Blue Martini Software Reports Second Quarter 2000 Financial Results
SAN MATEO, Calif., Aug. 10 /PRNewswire/ -- Blue Martini Software, Inc. (Nasdaq: BLUE - news), a provider of enterprise software applications to understand, target and interact with customers, today announced financial results for its second quarter ended June 30, 2000.
For its second quarter, Blue Martini reported revenues of $15.0 million, an increase of over 900 percent compared to revenues of $1.5 million reported for the same period in the prior year. On a pro forma basis, excluding the impact of amortization of deferred stock compensation and stock warrants, Blue Martini reported for the quarter a net loss of $11.1 million, or $0.23 per share, as compared to a pro forma net loss of $1.4 million, or $0.04 per share, for the second quarter of 1999.
For the six months ended June 30, 2000, Blue Martini reported total revenues of $25.7 million as compared to $1.7 million reported for the six months ended June 30, 1999. On a pro forma basis, excluding the impact of amortization of deferred stock compensation and warrant amortization, Blue Martini reported for the first six months of 2000 a net loss of $16.9 million, or $0.35 per share, as compared to a pro forma net loss of $2.7 million, or $0.07 per share, for the first six months of 1999.
For the second quarter, net loss, including amortization of deferred stock compensation and warrants, was $19.3 million, or $0.76 per share, as compared to a net loss of $1.9 million, or $0.09 per share, for the second quarter of 1999. For the first six months of 2000, net loss, including amortization of deferred stock compensation and warrants, was $30.9 million, or $1.22 per share, as compared to a net loss of $3.5 million, or $0.16 per share, for the first six months of 1999.
The impact of amortization of deferred stock compensation and warrants is summarized on page four of this release. For full details on Blue Martini's reported results, see the accompanying financial tables.
Quarterly Highlights
During the quarter ended June 30, 2000, Blue Martini signed new contracts with customers including Cameraworld.com, Canadian Tire, Giant Eagle Corporation, Bristol-Meyers Squibb's OTN (Oncology Therapeutics Network), The Good Guys and others. Blue Martini released support for wireless devices enabling shoppers to create gift registries and enabling salespeople to provide improved in-store customer service.
Blue Martini also released the internationalized version 3.1 of its Customer Interaction System to support multi-lingual, multi-currency operations and opened new sales and support offices in the UK and India. In addition to its existing alliances, the Company entered into new alliances with systems integrators including Axion, Cap Gemini Ernst & Young, CFT/Answerthink, eForce, Emerald Solutions, Inforte, iXL, James Martin, MimEcom and Viant.
On July 28, 2000, Blue Martini completed its initial public offering of 8,625,000 shares of its common stock, which included 1,125,000 shares issued in connection with the exercise of the underwriters' overallotment, at $20.00 per share. Net proceeds to Blue Martini were approximately $158 million after deducting underwriters' discounts, commissions and offering expenses.
About Blue Martini Software
Blue Martini Software provides enterprise software applications to understand, target and interact with customers. Companies deploy the Blue Martini Customer Interaction System to interact with customers on the web, via call centers, in stores, over wireless devices and on trading exchanges. Business people use the Customer Interaction System to manage products, content, transactions, analysis and personalization. Companies that interact directly with customers build their brands more effectively than those using only traditional media, resulting in increased revenues across all channels. Blue Martini customers include Gymboree Corporation, Harley-Davidson and Pearle Europe. For more information, visit Blue Martini Software at www.bluemartini.com.
Contact: Public Relations Agency, Jeanne Achille of The Devon Group, 732-212-1101, ext. 11, email, jeanne@devonpr.com, or Blue Martini public relations, Andrew Hoerner of Blue Martini Software, 650-356-4395, email, pr@bluemartini.com, or Investor Relations Agency, General, Janet Campbell, Analysts, Allison Parker, of Financial Relations Board, 415-986-1591, email, ir@bluemartini.com.
Note to editors: All product names and references contained herein remain the property of their respective companies.
This news release regarding second quarter financial results includes forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements. Such factors include, but are not limited to, quarterly fluctuations in Blue Martini's revenues or other operating results, failure by Blue Martini to meet financial expectations of analysts and investors, risk as related to market acceptance of Blue Martini's product, customization and deployment delays or errors associated with Blue Martini's product, impact of long sales and implementation cycles for Blue Martini's product, reliance by Blue Martini on a limited number of customers for a majority of revenue, Blue Martini's need to maintain and enhance business relationships with systems integrators and other parties, Blue Martini's ability to manage growth, Blue Martini's use in its product of third-party software, activities by Blue Martini and others regarding protection of intellectual property, release of competitive products and other actions by competitors, and economic downturns in either domestic or foreign markets. Further details on these risks are set forth in Blue Martini's filings with the Securities and Exchange Commission, including its filing on Form 10-Q for the quarter ended June 30, 2000. These filings are available on a website maintained by the Securities and Exchange Commission at sec.gov. Forward-looking statements in this release are generally identified by words such as ``expect,'' ``anticipate,'' ``intend,'' ``believe,'' ``hope,'' ``assume,'' ``estimate,'' ``plan,'' and other similar words and expressions. Blue Martini does not undertake an obligation to update forward- looking statements.
BLUE MARTINI SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenues:
License $8,421 $1,066 $14,491 $1,091
Service 6,599 410 11,210 626
Total revenues 15,020 1,476 25,701 1,717
Cost of revenues:
License 751 214 1,312 217
Service 10,464 353 16,701 470
Total cost
of revenues 11,215 567 18,013 687
Gross profit 3,805 909 7,688 1,030
Operating expenses:
Sales and marketing 12,847 935 21,427 1,459
Research and
development 4,914 1,587 9,316 2,581
General and
administrative 5,407 314 7,935 561
Total
operating
expenses 23,168 2,836 38,678 4,601
Loss from
operations (19,363) (1,927) (30,990) (3,571)
Interest and other, net 79 13 139 44
Net loss $(19,284) $(1,914) $(30,851) $(3,527)
Basic and diluted
net loss per
common share $(0.76) $(0.09) $(1.22) $(0.16)
Shares used in
computing basic and
diluted net loss
per common share 25,420 22,100 25,220 22,100
BLUE MARTINI SOFTWARE, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS IMPACT
OF DEFERRED STOCK COMPENSATION AND WARRANTS ON REPORTED NET LOSS
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended June 30, 2000 and 1999
For the Three Months Ended For the Three Months Ended
June 30, 2000 June 30, 1999
As As As As
Reported Adjust- Adjusted Reported Adjust- Adjusted
ments* ments*
Revenues $15,020 $- $15,020 $1,476 $- $1,476
Cost of
revenues 11,215 (1,991) 9,224 567 (36) 531
Gross profit 3,805 1,991 5,796 909 36 945
Operating
expenses 23,168 (6,165) 17,003 2,836 (473) 2,363
Loss from
operations (19,363) 8,156 (11,207) (1,927) 509 (1,418)
Interest
and other, net 79 - 79 13 - 13
Net loss $(19,284) $8,156 $(11,128) $(1,914) $509 $(1,405)
Net loss per
share $(0.76) $(0.23) $(0.09) $(0.04)
Pro forma
shares
outstanding** 25,420 48,720 22,100 37,090
For the Six Months Ended June 30, 2000 and 1999
For the Six Months Ended For the Six Months Ended
June 30, 2000 June 30, 1999
As As As As
Reported Adjust- Adjusted Reported Adjust- Adjusted
ments* ments*
Revenues $25,701 $- $25,701 $1,717 $- $1,717
Cost of
revenues 18,013 (3,094) 14,919 687 (47) 640
Gross profit 7,688 3,094 10,782 1,030 47 1,077
Operating
expenses 38,678 (10,823) 27,855 4,601 (827) 3,774
Loss from
operations (30,990) 13,917 (17,073) (3,571) 874 (2,697)
Interest and
other, net 139 - 139 44 - 44
Net loss $(30,851) $13,917 $(16,934) $(3,527) $874 $(2,653)
Net loss
per share $(1.22) $(0.35) $(0.16) $(0.07)
Pro forma
shares
outstanding** 25,220 48,520 22,100 37,090
* The adjustments exclude the impact of amortization of deferred stock
compensation and common stock warrants.
** Adjusted to include the impact of shares of convertible preferred
stock on an "as-if-converted" basis. as of the beginning of the periods
presented.
BLUE MARTINI SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS June 30, 2000 December 31, 1999
(Unaudited)
Current assets:
Cash and cash equivalents $9,720 $10,362
Short-term investments 249 2,562
Accounts receivable, net 11,572 3,649
Prepaid expenses and other
current assets 2,296 656
Total current assets 23,837 17,229
Property and equipment, net 5,991 2,761
Other assets 669 370
Total assets $30,497 $20,360
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $951 $1,874
Accrued employee compensation 7,442 2,578
Other current liabilities 6,693 1,074
Deferred revenues 17,834 3,577
Current portion of
long-term obligations 506 418
Total current liabilities 33,426 9,521
Long-term obligations,
less current portion 472 544
Total liabilities 33,898 10,065
Stockholders' equity (deficit):
Convertible preferred stock 6 6
Common stock 37 31
Additional paid-in-capital 96,917 31,640
Deferred stock compensation (57,054) (8,926)
Accumulated deficit (43,307) (12,456)
Total stockholders' equity (deficit) (3,401) 10,295
Total liabilities and stockholders'
equity (deficit) $30,497 $20,360
SOURCE: Blue Martini Software, Inc.
Email this story - View most popular stories emailed
-------------------------------------------------------------------------------- |
