Stellent Achieves Record Quarterly Revenues of $28.5 Million.EDEN PRAIRIE Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn. -- Company generates fourth quarter year-over-year revenue growth of 38% and fiscal year-over-year revenue growth of 41% Stellent, Inc. (Nasdaq:STEL STEL Short Term Exposure Limit STEL Stellent, Inc. (stock abbreviation, AMEX) STEL Short Time Exposure Limit STEL Standard Telecommunications ), a global provider of content management solutions, announced today its financial results for the fourth quarter and fiscal year ended March 31, 2005. Fourth quarter fiscal 2005 revenues were $28.5 million, an increase of 38% over the $20.6 million reported for the same period last year. Revenues for the fiscal year ended March 31, 2005 were $106.8 million, a 41% increase over revenues of $75.8 million for the fiscal year ended March 31, 2004. On a Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) basis, the net loss for the quarter ended March 31, 2005 was $3.0 million, or $(0.11) per share on a basic and diluted share basis, compared with a net loss of $0.4 million, or $(0.02) per share on a basic and diluted share basis, for the quarter ended March 31, 2004. The GAAP net loss for the fiscal year ended March 31, 2005 was $5.8 million, or $(0.22) per share on a basic and diluted share basis, compared with a net loss of $10.5 million, or $(0.48) per share on a basic and diluted share basis, for the fiscal year ended March 31, 2004. 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 income was $1.3 million, or $0.05 per share on a basic and diluted share basis, for the quarter ended March 31, 2005, compared with approximate pro forma breakeven on a basic and diluted share basis for the quarter ended March 31, 2004. Pro forma net income for the fiscal year ended March 31, 2005 was $4.1 million, or $0.15 per share on a basic and diluted share basis, compared with a pro forma net loss of $6.6 million, or $(0.30) per share on a basic and diluted share basis, for the fiscal year ended March 31, 2004. Stellent believes the pro forma results better reflect its operating performance as they exclude the effects of non-cash or non-recurring charges primarily related to expenses such as amortization of acquired intangible assets and unearned compensation; amortization of capitalized software from acquisitions; acquisition-related sales, marketing and other costs; restructuring charges; impairment charge on fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → ; certain litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. expenses; and investment impairment. "We achieved both quarter-over-quarter and year-over-year organic revenue growth, with license revenues of $14.3 million during the fourth quarter of fiscal 2005," said Robert Olson, president and chief executive officer for Stellent. "We also increased our cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has position from the third quarter by $3.5 million, ending the fourth quarter with a cash and marketable securities position of $72.8 million. While the company met its revenue guidance for the quarter, our pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share (EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ) were impacted slightly by higher-than-expected fees related to professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. associated with special projects and Sarbanes-Oxley compliance. During the quarter, we reached a settlement of our shareholder litigation, subject to final documentation and preliminary and final court approval. Our March quarter GAAP net loss reflects a charge of approximately $0.6 million, which represents the payment of the remaining deductible of our directors' and officers' insurance policy. No additional charges for the shareholder litigation are anticipated. "We added 48 new accounts during the fourth quarter, including Stellent(R) Universal Content Management(TM) customers eSure Limited, EnCana Corp., Darty & Fils, Presbyterian Healthcare Services, Daewoo, Korea Shipping Association, Sensus Metering Systems Inc., Travelers Express, LKW LKW Lastkraftwagen Walter Transport Organization AG and Tokyo Gas Tokyo Gas Company (東京瓦斯株式会社 Tōkyō Gasu Kabushiki-gaisha TYO: 9531 ), founded in 1885, is the primary provider of natural gas to the main cities of Tokyo, Kanagawa, Saitama, Chiba, Ibaraki, Tochigi, Gunma, . Companies that continued to expand their Stellent implementations include Vodafone, American Suzuki Motor Corp., Clariant, VeriSign, Emerson Process Management, Georgetown University Georgetown University, in the Georgetown section of Washington, D.C.; Jesuit; coeducational; founded 1789 by John Carroll, chartered 1815, inc. 1844. Its law and medical schools are noteworthy, and its archives are especially rich in letters and manuscripts by and , Malt-O-Meal, Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. , Network Appliance (1) A specialized device for use on a network. For example, Web servers, cache servers and file servers can be implemented as general-purpose computers with the appropriate software or as network appliances, which are computers dedicated to a single function and cannot do anything , Reuters, State of Minnesota, Flextronics International, Statistik Austria and Aetna Specialty Rx. Our Content Components Division also had a solid quarter, signing or renewing contracts with companies such as Google, 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. , 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. , and Fast Search and Transfer. "During the fourth quarter, we completed the integration of Optika into our operations, realizing further cost synergies. We also successfully launched two major products -- versions 7.5 of Stellent Universal Content Management and the Stellent Sarbanes-Oxley Solution. The new version of Stellent Universal Content Management is designed to further strengthen our value proposition of generating rapid customer success through fast implementations and quick, broad user adoption. The Stellent Sarbanes-Oxley Solution version 7.5 features customer-driven enhancements developed to speed implementations, increase ease-of-use and augment reporting capabilities. "Our Sarbanes-Oxley Solution has propelled us into the clear leadership position among content management vendors who provide compliance solutions. Recently, we again were lauded by a leading industry analyst firm for our strong Sarbanes-Oxley offering. Forrester cited Stellent as a strong performer in the Sarbanes-Oxley compliance software landscape in its April 7, 2005, Forrester Wave report, 'The Forrester Wave(TM): Sarbanes-Oxley Compliance Software, Q1 2005.' This recognition comes on the heels of the 'positive' rating we received in Gartner, Inc.'s Dec. 10, 2004 report titled 'MarketScope: Compliance Management Software, 2H04.'(1)(a) "In fiscal 2006, we will remain acutely focused on growing our leadership position in our other primary market segments of enterprise content management via a unified architecture and multi-site Web content management. These are areas we helped pioneer and ones in which many of our competitors have followed our lead. We are also committed to profitable growth, increasing market share and enhancing shareholder value." Fiscal Year 2005 Highlights Customers --4,421 customers -- comprised of 3,337 corporate content management customers; 471 OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers; and 613 corporate customers for desktop viewing and conversion technology -- have selected Stellent solutions to power their content-centric business applications. --Stellent signed 175 new and more than 600 expanded customers/contract renewals during fiscal year 2005, including: --Financial services/insurance: Assurity Life Insurance, Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. of Florida, eSure Limited, Guardian Life Insurance of America, ING Europe, ING Life Korea, ING 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. , Moody's Investors Service, National Life Insurance Co., Odyssey Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. Corp., Premera Blue Cross Premera Blue Cross is a nonprofit Blue Cross Blue Shield licensed health insurance company based in Mountlake Terrace, Washington. It sells health insurance plans under the Blue Cross license in Washington state except Clark County and under both the Blue Cross and Blue Shield , Provident Bank of Maryland, Sony Life, Travelers Express, Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. Bank --Consumer/retail/hospitality: Autobytel, Beringer Blass, Chick-fil-A, The Coca-Cola Co., Costco, Darty & Fils, Giorgio Armani  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . SpA, O'Reilly Automotive Inc. --Education: City University of New York The City University of New York (CUNY; acronym: IPA pronunciation: [kjuni]), is the public university system of New York City. , Embry Riddle Aeronautical aer·o·nau·tic also aer·o·nau·ti·cal adj. Of or relating to aeronautics. aer  o·nau University, Georgetown University--Energy/utilities: Alliant Energy Alliant Energy Corporation (NYSE: LNT) is a public utility holding company that incorporated in Madison, Wisconsin in 1981. It is comprised of several subsidiaries: [1] , Ameren Corp., EnCana Corp., Great River Energy, Sensus Metering Systems, Tesoro, Tokyo Gas, United Utilities --Government: Argonne National Laboratory Argonne National Laboratory, research center, based in Argonne, Ill., 27 mi (43 km) SW of downtown Chicago, with other facilities at the Idaho National Engineering Laboratory, 50 mi (80 km) W of Idaho Falls, Idaho. Founded in 1946 by the U.S. , Bureau of Land Management, the Centers for Medicare and Medicaid Services The Centers for Medicare and Medicaid Services (CMS), previously known as the Health Care Financing Administration (HCFA), is a federal agency within the United States Department of Health and Human Services (DHHS) that administers the Medicare program and , City of Aurora, Colo., City of Los Angeles
The City of Ottawa (French: Ville d'Ottawa) is the corporate entity of municipal government in Ottawa, Ontario, Canada. , City of Seattle Department of Planning and Development, Defense Intelligence Agency Noun 1. Defense Intelligence Agency - an intelligence agency of the United States in the Department of Defense; is responsible for providing intelligence in support of military planning and operations and weapons acquisition DIA , FBI, Government of Ontario The Government of Ontario refers to the provincial government of the province of Ontario. Its powers and structure are set out in the Constitution Act, 1867. In modern Canadian use, the term "government" refers broadly to the cabinet of the day, elected from the Legislative - Economic Business Cluster A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters are considered to increase the productivity with which companies can compete, nationally and globally. , Government of Ontario - Justice Technology Services, Government of Ontario - Ontario Provincial Police The Ontario Provincial Police (O.P.P.) is the Provincial Police force for the province of Ontario, Canada. Overview The OPP is the largest police force in Ontario and the second largest in Canada. , Lawrence Livermore National Laboratory Lawrence Livermore National Laboratory: see Lawrence Berkeley National Laboratory. (body) Lawrence Livermore National Laboratory - (LLNL) A research organaisatin operated by the University of California under a contract with the US Department of Energy. , Los Alamos National Laboratory Los Alamos National Laboratory (LANL) (previously known at various times as Site Y, Los Alamos Laboratory, and Los Alamos Scientific Laboratory) is a United States Department of Energy (DOE) national laboratory, managed and operated by Los Alamos National , Korean Ministry of Culture and Tourism Ministry of Culture and Tourism
n.pr established in 1862, USDA is responsible for the safety of meat, poultry, and egg products. It conducts ongoing research in areas from human nutrition to new crop technologies and also helps ensure open (USDA USDA, n.pr See United States Department of Agriculture. ), United States Department of Commerce The United States Department of Commerce is the Cabinet department of the United States government concerned with promoting economic growth. It was originally created as the United States Department of Commerce and Labor on February 14, 1903. , United States Navy United States Navy Major branch of the U.S. military forces, charged with defending the nation at sea and maintaining security on the seas wherever U.S. interests extend. The Continental Navy was established by the Continental Congress in 1775. , Washington State Department of Health --Health care: Aetna Specialty Rx, Bayer Corp., Catholic Healthcare West Catholic Healthcare West (CHW) is a California not-for-profit public benefit corporation that operates hospitals in California, Arizona, and Nevada[1]. As such, it is exempt from federal and state income taxes. , Fairview Hospitals, Presbyterian Healthcare Services, WellPoint Inc. --Manufacturing: Aleris International, American Suzuki Motor Corp., Cascade Corp., Daewoo, Emerson Process Management, Flextronics International, Malt-O-Meal Co., Mitsubishi Electric Information Technology, Raytheon Co., Renault Samsung Motors Renault Samsung Motors is a South Korean automobile manufacturer. It was first established as Samsung Motors in 1994 and started selling cars in 1998, just before South Korea was hit by the Asian financial crisis. , Samsung Electronics, Suzuki --Media/entertainment/publishing: Argosy Gaming Co., HBO Hyperbaric oxygen therapy (HBO) A form of oxygen therapy in which the patient breathes oxygen in a pressurized chamber. Mentioned in: Ozone Therapy , Reuters, Station Casinos --Software/technology: @NetHome, Agilent Technologies, FiServ, Network Appliance, VeriSign, Verizon Wireless --OEM: Anite Public Sector, Endeca, Fast Search and Transfer, Google, 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) Corp., KPMG KPMG Klynveld Peat Marwick Goerdeler (accounting firm) KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen , Lexis-Nexis, Lockheed Martin, Microsoft Corp., Network Associates, RightNow Technologies, SAP AG, Sun Microsystems, VA Software, X1 Technologies, Yahoo! --Other industries: Astron Group, CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. , Clariant, IMD IMD - intermodulation distortion , Korea Container, LKW Walter Transportation AG, MDS MDS, n See temporomandibular pain-dysfunction syndrome. MDS 1 Maternal deprivation syndrome, see there 2 Myelodysplastic syndrome, see there Pharma Services, National Academy of Sciences, Vodafone Limited, The Wellcome Trust Corporate news --At separate special meetings on May 28, 2004, the shareholders of Stellent and Optika Inc. approved Stellent's acquisition of Optika. In the acquisition, which was completed shortly after the shareholder meetings, Stellent acquired Optika for approximately 4.2 million shares of Stellent common stock, $10 million in cash and the assumption by Stellent of Optika's outstanding options. At the close of the acquisition, former stockholders of Optika owned approximately 16 percent of the outstanding shares of Stellent common stock, and Stellent shareholders owned approximately 84 percent of the combined entity. --Stellent hosted Crescendo(TM) 2005, its second annual global user conference, Jan. 31-Feb. 3, 2005 in San Diego, Calif. More than 750 customers, partners and industry experts spent four days sharing ideas, expertise and best practices related to content management technology at the event. --Stellent hosted Stellent Fusion, a special Europe, Middle East and Africa (EMEA (Europe, Middle East, Africa) Refers to that region of the world. For example, one might see products packaged differently for the UK, EMEA and Asia Pacific markets. ) customer conference held Oct. 6-7, 2004 in London. More than 100 customers spent two days providing feedback on product direction, sharing best practices, networking and examining Stellent Universal Content Management solutions. --During fiscal year 2005, Stellent customers held 16 user group meetings in eight cities across North America. Awards/recognition --Stellent and its customers won the following awards during fiscal 2005: --2004 InfoWorld 100 award for Land O'Lakes' Stellent implementation. --2004 "Process Innovation Award" from Kinetic Information LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for Emerson Process Management's enterprise-wide Stellent Universal Content Management implementation. --2004 "Information Technology (IT)-Software, Communications and Infrastructure" Tekne award for Stellent Universal Content Management. --2004 WebAward for "Best Biotechnology Website" from the Web Marketing Association for Genzyme's Stellent multi-site management implementation. --Stellent also received the following recognition during fiscal 2005: --One of KMWorld's "100 Companies That Matter in Knowledge Management." --One of the world's largest software providers in Software Magazine's annual "Software 500." --One of the top 100 companies in digital content in EContent magazine. --One of the 50 fastest growing technology companies in Minnesota in the Deloitte Technology Fast 50. --One of the 500 fastest growing technology companies in North America in the Deloitte Technology Fast 500. --Positioning in the "Leader" quadrant in Gartner, Inc.'s 2004 Magic Quadrant for the Enterprise Content Management market.(2) Gartner is the leading provider of research and analysis on the global information technology industry. --A "Positive" rating in Gartner, Inc.'s Dec. 10, 2004 report titled "MarketScope: Compliance Management Software, 2H04."(1)(a) Products --In February, Stellent launched version 7.5 of its Stellent Universal Content Management system. Version 7.5's new features and functionality -- including the content management industry's first in-context metadata engine, enhanced email management and new digital asset management features -- are customer-driven enhancements that speed deployments and increase ease-of-use. --Also in February, Stellent launched version 7.5 of the Stellent Sarbanes-Oxley Solution, a product designed to help companies streamline their processes for complying with the Sarbanes-Oxley Act See SOX. . The new features and functionality in version 7.5 are customer-driven enhancements developed to speed implementations, increase ease-of-use and augment reporting capabilities. --Stellent released version 8.0 of its Stellent Outside In Content Viewing and Transformation Technology in March. The new version more easily adapts to evolving market needs, includes a new Search Export SDK (Software Developer's Kit) See developer's toolkit and Windows SDK. SDK - Software Developers Kit (or "Software Development Kit"). , and supports new file formats and platforms across all Outside In SDKs. --Stellent announced a new release of its award-winning Stellent Site Studio, a Web content management application based upon Stellent's enterprise-scalable Universal Content Management system and designed to support the growing trend of companies building multiple Web sites. Site Studio and its unique, three-tiered approach to Web content management allows companies to easily maintain a desired degree of centralized control over the architecture and presentation of Web sites, while distributing content ownership and site management to each business unit, franchise or geographic location. --Stellent received U.S. Department of Defense (DoD) 5015.2 - STD (Subscriber Trunk Dialing) Long distance dialing outside of the U.S. that does not require operator intervention. STD prefix codes are required and billing is based on call units, which are a fixed amount of money in the currency of that country. Chapter 4 certification for the management of classified records. The certification verifies that Stellent's product complies with U.S. DoD 5015.2 - STD Chapter 4, which is essential for any federal government organization that manages classified records or documents. --Stellent released version 7 of the Stellent Content Integration Suite, which enables organizations to utilize service-oriented architecture to rapidly integrate content or content management functions into J2EE applications. With version 7, developers can now embed Content Integration Suite directly into Java applications in order to provide reliable, scalable integration with Stellent Universal Content Management. --Stellent released the Stellent Content Portlet A small window on a portal page. Portlet technology allows a portal page to be customized more quickly either internally by the development team or by the end user. Portlet technology can come as an adjunct to a portal server or as optional interfaces to ERP applications. Suite. The new Content Portlet Suite enables portal developers to provide access to Stellent Universal Content Management services, such as check-in, workflow and search, via Java(TM) Specification Request (JSR JSR Java Specification Request JSR J Sargeant Reynolds Community College (Virginia) JSR Journal of Sedimentary Research JSR Jump to Subroutine (6502 processor instruction) ) 168-compliant portal servers -- such as BEA WebLogic Portal, the Plumtree Enterprise Web Suite and Sun Java(TM) Enterprise System. --Stellent announced SAP certified the integration of Stellent Universal Content Management 7.1 with the SAP ArchiveLink(TM) 4.5 interface, which connects optical archive and document management systems to the SAP(R) R/3(R) software solution. --Stellent was certified on EnterpriseOne 8.9 and 8.10 by PeopleSoft, Inc. These certifications provide comprehensive imaging and business process management support for accounts payable and receivable, travel and expense reporting, and human resources applications. Partners --In May 2004, Stellent entered into a strategic agreement with Protiviti Inc. to create a next-generation, content management-based compliance platform. Under the agreement, Stellent will deliver and market compliance solutions based on the Stellent Universal Content Management system and supported by Protiviti subject matter expertise. These solutions, to be co-marketed by Protiviti, will offer capabilities such as audit trails, document management, project management and reporting, personalized interfaces, automated process documentation collection and process testing, secure, Web-based access by internal and external users, and records management. --Stellent partnered with Fast Search & Transfer(TM), a leading developer of enterprise search and real-time alerting technologies, to expand the suite of search technologies it offers Stellent Universal Content Management customers. Under the agreement, Stellent will integrate the FAST(TM) InStream(TM) OEM enterprise search solution with its Stellent Universal Content Management technology to provide Stellent customers with an alternative search and retrieval platform. --Stellent signed several new reseller partners during fiscal year 2005, including: 3t Systems of Denver, Colo.; Applied Microsystems Inc. of Anchorage, Alaska; Digital World Alliance Corp. of Irvine, Calif.; Document Imaging Service Corp. of San Diego, Calif.; Frontline Logic of Russiaville, Ind.; Greenbrier greenbrier: see smilax. and Russel, Inc. of Schaumburg, Ill.; Plateau Systems, LTD LTD 1 Laron-type dwarfism 2 Leukotriene D 3 Long-term depression, see there 4. Long-term disability of Arlington, Va.; Raster Masters of Edmond, Okla.; RS Computer Associates of Newark, Calif.; Tallgrass Technologies of Lenexa, Kan.; and Tribridge of Tampa, Fla. Conference call Stellent will host a conference call and Webcast for investors on Thursday, May 12, 2005 at 4:00 p.m. Central Time. Callers in the United States can dial 1-877-282-0523, and international callers can dial 1-303-542-7976 (conference ID is "Stellent, Inc."). Access to the live Webcast will be available via the investor relations Investor relations The process by which the corporation communicates with its investors. area of Stellent's Web site (www.stellent.com) on the day of the event. Investors unable to participate in the live conference call and Webcast may access a replay of the event via the investor relations area of Stellent's Web site. About Stellent, Inc. Stellent, Inc. (www.stellent.com) is a global provider of content management software solutions that drive rapid success for customers by enabling fast implementations and generating quick, broad user adoption. With Stellent, customers can easily deploy multiple line-of-business applications -- such as Web sites, call centers, dealer extranets, compliance initiatives, accounts payable imaging and claims processing -- and also scale the technology to support enterprise-wide content management needs. More than 4,400 customers worldwide -- including Procter & Gamble, Merrill Lynch, Los Angeles County, The Home Depot, British Red Cross, ING, Vodafone, Georgia Pacific, Bayer Corp., Coca-Cola FEMSA, Emerson Process Management and Genzyme Corp. -- have selected Stellent solutions to power their content-centric business applications. Stellent is headquartered in Eden Prairie, Minn. and maintains offices throughout the United States, Europe, Asia-Pacific and Latin America. Any forward-looking statements in this release, including, without limitation, expectations regarding charges related to shareholder litigation and intentions for activities in fiscal 2006, are made pursuant to the 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. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that all forward-looking statements involve risk and uncertainties including, without limitation, risks of intellectual property litigation, risks in technology development and commercialization, risks in product development and market acceptance of and demand for the Company's products, risks of downturns in economic conditions generally and in the Web content management tools and intranet information management markets specifically, risks associated with competition and competitive pricing pressures, risks associated with foreign sales and higher customer concentration, risks related to obtaining final approval of settlement regarding the Company's shareholder litigation, and other risks detailed in the Company's filings with the Securities and Exchange Commission. Stellent and the Stellent logo are registered trademarks or trademarks of Stellent, Inc. in the USA and other countries. Outside In and Quick View Plus are registered trademarks of Stellent Chicago, Inc. in the USA and other countries. All other trade names are the property of their respective owner. (1) "MarketScope: Compliance Management Software, 2H04" L. Leskela, et al, Dec. 10, 2004. (a) MarketScope Disclaimer The MarketScope is copyrighted Dec. 10, 2004 by Gartner, Inc. and is reused with permission. The MarketScope is an evaluation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the MarketScope, and does not advise technology users to select only those vendors with the highest rating. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability mer·chant·a·ble adj. Suitable for buying and selling; marketable. mer chant·a·bil or fitness
for a particular purpose.(2) "Magic Quadrant for Enterprise Content Management, 2004," K. Shegda, et al, Oct. 19, 2004. The Magic Quadrant is copyrighted 2004 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner's analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the "Leaders" quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
STELLENT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
2005 2004 2005 2004
--------- --------- --------- ---------
Revenues:
Product licenses.............. $14,264 $11,332 $54,376 $41,571
Services...................... 4,862 3,705 19,772 14,349
Post contract support......... 9,402 5,607 32,663 19,854
--------- --------- --------- ---------
Total revenues................. 28,528 20,644 106,811 75,774
--------- --------- --------- ---------
Cost of revenues:
Product licenses.............. 1,450 1,544 5,017 4,936
Services...................... 4,745 3,718 19,550 13,272
Post contract support......... 1,616 1,034 5,350 3,885
Amortization of capitalized
software from acquisitions... 641 369 2,390 1,574
--------- --------- --------- ---------
Total cost of revenues......... 8,452 6,665 32,307 23,667
--------- --------- --------- ---------
Gross profit................... 20,076 13,979 74,504 52,107
--------- --------- --------- ---------
Operating expenses:
Sales and marketing........... 10,903 9,217 42,365 39,122
General and administrative.... 4,933 1,927 14,097 8,856
Research and development...... 4,676 3,420 17,958 13,263
Acquisition-related sales,
marketing and other costs.... -- -- 886 --
Amortization of acquired
intangible assets and
unearned compensation........ 148 118 677 2,006
Impairment charge on fixed
assets....................... 375 -- 375 --
Restructuring charges......... 1,212 (69) 3,673 743
--------- --------- --------- ---------
Total operating expenses....... 22,247 14,613 80,031 63,990
--------- --------- --------- ---------
Loss from operations........... (2,171) (634) (5,527) (11,883)
Other:
Interest income, net.......... 354 204 822 982
Investment gain on sale
(impairment)................. (1,136) -- (1,136) 388
--------- --------- --------- ---------
Total other income (loss)...... (782) 204 (314) 1,370
--------- --------- --------- ---------
Net loss....................... $(2,953) $(430) $(5,841) $(10,513)
========= ========= ========= =========
Net loss per common share
Basic and diluted............. $(0.11) $(0.02) $(0.22) $(0.48)
Weighted average common shares
outstanding
Basic and diluted............. 27,237 22,265 26,224 22,028
STELLENT, INC.
PRO FORMA SUPPLEMENTAL INFORMATION
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
March 31, March 31,
Supplemental information: 2005 2004 2005 2004
--------- -------- --------- ---------
Net loss........................ $(2,953) $(430) $(5,841) $(10,513)
Add back charges:
Amortization of acquired
intangible assets and unearned
compensation.................. 148 118 677 2,006
Amortization of capitalized
software from acquisitions.... 641 369 2,390 1,574
Acquisition-related sales,
marketing and other costs..... -- -- 886 --
Restructuring charges.......... 1,212 (69) 3,673 743
Impairment charge on fixed
assets........................ 375 -- 375 --
Litigation expenses (1)........ 756 -- 756 --
Investment (gain on sale)
impairment.................... 1,136 -- 1,136 (388)
--------- -------- --------- ---------
Total add back charges.......... 4,268 418 9,893 3,935
--------- -------- --------- ---------
Pro forma net income (loss)
before pro forma income taxes.. 1,315 (12) 4,052 6,578
Pro forma income taxes.......... -- -- -- --
--------- -------- --------- ---------
Pro forma net income (loss)..... $1,315 $(12) $4,052 $(6,578)
========= ======== ========= =========
Pro forma net income (loss) per
share
Basic.......................... $0.05 $(0.00) $0.15 $(0.30)
Diluted........................ $0.05 $(0.00) $0.15 $(0.30)
Weighted average common shares
outstanding
Basic.......................... 27,237 22,265 26,224 22,028
Diluted........................ 28,765 22,265 27,415 22,028
This supplemental pro forma financial information is presented for
informational purposes only and is not a substitute for the historical
financial information presented in accordance with accounting
principles generally accepted in the United States.
(1) Included in general and administrative expenses are $0.8 million
of costs associated with the accrual of remaining expenses regarding
the settlement of the shareholders' class action lawsuit, which is
subject to final documentation and preliminary and final court
approval, and the settlement of certain other litigation.
Pro forma net income (loss) per share is computed using the weighted
average number of shares of common stock outstanding. The Company has
included the effect of options and warrants for common stock as
calculated using the treasury stock method, when dilutive.
STELLENT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
March 31, March 31,
2005 2004
--------- ---------
ASSETS
Current assets:
Cash, cash equivalents and short-term marketable
securities...................................... $66,636 $66,531
Accounts receivable, net......................... 30,063 19,491
Prepaid royalties................................ 965 1,851
Prepaid expenses and notes....................... 3,884 4,579
--------- ---------
Total current assets............................... 101,548 92,452
Long-term marketable securities.................... 6,114 6,981
Property and equipment, net........................ 4,333 4,471
Prepaid royalties, net of current.................. 1,044 1,482
Goodwill........................................... 67,640 14,780
Other intangible assets, net....................... 5,615 2,230
Investments and notes in other companies........... -- 1,136
Other.............................................. 1,358 1,156
--------- ---------
Total assets.......................................$187,652 $124,688
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable................................. $3,867 $2,748
Deferred revenue................................. 19,854 10,097
Commissions payable.............................. 2,419 1,301
Accrued expenses and other....................... 7,867 5,786
Current installments of obligations under capital
lease........................................... 170 --
--------- ---------
Total current liabilities.......................... 34,177 19,932
Deferred revenue, net of current portion......... 946 51
--------- ---------
Total liabilities.................................. 35,123 19,983
Shareholders' equity
Common stock..................................... 275 223
Additional paid-in capital....................... 243,013 189,221
Unearned compensation............................ (469) --
Accumulated deficit.............................. (91,256) (85,415)
Accumulated other comprehensive income........... 966 676
--------- ---------
Total shareholders' equity....................... 152,529 104,705
--------- ---------
Total liabilities and shareholders' equity.........$187,652 $124,688
========= =========
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