| Interwoven Announces First Quarter 2003 Results
SUNNYVALE, Calif., Apr 17, 2003 /PRNewswire-FirstCall via COMTEX/ --
Interwoven, Inc. (Nasdaq: IWOV), a world-leading provider of content management
for the enterprise, today reported its first quarter results. Revenues for the
quarter ended March 31, 2003 were $25.6 million, a decrease of 22% from revenues
of $32.7 million for the quarter ended March 31, 2002 and a decrease of 18% from
revenues of $31.1 million for the quarter ended December 31, 2002. License
revenues represented 36% of total revenues, and service revenues represented 64%
of total revenues, for the quarter ended March 31, 2003. Interwoven signed 29
new license customers in the quarter, bringing its total customer count to 1,171
customers.
For the quarter ended March 31, 2003, net loss on a GAAP basis was $9.1 million,
or $0.09 net loss per share on a basic and diluted basis, compared with a net
loss of $15.7 million, or $0.15 net loss per share on a basic and diluted basis,
for the quarter ended March 31, 2002. Pro forma net loss was $7.1 million, or
$0.07 net loss per share on a basic and diluted basis, for the quarter ended
March 31, 2003, compared with pro forma net loss of $10.0 million, or $0.10 net
income per share on a basic and diluted basis, for the quarter ended March 31,
2002.
Pro forma net loss for the quarter ended March 31, 2003 differs from GAAP net
loss because it excludes amortization of intangible assets of $444,000,
amortization of deferred stock-based compensation of $514,000, and restructuring
charges of $1.1 million. For the quarter ended March 31, 2002, pro forma net
loss differs from GAAP net loss because it excludes the following expenses:
amortization of intangible assets of $1.2 million, amortization of deferred
stock-based compensation of $3.2 million, and restructuring charges of $1.2
million.
The Company believes that its pro forma results provide useful information to
investors because they reveal the Company's results excluding non-cash and cash
expenses that the Company believes are not indicative of its on-going
operations. However, Interwoven urges readers to review and consider carefully
the GAAP financial information contained in the Company's SEC filings and in
earnings releases.
"I'm pleased to be back at the helm at Interwoven and have hit the ground
running," said Martin Brauns, chairman and CEO of Interwoven. "Going forward, I
am focused on highlighting the successes of our world-class customer base and
the many ways they have leveraged our industry-leading product line to
communicate to our prospects and partners the total value of the Interwoven
platform and the strong ROI it brings."
Q1 Highlights
Key new global customers include: Ceridian, City of Santa Clara, Konica
Corporation, Landry's Seafood Restaurants, Matsushita Electric Industrial Co.,
Ltd., Phillips-Van Heusen, Shiseido Co., Ltd., and Warner Music Group.
Interwoven also received significant customer reorders that included: Cadence,
Dow Chemical, Federal Reserve Bank of Chicago, First Data Corp., Fleet National
Bank, General Motors, Hilton, Intuit, Motorola, Royal Caribbean Cruises, and
Telenor Mobile.
Corporate Highlights
-- Interwoven was issued a U.S. patent for its "System and Method for Website
Development," a core technology that is vital to all Internet-based initiatives,
including enterprise portals, eCommerce, self-service applications, and customer
relationship management applications;
-- Interwoven announced general availability of Interwoven MetaTagger 3.5, the
latest version of its content intelligence software, which serves as a platform
dramatically enhancing the effectiveness of all Internet-based applications by
providing targeted, relevant content to audiences enterprise-wide. MetaTagger is
now a stand-alone product that can be used in conjunction with any content
management software;
-- Interwoven, together with iManage, announced the general availability of a
Collaborative Document Management solution which addresses the collaborative
document lifecycle for the extended enterprise: from sharing among teams, to
more structured document development and approval cycles, to fully automated and
secure document publishing and dissemination;
-- Interwoven released Interwoven OpenDeploy 5.6, a 5th generation content
distribution product that is a key component of Interwoven's universal code and
content distribution solution. Available for the first time as a stand-alone
offering, this new solution enables secure, cost-effective, and automated
distribution of code and content for Internet-based applications across all
parts of a worldwide corporate network;
-- Interwoven launched vertical marketing campaigns targeting eGovernment,
Healthcare and Banking and Finance, and saw significant traction from its
participation in several related industry events such as the annual ABA
Conference and the Public Technology Inc. Conference;
-- Interwoven and customer Toshiba America Business Solutions (TABS) won the
AIIM Best Practice Award earlier this month, and were honored at AIIM's 2003
Conference and Exposition for Toshiba's use of Interwoven to strengthen dealer
loyalty and maximize sales effectiveness through the launch of its dealer "FYI
Portal";
-- Interwoven announced the opening of an office in Milan, Italy, to strengthen
its presence in EMEA.
Promotions and Appointments
During the first quarter of 2003 John Bara was promoted to senior vice president
of marketing and Dr. Mark Hale was promoted to vice president of field
marketing.
Earnings Conference Call Information
The Company's regular conference call to report final results for the quarter
ended March 31, 2003 is scheduled for today, April 17 at 2:00 pm PDT. The
dial-in number is 913-981-4901. The replay number is 719-457-0820 (Confirmation
number for both is 532417). The replay will be available from April 18, 2003 -
April 20, 2003. A live Web cast of the conference call can be accessed through
our Website, www.interwoven.com.
About Interwoven
Interwoven, Inc. is a world-leading provider of content management software for
the enterprise. Allied with leading enterprise application providers, the
Interwoven 5 platform provides content management for more than 1100
organizations worldwide, including Air France, Cisco Systems, General Electric,
General Motors, and Yamaha. For more information visit www.interwoven.com.
NOTE: Interwoven, TeamSite, MetaTagger, OpenDeploy, the taglines, logos and
service marks are trademarks of Interwoven, Inc., which may be registered in
certain jurisdictions. All other trademarks are owned by their respective
owners.
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