Commerce One blasts past numbers
By Mike Tarsala, CBS MarketWatch
Last Update: 6:01 PM ET Apr 19, 2000
NewsWatch
PLEASANTON, Calif. (CBS.MW) -- Commerce One buried year-ago
comparisons and beat earnings expectations Wednesday thanks to a
massive sales boost spawned by the addition of 70 customers in its March
quarter.
The exchange software maker boosted sales 1,564
percent to $35 million from $2.1 million in the
year-ago period. The company had $16.9 million in
sales in its December quarter, so the March quarter
represented a 107 percent sequential sales gain.
Software license fees for the just-ended quarter
were $27.1 million, or 77 percent of total revenue.
The company had a more than twofold jump in
service revenue -- to $7.9 million from $3.8 million
in the previous quarter.
"Our revenue more than doubled over the previous
quarter, driven by strong demand in all sectors,"
said Mark Hoffman, Commerce One's (CMRC:
news, msgs) chairman and chief executive, in a
prepared statement. "Not only are we winning
business with leading companies around the world,
but we are the market leader in powering the new
breed of major industry exchanges."
The net loss for the current quarter, excluding
nonoperating charges, was $14 million, or 9 cents a diluted share,
compared with $7.8 million, or 9 cents, in the year-ago period. Analysts
had expected a loss of 12 cents.
Including all charges, the net loss for the current quarter was $43.6
million, or 29 cents a share, compared with a net loss of $12.3 million, or
14 cents, after adjusting for a 2-for-1 stock split.
Highlights in the quarter include the announcement that Ford (F: news,
msgs), General Motors (GM: news, msgs) and DaimlerChrysler (DCX:
news, msgs) will join with Commerce One to form what the companies
are calling the world's largest automotive exchange.
Royal Dutch/Shell also announced a joint venture with Commerce One to
build an exchange for the energy industry. It eventually is expected to
include 13 other companies, including BP Amoco (BPA: news, msgs).
Boeing (BA: news, msgs), Lockheed Martin (LMT: news, msgs),
Raytheon (RTNB: news, msgs) and BAE Systems (BAE: news, msgs)
said that they would join Commerce One to build an exchange for
aerospace and defense.
Other new customers include Citigroup (C: news, msgs), Boeing and Eli
Lilly (LLY: news, msgs), bringing the total customer count to 135.
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