Tibx should move up tomorrow & hopefully get some analyst upgrades!
TIBCO Software Announces Third Fiscal Quarter 2000 Financial Results
Customer Demand for Infrastructure Software Drives Revenue New Customers Include: Telstra, Pirelli, NBCi, Southern Company, T-Online, Corning, Shell Energy, Musicland and Northwest Airlines
September 26, 2000 04:15 PM Eastern Time
PALO ALTO, Calif., Sept. 26 /PRNewswire/ -- TIBCO Software Inc. TIBX , a leading provider of real-time infrastructure software for e-business, announced today results for its third fiscal quarter ended August 31, 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 third quarter were $67.2 million, an increase of 180 percent over $24 million in the same period a year earlier and a 24 percent increase over the prior quarter. Year-to-date revenues were $163.2 million, up from $63.1 million, a 159 percent increase over the same period last year.
Excluding non-cash charges relating to stock compensation and goodwill, TIBCO's net income for the third fiscal quarter was $16.4 million, or 7 cents per share, compared to a net loss of $1.9 million, or 2 cents per share, for the third quarter of 1999.
License revenues were $48.5 million for the third quarter, an increase of 269 percent from $13.2 million in the same period last year.
"Momentum in the market for B2B and wireless solutions has never been stronger," said Vivek Ranadive, chairman and CEO of TIBCO Software. "More and more businesses are deploying industrial-strength infrastructure software to operate their e-businesses. Our leadership in the infrastructure software market is demonstrated by our continued revenue growth and the addition of world-class customers in new vertical markets."
Highlights for TIBCO's Third Fiscal Quarter 2000
Customers
TIBCO added 89 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 Telstra, Pirelli, NBCi, Southern Company, T-Online, Corning, KPN, Shell Energy, Radianz, Musicland and Northwest Airlines.
Strategic Partners
During the quarter, TIBCO announced new and expanded relationships with several partners. Twenty-eight companies joined the TIBCO Alliance Program, bringing the total number of TIBCO partners to 130. TIBCO continues to develop and expand its relationships with such key partners as Cisco, Yahoo!, Ariba, KPMG, Andersen Consulting, Deloitte Consulting and Broadvision.
Products
During the quarter, TIBCO announced 13 new product releases, including: the TIBCO ActivePortal(TM) 2.0 product family, the TIBCO ActiveExchange(TM) 2.0 product family, and TIB/Rendezvous TX(TM), a member of the TIBCO ActiveEnterprise(R) product family.
TIBCO announced the acquisition of Extensibility, Inc., adding the TIBCO Extensibility(TM) product family to the TIBCO product roster. TIBCO also announced two jointly developed products, Ariba Integration Packs based on the TIBCO ActiveEnterprise product suite, and the Corporate Yahoo! service for enterprise portals based on TIB/PortalBuilder(TM).
TIBCO ActivePortal 2.0
The TIBCO ActivePortal product suite provides an integrated and scalable, end-to-end solution for developing highly personalized strategic enterprise intelligence and content. TIBCO ActivePortal enables an organization to extend its business by deploying web-based portals that can send real-time alerts about information from a variety of internal and external sources to wireless devices for employees, customers and business partners. TIBCO ActivePortal is comprised of three products: TIB/PortalBuilder, TIB/PortalPacks(TM) and TIB/AlertServer(TM).
TIBCO ActiveExchange 2.0
The TIBCO ActiveExchange 2.0 product suite enables companies to efficiently connect to all sizes of trading partners, including vendors and customers. TIBCO ActiveExchange is comprised of four products: TIB/BusinessConnect(TM), TIB/BusinessConnect for RosettaNet 2.0, TIB/BusinessPartner(TM) 2.0, and TIB/PartnerExpress(TM).
TIB/RendezvousTX
TIB/RendezvousTX (RVTX) is a robust backbone that enables rapid development and deployment of scalable, customizable, real-time, reliable e-business systems that can manage customizable business-to-business (B2B) transactions for the rapidly changing business environment
TIBCO Extensibility(TM)
TIBCO acquired Extensibility, Inc., a leader in Extensible Markup Language (XML) technology for B2B e-commerce. In addition to incorporating the Extensibility technology into TIBCO product offerings, TIBCO will continue to market and enhance stand-alone TIBCO Extensibility products. Currently TIBCO Extensibility customer and partners include Microsoft, Oracle, Commerce One and WebMethods.
About TIBCO Software Inc.
TIBCO Software Inc. is a leading provider of real-time e-business infrastructure software. TIBCO's four product lines -- TIBCO ActiveEnterprise(R), TIBCO ActiveExchange(TM), TIBCO ActivePortal(TM) and TIBCO Extensibility(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(R), or TIB(R). 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 direct customer base includes more than 600 customers from around the world such as Cisco Systems, Yahoo!, Ariba, NEC, Enron, Sun Microsystems, GE Capital, Philips, AT&T, Pirelli 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, , TIBCO Extensibility, TIB/Adapter, TIB/PartnerExpress, TIB/RendezvousTX, TIB/BusinessConnect, TIB/BusinessPartner, The Information Bus and TIB are trademarks or registered trademarks of TIBCO Software Inc.
Legal Notice Regarding Forward-Looking Statements: This release contains forward-looking statements regarding TIBCO's business, customers, markets served or other factors, including the performance of TIBCO's strategic partners, the continuation of these partnerships, and the ability of products to meet customers' needs, perform as described, or the availability of products, that may affect future earnings or financial results. Our actual results could differ in such forward-looking statements. Reasons for why actual results could differ materially include if products are unable to successfully meet customer expectations and/or needs or perform as described. In addition, potential customers and customers may choose to purchase products from another company or products may not be available as scheduled. 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 filed with the SEC on July 17, 2000 and February 25, 2000, respectively, 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 Nine Three Three Nine
Months Months Months Months Months
Ended Ended Ended Ended Ended
Aug 31, Aug 31, May 31, Aug 31, Aug 31,
1999 1999 2000 2000 2000
License Revenue:
Non-related
parties $8,239 $22,906 $31,638 $42,365 $97,149
Related
Parties 4,917 12,308 5,040 6,147 16,406
Total
license
revenue 13,156 35,214 36,678 48,512 113,555
Service and maintenance
revenue:
Non-related
parties 10,238 25,567 16,636 17,918 47,331
Related
Parties 642 2,326 740 783 2,337
Total service
and maintenance
revenue 10,880 27,893 17,376 18,701 49,668
Total
revenue 24,036 63,107 54,054 67,213 163,223
Cost of
revenue 9,738 25,978 14,656 16,585 43,700
Gross Profit 14,298 37,129 39,398 50,628 119,523
Operating expenses:
Research and
development 7,032 18,943 13,187 14,879 38,840
Sales and
marketing 8,093 21,022 20,586 25,437 61,550
General and
administrative 1,756 5,291 3,748 4,557 11,390
Amortization
of stock-based
compensation 2,021 5,429 10,404 7,980 27,543
Amortization of
goodwill and
acquired
intangibles -- -- 1,562 1,562 4,686
Total operating
expenses 18,902 50,685 49,487 54,415 144,009
Loss from
operations (4,604) (13,556) (10,089) (3,787) (24,486)
Interest and
other income
(expense), net 675 668 6,594 8,816 16,509
Realized gain
in equity
investments -- -- -- 1,832 1,832
Net Income
(loss) $(3,929) $(12,888) $(3,495) $6,861 $(6,145)
Net Income
(loss) per
share
- basic $(0.03) $(0.16) $(0.02) $0.04 $(0.03)
Shares used
to compute
net income
per share
- basic 113,365 79,458 182,859 187,088 182,136
Net Income
(loss) per
share -
diluted $(0.03) $(0.16) $(0.02) $0.03 $(0.03)
Shares used
to compute
net income
per share
- diluted 113,365 79,458 182,859 222,558 182,136
TIBCO Software Inc.
Balance Sheets
(unaudited, in thousands)
November 30, May 31, Aug 31,
1999 2000 2000
ASSETS
Current Assets:
Cash and cash equivalents $13,681 $348,535 $218,440
Short-term investments 76,126 208,360 386,578
Accounts receivable, net 38,599 52,331 65,630
Accounts receivable from
related parties 3,886 4,038 5,920
Other current assets 5,031 8,388 9,384
Total current assets 137,323 621,652 685,952
Property and equipment, net 10,423 15,419 20,895
Other assets 1,171 19,841 19,778
Goodwill and acquired
intangibles, net 30,721 27,555 25,992
$179,638 $684,467 $752,617
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $7,501 $8,167 $5,658
Accrued liabilities 21,128 23,989 55,855
Deferred revenue 13,091 22,522 26,499
Total current liabilities 41,720 54,678 88,012
Stockholders' equity:
Common stock 181 189 193
Additional paid-in capital 182,939 689,140 702,724
Unearned stock-based
compensation (8,083) (8,847) (7,409)
Accumulated other
comprehensive gain (loss) (24) (592) 12,337
Accumulated deficit (37,095) (50,101) (43,240)
Total stockholders' equity 137,918 629,789 664,605
$179,638 $684,467 $752,617
SOURCE TIBCO Software Inc. |
