Resonate Announces First Quarter 2002 Results.Business Editors/High-Tech Writers SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--April 30, 2002 Resonate res·o·nate v. res·o·nat·ed, res·o·nat·ing, res·o·nates v.intr. 1. To exhibit or produce resonance or resonant effects. 2. Inc. (Nasdaq:RSNT), the leading provider of award winning service level management solutions for business-critical applications, today reported quarterly financial results for the three months ended March 31, 2002. Revenue for the first quarter of 2002 was $2.7 million. 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 net loss for the quarter was $5.2 million, or ($0.20) per share. Total pro forma expenses for the first quarter of 2002 were $8.3 million. Pro forma financial results exclude amortization of stock-based compensation. Including amortization of stock-based compensation, net loss for the quarter was $5.2 million, or ($0.19) per share and total expenses were $8.2 million. For full details on Resonate's reported results, please refer to the accompanying financial tables. "The service level management market represents a strong growth opportunity for us," said Peter Watkins Watkins may refer to:
A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in technology spending and a longer than expected sales cycle of our new Resonate Commander Solutions product set. The prospective customer base is very enthusiastic about Commander Solutions, and I continue to believe that our solution set uniquely positions us for success." Quarter Highlights -- Significant number of new product shipments including: two upgrades to our Resonate Commander Solutions(TM), a new Resonate Command Module(TM) for BEA WebLogic(R) Server using BEA's implementation of the Java(TM) Management Extension (JMX) technology, as well as Command Modules for IBM's WebSphere Application Server, WebSphere MQ and AIX, iPlanet Web Server, SQL Server, Cisco CSS, and Apache HTTP Server. -- Continued positive validation of the quality of our products and services as demonstrated by a Hurwitz Group review of our Command Module for IBM WebSphere Application Server and high customer satisfaction levels received from our customers in recent surveys. -- Repeat business from customers including Charles Schwab, Dunn & Bradstreet, E*Trade, Eastman Chemical, Household International, Johnson & Johnson, Standard & Poor's, and Southwest Bell. Conference Call Information Resonate's financial results will be discussed today, Tuesday Tuesday: see week. , April 30, 2002 at 2:00 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 , after the close of the market, and will be available via live and time-delayed webcast by logging in A colloquial term for the process of making the initial record of the names of individuals who have been brought to the police station upon their arrest. The process of logging in is also called booking. to the investor relations Investor relations The process by which the corporation communicates with its investors. section of our website at www.resonate.com/company/ir. The webcast replay will be available at approximately 4:00 p.m. PDT and will remain available for seven days after the call. About Resonate Founded in 1995, Resonate is the leading provider of active service level management solutions for business-critical applications. The flagship Resonate Commander Solutions product is the first and only service level management solution that significantly reduces problem resolution time while simultaneously routing end-users around problems, ensuring transaction completion. Hundreds of customers worldwide including AT&T, AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group , Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , Charles Schwab Charles Schwab can refer to:
During its time as the parent company, it was led in succession by David Rockefeller, Willard C. Butcher, and Thomas G. Labrecque. , Citibank CITIBANK First National City Bank , DoubleClick For the computer term, see double-click. DoubleClick is a company that develops and provides Internet ad serving services. Its clients include agencies, marketers (Universal McCann Interactive, AKQA etc. , Eastman Chemical, E*TRADE E*TRADE Financial Corporation (NASDAQ: ETFC) is a financial services company based in New York, NY, United States. It is a holding company, the major business of which is an online discount stock brokerage service for self-directed investors. , Federal Express, France Telecom and Nippon Steel among others, rely on Resonate solutions. Resonate has strategic partnerships with industry leaders including BEA Systems BEA Systems, Inc. (NASDAQ: BEAS) is one of the major companies developing enterprise infrastructure software. BEA makes middleware, products that help software run on top of databases. , 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) , Siebel and Sun Microsystems Sun Microsystems, Inc. (NASDAQ: JAVA[3]) is an American vendor of computers, computer components, computer software, and information-technology services, founded on 24 February 1982. . Resonate is headquartered in Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. . The company's common stock trades on NASDAQ under the symbol RSNT. For more information on Resonate, visit http://www.resonate.com. Note to Editors: Resonate and the Resonate logo are registered trademarks and Resonate Commander Solutions and Resonate Command Modules are trademarks of Resonate Inc. All other trademarks are the property of their respective owners. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement 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. under the federal securities laws. The foregoing statements about the 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. outlook for the active service level management market and the mission critical nature of Resonate's solution are forward-looking and subject to significant risks including the following: enterprises looking to manage their IP based infrastructures may not use Resonate's solution; new technology addressing the needs of such enterprises may be developed by Resonate's competitors or other third parties; failure of enterprises to adopt Resonate's solution; and harm to our revenues if general economic conditions continue to worsen wors·en tr. & intr.v. wors·ened, wors·en·ing, wors·ens To make or become worse. worsen Verb to make or become worse worsening adjn . Investors are also encouraged to read the "Risk Factors" section of Resonate's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001, which is on file with the Securities and Exchange Commission.
RESONATE INC.
PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
Three Months Ended
March 31
2002 2001
-------- --------
REVENUE:
Product $ 1,163 $ 1,657
Services 1,581 1,465
-------- --------
Total revenue 2,744 3,122
COST OF REVENUE:
Product 63 64
Services 621 981
-------- --------
Total cost of revenue 684 1,045
-------- --------
GROSS PROFIT 2,060 2,077
OPERATING EXPENSES:
Research and development 2,881 3,551
Sales and marketing 3,526 5,961
General and administrative 1,209 2,243
-------- --------
Total operating expenses 7,616 11,755
LOSS FROM OPERATIONS (5,556) (9,678)
Interest and other income (expense), net 314 1,275
-------- --------
Pro forma net loss (1) $ (5,242) $ (8,403)
======== ========
Pro forma basic and diluted net loss per share $ (0.20) $ (0.32)
======== ========
Weighted shares used in the calculation
of pro forma loss per share 26,784 26,431
======== ========
(1) Excludes amortization of stock-based compensation
RESONATE INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except per share amounts)
(unaudited)
Three Months Ended
March 31
2002 2001
-------- --------
REVENUE:
Product $ 1,163 $ 1,657
Services 1,581 1,465
-------- --------
Total revenue 2,744 3,122
COST OF REVENUE:
Product 63 64
Services 621 981
-------- --------
Total cost of revenue 684 1,045
-------- --------
GROSS PROFIT 2,060 2,077
OPERATING EXPENSES:
Research and development 2,881 3,551
Sales and marketing 3,526 5,962
General and administrative 1,209 2,243
Stock-based compensation (89) 905
-------- --------
Total operating expenses 7,527 12,661
LOSS FROM OPERATIONS (5,467) (10,584)
Interest and other income (expense), net 314 1,275
-------- --------
Net loss (1) $ (5,153) $ (9,309)
======== ========
Basic and diluted net loss per share $ (0.19) $ (0.35)
======== ========
Weighted shares used in the
calculation of net loss per share 26,784 26,431
======== ========
(1) Excludes amortization of stock-based compensation
RESONATE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, December 31,
2002 2001
--------- ---------
ASSETS
Cash and cash equivalents $ 30,468 $ 30,349
Short-term investments 44,571 51,998
--------- ---------
Total cash, cash equivalents and investments 75,039 82,347
Accounts receivables, net 2,574 2,714
Other current assets 1,243 982
Property and equipment, net 2,788 3,287
Other assets 505 505
--------- ---------
Total assets $ 82,149 $ 89,835
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and other liabilities $ 3,441 $ 5,253
Debt 1,706 2,889
Deferred revenues 3,859 3,866
--------- ---------
Total liabilities 9,006 12,008
Stockholders' equity:
Capital 181,766 181,296
Retained earnings (108,623) (103,469)
--------- ---------
Total stockholders' equity 73,143 77,827
--------- ---------
Total liabilities and stockholders' equity $ 82,149 $ 89,835
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