6/21...TIBX....Announces Second Fiscal Quarter 2000 Financial Results
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Customer Demand for Real-Time Infrastructure Software Drives Record Revenues
PALO ALTO, Calif., June 21 /PRNewswire/ -- TIBCO Software Inc. (Nasdaq: TIBX - news), a leading provider of real-time infrastructure software for e-business, today announced results for its second fiscal quarter ended June 2, 2000. Growth during the quarter was driven by increasing demand for TIBCO's infrastructure software, which powers many of the world's leading e-businesses.
Total revenues for the second quarter were $54 million, an increase of 157 percent over $21 million in the same period a year earlier and a nearly 30 percent increase over the prior quarter. Year-to-date revenues of $96 million equal the total revenues for all of fiscal year 1999.
Excluding non-cash charges relating to stock compensation and goodwill, TIBCO's net income for the second fiscal quarter of 2000 was $8.5 million, or 4 cents per share, compared to a net loss of $3.2 million, or a net loss of 5 cents per share, for the second quarter of 1999.
License revenues were $37 million for the second quarter of FY 2000, an increase of approximately 200 percent from $12 million in the same period last year.
``More and more companies are realizing they need industrial-strength infrastructure software to operate as an e-business,'' said Vivek Ranadive, TIBCO chairman and CEO. ``Our leadership in the infrastructure software market is demonstrated by our continued revenue growth and the addition of new world-class customers and partners.''
Customers
TIBCO added 88 new direct customers during the quarter and strengthened its leadership position in key vertical markets such as telecommunications and wireless, energy, manufacturing and Internet portals. New customers included Agilent Technologies, General Motors subsidiary Saturn Corporation, Williams Energy, Shell/Coral Energy, Tellme Networks, Hitachi, BlueMeteor, Carlson Wagonlit Travel, Novopoint and Proximus/Belgacomm Mobile.
Strategic Partners
During the quarter, TIBCO announced new and expanded relationships with several partners, bringing the total number of TIBCO partners to nearly 100. TIBCO announced expanded partnerships with Cisco Systems, KPMG, Ernst & Young and Deloitte Consulting. With KPMG and Cisco, TIBCO introduced a new digital infrastructure, two years in development, that enables telephone companies to automate their business processes and ``turn on'' advanced multimedia services to consumers and businesses faster than ever before. TIBCO announced a similar telecommunications product in conjunction with Deloitte Consulting. With Ernst & Young and Cisco, TIBCO introduced a digital infrastructure that enables cable companies to activate and manage high-speed Internet, cable-based telephony, digital video, video-on-demand and interactive TV services.
It was also announced that Cisco Systems began shipping its Cisco Networking Services (CNS) product, which has TIBCO software embedded inside. CNS is an advanced digital infrastructure that will bring a new level of ``intelligence'' to the Internet and enable telecommunications service providers to better manage and fine-tune networks, and deploy new services in real-time.
Also during the quarter, 35 companies joined the TIBCO Alliance Program. TIBCO continues to develop and expand its relationships with such key partners as Andersen Consulting, Ariba, Microsoft, Oracle, Perot Systems, Sybase, Sun Microsystems and Yahoo!.
Products
During the quarter, TIBCO introduced 12 new products, including TIB/BusinessConnect(TM), TIB/BusinessPartner(TM) and several new software adapters, thereby expanding TIBCO's e-business infrastructure software offerings. TIBCO also announced the next generation of TIBCO ActiveEnterprise© as well as a new B2B product family called TIBCO ActiveExchange(TM), and a new portal product family called TIBCO ActivePortal(TM).
About TIBCO Software
TIBCO Software Inc. is a leading provider of real-time e-business infrastructure software. TIBCO's three product lines -- TIBCO ActiveEnterprise©, TIBCO ActiveExchange(TM) and TIBCO ActivePortal(TM) -- enable businesses to integrate enterprise applications, interact with other businesses in B2B commerce, and efficiently deliver personalized information through enterprise portals. TIBCO's products enable the real-time distribution of information through patented technology called The Information Bus©, or TIB©. TIB technology was first used to digitize Wall Street and has since been adopted in diverse industries including telecommunications, electronic commerce, manufacturing and energy. TIBCO's global client base includes more than 1,000 customers from around the world such as Cisco Systems, Yahoo!, Ariba, NEC, 3Com, Sun Microsystems, SAP, Philips, AT&T and AOL/Netscape. Headquartered in Palo Alto, California, TIBCO can be reached at 650-846-1000 or on the web at www.tibco.com.
NOTE: TIBCO, TIBCO ActiveEnterprise, TIBCO ActiveExchange, TIBCO ActivePortal, The Information Bus and TIB are trademarks or registered trademarks of TIBCO Software Inc.
Legal Notice Regarding Forward-Looking Statements: This release may contain forward-looking statements regarding TIBCO's business, customers or other factors that may affect future earnings or financial results. Actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause our actual results to differ materially from those contained in the forward-looking statements can be found in TIBCO Software's filings with the Securities and Exchange Commission (``SEC''), including but not limited to its most recent reports on Forms 10-Q and 10-K, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements including limited independent operating history, history of losses, unpredictability of future revenue, dependence on a limited number of customers, relationship with Reuters Group PLC, rapid technological and market changes, risks associated with infrastructure software and volatility of stock price. Copies of filings made with the SEC are available through the SEC's electronic data gather analysis and retrieval system (EDGAR) at www.sec.gov. TIBCO assumes no obligation to update the forward-looking statements included in this document.
TIBCO Software Inc.
Statements of Operations
(unaudited, in thousands, except per share data)
Three Six Three Three Six
Months Months Months Months Months
Ended Ended Ended Ended Ended
May 31, May 31, Feb. 29, May 31, May 31,
1999 1999 2000 2000 2000
License Revenue:
Non-related parties $7,709 $15,124 $23,147 $31,638 $54,784
Related Parties 4,631 6,935 5,218 5,040 10,259
Total license revenue 12,340 22,059 28,365 36,678 65,043
Service and maintenance
revenue:
Non-related parties 8,470 15,329 12,777 16,636 29,413
Related Parties 240 1,684 814 740 1,554
Total service and
maintenance revenue 8,710 17,013 13,591 17,376 30,967
Total revenue 21,050 39,072 41,956 54,054 96,010
Cost of revenue 8,727 16,240 12,459 14,656 27,115
Gross Profit 12,323 22,832 29,497 39,398 68,895
Operating expenses:
Research and development 6,265 11,911 10,774 13,187 23,961
Sales and marketing 7,513 12,929 15,527 20,586 36,113
General and administrative 2,004 3,536 3,043 3,748 6,833
Amortization of
stock-based compensation 1,821 3,408 9,159 10,404 19,563
Amortization of goodwill
and acquired intangibles -- -- 1,604 1,562 3,124
Total operating
expenses 17,603 31,784 40,107 49,487 89,594
Loss from operations (5,280) (8,952) (10,610) (10,089) (20,699)
Interest and other
income(expense), net 267 (7) 1,099 6,594 7,693
Net loss $(5,013) $(8,959) $(9,511) $(3,495)$(13,006)
Net loss per share:
Basic and diluted $(0.08) $(0.14) $(0.05) $(0.02) $(0.07)
Weighted average
common shares
outstanding 63,059 62,505 176,461 182,859 179,660
TIBCO Software Inc.
Balance Sheets
(unaudited, in thousands)
November 30 February 29, May 31,
1999 2000 2000
ASSETS
Current Assets:
Cash and cash equivalents $13,681 $22,295 $348,535
Short-term investments 76,126 71,278 208,360
Accounts receivable, net 38,599 30,830 52,331
Accounts receivable from
related parties 3,886 2,772 4,038
Other current assets 5,031 5,483 8,388
Total current assets 137,323 132,658 621,652
Property and equipment, net 10,423 11,327 15,419
Other assets 1,171 7,075 19,841
Goodwill and acquired
intangibles, net 30,721 29,117 27,555
$179,638 $180,177 $684,467
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $7,501 $8,195 $8,167
Accrued liabilities 21,128 17,227 23,989
Deferred revenue 13,091 15,350 22,522
Total current liabilities 41,720 40,772 54,678
Stockholders' equity:
Common stock 181 183 189
Additional paid-in capital 182,939 196,831 689,140
Unearned stock-based
compensation (8,083) (10,276) (8,847)
Accumulated other
comprehensive loss (24) (727) (592)
Accumulated deficit (37,095) (46,606) (50,101)
Total stockholders' equity 137,918 139,405 629,789
$179,638 $180,177 $684,467
SOURCE: TIBCO Software Inc.
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