Interleaf Reports Continued Strong Growth Fueled by 83% Increase in E-Content Sales.Business/Technology Editors WALTHAM Waltham (wôl`thăm, –thəm), city (1990 pop. 57,878), Middlesex co., E Mass., a suburb of Boston, on the Charles River; settled c.1634, set off from Watertown 1738, inc. as a city 1884. , Mass.--(BUSINESS WIRE)--Jan. 27, 2000 Strong Momentum Continues with 100% Quarter-to-Quarter Growth in New BladeRunner 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. Customers Worldwide Interleaf Desktop publishing software that was widely used for DOS, Windows 95/98, NT, and a variety of Unix-based computers from Interleaf, Inc., Waltham, MA. Interleaf's full-featured program supported a large number of document and image types, including its ability to handle extremely long , Inc. (NASDAQ NASDAQ 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 :LEAF), the leading provider of XML-based e-content (Electronic-content) Digital content that can be transmitted over a computer network such as the Internet. See premium content. (TM) solutions, today announced third quarter results. The Company reported revenue of $12.5 million for the third quarter of fiscal year 2000, ended December December: see month. 31, 1999, an 8% increase in revenue from the same period last year. Net loss for the third quarter was $4.0 million or $0.31 per share. The increase in revenue was mainly driven by e-content sales of BladeRunner(TM) products and services, which grew 83% to $5.1 million in Q3FY00 from $2.8 million in Q2FY00, constituting 41% of the total revenue for this quarter. The e-content revenue was comprised of $2.2 million of BladeRunner license revenue; $1.6 million of QuickSilver quicksilver: see mercury. (1) (QuickSilver Technology, Inc., San Jose, CA, www.qstech.com) A mobile communications company that specializes in a reconfigurable logic chip for cellphones and PDAs. See adaptive computing. (TM) and BladeRunner subscription licensing; $1.2 million of services; and $0.1 million of maintenance. &uot;We continue to see strong growing momentum with new customers and revenue for our BladeRunner XML-based content management solution,&uot; said Jaime Jaime. For Spanish rulers thus named, use James. Ellertson, 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. of Interleaf. &uot;Our customer base grew from 50 to a total of 100 new customers at the close of Q3, representing a 100% increase. Almost all of our focused verticals grew with strong representation in B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business and finance, as well as new key accounts in geographies as distant as Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. , Spain, Brazil, Australia, and New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. . And finally, we began to penetrate .com sites with our first new .com customers.&uot; Customer Base Continues to Expand with Worldwide Momentum The e-content company gained international momentum in the third quarter. The e-content company signed new BladeRunner customers in a wide range of industries and geographies. A sampling of new BladeRunner customers includes: B2B: AppNet, Carrier, Experient Technologies, Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. Sunstrand, Norfolk Southern, Northrop Grumman Northrop Grumman Corporation (NYSE: NOC) is an aerospace and defense conglomerate that is the result of the 1994 purchase of Grumman by Northrop. The company is the third largest defense contractor for the U.S. , Oerlikon Aerospace, Tektronix, Toyota; Finance: Fidelity, Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. , Halifax, ING Bank, Nvest Services, Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. ; International: ABB n. 1. Among weavers, yarn for the warp. Hence, Noun 1. ABB - an urban hit squad and guerrilla group of the Communist Party in the Philippines; formed in the 1980s Alstom Power (United Kingdom), Bertelsmann (United Kingdom), Embraer (Brazil), Fore Computer (Germany), Interim Technologies (Australia) Omnia (Italy), Victoria University (New Zealand). Fortune 1000 Companies Migrate to BladeRunner In December, the e-content company launched an aggressive upgrade plan for its 250 legacy document management customers to help them convert their document-centric systems into BladeRunner content-driven systems that drive dynamic intranet-based applications. In one month, we were able to sign several key finance and B2B accounts including Merrill Lynch, Norfolk Southern, and Toyota, who have now chosen BladeRunner as their XML-based content management solution. Market Leadership in XML Authoring In addition, the Company announced this quarter that it has achieved a leadership position in XML authoring seats with over 100,000 subscription licenses of QuickSilver(TM), a front-end XML authoring tool for BladeRunner. Since then, the number of subscription licenses has increased to 150,000. The large volume of seats is due to the overwhelming response of the existing customer base, choosing to convert to QuickSilver to provide them with a bridge to the XML standard. A sampling of customers that have subscribed to QuickSilver includes Boeing, Canadian Airlines Canadian Airlines International Ltd. was, from 1987 until 2001, Canada's second largest airline after Air Canada, carrying more than 11.9 million passengers to over 160 destinations in 17 countries on five continents at its height in 1996. , Fidelity Investments Fidelity Investments is a group of privately held companies in the financial services industry. It is made up by two independent but closely cooperating companies, Fidelity Management and Research Corporation (FMR Co. , IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , JD Edwards See J.D. Edwards. , Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. , and Motorola, among others. In addition, net new QuickSilver revenue exceeded $500,000 in Q3FY00 sales. &uot;The strong adoption of QuickSilver serves as a seal of approval that companies worldwide are turning to us for our expertise in XML,&uot; said Jaime Ellertson, president and chief executive officer of the e-content company. &uot;QuickSilver is a critical component to generating long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. continued growth in BladeRunner as QuickSilver customers choose to publish content to the web.&uot; Product Expansion During the quarter, the e-content company shipped version 1.5 of BladeRunner and announced it will enhance BladeRunner to include certain new functionality. Among the enhancements is the integration of PowerPoint(TM) as a front-end XML authoring tool. In addition, the Company announced X-WAP(TM) (XML Wireless Application Product), a new BladeRunner application that will allow enterprises to distribute information to any wireless device, dramatically extending enterprise e-business. Through the power of eXtensible Stylesheet Language (World-Wide Web) Extensible Stylesheet Language - (XSL) A standard developed by the World Wide Web Consortium defining a language for transforming and formatting XML documents. (XSL (eXtensible Stylesheet Language) A standard from the W3C for describing a style sheet for XML documents. It is the XML counterpart to the Cascading Style Sheets (CSS) in HTML and is compatible with CSS2. ), enterprises can now dramatically extend the reach of their intranets by seamlessly transforming WML (Wireless Markup Language) A tag-based language used in the Wireless Application Protocol (WAP). WML is an XML document type allowing standard XML and HTML tools to be used to develop WML applications. It evolved from Openwave's HDML, but WML is not a superset of HDML. , HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. , and XML business content for presentation to wireless devices such as cellular telephones, personal digital assistants, pagers and e-books. The e-content company is working with a number of leading wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. companies to jointly develop solutions for delivering dynamic customized content on wireless devices. To date, participants include Alcatel, Motorola, Nokia, and Softbook Press and will expand to include leading content providers, aggregators, web portals See portal. , and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. carriers who are all part of the X-WAP value chain. Broadvision in Agreement to Acquire Interleaf, the e-content company Yesterday, the Company announced that it has entered into a definitive agreement providing for the acquisition of Interleaf by BroadVision Inc., the leader in personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. e-business applications. Under the terms of the agreement, each outstanding share of Interleaf common stock will be exchanged for .3465 shares of BroadVision common stock and all outstanding options and warrants to purchase Interleaf common stock will be assumed by BroadVision. On a fully 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. basis, BroadVision would issue approximately 5.6 million shares of its common stock, having a value of approximately $877 million based on BroadVision's closing stock price on January 25, 2000. About BladeRunner and the e-content company BladeRunner enables companies to create, manage, and publish structured e-business information - targeted, timely, personalized, intelligent, medium-aware business content - for web-enabled applications using XML as its technology backbone and Microsoft(R) Word(TM) for content creation. Companies are able to apply intelligence, structure and style to their business information, generate output in a variety of formats, and dynamically integrate that information with other electronic and business processes in support of their e-business initiatives. BladeRunner enables organizations to realize improved time to market, increase revenues and gain a competitive advantage by providing a solution designed to leverage information content and facilitate business transactions throughout the information value chain, connecting corporations with their customers, suppliers, distributors, and partners. The e-content company is a separate business segment of Interleaf, dedicated to the development of XML-based content management solutions for e-business applications. Since the group was assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. in 1998 with dedicated development, consulting, marketing and sales resources, the e-content company has emerged as a leader in XML-based content management solutions. The e-content company develops and delivers BladeRunner, the division's flagship solution that provides the only end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. XML-based content management solution for e-business applications. Additional information on the e-content company can be found at http://www.xmlecontent.com. About Interleaf Interleaf, Inc. provides enterprise-wide software solutions for content management and high-end publishing. These solutions provide Global 2000 customers with a distinct competitive advantage by enabling them to deploy e-business applications that improve operating efficiency and customer satisfaction, while driving revenue and profitability. Interleaf's software products make it easy for companies to assemble, manage, retrieve, distribute and publish business-critical information across the corporate enterprise and beyond. Information about Interleaf's products is available from Interleaf Direct at 1-800-955-5323 or on the World Wide Web at http://www.interleaf.com. Interleaf(R), BladeRunner(TM), QuickSilver(TM) and e-content(TM) are either registered trademarks or trademarks of Interleaf, Inc. Microsoft(R) Word is a trademark of Microsoft Corporation (company) Microsoft Corporation - The biggest supplier of operating systems and other software for IBM PC compatibles. Software products include MS-DOS, Microsoft Windows, Windows NT, Microsoft Access, LAN Manager, MS Client, SQL Server, Open Data Base Connectivity (ODBC), MS Mail, . BroadVision(R) is a registered trademark of BroadVision Inc.
INTERLEAF, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, March 31,
1999 1999
(unaudited)
In thousands, except for
share and per share amounts
ASSETS
Current assets
Cash and cash equivalents $ 18,291 $ 16,479
Cash -restricted 11,982 --
Accounts receivable,
net of reserve for doubtful
accounts of $966 at December 31, 1999
and $1,123 at March 31, 1999 11,645 12,008
Prepaid expenses and other current assets 1,657 1,541
Total Current Assets 43,575 30,028
Property and equipment, net 2,418 2,120
Intangible assets, net 9,572 5,222
Other assets 348 442
Total Assets $ 55,913 $ 37,812
LIABILITIES and SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 2,207 $ 2,224
Accrued expenses 12,159 11,184
Acquisition related payable 11,982 --
Unearned revenue 9,355 11,492
Accrued restructuring 755 953
Total Current Liabilities 36,458 25,853
Long-term restructuring 985 1,234
Total Liabilities 37,443 27,087
Redeemable common stock- shares
issued and outstanding , none at
December 31,1999 and
469,093 at March 31,1999 -- 1,496
Shareholders' Equity
Preferred stock, par value $.10 per share,
authorized 5,000,000 shares:
Senior Series B Convertible, shares
issued and outstanding, none at
December 31,1999 and March 31, 1999 -- 73
6% Convertible, shares issued and
outstanding, none at December 31,1999
and 1,050 at March 31, 1999 -- --
Common stock, par value $.01 per share,
authorized 50,000,000 shares, issued
and outstanding, 13,505,538
at December 31, 1999
and 9,913,209 at March 31, 1999 135 99
Additional paid-in capital 109,451 94,795
Retained earnings (accumulated deficit) (90,296) (85,197)
Cumulative translation adjustment (820) (541)
Total Shareholders' Equity 18,470 9,229
Total Liabilities
and Shareholders' Equity $ 55,913 $ 37,812
INTERLEAF, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended Nine Months ended
December 31, December 31,
1999 1998 1999 1998
(unaudited) (unaudited)
In thousands, except for per share amounts
Revenues:
Products $ 4,235 $ 2,265 $ 10,947 $ 6,150
Maintenance 3,437 5,576 13,592 16,592
Services 4,835 3,795 14,566 9,912
Total revenues 12,507 11,636 39,105 32,654
Costs of Revenues:
Products 674 545 1,875 1,817
Maintenance 702 724 2,217 2,300
Services 5,669 3,400 15,240 9,067
Total costs of revenues 7,045 4,669 19,332 13,184
Gross margin 5,462 6,967 19,773 19,470
Operating Expenses:
Selling, general
and administrative 6,869 4,511 19,144 14,874
Research and development 2,695 2,347 5,911 6,179
Purchased in -process
research and development -- -- -- 498
Total operating expenses 9,564 6,858 25,055 21,551
Income (loss)
from operations (4,102) 109 (5,282) (2,081)
Other income expenses 108 132 280 523
Income (loss)
before income taxes (3,994) 241 (5,002) (1,558)
Provision for income taxes -- -- 97 25
Net Income (loss) (3,994) 241 (5,099) (1,583)
Dividends on
Preferred Stock -- (94) (2) (553)
Gain on redemption
of preferred stock -- 8,771 -- 8,771
Net income applicable to
common shareholders-basic
earnings per share (3,994) 8,918 (5,101) 6,635
Effect of
dilutive securities:
Dividends on
preferred stock -- 74 -- 492
Gain on preferred
stock redemption -- (8,771) -- (8,771)
Net income applicable to
common shareholders-diluted
earnings per share $ (3,994) $ 221 $ (5,101) $ (1,644)
INCOME PER SHARE:
Basic $ (0.31) $ 1.30 $ (0.43) $ 1.03
Diluted $ (0.31) $ 0.03 $ (0.43) $ (0.19)
Shares used in computing
income per share
Basic 12,901 6,884 11,956 6,418
Diluted 12,901 8,406 11,956 8,642
INTERLEAF, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months Nine months
ended ended
December 31, December 31,
1999 1998 1999 1998
6/30/99 9/30/99
ytd
(unaudited) (unaudited)
In thousands, except
for per share amounts
Revenues:
e-publishing
Products $ 419 $ 2,265 $ 4,067 $ 6,150
Maintenance 3,313 5,576 13,238 16,592
Services 3,656 3,795 12,275 9,912
Sub-total E-publishing 7,388 11,636 29,580 32,654
e-content
Products-perpetual 2,160 -- 5,034 --
subscription 1,656 -- 1,846 --
sub-total 3,816 -- 6,880 --
Maintenance 124 -- 354 --
Services 1,179 -- 2,291 --
Sub-total E-content revenues 5,119 -- 9,525 --
Totals
Products 2,579 2,265 9,101 6,150
subscription 1,656 -- 1,846 --
sub-total 4,235 2,265 10,947 6,150
Maintenance 3,437 5,576 13,592 16,592
Services 4,835 3,795 14,566 9,912
Total Revenue $12,507 $11,636 $39,105 $32,654
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