They really care about the market perception and/or response to the earnings they posted... the CEO clearly staes that they beat the consensus by 22% over 13 cents...enjoy
(PR Wires) PRW: Clarus Corporation Reports Record Fourth Quarter 1999 R
PRW: Clarus Corporation Reports Record Fourth Quarter 1999 Results from
e-Commerce
ATLANTA--(BUSINESS WIRE)--Feb. 2, 2000--
Beats Analysts' Consensus Expectations
In a clarifying press release, Clarus Corporation (NASDAQ:CLRS), a leading
provider of business-to-business (B2B) e-commerce solutions, today announced
record financial results from its e-commerce business for the quarter ended
December 31, 1999.
According to Steve Jeffery, president and CEO of Clarus, "There appears to
be some misinformation in the marketplace regarding the financial results
reported by Clarus on Monday, January 31. In some media, the fourth quarter
financial results were erroneously interpreted as disappointing, when in
fact we beat analyst expectations by a significant margin. We are reissuing
these financial results today in order to correct any misinformation or
misperceptions about our fourth quarter results."
Pro forma fourth quarter e-commerce revenues totaled $5.4 million. Compared
with third quarter 1999 e-commerce revenues of $2.0 million, fourth quarter
revenues increased 170 percent. Clarus' pro forma net loss from e-commerce
operations was $5.4 million, or a loss of $0.47 per share. These results
beat analysts' consensus expectations of a net loss from operations of $0.60
per share, as reported by First Call, by $0.13, or 22 percent.
The confusion in the marketplace arose because analyst expectations are
based on net loss from operations, not net loss. The correct comparison is
actually between Clarus' net loss from operations of $0.47 and analyst
expectations of a net loss from operations of $.60, resulting in a
better-than-expected performance.
Clarus' net loss for the fourth quarter of 1999 was $7.3 million, or $0.64
per share, after including $1.9 million in stock-based compensation. This
stock-based compensation expense is a non-cash non-operating expense that is
not considered in analyst projections. Some media reports erroneously
included a comparison between the analyst expectations for net loss from
operations (before stock-based compensation) to Clarus' net loss after
stock-based compensation, confusing the investing public.
About Clarus
Atlanta-based Clarus Corporation (www.claruscorp.com; NASDAQ: CLRS) a leader
in business-to-business (B2B) e-commerce, provides Web-based procurement
software and services that exploit the global marketplace of the Internet to
manage corporate purchasing and enable digital marketplaces. Clarus is the
clear alternative in B2B e-commerce supporting the Free Trade model based on
the ClarusDirect(TM) architecture. This architecture directly connects
buyers and suppliers to maximize cost savings, improve procurement
efficiencies, and create new revenue opportunities for large and mid-sized
companies. Clarus Commerce solutions leverage its SupplierUniverse trading
network for managed content, trading services and supplier integration.
Clarus solutions are being deployed at customer sites including AirTouch,
Cinergy, Comcast Corporation, First Data Corporation, MasterCard
International, MetLife, Parsons Brinckerhoff, and Perot Systems.
THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF
SECTION 27A OF THE SECURITIES ACT OF 1933 AND SECTION 21E OF THE SECURITIES
EXCHANGE ACT OF 1934. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THOSE
PROJECTED IN THE FORWARD-LOOKING STATEMENTS AS A RESULT OF CERTAIN RISKS
INCLUDING THAT THE BUSINESS OR PROSPECTS EXPECTED BY THE COMPANY AS A RESULT
OF THIS ANNOUNCEMENT MAY NOT OCCUR.
FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESS RELEASE ARE ALSO SUBJECT
TO OTHER RISKS AND UNCERTAINTIES, INCLUDING THOSE DISCLOSED IN OUR
REGISTRATION STATEMENT ON FORM S-3 FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION ON 1/7/2000.
CLARUS CORPORATION
Pro Forma Statement of Operations
(in thousands, except per share data)
Three Months Ended Year Ended
Dec. 31, 1999 Dec. 31, 1999
-----------------------------------
REVENUES:
License fees $ 4,795 $ 9,969
Services fees 610 1,515
------- -------
TOTAL REVENUES 5,405 11,484
COST OF REVENUES:
License fees 350 400
Services fees 1,305 3,130
------- -------
TOTAL COST OF REVENUES 1,655 3,530
OPERATING EXPENSES:
Research and development 2,221 6,217
Sales and marketing 4,865 12,366
General and administrative 1,522 4,013
Depreciation and amortization 644 2,538
Stock-based compensation 1,930 1,930
------- -------
TOTAL OPERATING EXPENSES 11,182 27,064
------- -------
Operating loss (7,432) (19,110)
Interest income, (net) 131 371
------- -------
Net loss $(7,301) $(18,739)
======= =======
Weighted average shares outstanding 11,351 11,097
======= =======
Net loss per share $ (0.64) (1.69)
======= =======
Net loss,
excluding stock-based compensation $(5,371) $(16,809)
======= =======
Net loss per share,
excluding stock-based compensation $ (.47) $ (1.51)
======= =======
NOTE: The Company's Pro Forma Statement of Operations does not include
the operating results of its ERP business. The inclusion of the ERP
business in the statement of operations would have shown the following
results:
Three Months Ended Year Ended
Dec. 31, 1999 Dec. 31, 1999
-----------------------------------
Revenues $1,301 $ 6,658
Cost of revenues 646 12,338
Operating expenses 857 10,365
------- -------
Operating (loss) income (202) 3,955
Gain on sale 9,419 9,419
Interest expense, (net) (34) (34)
------- -------
Net income $9,183 $13,340
------- -------
CLARUS CORPORATION
SUMMARY BALANCE SHEET
(in thousands)
Dec. 31,
1999
-------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $14,127
Accounts receivable, net 10,483
Prepaid and other current assets 1,965
-------
Total current assets 26,575
PROPERTY AND EQUIPMENT - net 4,122
OTHER ASSETS:
Deferred marketing expense 10,016
Intangible assets, net 6,649
Investments 1,168
Deposits and other long-term assets 127
-------
Total other assets 17,960
-------
TOTAL ASSETS $48,657
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $6,420
Deferred revenue 3,081
Current maturities of long-term debt 6,046
-------
Total current liabilities 15,547
NON-CURRENT LIABILITIES:
Deferred revenue 293
Long-term debt, net of current maturities 0
Other non-current liabilities 202
-------
Total liabilities 16,042
STOCKHOLDERS' EQUITY:
Common stock 1
Additional paid in capital 63,953
Accumulated deficit (44,122)
Warrants 13,055
Treasury stock, at cost (2)
Deferred compensation (270)
-------
Total stockholders' equity 32,615
-------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $48,657
=======
CONTACT: Clarus Corporation
Debbie Sorokin, 770/291-5397
sorokind@claruscorp.com
or
ANALYST CONTACT:
Clarus Corporation
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