(PR NEWSWIRE) Lionbridge Announces Record Revenue For Third Quarter 1999
Lionbridge Announces Record Revenue For Third Quarter 1999
27% Revenue Growth over Q3 1998
WALTHAM, Mass., Oct. 21 /PRNewswire/ -- Lionbridge Technologies, Inc.
(Nasdaq: LIOX), a leading provider of multilingual Internet services to global
technology companies and other large organizations, today announced its
financial results for the third quarter ended September 30, 1999.
The Company achieved record revenue for the third quarter of 1999 of $12.7
million, an increase of $2.7 million, or 27%, compared to the third quarter of
1998.
The Company's net loss for the third quarter of 1999 was $4.8 million, or
$0.56 per share, compared to a net loss of $928,000, or $0.48 per pro forma
share for the third quarter of 1998. The net loss for the third quarter of
1999 includes a final $1.9 million non-cash charge to interest expense,
representing amortization of the value of warrants previously issued in
conjunction with subordinated debt. Pro forma net loss per share, excluding
amortization of acquisition-related intangible assets and accrued dividends on
previously outstanding preferred stock, and calculated using the total number
of shares outstanding as of September 30, 1999, was $0.24.
Revenue for the nine months ended September 30, 1999 was $36.5 million, an
increase of 30% over $28.2 million for the same period last year. The net loss
for the nine-month period was $15.1 million, or $3.48 per share, compared to a
net loss of $ 4.0 million, or $2.31 per share for the nine-month period ended
September 30, 1998.
"The increase in third quarter revenue was attributable to a number of
factors," said Rory Cowan, CEO of Lionbridge. "We added several new clients,
while also expanding our activities with existing clients. Now that the
preparation for Year 2000 nears completion, we are seeing global businesses
turn their attention to revenue-driving initiatives like multilingual Web site
creation. The investments we've made over the last few quarters both in
worldwide infrastructure and in our LionTrack(TM) workflow processes and
technology prepare us for these opportunities."
About Lionbridge
Lionbridge Technologies provides testing, localization,
internationalization and other globalization and multilingual Internet
services to the world's leading technology companies, including Cisco, IBM,
Microsoft, Motorola, Novell, Oracle, and Sun Microsystems. Lionbridge's
multilingual eRelease, eSupport, eLearning and eCommerce services are based on
its Rapid Globalization Methodology (TM) . The Rapid Globalization
Methodology (TM) integrates engineering, linguistics, testing, and project
management with automated workflow management to enable simultaneous worldwide
release, via the Internet, of products as well as related customer support,
training, and marketing materials. Based in Waltham, Massachusetts, Lionbridge
maintains facilities in Ireland, The Netherlands, France, China, South Korea,
Japan and the United States. To learn more, visit lionbridge.com.
This press release contains forward-looking statements that involve risks
and uncertainties. These forward-looking statements include management's
views of the impact of the Y2K situation on Lionbridge's business and those
regarding current or future financial performance, management's plans and
objectives for future operations, as well as statements regarding the strategy
and plans of Lionbridge. Lionbridge's actual experience may differ materially
from those discussed in the forward-looking statement. Factors that might
cause such a difference include the termination of customer contracts prior to
the end of their term; Lionbridge's dependence on clients' product releases to
generate revenues; the loss of a major client; the size, timing and
recognition of revenue from major clients; risks associated with management of
growth; market acceptance of new service offerings; the failure to keep pace
with the rapidly changing requirements of its clients; Lionbridge's ability to
attract and retain key personnel; Lionbridge being held liable for defects or
errors in its solutions; political, economic and business fluctuations in
international markets; as well as risks of downturns in economic conditions
generally, and in the information technology and software industries
specifically, and risks associated with competition, and competitive pricing
pressures. For a more detailed description of the risk factors associated
with Lionbridge, please refer to Lionbridge's Registration Statement on Form
S-1 on file with the Securities and Exchange Commission.
Contact:
Cathy Maloney
Director of Corporate Communications
Lionbridge Technologies
781-434-6010
cathy_maloney@lionbridge.com
Lionbridge Technologies, Inc.
Summary Income Statement
(amounts in thousands, except per share amounts)
(UNAUDITED)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Revenue $12,683 $10,021 $36,466 $28,153
Cost of revenue 7,929 6,550 24,261 18,776
Gross profit 4,754 3,471 12,205 9,377
Operating expenses:
Sales and marketing 1,594 749 4,206 1,955
General and
administrative 3,911 2,690 10,620 7,928
Research & development 583 -- 1,043 --
Amortization of
acquisition-related
intangible assets 792 441 2,370 1,635
Restructuring charges -- -- -- 451
Stock-based compensation 233 -- 465 --
Total operating
expenses 7,113 3,880 18,704 11,969
Loss from operations (2,359) (409) (6,499) (2,592)
Interest expense (2,227) (196) (7,218) (461)
Other income/(expense),
net 85 (22) (234) (44)
Loss before income
taxes (4,501) (627) (13,951) (3,097)
Provision for income
taxes 177 36 492 89
Net loss (4,678) (663) (14,443) (3,186)
Accrued dividends
on preferred stock 156 265 686 796
Net loss attributable
to common stockholders $(4,834) $(928) $(15,129) $(3,982)
Basic and diluted net
loss per share
attributable to
common stockholders $(0.56) $(0.48) $(3.48) $ (2.31)
Shares used in computing
basic and diluted net loss
per share attributable
to common stockholders 8,604 1,938 4,350 1,726
SOURCE Lionbridge Technologies, Inc.
-0- 10/21/1999
/CONTACT: Cathy Maloney, Director of Corporate Communications of
Lionbridge Technologies, 781-434-6010, cathy_maloney@lionbridge.com/
/Web site: lionbridge.com
(LIOX)
CO: Lionbridge Technologies, Inc.
ST: Massachusetts
IN: CPR FIN
SU: ERN
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