Bottomline Technologies Reports Record Results For the First Quarter 2001
Total Revenues Up 87%
Revenue Increase of 87% Driven by eCommerce Product Suite
PORTSMOUTH, N.H.--(BUSINESS WIRE)--Oct. 26, 2000--Bottomline Technologies® (NASDAQ:EPAY - news), the leading provider of Web-enabled billing, payment and electronic banking solutions, today reported financial results for the first quarter ended September 30, 2000.
Revenues for the first quarter were a record $16.0 million, an 87% increase over the first quarter of fiscal 2000. Revenues for the quarter reflected the strong demand for the Company's NetTransact, BankQuest and PayBase product offerings combined with revenue contribution from Checkpoint Holdings, which was acquired on August 28, 2000.
Net loss for the first quarter, excluding acquisition-related amortization and stock compensation expense, was $1.3 million. On a diluted basis, net loss per share excluding such charges was $0.11.
During the quarter, operating expenses included acquisition related charges of $3.4 million which represented amortization of intangible assets and stock compensation charges associated with stock options assumed in the acquisitions. Including acquisition related charges, the net loss for the first quarter was $6.9 million, or a loss per share of $0.59.
``We are very proud to deliver better-than-expected results to our shareholders and to continue to increase market share with our electronic invoicing, payment and electronic banking products,'' said Dan McGurl, chairman and CEO of Bottomline Technologies. ``NetTransact, our electronic bill presentment and payment (EBPP) software, has been gaining momentum and we have received extremely positive feedback from our channel partners who are offering the software to their corporate customers. We believe that we are currently the only company in the marketplace that has the technology, alliances and expertise needed to take advantage of the rapidly growing business-to-business EBPP market.''
``We also closed two key acquisitions this quarter, Checkpoint Holdings, Ltd. and Flashpoint, Inc., which will be influential in accelerating our growth and providing additional support for our existing customers and channel partners,'' continued Mr. McGurl. ``The acquisitions were significant steps for the company as they open a new international distribution channel, provide expertise in UK-based protocols and expand our internal Web-development resources.''
Commenting further Mr. McGurl remarked, ``This quarter we introduced PayBase Web Series in order to provide improved access and functionality for our expanding customer base. In addition, we have further solidified our senior management team with the appointment of Eric Campbell as Chief Technology Officer and the promotion of Joe Mullen to President and Chief Operating Officer.''
Bottomline will be hosting a conference call to discuss its financial results beginning at 5:00 p.m. on October 26, 2000. Please see the corresponding advisory issued October 25, 2000 for information on the call. The call will also be broadcast live at www.bottomline.com and a replay will be available on the website following the call.
About Bottomline Technologies
Bottomline Technologies® (NASDAQ:EPAY - news) is the leading provider of Web-enabled billing, payment, and electronic banking solutions for the business-to-business market. Bottomline's three integrated e-business offerings enable corporations and financial institutions worldwide to integrate, automate, and streamline the entire financial supply chain. PayBase® provides a pathway from traditional paper checks to electronic payments, as well as sophisticated messaging, remittance, and anti-fraud tools. NetTransact(TM), the Company's business-to-business bill presentment and payment suite, enables enterprise billers and their trading partners to electronically present, adjudicate, and pay bills online. Bottomline's BankQuest(TM) is a corporate and institutional browser-based electronic banking platform that provides information reporting and transactional services for cash management, trade finance, and securities processing. Today, Bottomline's offerings are utilized by over 5,500 organizations representing every major industry sector. Founded in 1989, Bottomline maintains its corporate headquarters in Portsmouth, NH and international headquarters in Reading, England. Bottomline also has satellite offices located in most major cities. For more information, dial (800) 243-2528 or visit Bottomline on the web at www.bottomline.com.
Cautionary Language
This announcement contains forward-looking statements that involve risks and uncertainties, including statements regarding expected benefits of use of the Company's products and future growth or results. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. More information about potential factors that could affect the company's business and financial results is included in the Company's Annual Report on Form 10-K including (without limitation) under the captions, ``Management's Discussion and Analysis of Financial Condition and Results of Operations,'' and ``Factors That May Affect Future Results'', which is on file with the Securities and Exchange Commission (http://www.sec.gov). The accompanying condensed statements of operations and balance sheets are an integral part of this announcement.
Bottomline Technologies
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
September 30,
2000 1999
Revenues:
Software licenses $ 5,696 $ 1,804
Service and maintenance 6,845 4,260
Equipment and supplies 3,416 2,483
Total revenues 15,957 8,547
Cost of revenues:
Software licenses 221 46
Service and maintenance 3,507 2,143
Equipment and supplies 2,597 1,862
Total cost of revenues 6,325 4,051
Gross profit 9,632 4,496
Operating expenses:
Sales and Marketing:
Sales and marketing 6,069 2,809
Product development and engineering:
Product development and engineering 2,884 1,205
Acquired in-process
research and development -- 1,300
Stock compensation expense 37 --
General and administrative:
General and administrative 2,605 2,116
Amortization of intangible assets 3,320 126
Total operating expenses 14,915 7,556
Loss from operations (5,283) (3,060)
Interest income, net 264 481
Loss before provision for income taxes (5,019) (2,579)
Provision (benefit) for income taxes 1,922 (1,032)
Net loss $ (6,941) $ (1,547)
Loss per share:
Basic $ (0.59) $ (0.15)
Diluted $ (0.59) $ (0.15)
Shares used in computing loss per share:
Basic 11,820 10,569
Diluted 11,820 10,569
Excluding acquisition-related charges:
Net loss $ (1,330) $ (692)
Diluted loss per share $ (0.11) $ (0.07)
Bottomline Technologies
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, June 30,
2000 2000
Assets
Current assets:
Cash, cash equivalents
and short-term investments
$ 12,357 $ 38,514
Accounts receivable 24,701 14,571
Other current assets 6,178 1,760
Total current assets 43,236 54,845
Property and equipment 7,994 5,172
Goodwill and other intangible assets 102,109 8,416
Other assets 2,540 2,847
Total assets $ 155,879 $ 71,280
Liabilities and stockholders'
equity Current liabilities:
Accounts payable and accrued expenses $ 14,347 $ 6,934
Deferred revenue and deposits 12,901 6,034
Other current liabilities 717 901
Short-term debt 20,356 --
Total current liabilities 48,321 13,869
Deferred income taxes payable 886 283
Stockholders' equity
Common stock 13 11
Additional paid-in-capital 122,347 64,914
Deferred Compensation (1,307) --
Accumulated other
comprehensive income (loss) 351 (8)
Retained earnings (deficit) (14,732) (7,789)
Total stockholders' equity 106,672 57,128
Total liabilities and
stockholders' equity $ 155,879 $ 71,280
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Contact:
Bottomline Technologies
Tim Aberle
603-559-5246
taberle@bottomline.com |
