FILE ($12-$13.50) 3 Cent Narrower Loss- Expanded Product Line, No Specific Guidance for Quarters 3 and 4.
FileNET Reports Results for Second Quarter Ended June 30, 2001
Business Wire - Wednesday, July 18, 2001
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COSTA MESA, Calif.--(BUSINESS WIRE)--July 18, 2001--FileNET Corp. (Nasdaq:FILE), a leading provider of Business Process Management software and applications, today announced financial results for its second quarter ended June 30, 2001.
The company reported revenues of $82.2 million, compared to revenues of $95.1 million reported in the same quarter of 2000. Net loss was $10.7 million, compared with net income of $7 million reported for the same period last year.
Loss per basic and diluted share for the second quarter of 2001 was $0.30, compared with earnings per basic and diluted share of $0.21 and $0.19, respectively, in the second quarter of 2000. Loss per basic and diluted share in the second quarter 2001, excluding one-time charges, was $0.11, compared with earnings per basic and diluted share, excluding one-time charges, of $0.27 and $0.26, respectively, in the second quarter of 2000.
"The economic weakness experienced by the enterprise software industry in the U.S. at the end of the first quarter spread to Europe in the second quarter, affecting our customers' purchasing patterns and our closure rates," said Lee Roberts, chairman and CEO of FileNET. "While we witnessed a drop-off in customer demand during the first half of 2001, we remain confident about our long-term prospects, our financial strength and our relative position in the markets we serve. Our financial position continues to remain strong with cash and investments totaling $157.7 million and no long-term debt.
"This week we launched Brightspire, our new eBusiness framework for collaborative commerce applications. Along with our recently expanded Panagon product line, we believe FileNET is extremely well positioned to deliver business process management solutions to Global 2000 customers. This multi-brand strategy provides us with a unique opportunity to further penetrate two complementary markets within the Business Process Management (BPM) arena: Enterprise Content Management (ECM) and Collaborative Commerce.
"Panagon ECM Edition is our foundation for a broad and sweeping infrastructure solution for Enterprise Content Management. Our Global 2000 customers are demanding solutions that address all their content needs, beyond simple Web site management. In addition, we remain convinced that there is a large market for applications on top of Panagon and see our Acenza application family as a vehicle to generate incremental revenue, enhance our average selling price, change our value proposition, as well as provide major competitive differentiation.
"And finally, Brightspire has been built from the ground up as an eBusiness applications framework for Collaborative Commerce. Brightspire is a powerful and customizable total business integration framework that enables organizations to manage the complex processes and essential information that drive their business. Brightspire accelerates the development of applications such as complex eProcurement and collaborative selling, rapidly increasing the productivity of supply chains and expediting sales cycles."
About FileNET
FileNET provides "The Substance Behind eBusiness(TM)" by providing Business Process Management solutions that improve operational efficiency and leverage information resources. With FileNET's enterprise content management and collaborative commerce solutions, organizations can realize increased productivity, customer satisfaction and profitability by empowering customers, business partners, suppliers and employees to engage in business processes and exchange relevant content.
With headquarters in Costa Mesa, the company markets its innovative solutions in more than 90 countries through its own global sales, professional services and support organizations, as well as via its ValueNET(R) Partner network of resellers, system integrators and application developers.
To put more substance into your eBusiness, visit FileNET's Web site at www.FileNET.com or call 800/FileNET. |
