(18.6) million. -- Cash flow utilized in operations in the quarter was $(14.7) million, significantly below the prior quarter. -- Balance of cash, cash equivalents and short-term investments at the end of fiscal 2000 was $138.8 million with days sales outstanding declining to 51 days. Corio will discuss its recent results in a telephone conference call today at 2:00 p.m. PST PST Paroxysmal supraventricular tachycardia, see there . 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 800-492-7568, pass code 17525830. For those unable to participate in the live call, a replay will be available beginning one hour after conclusion of the call and continuing until February February: see month. 6, 2001. The replay number is 800-633-8284 for domestic callers and 858-812-6440 for international callers. The pass code is 17525830. About Corio, Inc. Corio, 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. enterprise 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 , 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 . Corio is headquartered in San Carlos, Calif., with 15 offices across the U.S. Additional information about Corio is available at http://www.corio.com. 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.
BALANCE SHEETS
(in thousands)
December 31,
-----------------------------------
2000 1999
-------------- ---------------
(unaudited)
ASSETS
Current assets:
Cash and cash
equivalents $ 58,455 $ 37,177
Short-term investments 80,326 --
Accounts receivable 7,780 2,941
Prepaid expenses and
other assets 2,293 2,107
-------- --------
Total current assets 148,854 42,225
Property and equipment
and other assets 32,430 19,371
-------- --------
Total assets $181,284 $ 61,596
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $ 21,526 $ 13,180
Deferred revenue 3,196 1,888
Other current liabilities 7,616 2,709
-------- --------
Total current
liabilities 32,338 17,777
Long-term liabilities 11,103 7,335
-------- --------
Total liabilities 43,441 25,112
Stockholders' equity 137,843 36,484
-------- --------
Total liabilities and
stockholders' equity $181,284 $ 61,596
======== ========
CORIO, INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------- -------- -------- --------
2000 1999 2000 1999
-------- -------- -------- --------
Revenues:
Application management
services $ 6,764 $ 533 $ 14,990 $ 746
Professional services
and other 7,295 2,208 28,570 5,036
-------- -------- -------- --------
Total revenues 14,059 2,741 43,560 5,782
Costs and Expenses:
Application
management services 9,711 2,831 32,124 6,297
Professional
services and other 6,203 3,525 26,046 7,755
Research and development 3,052 1,602 11,882 3,192
Sales and marketing 6,770 5,929 32,649 11,930
General and
administrative 6,931 3,772 24,578 10,416
Amortization expenses 2,267 5,086 19,447 10,714
-------- -------- -------- --------
Total operating
expenses 34,934 22,745 146,726 50,304
-------- -------- -------- --------
Loss from
operations (20,875) (20,004) (103,166) (44,522)
Interest and other
income (expense) 1,897 (72) 3,341 (478)
-------- -------- -------- --------
Net loss $ (18,978) $ (20,076) $ (99,825) $(45,000)
======== ======== ======== ========
Basic and
diluted net
loss per share $ (0.39) $ (13.57) $ (4.29) $ (38.96)
======== ======== ======== ========
Shares used in
computation
- basic and diluted 49,206 1,480 23,290 1,155
======== ======== ======== ========
Net loss as reported $ (99,825)
Series E beneficial
conversion charge (20,158)
========
Net loss
attributable
to common
stockholders $ (119,983)
========
Basic and diluted
net loss per share $ (5.15)
========
Shares used in
computation 23,290
========
CORIO, INC.
PRO FORMA STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
-------- -------- -------- --------
2000 1999 2000 1999
-------- -------- -------- --------
Revenues:
Application
management services $ 6,764 $ 533 $ 14,990 $ 746
Professional
services and other 7,295 2,208 28,570 5,036
-------- -------- -------- --------
Total revenues 14,059 2,741 43,560 5,782
Costs and Expenses:
Application
management services 9,711 2,831 32,124 6,297
Professional
services and other 6,203 3,525 26,046 7,755
Research and
development 3,052 1,602 11,882 3,192
Sales and marketing 6,770 5,929 32,649 11,930
General and
administrative 6,931 3,772 24,578 10,416
-------- -------- -------- --------
Total operating
expenses 32,667 17,659 127,279 39,590
-------- -------- -------- --------
Loss from operations $ (18,608) $ (14,918) $ (83,719) $(33,808)
======== ======== ======== ========
Net loss per
share based on pro
forma shares
outstanding $ (0.38) $ (2.02)
======== ========
Pro forma shares
used in computation 49,206 41,441
======== ========
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