Starbase Announces Record Revenues and Strong Operating Results for First Quarter FY2001
July 26, 2000 04:26 PM Eastern Time
SANTA ANA, Calif.--(BUSINESS WIRE)--July 26, 2000--
Revenues Double Over Same Quarter FY2000 -- Bolstered by New Products, New Customers, New Partnerships and New Technology
Starbase Corp. SBAS , the leading provider of collaboration products for the creation and management of integrated code and content eBusiness applications, Wednesday reported record financial results for the first fiscal quarter 2001 ended June 30, 2000.
Revenues for the three months ended June 30, 2000 were $7,041,000, a 102% increase over revenues of $3,493,000 for the comparable period ended June 30, 1999, and a 14% increase over revenues of $6,193,000 for the fourth quarter of FY2000 ended March 31, 2000. This performance represents the 13th consecutive quarter of revenue growth. Net loss for the first quarter of FY2001, excluding acquisition and non-cash stock based compensation related costs, was $1,121,000, or $0.03 per share, compared with a net loss of $1,243,000, or $0.04 per share, for the same period in FY2000.
Reported net loss, including acquisition and non-cash stock based compensation related costs, for the quarter was $3,888,000, or $0.09 per share, compared with a net loss of $1,301,000 or $0.05 per share for the same period in FY2000. The net loss for the first fiscal quarter ended June 30, 2000, included non-cash expenses of approximately $1,645,000 or $0.04 per share, related to the acquisition of Premia Corp., ObjectShare Inc. and Genitor Corp., and $1,122,000 or $.02 per share related to the non-cash stock based compensation expense.
"We have continued to build on our revenues and operational foundation successfully with strong financial results, strategic partnerships and significant new product offerings, as well as the resulting expansion of our world-class customer base," said William R. Stow III, chairman and chief executive officer of Starbase.
"Strong revenue growth continues from new and existing customers as evidenced in recent announcements concerning Bluestone Software, Documentum, Rare Medium, Artificial Life and Applied Science Fiction. During the first quarter we released five new integrated products, providing Internet and intranet development organizations with a comprehensive end-to-end Web code and content application management solution, strengthening our leadership position in this dynamic and growing eBusiness marketplace.
"In addition, we implemented a wide-ranging and bold partnership strategy with leading eBusiness companies designed to deliver an integrated, best-of-breed full Web and eBusiness solution based upon the StarBase Server, and the seamless integration of a wide array of partner products. We believe Starbase is well positioned to take advantage of the accelerating growth opportunities in our market -- a market that is estimated by industry analysts to grow by a compounded annual growth rate of 75% through 2003. We are determined to continue to develop our family of products, develop strategic partnerships and aggressively maintain and expand our leadership position in this exciting eBusiness market."
Sales and Marketing Highlights
Starbase's direct sales organization continued to enjoy broad success with both new and existing customers during the first fiscal quarter 2001. New customers for the first quarter included AFLAC, Bluestone Software, Concrete Media, ContentGuard, Giggo.com, Konami Gaming Co., Maritz Performance Improvement, MedImpact, the U.S. Naval Air Warfare Center, Net Library, OneChannel.net, PlanetSoft, Princeton eCom, Privaseek, Q Strategies, Recruitsoft.com, SolArc, Whiplash and ZOX Technologies. Software license sales increased with 63 customers ordering 25+ seats, 30 customers ordering 50+ seats and 8 customers ordering 100+ seats. Fiscal first quarter 2001 new customer Internet and eBusiness sales represented 40% of revenues, confirming the growth opportunities in the Internet and eBusiness marketplace for which Starbase is uniquely positioned.
Repeat orders from existing companies such as AIG, Ademco, Artificial Life, CarsDirect.com, Chainlink Technologies, Dana Commercial Credit, EDS, Harmon Industries, Intel, Interlink Group, Levi Ray and Shoup, Lockheed Martin, McLeod USA, Oxygen.com, Politzer & Haney, ThoughtWorks, U.S. Mint, and Viant comprised approximately 41% of revenues during the quarter and contributed significantly to the company's continuing growth.
"We continue to successfully execute on our plan, gaining marketshare and broad visibility," stated James Smith, executive vice president, Starbase Customer Group. "In the first quarter, we aggressively expanded on our best-of-breed eBusiness solution with new products and partnership agreements. More specifically, the recently announced partnership agreements with Documentum, Bluestone Software, SilverStream and Quality Systems and Software (QSS) provide the technical and marketing foundation for us to provide the marketplace with integrated product solutions to meet the demand for B2B and B2C Web development requirements. During the quarter, we held the first in a series of 'Webinars,' co-sponsored by our partners and industry leaders, Mercury Interactive and QSS. Response to the series has been tremendous and has validated our long-standing position that effective eBusiness solutions require a best-of-breed technology strategy."
Development Highlights
"We have added significantly to our internal development resources with our recent acquisitions," said Alan Kucheck, vice president, engineering of Starbase. "Developing leading edge technology both internally and collaboratively with our various integration and technology partnerships has afforded Starbase a tremendous growth opportunity as we move forward with our product plans. The talent we have assembled brings a proven track record of success and a true competitive advantage to Starbase. We have already begun to capitalize on these new resources as evidenced by some of our recent product and technology announcements."
New Products Released during the First Quarter 2001
StarTeam Web Edition -- Delivers direct access to software and Web development projects from anywhere in the world through the convenience of a secure Web browser.
StarTeam Web Approval -- An advanced workflow environment for the approval of code and content residing in StarTeam repositories.
StarFlow -- A flexible workflow solution providing process management and workflow features to StarTeam's Change Management Component.
StarEstimator -- An automated project planning, risk management and cost estimation solution.
StarSync -- Delivers code and content development teams with an automated publishing and deployment process designed to manage high volumes of software and Web content changes.
Acquisition Highlights
In April 2000, Starbase acquired ObjectShare Inc. This acquisition strengthened the company's consulting, services and training operations and will enhance Starbase's ability to deliver professional services for enterprises that require implementation, consulting and training for the development of eBusiness applications using Starbase's best-of-breed solutions and integrations.
In June 2000, Starbase acquired Genitor Corp. The Genitor acquisition brings to Starbase advanced development tools for the documentation of Web applications, workgroup collaboration, rapid object development and re-engineering. Genitor's XML-capable technology analyzes critical Web application code and content to provide a higher level of detail and analysis than is possible with more traditional tools in the marketplace. This acquisition provides innovative technology that will accelerate Starbase's leading-edge XML-based product development.
About Starbase
Starbase is the leading provider of collaboration products for the creation and management of integrated code and content eBusiness applications. Collaboration is the simultaneous coordination, management and communication of geographically dispersed contributors of both code and content for eBusiness applications. With over 1,400 StarTeam customers worldwide, our technology supports the continuous cycle of creating, linking and managing digital assets, which comprise complex eBusiness applications.
Starbase products enable users with differing technical and functional backgrounds to collaborate on the production of Web sites and eBusiness initiatives from multiple locations. StarTeam, the company's flagship product, was labeled as "StarTeam fuels team exchange" in an early release review from InfoWorld in January 2000 and received "Two Thumbs Up" from New Media in May 1999 and Four Stars from Software Development in August 1999. Starbase was named to the "Software 500" for 2000, Software Magazine's 18th annual ranking of the worlds largest software and services providers. Microsoft and CMP Media named Starbase the 25th fastest growing ISV for Windows in April 1999.
StarTeam also received the "Best of the Test Center" award by InfoWorld in January 1998. Companies and organizations, including leading corporations such as Lucent Technologies, Intel, BMC Software, Motorola, PepsiCo, Seagate Technology, Hollywood Entertainment, eTour.com, Oxygen Media, and Ann Taylor have selected StarTeam to manage their eBusiness development projects. Starbase has headquarters at 4 Hutton Centre Drive, Suite 800, Santa Ana, CA 92707. Tel: 714/445-4400. Fax: 714/445-4404. Visit Starbase's Web site at www.starbase.com.
Starbase and its product names are trademarks of Starbase Corp. All other product and company names herein are trademarks of their respective owners. |
