Corio, Inc. Announces Financial Results for Fourth Quarter and Fiscal Year 2001.Business Editors/High-Tech Writers 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. 29, 2002 Corio Corio may refer to
cRIO Compact Reconfigurable Input Output (National Instruments) ), a leading enterprise application service provider, today announced revenues of $12.4 million for the fourth quarter ended December December: see month. 31, 2001. Application management services revenue, consisting principally of monthly fees from application maintenance and monitoring, was $9.1 million in the fourth quarter, up from $6.8 million in the same period of the previous year. 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, was $3.3 million in the fourth quarter. For the fourth quarter, the company reported a net loss of $13.8 million. Excluding non-cash amortization charges, restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , 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 fourth quarter was $9.4 million, or $0.18 per share. For the fiscal year ended December 31, 2001, revenues totaled $49.6 million, including $35.7 million of application management services revenue and $13.9 million of professional services and other revenue. This represents a 14% increase in revenues compared with the prior year. Net loss was $1.27 per share for fiscal year 2001. Excluding non-cash amortization charges, restructuring charges, and net interest income, the operating loss for the year was $57.3 million, or $1.14 per share. The following are financial highlights for Corio's fourth quarter: -- Application management services revenue increased 34 percent from the same period for the prior year while associated costs for providing such services decreased 10 percent. -- Corio was selected for various services by a number of new and existing enterprise customers, namely: Carlson Companies Carlson Companies (sometimes referred to as Carlson) is a privately held international corporation in the marketing, service, travel, and hospitality industries. Headquartered in Minneapolis, Minnesota, in the United States, as of 2005 Carlson Companies owned 5,300 travel , CSAA CSAA Child Study Association of America. , Forest Express, Harvard University Harvard University, mainly at Cambridge, Mass., including Harvard College, the oldest American college. Harvard College Harvard College, originally for men, was founded in 1636 with a grant from the General Court of the Massachusetts Bay Colony. , Hitachi Hitachi (hētä`chē), city (1990 pop. 202,141), Ibaraki prefecture, E central Honshu, Japan, on the Kashima Sea. The city is a leading producer of Japan's electrical equipment. America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. , Ingersoll-Rand, NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , and Quadrem Quadrem is a commercial corporation originating from the Mining Industry. It is one of the eMarketplace launched in the early year 2000 to support the purchasing process of industries with similar interests. . For more information on some of these Corio customers, reference today's release titled "Corio Deepens Relationship with Fortune 1000 in Fourth Quarter". -- Balance of cash, cash equivalents, restricted cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments at December 31, 2001 totaled $86 million while cash used in operations during the quarter declined 52% to $7.1 million compared with $14.7 million used in operations during the quarter ended December 31, 2000, and decreased 14% compared with $8.3 million used in operations during the quarter ended September September: see month. 30, 2001. -- Operating loss, excluding non-cash amortization expenses, restructuring charges, and net interest income, declined for the third consecutive quarter to $9.4 million in the quarter ended December 31, 2001, down 49% from the $18.6 million loss in the same quarter a year ago, and down 20% from the $11.7 million loss in the quarter ended September 30, 2001. -- The company took actions to write off certain assets and to achieve increased operational efficiencies while sustaining high service levels. These actions resulted in a non-recurring restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $2.4 million. Corio will discuss its recent results in a telephone conference call today at 2:00 p.m., pacific time. 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/ir or at 630/395-0021, 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 February February: see month. 5, 2002. The replay number is 402/220-3489. About Corio, Inc. Corio, a leading enterprise application service provider, delivers 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 over a secure global network for a fixed fee. Corio's experts deploy and manage applications from leading software vendors such as 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, 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 designs and deploys scalable, one-to-many One-to-many in communication is the act of publishing or broadcasting from one sender to many receivers. One-to-many (also known as "to-many") relationships are often used when managing databases. architectures built using world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. infrastructure. Corio SRVCE(TM) enables customers to achieve superior speed, reliability, visibility, control and economics for their enterprise applications. Corio is headquartered in San Carlos, Calif. 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 Twelve Months Ended
Dec. 31, Dec. 31,
------------------ -------------------
2001 2000 2001 2000
------- ------- ------- -------
Revenues:
Application
management services $ 9,071 $ 6,764 $ 35,711 $ 14,990
Professional
services and other 3,321 7,295 13,869 28,571
------- ------- ------- -------
Total revenues 12,392 14,059 49,580 43,561
Costs and Expenses:
Application management
services 8,731 9,711 39,397 32,228
Professional services
and other 3,214 6,203 15,524 26,046
Research and development 1,951 3,052 9,113 11,882
Sales and marketing 3,644 6,770 21,752 34,090
General and
administrative 4,252 6,931 21,065 24,586
Restructuring and
impairment charges 2,423 - 3,836 -
Amortization expenses 2,411 2,267 5,864 17,893
------- ------- ------- -------
Total operating
expenses 26,626 34,934 116,551 146,725
------- ------- ------- -------
Loss from operations $(14,234) $(20,875) $(66,971) $(103,164)
Interest and
other income 408 1,897 3,096 3,341
------- ------- ------- -------
Net Loss $(13,826) $(18,978) $(63,875) $(99,823)
========= ========= ========= =========
Basic and diluted
net loss per share $ (0.27) $ (0.39) $ (1.27) $ (4.29)
========= ========= ========= =========
Shares used in
computation-basic
and diluted 50,818 49,206 50,296 23,290
========= ========= ========= =========
Net loss as reported $(99,823)
Series E beneficial
conversion charge (20,158)
---------
Net loss attributable
to common stockholders $(119,981)
=========
Basic and diluted
net loss per share $ (5.15)
=========
Shares used in
computation-basic
and diluted 23,290
=========
CORIO, INC.
PRO FORMA STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
------------------ -------------------
2001 2000 2001 2000
------- ------- ------- -------
Revenues:
Application management
services $ 9,071 $ 6,764 $ 35,711 $ 14,990
Professional services
and other 3,321 7,295 13,869 28,571
------- ------- ------- -------
Total revenues 12,392 14,059 49,580 43,561
Costs and Expenses:
Application management
services 8,731 9,711 39,397 32,228
Professional services
and other 3,214 6,203 15,524 26,046
Research and development 1,951 3,052 9,113 11,882
Sales and marketing 3,644 6,770 21,752 34,090
General and
administrative 4,252 6,931 21,065 24,586
------- ------- ------- -------
Total operating
expenses 21,792 32,667 106,851 128,832
------- ------- ------- -------
Loss from operations $ (9,400) $(18,608) $(57,271) $(85,271)
========= ========= ========= =========
Basic and diluted net
loss per share $ (0.18) $ (0.38) $ (1.14) $ (2.06)
========= ========= ========= =========
Shares used in
computation-basic
and diluted 50,818 49,206 50,296 41,441
========= ========= ========= =========
Pro Forma loss from operations excludes non-cash amortization
charges, restructuring charges, and net interest income.
CORIO, INC.
BALANCE SHEETS
(in thousands)
(unaudited)
December 31, December 31,
2001 2000
------- -------
ASSETS
Current assets:
Cash and cash equivalents $ 36,317 $ 58,455
Short-term investments 41,831 80,326
Restricted cash 7,849 -
Accounts receivable 3,818 7,780
Prepaid expenses and other assets 1,875 2,293
------- -------
Total current assets 91,690 148,854
Property and equipment
and other assets 21,600 32,430
------- -------
Total assets $ 113,290 $ 181,284
=========== ===========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued liabilities $ 16,617 $ 21,526
Deferred revenue 1,969 3,196
Other current liabilites 7,506 7,616
------- -------
Total current liabilities 26,092 32,338
Long-term liabilities 5,859 11,103
------- -------
Total liabilities 31,951 43,441
Stockholders' equity 81,339 137,843
------- -------
Total liabilities and
stockholders' equity $ 113,290 $ 181,284
=========== ===========
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