Pivotal Announces Record Fourth Quarter Revenues, Up 118%.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--July 13, 2000 Pivotal Corporation (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 :PVTL), today announced record financial results for its fourth quarter and fiscal year ended June 30, 2000. Pivotal's net revenues in the fourth quarter of fiscal 2000 increased 118 percent to $18.2 million compared to $8.3 million in the fourth quarter of fiscal 1999. Revenue from licenses increased 111 percent to $13.1 million in the fourth quarter of fiscal 2000 compared to $6.2 million in the fourth quarter of fiscal 1999. Revenues from services and maintenance increased 139 percent to $5.0 million in the fourth quarter of fiscal 2000, compared to $2.1 million in the same quarter last fiscal year. Net income, excluding acquisition-related charges and amortization of intangibles in the fourth quarter of fiscal 2000, was $523,000 or $0.02 per share, compared with an 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. of $659,000 or $0.04 per share in the fourth quarter of fiscal 1999. All per share amounts are presented 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 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, which assumes conversion of the convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". from the original date of issuance. Net loss including acquisition-related charges and amortization of intangibles in the fourth quarter of fiscal 2000, was $7.7 million or $0.37 per share, compared with a net loss of $659,000 or $0.04 per share in the fourth quarter of fiscal 1999. All per share amounts are presented on a pro forma diluted basis, which assumes conversion of the convertible preferred stock from the original date of issuance. Net revenues for the year ended June 30, 2000 increased 109 percent to $52.9 million compared to $25.3 million for the year ended June 30, 1999. Net income, excluding acquisition-related charges and amortization of intangibles for the year ended June 30, 2000, was $26,000 or $0.00 per share, compared to a net loss of $2.8 million or $0.18 per share for the year ended June 30, 1999. Software license revenue for fiscal 2000 grew 99 percent over the last fiscal year, while service revenue grew 139 percent. Pivotal's enterprise customer base totals more than 900 customers spanning diverse industries and geographic markets. New customers include ING Barings LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , B&Q PLC, Emerson Electric, Headhunter headhunter A popular term for a person–or employment agency who recruits physicians, upper echelon executives or other professionals, matching potential employees with employers .net, Inc., Intrawest Corporation, Ford Credit Denmark A/S, Norsat International Inc., Clarus Corporation, Norton Company, AristaSoft Corporation, Badger badger, name for several related members of the weasel family. Most badgers are large, nocturnal, burrowing animals, with broad, heavy bodies, long snouts, large, sharp claws, and long, grizzled fur. Meter, Inc., Capitalthinking.com, Inc., Centra Software, Inc., LAUNCHworks Inc., Epoch Partners, Biosite Diagnostics (1) Software routines that test hardware components (memory, keyboard, disks, etc.). Diagnostics are often stored in ROM chips and activated on startup. (2) Error messages in a programmer's source code that refer to statements or syntax that the compiler or assembler , Qiagen Inc., SSR (Scalable Sampling Rate) See AAC. SSR - Scalable Sampling Rate Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Advisors and Paradigm Geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. . According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Norm Francis, 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. , Pivotal, "Pivotal's first year as a public company completed with success. Large enterprises are selecting Pivotal for innovative Microsoft-based solutions for managing the demand chain. Pivotal introduced Pivotal eRelationship 2000, Pivotal eSelling 2000 and Pivotal ePower 2000 - advanced Internet solutions that are reshaping the eBusiness landscape. Our global expansion initiatives have also increased our presence in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe and Asia Pacific. Our achievements in the past year strongly position Pivotal at the forefront of the Internet era." According to Vince Mifsud, executive vice-president and CFO See Chief Financial Officer. , Pivotal, "Pivotal accelerated revenue growth each quarter this year, with this quarter's growth at 118% over the same quarter last year and 30% sequential license revenue growth. Our extended product line, technology innovation and global sales presence allowed us to close large-enterprise scale deals. Pivotal also acquired Exactium and Simba Digital Conversations and successfully integrated these organizations and the Exactium eSelling 2000 product." Fiscal 2000 Milestones * Completed initial public offering * Significant global expansion * Microsoft featured Pivotal at Windows 2000 launch * Pivotal eRelationship 2000 launched * Pivotal ePower 2000 launched * Pivotal establishes eBusiness Center of Excellence in Northern Ireland * Shipped Pivotal Interaction Engine * Shipped Pivotal Intelligence Engine * Established B2B Syndicate to deliver Web services and content * Won two Microsoft Industry Solutions Awards for Technology Excellence * Set record for industry-leading scalability * Established PivotalHost program * Introduced first wireless solution for the digital demand chain Fourth Quarter Highlights Strategic Acquisitions Strengthen Pivotal's Technological Leadership The Exactium acquisition extends Pivotal's product line to include Pivotal eSelling 2000 and adds eSelling experts to the Pivotal team. Pivotal eSelling 2000 is the first eSelling platform that is fully engineered on an 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. backbone. The solution enables companies to sell complex products and services over the Internet by providing an interactive, 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. buying experience. The acquisition of Simba Digital Conversations enhances Pivotal's eBusiness solution with a unique eMarketing technology that will drive a new generation of business-to-business Web sites. The new technology allows companies to aggregate and analyze all Internet customer interactions such as email messages, Web chat session and Web site surfing surfing, sport of gliding toward the shore on a breaking wave. Surfers originally used long, cumbersome wooden boards but now ride lightweight synthetic boards that allow a greater degree of maneuverability. . As a result, companies gain meaningful insight into the preferences, needs and buying trends of Internet customers. Pivotal Penetrates Large Enterprise Market Pivotal's customer roster expanded this quarter to include industry leaders such as Intrawest Corporation Headhunter.net, Inc., B&Q PLC, Emerson Electric, Norsat International Inc. and Clarus Corporation. Pivotal also showed significant growth in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. sector with new customers such as ING Barings LLC, First Global, Inc., CapitalThinking.com, Inc., North Shore Credit Union The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. and American First Federal Credit Union. Pivotal Ships Pivotal Interaction Engine The Pivotal Interaction Engine is a state of the art solution for managing the next generation of "Interaction Centers" that are displacing traditional call centers as the primary strategy for after-the-sale relationship management. These "Interaction Centers" unify 1. (database, product) Unify - A relational database produced by Unify Corporation. 2. (algorithm) unify - To perform unification. all customer communications including, phone, email, fax and Web chat into a universal inbox and unified queue Pronounced "Q." A temporary holding place for data. See queuing, message queue and print queue. (programming) queue - A first-in first-out data structure used to sequence objects. Objects are added to the tail of the queue ("enqueued") and taken off the head ("dequeued"). for more efficient coordination of customer issues and more effective customer communications. Pivotal Ships Pivotal Intelligence Engine The Pivotal Intelligence Engine enables sales, marketing, and customer service professionals to transform customer data into meaningful information that allows them to analyze past business performance, monitor present business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets , and establish effective plans for the future. The Intelligence Engine provides Web-based tools for data mining, data analysis, and marketing campaign management and trend tools to statistically project sales and marketing performance. The Intelligence Engine is central to identifying the most successful combinations of customers, products, regions, and channels. About Pivotal Corporation Pivotal Corporation enables organizations, globally, to increase revenue and improve customer loyalty by providing highly scalable, Microsoft-based Internet solutions for managing relationships between customers, employees, and business partners. Pivotal's eRelationship 2000 solution provides integrated applications for eSelling, eMarketing, eCommerce, and eService, and an industrial-strength Internet platform for building and deploying personalized, intelligent Web sites for customers and business partners integrated with context-sensitive Web portals See portal. for front-office employees. Pivotal solutions are designed for Web, wireless and hosted deployment, and are provided on a flexible license, lease, or subscription basis to support a wide variety of business models. Pivotal solutions are sold in 35 countries and available in English, French, German, Spanish, Portuguese, Swedish, Japanese and Chinese. Pivotal's worldwide customer base includes more than 900 organizations in traditional, commercial and public market sectors and the new digital economy, including KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , Intrawest Corporation, Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. , Emerson Electric, Ericsson, Nissan Motor Corp., HarperCollins Publishers, Qiagen Inc., Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank , Trader trader in U. S. income tax law, a person who deals in property as a business, making several purchases and sales within a year as distinguished from a few sales of assets held for investment. .com, Southern Company, Lucent Technologies, Inc., NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. , Deloitte & Touche, Principal Financial Group and Red Cross Australia. Pivotal is a public company traded on the NASDAQ under the symbol "PVTL" and can be found on the Web at http://www.pivotal.com. Forward Looking Statements This press release contains 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. including statements about the continued success of Pivotal's business and the role the Simba Technologies Simba Technologies is a supplier of standards-based data access solutions located in Vancouver, British Columbia, Canada. Simba Technologies specializes in connectivity for ODBC, JDBC, OLE DB for OLAP (ODBO) and XML for Analysis (XMLA). Inc. acquisition will play in furthering Pivotal's strategy to provide an electronic business solution that will drive a new generation of business-to-business Web sites. These statements are based on management's current projections, beliefs and opinions at the date of this press release. Actual results could differ materially from those anticipated in these statements due to a number of risks, uncertainties and other factors, such as the need for continued market acceptance of Pivotal's solutions, the possibility of unanticipated difficulties in integrating Pivotal's and Simba's businesses, the possibility of technical difficulties or delay in integrating Simba's technologies with Pivotal's products, in completing and releasing software solutions incorporating Simba's technology or future product introductions and improvements, the possibility that competitors will introduce new and improved products and services that are superior to Pivotal's and Simba's combined products and the need to compete successfully with existing and new products and services offered by competitors. Pivotal undertakes no responsibility to update forward-looking statements if circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or management's projections, beliefs of opinions change.
PIVOTAL CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in United States dollars;
all amounts in thousands except per share data)
---------------------------------------------------------------------
Three months ended Year ended
June 30, June 30,
---------------------------------------------------------------------
2000 1999 2000 1999
---------------------------------------------------------------------
(Unaudited) (Unaudited)
Revenues
Licences $ 13,136 $ 6,214 $ 37,384 $ 18,819
Services and maintenance 5,049 2,109 15,555 6,508
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Total revenues 18,185 8,323 52,939 25,327
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Cost of revenues
Licenses 812 98 2,141 536
Services and maintenance 2,671 1,105 8,147 3,078
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Total cost of revenues 3,483 1,203 10,288 3,614
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Gross profit 14,702 7,120 42,651 21,713
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Operating expenses
Sales and marketing 10,319 5,005 31,165 16,830
Research and development 2,803 1,800 8,906 4,958
General and administrative 1,318 845 4,190 2,466
---------------------------------------------------------------------
Total operating expenses 14,440 7,650 44,261 24,254
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Income (loss) before
amortization, other income
and taxes 262 (530) (1,610) (2,541)
Goodwill and other
intangibles 1,280 - 1,409 -
In-process research and
development and other
charges 6,979 - 6,979 -
---------------------------------------------------------------------
Loss before other income and
Taxes (7,997) (530) (9,998) (2,541)
Interest and other income
(loss) 478 (69) 2,193 (24)
---------------------------------------------------------------------
Loss before income taxes (7,519) (599) (7,805) (2,565)
Income taxes 217 60 557 243
---------------------------------------------------------------------
Net loss $ (7,736) $ (659) $ (8,362) $(2,808)
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Loss per share
Basic and diluted $ (0.37) $ (0.17) $ (0.45) $ (0.72)
Pro-forma basic and
diluted $ (0.37) $ (0.04) $ (0.39) $ (0.18)
Weighted average number of shares used to calculate loss per share
Basic and diluted 20,686 3,915 18,643 3,888
Pro-forma basic and diluted 20,686 15,966 21,339 15,940
---------------------------------------------------------------------
Excluding acquisition related charges and amortization of intangibles
Net income (loss) $ 523 $ (659) $ 26 $ (2,808)
---------------------------------------------------------------------
---------------------------------------------------------------------
Loss per share
Basic $ 0.03 $ (0.17) $ 0.00 $ (0.72)
Diluted $ 0.02 $ (0.17) $ 0.00 $ (0.72)
Pro-forma basic and
diluted $ 0.02 $ (0.04) $ 0.00 $ (0.18)
Weighted average number of shares used to calculate loss per share
Basic 20,686 3,915 18,643 3,888
Diluted 22,013 3,915 20,167 3,888
Pro-forma basic and diluted 22,013 15,966 21,339 15,940
PIVOTAL CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Expressed in United States dollars; all amounts in thousands)
June 30, 2000 June 30, 1999
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ASSETS
Current assets:
Cash and cash equivalents $ 4,734 $ 9,338
Short term investments 30,788 -
Accounts receivable 16,764 8,304
Prepaid expenses 1,859 1,029
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Total current assets 54,145 18,671
Property and equipment, net 7,231 3,051
Other assets 60,569 -
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Total assets $ 121,945 $ 21,722
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LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable and accrued
liabilities $ 16,877 $ 6,329
Deferred revenue 8,971 5,085
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Total current liabilities 25,848 11,414
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Redeemable convertible preferred shares - 17,500
---------------------------------------------------------------------
Shareholders' equity (deficit) 96,097 (7,192)
---------------------------------------------------------------------
Total liabilities and shareholders'
equity (deficit) $ 121,945 $ 21,722
---------------------------------------------------------------------
---------------------------------------------------------------------
(c) 2000 Pivotal Corporation. All rights reserved. Pivotal, Pivotal eRelationship, Pivotal eRelationship 2000, Pivotal eSelling 2000, Pivotal ePower 2000, Pivotal Interaction Engine, Pivotal Intelligence Engine and Pivotal 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 Syndicate Syndicate organized crime unit throughout major cities of the United States. [Am. Hist.: NCE, 2018] See : Gangsterism are trademarks and/or registered trademarks of Pivotal Corporation. Microsoft, Windows, Windows 2000, Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. , and BackOffice are trademarks and/or registered trademarks 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, 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. and/or other countries. All other trade names mentioned are trademarks and/or registered trademarks of their respective owners. |
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