Interwoven Reports Final Details and Improved GAAP Results After Impact of Previously Announced Real Estate Transaction
Tuesday November 2, 4:05 pm ET
Q3 GAAP Net Loss Per Share Announced on October 20 Improved by $0.02
SUNNYVALE, Calif., Nov. 2 /PRNewswire-FirstCall/ -- Interwoven, Inc. (Nasdaq: IWOV - News), provider of Enterprise Content Management (ECM) solutions for business, today announced effectiveness of an amendment to its headquarters lease that relieves it of future lease payment obligations and improves its previously reported third quarter of 2004 net loss calculated in accordance with generally accepted accounting principles by $1.1 million, or $0.02 per share.
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Interwoven will have no further obligations on 89,000 square feet of currently unoccupied space following the payment of approximately $12.3 million to Ariba. Under the terms of the amendment, Interwoven will be relieved of its obligation to pay rent and operating expenses on the space for the remaining lease term, which ends July 31, 2007, improving its future cash flows. As a result of the effectiveness of this amendment, Interwoven will adjust its previously reported financial results calculated in accordance with generally accepted accounting principles for the three months ended September 30, 2004 by reducing its reported net loss from $2.6 million, or $0.06 per share, to $1.5 million, or $0.04 per share, and from a net loss of $25.2 million, or $0.62 cents per share, to $24.1 million, or $0.60 per share, for the nine months ended September 30, 2004. The adjusted results for the three and nine months ended September 30, 2004 are included with this release.
For the third quarter of 2004, Interwoven reported total revenues of $40.3 million, an increase from the $39.5 million posted in the quarter ended June 30, 2004, and an increase of 54 percent from total revenues of $26.1 million for the same period last year. The adjusted net loss for the third quarter of 2004, calculated in accordance with generally accepted accounting principles, was $1.5 million, or $0.04 per share, compared to a net loss of $18.8 million, or $0.71 per share, for the same period last year. On a pro forma basis, Interwoven reported net income of $1.5 million for the third quarter of 2004, or $0.04 per share compared to a pro forma net loss of $4.4 million, or $0.17 per share, in the third quarter last year. Pro forma net income (loss) excludes amortization of stock-based compensation and intangible assets, restructuring adjustments and the related tax impact of these items.
For the nine months ended September 30, 2004, Interwoven reported total revenues of $117.2 million, an increase of 50 percent from the $77.9 million for the same period last year. The adjusted net loss for the nine months ended September 30, 2004, calculated in accordance with generally accepted accounting principles, was $24.1 million, or $0.60 per share, compared to a net loss of $35.1 million, or $1.36 per share, for the same period last year. On a pro forma basis, Interwoven reported net income of $1.6 million for the nine months ended September 30, 2004, or $0.04 on a per share basis, compared to a pro forma net loss of $15.8 million, or $0.61 per share, last year. Pro forma net income (loss) excludes restructuring adjustments, amortization of stock-based compensation and intangible assets, a charge for in-process research and development in 2003 and the related tax impact of these items. |
