eXcelon Corporation Reports Results for Third Quarter 2000.Business/Technology Editors BURLINGTON, Mass.--(BUSINESS WIRE)--Oct. 19, 2000 eXcelon Corporation (Nasdaq: EXLN), a leading provider of business-to-business (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 ) infrastructure solutions, today reported results for the third quarter ending September 30, 2000. Revenues for the third quarter ending September 30, 2000 were $18.8 million, resulting in a 21 percent increase over the $15.6 million for the same period of 1999. License revenue for this quarter was $12.3 million, up 33 percent as compared to the third quarter last year. Net loss for the third quarter 2000 improved to $1.85 million, or $0.06 loss per diluted share, as compared with net loss of $3.2 million or $0.11 loss per diluted share for the same period last year. B2B infrastructure revenues for the third quarter were $6.5 million, up from $5.4 million from the second quarter of 2000. Of that amount, $4.2 million was software license revenues. The B2B infrastructure business generated $15.5 million in total revenue during the first nine months of 2000. Total year-to-date revenues for the period ending September 30, 2000 were $54.9 million, up 26.5 percent from the $43.4 million reported for the same period last year. License revenue for the nine months ending September 30, 2000 was $34.3 million, up 32 percent as compared to the nine months ending September 30, 1999. Net loss for the nine months ended September 30, 2000 was $3.6 million, or $0.12 loss per diluted share, as compared with net loss of $6.8 million or $0.24 loss per diluted share for the same period in 1999. "In nine short months, eXcelon has established itself as an early leader in the B2B infrastructure market. We continued to add a number of world-class organizations to our growing list of customers, and the company is beginning to see increased awareness and brand recognition as a result of our recent marketing expansion," said Robert Goldman, 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 eXcelon Corporation. "In Q3 we received favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. reports on our technology from the Gartner Group (company) Gartner Group - One of the biggest IT industry research firms. Address: Connecticut, USA. and Bloor Research, and we have extended our partner program to include a number of new members, which will expand our reach into more organizations worldwide." Third Quarter Highlights eXcelon Corp. expanded its B2B customer base with a number of strategic sales wins bringing the total number of customers using eXcelon's B2B products to over 300. eXcelon's data management business continued to perform well during the third quarter, generating $12.5 million in license and service revenues. -- Strategic sales wins included Amazon.com (US), AXA AXA Anguilla, Anguilla (Airport Code) AXA Alpha Chi Alpha AXA Animal Crossing Ahead (online forum community/guide to the game Animal Crossing) AXA Auxiliary Artery Insurance (UK), seventhView (US), US Power Solutions (US), IMR IMR - Internet Monthly Report Global (US), TXU TXU Texas Utilities (Electric and Gas Company) TXU Transmitter Unit Business Services (US), John Laing For John Laing, the 15th century bishop of Glasgow, see John Laing (bishop) John Laing plc is a British developer and operator of privately financed, public sector infrastructure projects such as roads, railways, hospitals and schools through Public-Private Partnership (PPP) and PLC (UK) and New Scientist (UK). -- In the quarter, eXcelon formed key partnerships with organizations such as Commerce One (US), Art Technology Group (ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant ) (US), Tilion (US), Rhenus (Germany), Mega International MEGA International is a leading Business Process and Enterprise Architecture software and solution provider. In 1986 MEGA developed the first European enterprise modeling software for Windows. (France) and Simulog (France). These partnerships strengthen eXcelon's technological capabilities, and expand its ability to sell to new customer bases. -- eXcelon added wireless capabilities to its B2B product line, enabling an organization's employees, partners, customers and suppliers to participate in B2B commerce at any time from any device. -- The company launched an m-commerce (mobile commerce) initiative aimed at delivering B2B capabilities to telecommunications providers. To bolster its wireless offerings, eXcelon formed an alliance with JP Systems, a leading wireless application service provider. -- Maintaining its leadership position in the data management market, eXcelon closed deals with organizations such as Tell Labs (US), InfoVista (France), British Telecom The telephone and communications carrier that provides services in Great Britain and Northern Ireland. It used to be a division of the British Post Office, but was privatized in 1984 under Margaret Thatcher's administration. (UK) and Orange PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. (UK). Conference Call Information eXcelon management will be hosting a conference call on October 19, 2000 at 5:30 PM EST EST electroshock therapy. EST abbr. electroshock therapy to discuss the results and highlights for the third quarter ended September 30, 2000. The call will be broadcast live and archived on the investor page at www.exceloncorp.com. About eXcelon Corporation eXcelon Corporation (Nasdaq: EXLN) is a leading provider of software products and services that enable Internet-based collaboration with partners, suppliers and customers. By integrating key partners or even an entire business community, eXcelon solutions make it possible for organizations to include partners in automated business activities, to share all relevant business information and to act upon that information collaboratively. Organizations employing eXcelon solutions build closer relationships, realize greater levels of efficiency and become stronger competitors in the new economy. All eXcelon products fully support 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. , the language of B2B commerce, and the company is an active member of many B2B standards bodies Following are some of the standards bodies defined in this database. For Windows users of CDE, look up Lessons/Review/Associations. For Web users of CDE's online HTML version, review the Lessons list at the bottom of the definition. Organization Covers ANSI U.S. , including OAG OAG Office of the Attorney General OAG Office of the Auditor General (of Canada) OAG Official Airline Guide OAG Open-Angle Glaucoma OAG Open Application Group OAG Operational Advisory Group , RosettaNet, Accord and others. Based in Burlington, Massachusetts Burlington is a town in Middlesex County, Massachusetts, United States. The population was 22,876 at the 2000 census. History Burlington was first settled in 1641 and was officially incorporated on February 28, 1799. and founded in 1988, eXcelon Corporation sells and supports its products through branch offices across the U.S. and through international subsidiaries in the United Kingdom, Germany, The Netherlands, Japan and Australia, as well as a worldwide network of distributors, value-added resellers A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. , systems integrators and other indirect sales partners. "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 under 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: Statements in this press release regarding eXcelon Corporation's business, including future market opportunities and prospects, which are not historical facts are "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. " that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, investors should see "Risk Factors" in the eXcelon documents filed with the Securities and Exchange Commission. NOTE: ObjectStore is a registered trademark of eXcelon Corporation; eXcelon, eXcelon Dynamic Application Platform, eXcelon B2B Integration Server, eXcelon eSolutions, Stylus stylus: see pen. (1) A pen-shaped instrument that is used to "draw" images or select from menus. Styli (the plural of stylus, pronounced "sty-lye") come with handheld devices that have touch screens, such as PDAs and video games. , Cache-Forward and Javlin are trademarks of eXcelon Corporation. All other trademarks are the property of their respective owners.
eXcelon Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
Revenues:
Software $ 12,307 $ 9,247 $ 34,259 $ 25,858
Services 6,502 6,396 20,623 17,541
Total revenues 18,809 15,643 54,882 43,399
Cost of revenues:
Cost of software 587 1,012 1,802 1,899
Cost of services 4,996 3,129 13,408 9,225
Total cost of
revenues 5,583 4,141 15,210 11,124
Gross profit 13,226 11,502 39,672 32,275
Operating expenses:
Selling and
marketing 10,591 9,733 29,859 26,759
Research and
development 3,216 2,593 9,530 7,588
General and
administrative 1,684 1,641 5,026 4,621
Restructuring charge -- 945 -- 945
Total operating
expenses 15,491 14,912 44,415 39,913
Operating income (2,265) (3,410) (4,743) (7,638)
Other income, net 416 255 1,114 845
Income before
income taxes (1,849) (3,155) (3,628) (6,793)
Provision for
income taxes -- -- -- 43
Net income $ (1,849) $ (3,155) $ (3,628) $ (6,836)
Earnings (loss)
per share:
Basic $ (0.06) $ (0.11) $ (0.12) $ (0.24)
Diluted $ (0.06) $ (0.11) $ (0.12) $ (0.24)
Weighted average
shares outstanding:
Basic 29,423 28,360 29,291 28,228
Diluted 29,423 28,360 29,291 28,228
EXCELON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
Sept. 30, Dec. 31,
2000 1999
ASSETS
Current assets:
Cash and investments $21,089 $19,174
Accounts receivable, net 14,534 13,902
Prepaid expenses and
other current assets 2,614 946
Total current assets 38,237 34,022
Property and equipment, net 5,848 5,169
Marketable securities 1,395 4,589
Other assets 3,380 3,625
Total assets $48,860 $47,405
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $12,419 $10,195
Deferred revenue 8,266 7,697
Total current liabilities 20,685 17,892
Stockholders' equity: 28,175 29,513
Total liabilities and
stockholders' equity $48,860 $47,405
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