PHCM (+17 @ $115) Quarterly Revenues Increased 62% to $46.5 Million, Users Increased to Nearly 68.3% to Over 6.9 Million
REDWOOD CITY, Calif., Oct. 18 /PRNewswire/ -- Phone.com, Inc. (Nasdaq: PHCM - news), a leading provider of software and applications that enable the delivery of Internet-based voice and information services to mass-market wireless telephones, today announced results for the first quarter ended September 30, 2000.
(Photo: newscom.com )
First quarter revenues increased 62 percent to $46.5 million from $28.7 million in the fourth quarter of fiscal 2000, and increased 444 percent from $8.5 million in the same period a year earlier.
Net loss for the first quarter excluding amortization of goodwill and other intangibles and stock-based compensation was $10.4 million, or $0.13 per diluted share, based on 82.3 million weighted average shares outstanding. Including these expenses, net loss for the first quarter was $166.2 million, or $2.02 per diluted share, compared to a net loss of $165.6 million, or $2.06 per diluted share, for the fourth quarter of fiscal 2000, and a net loss of $4.9 million, or $0.08 per diluted share, for the first quarter in the prior year.
As of September 30, 2000, the company had cash, cash equivalents and short-term investments of $418.1 million, excluding $20.7 million set aside as restricted cash, total assets of $2.0 billion and stockholders' equity of $1.9 billion. Deferred revenues increased during the first quarter to $99.9 million, up from $77.3 million at June 30, 2000.
``The first quarter was a very strong quarter for Phone.com,'' said Don Listwin, Chief Executive Officer. ``The increase in the number of users of our products worldwide to over 6.9 million from 4.1 million as of June 30, 2000, represents nearly 68.3 % quarterly growth and indicates that consumers have continued to rapidly adopt mobile Internet services. We also significantly broadened our product line.''
About Phone.com
Phone.com, Inc. is a leading provider of software and applications that enable the delivery of Internet-based voice and information services to mass-market wireless telephones. Using its software, wireless subscribers have access to Internet and corporate intranet-based services, including e- mail, news, stocks, weather, travel and sports. In addition, subscribers have access via their wireless telephones to network operators' intranet-based telephony services, which may include unified messaging, voice dialing, over-the-air activation, billing history information, and pricing plan subscription. Phone.com is headquartered in Silicon Valley, California and has regional offices in Belfast, London, Paris, Tokyo, Hong Kong, and Seoul. Visit phone.com for more information.
PHONE.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
September 30, September 30,
2000 1999
Revenues:
License $33,327 $5,262
Maintenance and support services 6,569 2,465
Consulting services 6,577 820
Total revenues 46,473 8,547
Cost of revenues:
License 5,988 228
Maintenance and support services 4,521 1,585
Consulting services 4,003 537
Total cost of revenues 14,512 2,350
Gross profit 31,961 6,197
Operating expenses:
Research and development 19,228 5,469
Sales and marketing 20,537 4,925
General and administrative 6,940 1,938
Stock-based compensation
- acquisition related 1,479 --
Stock-based compensation
- other 2,084 212
Amortization of goodwill
and other intangibles 152,285 --
Total operating expenses 202,553 12,544
Operating loss (170,592) (6,347)
Interest and other income, net 6,939 1,498
Loss before income taxes (163,653) (4,849)
Income taxes 2,556 89
Net loss $(166,209) $(4,938)
Basic and diluted net loss
per share $(2.02) $(0.08)
Pro forma net loss per share
excluding acquisition-related
expenses and stock-based
compensation $(0.13) (0.08)
Shares used in computing
basic and diluted
net loss per share 82,279 61,932
PHONE.COM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, June 30,
2000 2000
Assets
Current assets:
Cash, cash equivalents and
short-term investments $418,117 $435,588
Accounts receivable 58,041 46,939
Prepaid expenses and
other current assets 13,633 9,033
Total current assets 489,791 491,560
Property and equipment, net 30,348 25,188
Restricted cash 20,700 20,700
Deposits and other assets 7,664 8,508
Goodwill and other intangibles 1,460,667 1,612,877
Total Assets $2,009,170 $2,158,833
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of equipment
loans and capital lease
obligations $2,858 $2,882
Accounts payable 5,299 9,062
Accrued liabilities
- acquisition related 1,066 20,788
Accrued liabilities
- other 35,564 24,709
Deferred revenue 99,930 77,344
Total current liabilities 144,717 134,785
Equipment loan and capital
lease obligations,
less current portion 2,634 3,291
Total liabilities 147,351 138,076
Total stockholders' equity 1,861,819 2,020,757
Total Liabilities and
Stockholders' Equity $2,009,170 $2,158,833
CONTACT: Alan Black, Chief Financial Officer of Phone.com, Inc., 415-617-2540; or Bonnie McBride, Managing Director of The Carson Group, 650-817-1447, for Phone.com, Inc.
SOURCE: Phone.com, Inc. |
