Business/Technology Editors
FRAMINGHAM, Mass.--(BUSINESS WIRE)--Jan. 24, 2001
Eprise Corporation (Nasdaq:EPRS), the only provider of Strategic Content Management(TM) solutions, today announced financial results for its fourth quarter and year ended December 31, 2000. For the quarter, total revenues were $5.9 million, a 187% increase over total revenues of $2.0 million for the fourth quarter of 1999 and flat compared to revenues in the prior quarter of 2000. For the full year 2000, revenues grew to $19 million, a 420% increase over revenues of $3.7 million in 1999.
The net loss before the effect of non-cash charges related to stock-based compensation was $5.2 million, or $0.21 per share on a basic and diluted basis, for the fourth quarter of 2000, compared to a net loss of $1.7 million, or $0.10 per share on a basic and diluted basis, for the same period in 1999. Earnings per share data are on a pro forma basis, which treats outstanding preferred stock as common stock in 1999.
For the full year 2000, the company's net loss before the effect of non-cash charges related to stock-based compensation was $14.8 million, or $0.62 per basic and diluted share, compared to a net loss of $6.6 million, or $0.50 per basic and diluted share, in 1999.
"As we said earlier this month, the fourth quarter of 2000 presented us with a challenging sales environment because of greater deliberation on the part of customers about spending in the Internet infrastructure space," said Joe Forgione, president and chief executive officer of Eprise Corporation. "We have already taken aggressive steps to accelerate sales and marketing efforts this year, including our recently announced partnership with EDS Bluesphere. We are confident that customer enthusiasm for our flagship product, Eprise Participant Server, together with a focus on our robust sales pipeline and strong cash position, will enable us to fulfill our strategy effectively in 2001."
License revenues for the fourth quarter of 2000 increased 118% to $3.3 million from $1.5 million for the same quarter in 1999. For the full year 2000, license revenues were $13.2 million, compared to $2.35 million in 1999. Operating expenses for the fourth quarter of 2000 were $9.7 million compared with $3.5 million in the same quarter in 1999. Sales and marketing expenses were $5.6 million in the fourth quarter of 2000, and $19.4 million for the year, compared respectively to $2.0 million and $5.1 million for the same periods in 1999. Research and development expenses were $1.8 million in the fourth quarter of 2000, compared to $689,000 in the fourth quarter of 1999; for 2000, research and development expenses were $5.6 million, versus $2.4 million in 1999.
Fourth Quarter Operational Highlights
-- Began shipping Eprise Participant Server(R) V3.0, which includes substantial new functionality, late in the quarter; -- Secured 22 new customers during the quarter, including Sanwa Bank, American Heart Association, McKesson HBOC and American Cancer Society; -- Generated repeat and expanded business from existing customers, with approximately 29% of revenue this quarter coming from existing customers; -- Added new partners and resellers, including HAHT Commerce, Resonate, Immedient and Steelpoint Technologies.
Recent Announcements
-- Announced a new partnership with EDS Bluesphere to jointly
provide services and software, combining EDS' strategy and
implementation with Eprise(R)'s best-of-breed solution.
Eprise Corporation will host a conference call on Wednesday, January 24, 2001 at 5:00 p.m. EST to discuss these results. The call can be accessed at http://www.eprise.com or (800) 289-0496. A playback of the conference call can also be accessed from 8:00 p.m. until January 31, 2001 at 12:00 midnight, by calling (719) 457-0820, access code 691689 or at http://investor.eprise.com. The Company's investor relations department can be reached by e-mail at ir@eprise.com, by fax at (508) 661-5400, or through the Company's Web site at http://investor.eprise.com.
About Eprise Corporation
Eprise Corporation (Nasdaq:EPRS) provides Strategic Content Management solutions that enable businesses to gain competitive advantage. Its software solutions are comprised of products and services that support the use of industry best practices for managing the entire content life cycle. By integrating its products with technologies from companies such as Microsoft, Inktomi, Net Perceptions and Screaming Media, Eprise offers an even more robust environment, enabling customers to improve Web site effectiveness and drive e-business success. With headquarters located in Framingham, Mass., the company has expanded to include regional offices across the United States, as well as in Canada, Germany and the United Kingdom.
Certain matters discussed in this announcement may involve "forward-looking statements" (as that term is used in the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties, including risks of business change, product acceptance and customer demand and growth management detailed from time-to-time in Eprise Corporation's filings with the Securities and Exchange Commission. In particular, if the overall economy, and the Internet business sector in particular, continues to be unstable, potential purchasers of our products may decide not to purchase our products or may delay their purchases. Such decisions would have a negative impact on our future revenues. Eprise Corporation draws the reader's attention to the factors described in its final Prospectus dated March 24, 2000 and its Form 10Q for the quarter ended September 30, 2000 filed on November 14, 2000 under the heading "Risk Factors." Any such forward-looking statements speak only as of the date such statements are made, and the company undertakes no obligation to publicly release the results of any revision to these forward-looking statements or otherwise update or supplement this announcement or the risk factors referenced herein.
Eprise Corporation Consolidated Balance Sheet (In thousands) December 31, December 31, 2000 1999 ASSETS Current assets: Cash and cash equivalents $68,631 $22,456 Accounts receivable, net 6,361 2,045 Prepaid expenses and other current assets 1,562 375 Total current assets 76,554 24,876 Property and equipment, net 4,351 613 Other assets 166 45 Total assets $81,071 $25,534 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt $ 79 $ 86 Accounts payable 763 148 Accrued expenses 4,839 1,092 Deferred revenue 2,490 572 Total current liabilities 8,171 1,898 Long-term debt -- 79 Stockholders' equity 72,900 23,557 Total liabilities and stockholders' equity $81,071 $25,534 Eprise Corporation Consolidated Income Statement (In thousands, except per share amounts) Three Months Ended December 31, 2000 1999 (unaudited) Revenues: License $ 3,272 $ 1,500 Services 2,604 547 Total net revenues 5,876 2,047 Cost of revenues: License 276 -- Services 2,742 423 Total cost of revenues 3,018 423 Gross Profit 2,858 1,624 Operating expenses: Research and development 1,787 689 Sales and marketing 5,573 1,989 General and administrative 1,903 788 Amortization of deferred stock-based compensation 459 -- Total operating expenses 9,722 3,466 Loss from operations (6,864) (1,842) Other income, net 1,205 182 Loss before income taxes (5,659) (1,660) Income taxes -- -- Net loss $ (5,659) $ (1,660) Pro forma basic and diluted net loss per share (a) $ (0.22) $ (0.10) Pro forma weighted-average common shares outstanding (a) 25,164 16,140 Supplemental information(b): Actual net loss $ (5,659) $ (1,660) Add back certain non-cash charges: Amortization of deferred stock-based compensation 459 -- Supplemental net loss excluding certain non-cash charges $ (5,200) $ (1,660) Supplemental basic and diluted net loss per share (a) $ (0.21) $ (0.10) Pro forma weighted-average common shares outstanding (a) 25,164 16,140 (a) Pro forma net loss per share is computed using the weighted average number of shares of common stock outstanding including the pro forma effects of the conversion of all of the Company's preferred stock into shares of the Company's common stock as if such conversion occurred at the beginning of the period. (b) The accompanying supplemental financial information is presented for informational purposes only and should not be considered as substitute for the actual financial information presented in accordance with accounting principles generally accepted in the United States. Eprise Corporation Consolidated Income Statement (In thousands, except per share amounts) Year Ended December 31, 2000 1999 Revenues: License $ 13,192 $ 2,355 Services 5,836 1,304 Total net revenues 19,028 3,659 Cost of revenues: License 315 23 Services 7,204 1,102 Total cost of revenues 7,519 1,125 Gross Profit 11,509 2,534 Operating expenses: Research and development 5,560 2,360 Sales and marketing 19,350 5,056 General and administrative 5,470 2,006 Amortization of deferred stock-based compensation 1,881 -- Total operating expenses 32,261 9,422 Loss from operations (20,752) (6,888) Other income, net 4,096 288 Loss before income taxes (16,656) (6,600) Income taxes (47) -- Net loss $(16,703) $ (6,600) Pro forma basic and diluted net loss per share (a) $ (0.70) $ (0.50) Pro forma weighted-average common shares outstanding (a) 23,920 13,274 Supplemental information(b): Actual net loss $(16,703) $ (6,600) Add back certain non-cash charges: Amortization of deferred stock-based compensation 1,881 -- Supplemental net loss excluding certain non-cash charges $(14,822) $ (6,600) Supplemental basic and diluted net loss per share (a) $ (0.62) $ (0.50) Pro forma weighted-average common shares outstanding (a) 23,920 13,274 (a) Pro forma net loss per share is computed using the weighted average number of shares of common stock outstanding including the pro forma effects of the conversion of all of the Company's preferred stock into shares of the Company's common stock as if such conversion occurred at the beginning of the period. (b) The accompanying supplemental financial information is presented for informational purposes only and should not be considered as substitute for the actual financial information presented in accordance with accounting principles generally accepted in the United States.
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