MetaSolv's First Quarter Revenues Increase 76% to $26 Million on Strength of IP and Data Communications Business
- Net Income Increases By 622% -http://biz.yahoo.com/prnews/000419/tx_metasol_1.html
PLANO, Texas, April 19 /PRNewswire/ -- MetaSolv Software, Inc. (Nasdaq: MSLV - news), the leading provider of order management and service fulfillment solutions to next generation communications providers, today announced 76% growth in first quarter revenues to a record $26.0 million from $14.8 million for the first quarter of 1999. Net income was $2.6 million for the quarter compared with net income of $0.4 million for the same prior-year quarter, and diluted earnings per share increased to $0.06 from $0.01.
Jim Janicki, president and chief executive officer of MetaSolv, remarked, ``MetaSolv got the year 2000 off to a particularly strong start with its first quarter operating and financial results, which set new revenue and EPS records. As anticipated, we can attribute much of our growth for the quarter to the substantial demand that met the January release of our TBS 2000 software package.' The TBS 2000 release added support for ``web fulfillment' with a web-ordering interface and additional functionality for the provisioning and management of Internet services and xDSL access. According to Janicki, TBS 2000 positions MetaSolv to continue to benefit from the convergence of two significant trends in the communications industry: the explosive growth of demand for Internet protocol (``IP') and data services, and the increasing use by next generation service providers of packaged software solutions for critical back office systems.
Representative of the demand for MetaSolv's solutions in the expanding market for IP and data services, the Company announced a number of new customers during the first quarter. Among these new customers are NorthPoint Communications, LightNetworks, PaeTec Communications, NETtel Communications and BlueStar Communications, all of which are focused primarily on data communications services.
Janicki continued, ``In addition to the release of TBS 2000, we are pleased to report that we have reduced the implementation time for TBS from a typical range of five to six months to a range of 60 to 90 days. In fact, during the first quarter, we implemented our solution in just 41 days at LightNetworks. With time to market being absolutely critical to emerging competitive providers that are ramping their businesses at extraordinary rates, the ability to quickly take and fulfill orders from new customers can mean the difference between the success or failure of their businesses.'
The growth in the Company's revenues for the first quarter, which expanded 18% sequentially from the fourth quarter of 1999, also enabled MetaSolv to benefit from the operating efficiencies and economies of scale inherent in its business model. As a result, MetaSolv's operating income and net income increased to 10.3% and 9.9% of total revenues for the quarter, respectively, compared with 3.1% and 2.4% for the first quarter of 1999 and 7.9% and 6.7% for the fourth quarter of 1999.
Janicki concluded, ``While we are very pleased with our first quarter operating results, we are even more excited about our plans and business opportunities for the rest of 2000. Our sales pipeline is stronger than ever and our sales cycle is shortening. Our international expansion plans are underway with revenue contributions expected as early as the second quarter. We are more committed than ever to technological and market leadership of this space.'
This press release contains forward-looking statements that are based upon current information and expectations, and that involve a number of risks and uncertainties. Actual results could differ materially from MetaSolv's current expectations. MetaSolv assumes no obligation to update any such forward- looking statement. Using the ``safe harbor' provisions of the Private Securities Litigation Reform Act of 1995, MetaSolv cautions you that these statements may be affected by the important factors described in any MetaSolv documents or reports filed from time to time with the Securities and Exchange Commission, including but not limited to the following risk factors further described in the Company's Annual Report on Form 10-K for 1999: limited operating history and variance of quarterly operating results; reliance on sales of Telecom Business Solution software; need to expand sales and distribution capabilities; ability to attract and retain qualified employees; our continued use of strategic relationships to implement and sell our products; managing growth; planned international operations; meeting customer expectations; quality of software delivered; competition; and growth of the internet and internet-based services.
About MetaSolv Software, Inc.
MetaSolv Software, Inc., headquartered in Plano, Texas, was founded in 1992. MetaSolv is the leading provider of order management and service fulfillment solutions to next generation communications providers. MetaSolv's Telecom Business Solution(TM) (TBS(TM)) software integrates a communications provider's business from network planning and engineering to operations and customer care. With MetaSolv's TBS software, communications providers can quickly and efficiently respond to market demand, optimize their service fulfillment processes, and build stronger relationships with their customers. MetaSolv is an active participant in the Ordering & Billing Forum (OBF), ASP Consortium and TeleManagement Forum (TMF). MetaSolv has regional offices in Atlanta, Chicago, Denver, San Francisco, McLean, VA and London. MetaSolv's web site is www.metasolv.com. Contact MetaSolv directly at 800-747-0791.
MetaSolv is a registered trademark; the MetaSolv logo, Telecom Business Solution and TBS are trademarks of MetaSolv Software, Inc.
METASOLV SOFTWARE, INC.
Summary Financial Information
(In thousands, except per share data)
Three Months Ended
March 31,
2000 1999
Revenues $ 25,990 $ 14,771
Income from operations $ 2,679 $ 459
Net income $ 2,579 $ 357
Earnings per share:
Basic $ 0.07 $ 0.03
Diluted $ 0.06 $ 0.01
Weighted average shares outstanding:
Basic 34,884 11,649
Diluted 40,544 31,268
Mar. 31, Dec. 31,
Selected Balance Sheet Data 2000 1999
Cash and temporary investments $ 114,800 $ 112,341
Accounts receivable, net 19,133 16,755
Property and equipment, net 10,893 9,950
Accounts payable 4,556 5,503
Deferred revenues 12,214 11,694
Working capital 115,151 108,917
Redeemable convertible preferred stock --- ---
Stockholders' equity 125,773 118,615
METASOLV SOFTWARE, INC.
Statements of Income
(In thousands, except per share data)
Three Months Ended
March 31,
2000 1999
Revenues:
License $ 13,193 $ 7,274
Service 12,797 7,497
Total revenues 25,990 14,771
Cost of revenues:
License 547 502
Service 7,528 5,593
Total cost of revenue 8,075 6,095
Gross profit 17,915 8,676
Operating expenses:
Research and development 7,047 3,483
Sales and marketing 4,647 2,632
General and administrative 3,542 2,102
Total operating expenses 15,236 8,217
Income from operations 2,679 459
Interest and other income, net 1,619 82
Income before income taxes 4,298 541
Income tax expense 1,719 184
Net income $ 2,579 $ 357
Earnings per share:
Basic $ 0.07 $ 0.03
Diluted $ 0.06 $ 0.01
Weighted average shares outstanding:
Basic 34,884 11,649
Diluted 40,544 31,268
Contact:
Glenn A. Etherington
Chief Financial Officer
(972) 403-8300
(972) 403-8328 FAX
getherington@metasolv.com
SOURCE: MetaSolv Software, Inc.
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MSLV put up some great #'s, is anyone aware of a CC? I e-mailed them last Q but no reply. I'll try them gain.
regards,
dkg |
