FYI : PCOR also reported earnings yest , another B2B along with VERT...
ICGE owns a substantial chunk of of VERT, i suspect all will be in play today. All 3 are gapping this morn. I am not establishing any more LT at the moment just looking to trade today.
Thursday October 21, 5:24 pm Eastern Time
Company Press Release
SOURCE: pcOrder.com, Inc.
pcOrder.com Reports Record Results in Third Quarter
134 Percent Year-Over-Year Revenue Increase Driven by Customer Acquisition, Continued Focus on Delivering
Commerce, Content and Community
AUSTIN, Texas, Oct. 21 /PRNewswire/ -- Powered by strong growth and major customer deployments, pcOrder.com, Inc. (Nasdaq: PCOR - news) today
announced financial results for the quarter ended September 30, 1999. The company reported third quarter 1999 revenues of $13.1 million, a 134 percent
increase over revenues of $5.6 million for the third quarter of 1998. For the nine months ended September 30, 1999, total revenues increased 95 percent to
$29.6 million from $15.2 million for the same period in 1998.
pcOrder reported a net loss of $0.7 million or $.05 per share. This compares with a net loss of $4.6 million or $0.35 per share for the same period in 1998.
Reported net loss for the nine months ended September 30, 1999 totaled $6.5 million or $0.43 per share compared with a $5.5 million loss or $0.43 per share
for the same period in 1998. The higher net loss reflects increased investments in sales and marketing, product development and general corporate activities
necessary to sustain the company's rapid growth.
''pcOrder has presented another quarter of solid execution and performance. The quarter was marked by strong revenue growth, major customer deployments,
strategic alliances with e-commerce players and continued momentum for our commerce, content and community initiatives,'' said Ross Cooley, chairman and
chief executive officer of pcOrder.com.
Business highlights that contributed to the strong quarter include three key initiatives:
-- Commerce: pcOrder.com announced "e-Station" e-business platform,
deployed e-business solutions for large customers: pcOrder's commerce
software is the most vertically relevant to major suppliers in the
computer industry. To support these suppliers, pcOrder launched
eStation, a flexible and scalable platform that provides a complete
multi-channel solution. This third-generation platform was deployed
to power Compaq Computer, Nortel Networks and Ingram Micro. Quantum,
the first component and systems manufacturer to partner with pcOrder,
also selected pcOrder as its single e-business technology and content
provider.
During the third quarter, pcOrder delivered key solutions to several
customers, including SGI, Compaq Computer Corporation and Nortel
Networks. pcOrder deployed solutions for The SGIChannel Web site,
which provides Web-based tools for direct and indirect resellers.
Additionally, pcOrder completed two major technology and content
deployments for Nortel Networks. During the third quarter, pcOrder
continued to deploy Major Account Extranets for Compaq Computer
Corporation. To date, more than 30 production extranets have been
deployed across 6 countries and 6 languages and currencies.
-- Content: pcOrder expanded ContentSource offering, adding new
partners: With ContentSource, pcOrder is becoming the infomediary for
the most dynamic industry in the e-commerce market. In the third
quarter, pcOrder added several new Internet leaders to its
ContentSource customer base, including B2Bstores.com, BizRate,
MySimon.com and AST Computers. Also, pcOrder successfully deployed
ContentSource for Dell's Gigabuys.com computer peripherals superstore.
-- Community: pcOrder extended portal technology and community services
to new and existing partners: pcOrder is dedicated to building a
presence, driving traffic and expanding revenue opportunities for
existing customers by forming partnerships with companies who are
aggregating buyers and sellers on the Web. CMP and pcOrder entered
into a strategic partnership to launch a CMP-branded version of
pcOrder's Sales Webtop, a portal for the IT reseller community. In
addition, InfoWorld and pcOrder have launched InfoQuote, an online
buy-side e-commerce site using pcOrder's Request-For-Quote technology.
Additionally, more than 2,000 new reseller organizations registered to
use pcOrder-powered MyTechbuyer.com in the third quarter, representing
an increase of more than 150 percent over the comparable number at the
end of the second quarter.
About pcOrder.com
pcOrder.com is a leading provider of Internet-based electronic commerce solutions that enable the computer industry's suppliers, resellers and end users to buy
and sell computer products online. pcOrder's industry content and applications enable leading computer companies to create new revenue opportunities and
efficiencies through e-commerce. Rapid e-commerce adoption by both consumers and businesses has translated into billions of dollars of quotes generated
through pcOrder-powered solutions. Current customers include Compaq Computer Corporation, Dell Computers, Onsale.com, GE Capital ITS, Hartford,
Hewlett-Packard, IBM, Ingram Micro, Inktomi, Nortel Networks, Sarcom, SGI and Tech Data. pcOrder is located at 5001 Plaza on the Lake, Austin, Texas
78746. Telephone: 512-684-1100. Fax: 512-684-1200. World Wide Web address: http//www.pcorder.com.
Forward Looking Statements
Portions of this press release contain ''forward-looking'' statements, including statements relating to the anticipated performance and benefits of the joint efforts
of pcOrder and the company's growth. Actual results may differ materially from any forward looking statements made in this press release. Such statements
involve risks and uncertainties such as the potential reduction in demand for pcOrder's products and services from current or prospective customers, the
potential introduction and market acceptance of competitive offerings, the potential delays and difficulties in the deployment of products and services and the
potential failure of pcOrder's customers to realize the expected benefits from their relationship with pcOrder. pcOrder's business, financial condition and results
of operations are subject to other risks and uncertainties described in pcOrder's filings with the Securities and Exchange Commission. All forward-looking
statements included in this earnings release speak as of today's date, and pcOrder assumes no obligation to update any forward-looking statements.
pcOrder.com and pcOrder are registered trademarks of pcOrder.com, Inc. Product and company names mentioned herein maybe be trademarks and/or registered
trademarks of their respective companies.
pcOrder.com, Inc.
Statements of Operations
(In thousands, except per share data)
(Unaudited)
Quarter Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Revenues:
Software and subscriptions $6,257 $ 3,264 $14,489 $ 8,736
Content and services 6,800 2,312 15,136 6,423
Total revenues 13,057 5,576 29,625 15,159
Cost of revenues:
Software and subscriptions 1,387 983 3,710 2,197
Content and services 5,066 1,780 11,166 4,143
Total cost of revenues 6,453 2,763 14,876 6,340
Gross profit
Software and subscriptions 4,870 2,281 10,779 6,539
Content and services 1,734 532 3,970 2,280
Total gross profit 6,604 2,813 14,749 8,819
Operating expenses:
Research and development 1,959 1,148 4,727 2,933
Selling and marketing 4,388 4,601 13,086 8,324
General and administrative 1,503 1,160 4,306 2,456
Amortization of deferred
stock compensation 259 727 953 954
Total operating expenses 8,109 7,636 23,072 14,667
Operating loss (1,505) (4,823) (8,323) (5,848)
Interest income 764 62 1,605 107
Loss before income taxes (741) (4,761) (6,718) (5,741)
Income tax benefit --- (203) (243) (203)
Net loss $(741) $(4,558) $(6,475) $(5,538)
Basic and diluted net loss
per share $(0.05) $(0.35) $(0.43) $(0.43)
Weighted average
shares outstanding 15,602 12,899 15,019 12,837
pcOrder.com, Inc.
Balance Sheets
(In thousands)
September 30,
1999 December 31,
1998
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $44,580 $4,726
Short-term investments 18,565 ---
Accounts receivable, net 10,540 4,775
Prepaid expenses and other assets 647 150
Total current assets 74,332 9,651
Property and equipment, net 2,729 1,938
Other assets 60 665
Total assets $77,121 $12,254
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $1,833 $612
Accrued liabilities 8,733 3,150
Payable to Trilogy, net 3,628 4,506
Deferred revenue 26,974 10,428
Total current liabilities 41,168 18,696
Deferred revenue 1,433 2,103
Stockholders' equity (deficit)
Common stock 157 129
Additional paid-in capital 52,937 4,024
Deferred stock compensation (1,131) (1,726)
Unrealized gain/(loss) on investments 4 ---
Accumulated deficit (17,447) (10,972)
Total stockholders' equity (deficit) 34,520 (8,545)
Total liabilities and
stockholders' equity (deficit) $77,121 $12,254
SOURCE: pcOrder.com, Inc. |
