All the loss was due to a charge for stock-based compensation of $1,928,000 for the quarter and fiscal year ended June 30, 1999.
They should be compensated based on the net profit not stock price <G>.
biz.yahoo.com
Thursday August 5, 5:14 pm Eastern Time
Company Press Release
SOURCE: NetIQ Corporation
NetIQ Corporation Announces Fourth Quarter and
Fiscal 1999 Financial Results
Initial Public Offering Effective July 29, 1999
SANTA CLARA, Calif., Aug. 5 /PRNewswire/ -- NetIQ Corporation (Nasdaq: NTIQ - news), today announced its financial
results for the fourth quarter and fiscal year ended June 30, 1999. The Company reported revenues of $6,460,000 and
$21,569,000 and a net loss of $1,141,000 and $1,642,000 for the three months and fiscal year ended June 30, 1999,
respectively, compared to revenues of $3,650,000 and $7,070,000 and a net loss of $245,000 and $3,111,000 in the same
periods a year ago. No conference call will be conducted regarding these results as the company is still in the ''quiet period''
following completion of its public offering on July 29.
Results included a charge for stock-based compensation of $573,000 and $1,928,000 for the quarter and fiscal year ended
June 30, 1999, respectively, compared to $167,000 and $250,000 in the same periods a year earlier. Fiscal year 1999 results
also included a charge in the fourth quarter of $364,000 relating to the exercise of a warrant to purchase 280,025 shares of
Common Stock by Compuware Corporation. The warrant was granted in connection with a litigation settlement agreement.
About NetIQ Corporation
NetIQ Corporation is a leading provider of systems and application management solutions for Microsoft Windows NT,
Microsoft BackOffice(TM), Lotus Domino, Citrix WinFrame and Oracle environments. NetIQ can be reached at
408-330-7000; or via e-mail at info@netiq.com or via the World Wide Web at netiq.com.
NOTE AppManager and Knowledge Scripts are registered trademarks and NetIQ is a trademark of NetIQ Corporation.
Microsoft, Windows NT, BackOffice, and Microsoft SQL Server are either registered trademarks or trademarks of Microsoft
Corporation in the United States and/or other countries. All other company or product names mentioned are used for
identification purposes only and may be trademarks of their respective owners.
The Company's future results could differ materially from the results discussed herein. Factors that could cause or contribute to
such differences include the timing and commercial availability of new products, customer acceptance of new product offerings,
dependence on the Company's strategic partners and distributors, and competition in the Company's various product lines. For
a more complete discussion of risks and uncertainties see the section entitled ''Risk Factors'' in the Company's registration
statement on Form S-1 as filed with the Securities and Exchange Commission.
NetIQ Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months
Ended June 30, Year Ended June 30,
1998 1999 1998 1999
Revenue:
Software license $3,417 $5,296 $6,603 $18,433
Service 233 1,164 467 3,136
Total revenue 3,650 6,460 7,070 21,569
Cost of revenue:
Software license 76 223 235 755
Service 204 366 407 1,260
Total cost
of revenue 280 589 642 2,015
Gross Margin 3,370 5,871 6,428 19,554
Operating expenses:
Sales and
marketing 2,148 3,658 5,748 11,685
Research and
development 730 1,692 2,192 4,344
General and
administration 617 744 1,611 2,983
Stock-based
compensation 167 573 250 1,928
Settlement of
litigation -- 364 -- 364
Total operating expenses 3,662 7,031 9,801 21,304
Loss from operations (292) (1,160) (3,373) (1,750)
Interest income (expense):
Interest income 47 100 262 219
Interest expense -- (81) -- (111)
Interest income, net 47 19 262 108
Net loss $(245) $(1,141) $(3,111) $(1,642)
Basic and diluted net
loss per share $(0.09) $(0.29) $(1.34) $(0.47)
Shares used to compute
basic and diluted
net loss per share 2,699 3,958 2,325 3,476
Pro forma basic and
diluted net loss
per share (*) $(0.02) $(0.10) $(0.32) $(0.15)
Shares used to compute
pro forma basic and
diluted net loss
per share (*) 10,099 11,358 9,725 10,876
(*) Pro forma basic and diluted net loss per share amounts include
the assumed conversion of the 7,400 shares of convertible preferred stock
upon the closing of the initial public offering which occurred on
July 29, 1999.
NetIQ Corporation
Condensed Consolidated Balance Sheets
(In thousands)
June 30, June 30,
1998 1999
ASSETS
Current assets:
Cash and cash equivalents $3,358 $9,634
Accounts receivable, net 4,055 6,395
Prepaid expenses 167 764
Total current assets 7,580 16,793
Property and equipment, net 527 1,465
Other assets 98 96
TOTAL ASSETS $8,205 $18,354
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Short-term debt $-- $5,144
Accounts payable 535 326
Accrued compensation and related benefits 809 1,100
Other liabilities 375 1,839
Deferred revenue 1,547 3,941
Total current liabilities 3,266 12,350
Long-term debt -- 205
Total liabilities 3,266 12,555
Stockholders' equity:
Preferred stock 10,955 10,955
Common stock 1,302 4,909
Note receivable from stockholder (6) --
Deferred stock-based compensation (1,011) (2,122)
Accumulated deficit (6,301) (7,943)
Total stockholders' equity 4,939 5,799
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $8,205 $18,354
SOURCE: NetIQ Corporation |
