EXEE reports earnings, achieves profitability two quarters ahead of projections (profit of .01/share beat estimates of .01/share loss)...
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Tuesday October 31, 6:03 am Eastern Time
EXE Achieves Profitability and Record Revenue for Third Quarter 2000; Improved Results Driven by Newest Versions of its EXceed Product Suite
DALLAS--(BUSINESS WIRE)--Oct. 31, 2000--EXE Technologies, Inc. (Nasdaq: EXEE - news), a leading provider of supply chain execution software, today announced that revenue growth from the newest versions of its EXceed product suite drove record revenue and net income for the third quarter ended September 30, 2000.
``This quarter represents a significant milestone for EXE as we surpassed our goal of $10 million in quarterly software license revenue and turned the corner to profitability, two quarters ahead of our initial expectations,'' said Ray Hood, president and CEO, EXE Technologies.
Revenue for the third quarter of 2000 reached $30.6 million, an increase of 37% over the same period last year and 9% over the second quarter of 2000. Software license revenue grew 50% to $10.2 million from $6.8 million for the third quarter last year. This increase was driven by an 82% increase in software license revenue for the Company's newest versions of its EXceed product suite. Software license revenue from these products was $8.9 million in the third quarter, up from $4.9 million a year earlier. Total revenue from these products, including both software license revenue and services and maintenance revenue, was $19.2 million for the third quarter, an increase of 78% from the third quarter of 1999.
Earnings before interest, taxes, depreciation and amortization (EBITDA) and including the expense attributable to non-cash warrant and stock compensation was $3.0 million (see Note A) for the third quarter compared to an EBITDA loss of $6.5 million for the same period last year. Operating income was $0.7 million versus an operating loss of $8.8 million for the third quarter last year. The Company reported net income of $0.5 million, or $0.01 per share (diluted), compared to a net loss of $9.5 million, or $(0.59) per share (diluted) for the third quarter ended September 30, 1999.
For the nine months ended September 30, 2000 revenue was $84.1 million, an increase of 19% over the same period last year. Software license revenue grew 54% to $26.8 million from $17.4 million for the nine months ended September 30, 1999. This increase was driven by a 106% increase in software license revenues for the Company's newest versions of its EXceed product suite. Software license revenue from these products was $23.4 million for the first nine months of 2000, up from $11.3 million a year earlier. Total revenue, from these products including both software license revenue and services and maintenance revenue, was $51.3 million for the nine months, an increase of 87% from the first nine months of 1999. The Company reported a net loss of $5.0 million, or $(0.23) per share (diluted) for the nine months ended September 30, 2000 compared to a net loss of $23.0 million, or $(1.43) per share (diluted), for the same period last year.
Per share figures for the third quarter of 2000 and first nine months of 2000 reflect higher weighted average shares outstanding as a result of the Company's initial public offering in August 2000.
``Software license revenue growth came from all of our target verticals, especially third-party logistics and retail, and we achieved excellent growth both domestically and in the Asia Pacific region. Clearly our investments in sales infrastructure in Asia Pacific are paying great dividends for us,'' Ray Hood continued. ``Our strong performance underscores the benefits that EXE is delivering to more and more companies as they transform their warehousing functions from repositories of inventory to value-added fulfillment centers that enhance revenue generation.''
Highlights of the third quarter include:
New Customers Wins - EXE added new customers during the quarter in the 3PL, retail,
manufacturing and e-commerce verticals including Finish Line, IBM
Canada and Cheil Jedang Global Logistics Service.
Significant Add-On Business - EXE received repeat orders from several customers to expand
traditional distribution into ecommerce delivery models,
including Brookshire Grocery and Grocery Gateway in Canada.
Solid Financial Position - EXE raised approximately $64 million in net proceeds in an
initial public offering and retired $16.8 million of long-term
debt. At September 30, cash and cash equivalents stood at $59.2
million.
Completed Implementations - EXE completed a number of implementations for new and existing
customers including Whole Foods, DSL and Publix. Outside the
United States, significant implementations included Maruwa
(Japan) and Samsung (Korea).
Expanding Strategic Relationships - EXE extended its strategic relationship with i2 Technologies,
Inc. to provide a combined fulfillment solution for e-tailers and
click and mortar Internet marketplaces under i2's TradeMatrix(TM)
Fulfill solution. The companies first partnered in 1998 to
jointly resell and develop each other's supply chain products.
Conference Call Information
Investors are invited to listen to a live webcast of the conference call at 9:00 a.m., eastern daylight time, today through the investor relations section of the EXE web site, www.exe.com. To listen to the live call, please go to the web site at least fifteen minutes early to download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call. Investors may also listen to a telephone replay of the conference call by dialing 800-633-8284, Reservation #16622074, starting at 11:00AM EDT today until 5:00PM EDT on November 7th.
About EXE Technologies, Inc.
EXE Technologies, Inc. is a leading provider of fulfillment, warehousing and distribution software for e-commerce and traditional distribution channels. EXE's software allows companies to use the Internet and traditional communication methods to efficiently manage and control the flow of inventory throughout the supply chain. Companies use EXE's software to reduce distribution costs and increase customer loyalty and satisfaction. EXE provides global service and support for its software from established facilities in North America, Europe, the Middle East, Asia and Australia. For more information about EXE Technologies, Inc., call (214) 775-6000 or visit www.exe.com.
EXE Technologies, EXE and EXceed are trademarks, registered trademarks or service marks of EXE Technologies, Inc. in the United States and/or other countries. All other trademarks or service marks contained herein are the properties of their respective owners. |
