PUMATECH, Inc. Announces Third Quarter 2000 Operating Results
THURSDAY, MAY 25, 2000 4:30 PM
- PRNewswire
SAN JOSE, Calif., May 25, 2000 /PRNewswire via COMTEX/ -- PUMATECH, Inc. (Nasdaq:PUMA) announced the results of its third fiscal quarter of 2000 ended April 30, 2000. Revenue for the third fiscal quarter of 2000 increased 49% to $8,014,000 as compared to $5,370,000 reported in the third fiscal quarter of 1999. Revenue for the first nine months of fiscal 2000 increased 47% to $21,787,000 as compared to $14,777,000 reported in the first nine months of fiscal of 1999. This quarter's reported revenue represents the sixth consecutive quarter of sequential revenue growth as well as record revenue achievement for the Company.
Pro-forma diluted loss per share was $(.06) in the third fiscal quarter of 2000 as compared to a pro-forma diluted loss per share of $(.01) in the third quarter of fiscal 1999. Pro-forma diluted loss per share was $(.10) for the first nine months of fiscal 2000 as compared to a pro-forma diluted loss per share of $(.15) in the comparable period of fiscal 1999. Pro-forma loss per share excludes one-time charges associated with the NetMind Technologies merger, non-cash compensation and amortization charges associated with all previous acquisitions and non-cash accretion charges associated with NetMind's convertible preferred stock. Reported diluted loss per share for the third fiscal quarter of 2000 was $(.26) as compared to a diluted loss per share of $(.07) reported in the third quarter of fiscal 1999. Reported diluted loss per share for the nine months ended April 30, 2000 was $(.62) as compared to a diluted loss per share of $(.25) reported in the comparable quarter of fiscal 1999.
"PUMATECH once again demonstrated its ability to deliver top-line growth during a period of heavy investment in new technologies," said PUMATECH co- founder and CEO Brad Rowe. "We experienced a dramatic increase in deal flow during Q3 with 38 new customers licensing our Mobile Application Platform. Strong interest from portals, wireless carriers, ISP's and other eBusinesses and verticals is driving this accelerating adoption of the MAP platform which now stands at over 120 partners worldwide. MAP provides quick and easy deployment with proven scale, unlike competitive offerings, which typically require a band of consultants to build a custom solution without proven scale. Enterprise adoption also increased in Q3 as more than 200 corporate enterprises licensed Intellisync, including 40 site licenses for our Intellisync Anywhere server which now supports both Lotus Notes/Domino and Microsoft Exchange. We also see accelerating interest in our products in Europe and Japan, where wireless deployment outpaces the US by 1-2 years."
ABOUT PUMATECH -- THE ANYWHERE INTERNET(TM)
As announced in May 2000, Puma Technology, Inc. is doing business as PUMATECH. PUMATECH is the leading provider of the essential software infrastructure for the ubiquitous mobile Internet. The Company owns market- leading technology in synchronization, personalization, notification and Web- rendering services -- all essential building blocks to making wireless devices useful tools in the world of e-business. PUMATECH's recently acquired NetMind(TM) technology delivers highly personalized, relevant Internet content to more than seven million active users. In addition, the Company's Intellisync(R) platform is the de facto global standard for synchronization and control of the critical connection between handheld devices and mobile phones and the vast stores of information found in corporate databases, the Internet and individual PCs. The Intellisync platform enables mobile access to accurate, "anytime, anywhere" information and has been adopted worldwide by individuals, corporations mobile device manufacturers, telecommunication carriers, and on-line contact, calendar and event services. The Company, headquartered in San Jose, CA. maintains a website at www.pumatech.com
The forward looking statements above in this news release related to the Company's plans for it newly acquired technologies are based on current expectations and beliefs and are subject to numerous risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ materially include uncertainties related to the integration of the ProxiNet(TM) and NetMind technologies, employees and operations, the timely introduction, availability and acceptance of new products and upgrades, the impact of competitive products and pricing, consummation of binding agreements with prospective business partners, as well as additional risk factors, as discussed in the "Risk Factors" section of PUMATECH's Annual Report on Form 10-K dated July 31, 1999 and PUMATECH's quarterly reports filed with the U.S. Securities and Exchange Commission. PUMATECH disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
PUMATECH, the PUMATECH logo, Intellisync and ProxiNet are trademarks of Puma Technology, Inc. that may be registered in some jurisdictions. NetMind is a trademark of PUMATECH's wholly owned subsidiary, NetMind Technologies, Inc. All other marks are owned by their respective owners.
PUMATECH, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
APRIL 30, APRIL 30,
2000 1999 2000 1999
Revenue $8,014 $5,370 $21,787 $14,777
Cost of revenues and operating
expenses:
Cost of revenue 882 387 2,524 1,599
Research and development 4,792 2,796 11,385 9,662
Sales and marketing 4,647 2,518 11,107 7,209
General and administrative 1,245 942 3,257 2,942
Total operating expenses 11,566 6,643 28,273 21,412
Operating income/(loss) (3,552) (1,273) (6,486) (6,635)
Interest and other income,
net 1,309 1,113 3,549 2,875
Income/(loss) before income
taxes (2,243) (160) (2,937) (3,760)
Provision for income taxes (159) (183) (517) (591)
Net income/(loss) $(2,402) $(343) $(3,454) $(4,351)
Net income/(loss) per share:
Basic $(0.06) $(0.01) $(0.10) $(0.15)
Diluted $(0.06) $(0.01) $(0.10) $(0.15)
Shares used in per share calculation:
Basic 39,995 30,013 33,678 28,392
Diluted 39,995 30,013 33,678 28,392
The format presented above is not in accordance with generally accepted accounting principles.
Note: The above unaudited pro forma condensed consolidated statements of operations exclude the effects of the following:
-- During the quarter ended April 30, 2000, $824,000 of amortization of
intangibles was incurred in connection with the acquisitions of
ProxiNet and SoftMagic.
-- During the quarter ended April 30, 1999, $126,000 of amortization of
intangibles was incurred in connection with the acquisitions of
SoftMagic, Real World Solutions and Intellilink.
-- During the quarter ended April 30, 2000, $465,000 of non cash stock
compensation expense was incurred in connection with the merger of
NetMind Technologies, Inc. and IPO of PUMATECH, Inc.
-- During the quarter ended April 30, 1999, $98,000 of non cash stock
compensation expense was incurred in connection with the merger of
NetMind Technologies, Inc. and IPO of PUMATECH, Inc.
-- During the quarter ended April 30, 2000, $6,322,000 of merger related
expenses were incurred in connection with the merger with NetMind
Technologies, Inc.
-- During the nine months ended April 30, 2000, $4,218,000 of in-process
research and development was incurred in connection with the
acquisition of ProxiNet.
-- During the nine months ended April 30, 2000, $1,733,000 of amortization
of intangibles was incurred in connection with the acquisitions of
ProxiNet and SoftMagic.
-- During the nine months ended April 30, 1999, $363,000 of amortization
of intangibles was incurred in connection with the acquisition of
SoftMagic, Real World Solutions and Intellilink.
-- During the nine months ended April 30, 2000, $1,326,000 of non cash
stock compensation expense was incurred in connection with the
acquisition of NetMind Technologies, Inc. and IPO of PUMATECH, Inc.
-- During the nine months ended April 30, 1999, $107,000 of non cash
stock compensation expense was incurred in connection with the
acquisition of NetMind Technologies, Inc. and IPO of PUMATECH, Inc.
-- During the nine months ended April 30, 2000, $768,000 of restructuring
charges were incurred.
PUMATECH, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
APRIL 30, APRIL 30,
2000 1999 2000 1999
Revenue $8,014 $5,370 $21,787 $14,777
Cost of revenues and
operating expenses:
Cost of revenue 882 387 2,524 1,599
Research and development 4,792 2,796 11,385 9,662
Sales and marketing 4,647 2,518 11,107 7,209
General and administrative 1,245 942 3,257 2,942
In-process research and
development -- -- 4,218 --
Amortization of intangibles 824 126 1,733 363
Non cash stock compensation 465 98 1,326 107
Merger costs 6,322 -- 6,322 --
Restructure -- -- -- 768
Total operating expenses 19,177 6,867 41,872 22,650
Operating income/(loss) (11,163) (1,497) (20,085) (7,873)
Interest and other income,
net 1,309 1,113 3,549 2,875
Income/(loss) before income
taxes (9,854) (384) (16,536) (4,998)
Provision for income taxes (159) (183) (517) (591)
Net income (loss) (10,013) (567) (17,053) (5,589)
Accretion of mandatorily
redeemable convertible
preferred stock to
redemption value (577) (1,384) (3,877) (1,538)
Net income/(loss) attributable
to common shareholders $(10,590) $(1,951) $(20,930) $(7,127)
Net income/(loss) per share:
Basic $(0.26) $(0.07) $(0.62) $(0.25)
Diluted $(0.26) $(0.07) $(0.62) $(0.25)
Shares used in per share calculation:
Basic 39,995 30,013 33,678 28,392
Diluted 39,995 30,013 33,678 28,392
PUMATECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
(unaudited)
APRIL 30, JULY 31,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $81,741 $16,639
Short-term investments 9,745 11,877
Accounts receivable, net 7,032 3,160
Inventories 269 258
Other current assets 1,924 590
Total current assets 100,711 32,524
Property and equipment, net 4,130 3,008
Other assets 12,524 1,590
TOTAL ASSETS $117,365 $37,122
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,418 $860
Accrued liabilities 3,975 2,454
Notes payable 257 325
Deferred revenue 5,384 3,989
Total current liabilities 11,034 7,628
Notes payable long term 381 --
Total liabilities 11,415 7,628
Redeemable, convertible preferred stock -- 11,293
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value;
60,000 shares authorized ; 41,807 shares
issued and outstanding at April 30, 2000
and 40,000 shares authorized; 31,501
shares issued and outstanding at July 31,
1999 42 30
Additional paid-in capital 142,190 36,885
Receivable from stockholders (429) (428)
Deferred stock compensation (3,401) (3,773)
Accumulated deficit (32,443) (15,390)
Other comprehensive income (loss) (9) 877
Total stockholders' equity 105,950 18,201
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $117,365 $37,122
SOURCE PUMATECH, Inc.
CONTACT: Kelly Hicks of PUMATECH, Inc., 408-321-3863 or
khicks@pumatech.com
/Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 117588
URL: pumatech.com
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