Looks like IBM (I've Been Mauled) is raining on our good news today,
hopefully soon Mr. Market will notice BWEB.
Good luck
Antonio
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biz.yahoo.com
Thursday October 21, 7:30 am Eastern Time
Company Press Release
BackWeb Reports Third Quarter 1999 Results
Company Reports 156 Percent Revenue Growth and Adds 26 Companies to Global Customer List
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 21, 1999--BackWeb® Technologies Ltd. (Nasdaq:BWEB - news), a leading provider of Push for e-business
solutions, today announced results for the third quarter ended Sept. 30, 1999.
Revenues for the period increased 156 percent to $6.2 million, from $2.4 million in the same period a year earlier and up 22 percent from $5.1 million in the previous
quarter.
Excluding amortization charges related to a previous acquisition and deferred stock compensation, BackWeb's net loss for the third quarter of 1999 was $1.6 million,
or $0.05 per share loss, compared to a net loss of $2.9 million or $0.13 per share loss for the third quarter of 1998, and a net loss of $2.4 million, or $0.09 per
share loss for the second quarter of 1999.
Including amortization charges, net loss for the quarter ended Sept. 30, 1999 was $2.4 million, or $0.07 per share loss, compared to a net loss of $3.3 million, or
$0.15 per share loss for the third quarter of 1998, and a net loss of $3.3 million, or $0.12 per share loss for the second quarter of 1999.
''Our third quarter results show that the Push category is generating accelerated momentum,'' said Eli Barkat, BackWeb chairman and CEO.
''As the leader in the category, BackWeb continues to attract industry-leading, globally branded companies such as Nortel, Lucent and British Telecom. During the
quarter, BackWeb expanded its product suite offering, its global 2000 customer base, and increased its desktop presence worldwide. As a result, we believe that we
are making significant strides toward our objective of being the recognized de facto standard in Push for e-business solutions.''
Third Quarter Highlights
Primary drivers for the company's third quarter growth include the continued acceptance of the Sales Accelerator product. Sales of packaged applications built on
BackWeb's infrastructure now make up a significant portion of BackWeb's license revenue.
In the quarter, BackWeb added two new products to its Accelerator Suite of packaged applications. Service Accelerator is an application targeted at proactive
delivery of critical information to deployed service personnel. The application can politely push and notify the recipient of new software updates, new documentation,
service alerts, and similar rich content critical in efficient operation of deployed service organizations.
The Rapid Survey module was introduced as a standard component in the Service Accelerator application and as an option to the previously announced Sales
Accelerator. The Rapid Survey Module automates the process of getting feedback from users in survey form. Rapid Survey also includes simple tools for tabulating
and reporting results. BackWeb believes that customer reception to these products has been increasingly strong.
Third quarter sales to global 2000 customers continue to show the broad applicability of BackWeb's solutions to today's e-business challenges. Major customer wins
this quarter include Nortel, Ericsson, British Telecom, Disney, Lucent, Jefferies & Co., BancBoston, and Telenordia.
About BackWeb Technologies
BackWeb Technologies is a leading provider of Push for e-business solutions. Corporations such as Cisco, Compaq, Hewlett-Packard and Schlumberger Dowell
have deployed BackWeb's Push communication infrastructure for managing critical changes for key e-business and customer service applications. BackWeb
Technologies is headquartered in San Jose and Ramat Gan, Israel. For more information, visit its Web site at www.backweb.com or call 800/863-0100.
Statements in this news release which are not purely historical are forward-looking statements within the meaning of the U.S. Federal Securities laws, including any
statements regarding beliefs, plans, expectations or intentions regarding the future. In the event that the Push for e-business category fails to maintain its growth, or if
we are unable to continue to attract industry-leading, globally-branded companies, expand our product suite or increase our desktop presence, actual results could
differ materially from those in such forward-looking statements. Other factors that could cause actual results to differ materially include changes in the competitive
landscape, including new competitors and/or the impact of competitive pricing and products, dependence upon a limited number of key resellers and customers,
timely availability and customer acceptance of new and existing products, rapid changes in market conditions due to changing technological standards, fluctuations in
quarterly results, BackWeb's dependence upon and ability to attract and retain qualified employees, potential Year 2000 problems with BackWeb's products or
internal operating systems, and the risks and uncertainties detailed from time to time in BackWeb's periodic reports and registration statements filed with the U.S.
Securities and Exchange Commission. BackWeb undertakes no obligation to publicly update or revise any forward-looking statements.
Note to Editors: BackWeb is a registered trademark of BackWeb Technologies. All other trademarks are the property of their respective owners.
BACKWEB TECHNOLOGIES LTD
Consolidated Balance Sheets
(in thousands)
Sept. 30, June 30, March 31, Dec. 31,
1999 1999 1999 1998
ASSETS
Current assets:
Cash and cash
equivalents $ 17,463 $ 37,047 $ 11,137 $ 6,449
Short term
investments $ 56,930 $ 42,329 $ - $ -
Accounts receivable 5,586 4,295 5,753 2,590
Other current assets 1,962 887 1,085 712
--------- -------- -------- -------
Total current
assets 81,941 84,558 17,975 9,751
Property and
equipment, net 1,569 1,188 989 1,030
Goodwill and other
purchased
intangibles, net 552 962 1,389 1,824
Other assets 123 116 96 96
--------- -------- -------- -------
$ 84,185 $ 86,824 $ 20,449 $12,701
========= ======== ======== =======
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:
Line of credit $ - $ - $ 2,000 $ 2,000
Accounts payable
and accrued
liabilities 4,911 5,691 3,689 3,357
Deferred revenue 3,275 3,121 2,201 1,666
Payable of related
parties 240 235 140 304
Current portion of
shareholders' loans 792 822 927 828
--------- -------- -------- -------
Total current
liabilities 9,218 9,869 8,957 8,155
Accrued severance
pay, net 149 154 108 93
Shareholders' loans - - - 327
Total Shareholders'
equity 74,818 76,801 11,384 4,126
--------- -------- -------- -------
$ 84,185 $ 86,824 $ 20,449 $12,701
========= ======== ======== =======
UNAUDITED
BACKWEB TECHNOLOGIES LTD
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
1999 1998 1999 1998
Revenues:
License $ 4,875 $ 2,127 $ 12,415 $ 5,249
Service 1,340 303 2,982 794
--------- --------- --------- ---------
Total revenues 6,215 2,430 15,397 6,043
Cost of revenues:
License 59 45 177 174
Service 1,118 361 2,415 1,011
--------- --------- --------- ---------
Total cost of
revenues 1,177 406 2,592 1,185
Gross profit 5,038 2,024 12,805 4,858
Operating
expenses:
Research and
development 1,584 1,105 3,992 3,583
Sales and
marketing 4,873 3,268 13,069 9,856
General and
administrative 1,223 756 3,231 2,260
Amortization of
goodwill, other
intangibles, and
deferred stock
compensation 848 401 2,922 1,203
--------- --------- -------- ---------
Total operating
expenses 8,528 5,530 23,214 16,902
--------- --------- -------- ---------
Loss from
operations (3,490) (3,506) (10,409) (12,044)
Other income, net 1,074 186 1,003 205
--------- --------- -------- ---------
Net loss $ (2,416) $ (3,320) $(9,406) $(11,839)
========= ========= ======== =========
Basic and diluted
net loss per
share (including
amort.) $ (0.07) $ (0.15) $ (0.34) $ (0.58)
========= ========= ======== =========
Basic and diluted
net loss per
share (excluding
amort.) $ (0.05) $ (0.13) $ (0.23) $ (0.52)
========= ========= ======== =========
Shares used in
computing basic
and diluted net
loss per share 32,612 22,326 27,771 20,475
UNAUDITED
Contact:
BackWeb Technologies
Julie Rowinski, 408/933-1724 (Investor Relations)
jrowinski@backweb.com
or
Catapult Partners Inc.
Theresa Campbell, 650/524-1720 (Media Relations)
theresa@catapultinc.com |
