EPAY expected -.22 Actual -.13, beat by 9 cents.
Check bold print below:
Bottomline Technologies Reports First Quarter Earnings Ahead of Expectations
Business/Technology Editors
PORTSMOUTH, N.H.--(BUSINESS WIRE)--Oct. 25, 2001--Bottomline
Technologies(R) (NASDAQ:EPAY), a leading global technology provider of
Financial Resource Management (FRM) software, today reported financial
results for the first quarter ended September 30, 2001.
Revenues for the first quarter of Fiscal 2002 were $18.0 million,
compared with $16.1 million for the first quarter of Fiscal 2001.
Revenues for the quarter reflected continued demand for the Company's
financial resource management offerings.
Pro forma net loss for the first quarter, excluding
acquisition-related amortization and stock compensation expense, was
$1.8 million. Pro forma loss per share for the first quarter was
$0.13.
During the first quarter, operating expenses included amortization
of acquisition-related intangible assets of $8.4 million, and
acquisition-related stock compensation expense of approximately $0.1
million. Including such amortization and stock compensation expense,
the net loss for the first quarter was $10.3 million, or a loss per
share of $0.75.
The Company had cash, cash equivalents and short-term investments
of $14.7 million, an increase of $1.5 million over the previous
quarter. The company had no debt and working capital of $13.1 million
at September 30, 2001.
"We continue to see organizations enhancing the value of
electronic delivery of payments, invoices and financial transaction
information. There is no question that over time paper transactions,
both checks and invoices, will decrease as the benefits of electronic
processes are recognized," said Dan McGurl, chairman and CEO. "During
the first quarter, our strong customer base and a large recurring
revenue stream resulted in financial performance ahead of
expectations. Going forward, we will continue our emphasis on new
product initiatives while, at the same time, targeting operating
profits and continued increases in our cash position."
First Quarter Highlights
Secured significant new customers and business partners:
--UPS publicly launched UPS Online Invoice, an Electronic Invoice
Payment Presentment service powered by Bottomline which is
being offered to UPS customers through enrollment on its
website.
--Significant organizations added to Bottomline's roster of over
5,500 global customers included LPL Financial Services, CBC
Companies and Consolidated Edison.
--Expanded relationships through new system sales to existing
customers, including ING Barings, SunTrust and the Federal
Reserve Board of Governors.
--Established new WebSeries customer relationships with premier
organizations including Citibank and GMAC.
--Bottomline Europe secured major new contracts to provide
outsourced payment solutions for several companies, including
JP Morgan and Prudential Europe.
Additional significant corporate events and announcements:
--Announced the addition of the Invoice Receipt and Management
(IRM) solution to the company's suite of software products.
IRM enables enterprises to automate their Accounts Payable
transaction processing, effectively completing the loop on
electronic commerce.
--Integrated the enterprise functionality and benefits of PayBase
into Bottomline Europe's payment automation module of i-Point.
This enterprise functionality was not previously available to
Bottomline Europe customers.
--The Board of Directors authorized the repurchase of up to $3
million of the company's common stock from time to time on the
open market or in privately negotiated transactions.
Bottomline will be hosting a conference call to discuss its
financial results beginning at 5:00 p.m. on October 25, 2001. Please
see the corresponding advisory issued October 11, 2001 for information
on the call. The call will also be broadcast live at
www.bottomline.com and a replay will be available on the website
following the call.
About Bottomline Technologies
Bottomline Technologies(R) (NASDAQ: EPAY) is a leading global
technology provider of Financial Resource Management (FRM) software.
Bottomline's comprehensive Suite of FRM offerings enable businesses
and financial institutions to more effectively manage their critical
financial transactions, cash decisions and trading partner
relationships, leveraging the web. FRM Applications include Electronic
Payments and Cash Management, Electronic Invoice Receipt and
Management, Electronic Invoice Presentment and Payment (EIPP) and
Electronic Banking. Founded in 1989, Bottomline maintains its
corporate headquarters in Portsmouth, NH and international
headquarters in Reading, England. For more information, visit
Bottomline on the web at www.bottomline.com, or dial (800) 243-2528 or
(603) 436-0700.
With Anthrax in the mail, this pure play could have some very positive guidance going forward.
Fred |
