Excalibur Technologies Announces First Quarter Financial Results
Twelve Consecutive Quarters of Year-Over-Year Revenue Growth
VIENNA, Va.--(BUSINESS WIRE)--May 23, 2000--Excalibur Technologies Corporation (NASDAQ: EXCA - news), a market-leading developer of content management products, today reported financial results for its first fiscal quarter ended April 30, 2000.
Total revenues for the first quarter rose 21% to $9.4 million, compared to $7.8 million reported for the first quarter last year. The first quarter of FY'01 represents the twelfth consecutive quarter of year-over-year revenue growth. Software revenues were $7.5 million, representing a 15% increase over $6.5 million for the same period last year.
Maintenance revenue grew 52% from $1.2 million in the first quarter of last year to $1.9 million this quarter.
The net loss for the first quarter was $1.7 million, or $0.11 per common share, compared to a net loss of $1.9 million, or $0.14 per common share, reported for the same period last year. The net loss of $0.14 per common share for the first quarter last year included a write off of $430 thousand related to the termination of a joint venture in Belgium with ETNV.
The increase in revenue is largely attributable to growth in Excalibur's customer base and partnerships, and to new licensing agreements. The company secured new customers during the first quarter and expanded sales to existing corporate and government organizations.
Excalibur produced new license agreements with Novartis, Clifford Chance and Cognos as well as expanded agreements with Parametric Technology and the LA Times. Other notable customer agreements during the quarter include: NIH, Xerox, Williams Communications, Email Channel and others.
In addition, during the first quarter of this year, Excalibur realized revenue of approximately $1.7 million from a comprehensive development and licensing agreement with Found.com to utilize Excalibur RetrievalWare© WebExpress for advanced search and retrieval on its e-commerce network.
The contract was executed in October 1999 and most of the revenue recognized to date is comprised of license fees. The agreement calls for additional service fees of approximately $0.7 million which will be recognized as services are rendered. The contract also contains an option for Found.com to extend the license by paying royalties on a percent of revenue basis.
Pat Condo, president and chief executive officer of Excalibur Technologies Corporation stated, ``We are pleased with our Q1 financial results, and feel significant progress was made during the quarter. We increased our brand recognition and visibility through our recent marketing campaigns, and our proposed merger with Intel's Interactive Media Services division positions Excalibur extremely well for the future.''
On May 1, 2000, Excalibur Technologies and Intel (Nasdaq: INTC - news) jointly announced an agreement to form a new company that will enable owners of branded high-value content to produce and securely sell their audio and video content over the Internet.
Excalibur Technologies will combine its entire business operations with Intel's Interactive Media Services division, which is composed of three operating units that include over 60 people, several customers with multi-year contracts, 10 patents and 45 technology licenses. In addition, Intel will contribute $150 million in cash to the new company.
Regarding the agreement, Mr. Condo stated, ``We are very excited about the prospects for our new company which we believe will possess the combined resources needed to be a market leader in the interactive media services segment.''
About Excalibur Technologies Corporation
Founded in 1980, Excalibur Technologies Corporation (NASDAQ: EXCA - news) is the pioneer of innovative Knowledge Retrieval software solutions that transform information into knowledge. Excalibur empowers people and enables organizations to quickly analyze, index, catalog, browse, access, search, retrieve and more easily share all enterprise knowledge assets, be they paper, text, images or video.
This release contains comments about our future expectations, performance, plans and prospects that may constitute forward-looking statements within the meaning of the Private Securities Litigation Act of 1995.
Actual results may differ materially from our expectations as the result of various important factors including, but not limited to, the success of our relationships with strategic partners, Excalibur's ability to continue to develop competitive products and make timely product releases, effects of competition, and the rapidly changing marketplace.
These and other risks relating to Excalibur's business and product development efforts are set forth in the Company's respective Form 10-K and Form 10-Qs as filed with the Securities and Exchange Commission. |
