IntelliCorp Reports 20% Sequential Increase in First Quarter Revenues and Continued Strong Growth in eCRM Solutions Business
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Nov. 1, 2000--IntelliCorp, Inc. (NASDAQ: INAI), a leading provider of eBusiness and eCRM solutions for the SAP community, today reported revenues of $6.0 million for the first quarter ended September 30, 2000, representing a 20% sequential increase in revenues over the $5.0 million recorded in the fourth quarter of last fiscal year.
On a proforma basis, which excludes amortization charges and in-process R&D charges related to purchased intangibles as well as $660K of first quarter nonrecurring expenses including executive recruiting expenses, restructuring expenses and write-off of capitalized Information Systems software, the Company had a net loss of $0.7 million, or ($0.03) per common share compared to a net loss of $2.7 million, or ($0.15) per common share for the fourth quarter of fiscal year 2000. On a reported basis, which includes amortization charges and in-process R&D charges related to purchased intangibles as well as first quarter nonrecurring expenses, the Company had a net loss of $1.5 million, or ($0.07) per common share compared to a net loss of $2.9 million, or ($0.16) per common share for the fourth quarter of fiscal year 2000.
"We are extremely encouraged by the overall performance of the Company," said Ken Haas, IntelliCorp's CEO. "We experienced 44% sequential growth in eCRM solutions revenue and a rebounding 70% sequential increase in product license revenue in the first quarter over the fourth quarter of fiscal year 2000. eCRM backlog at the end of the first quarter of fiscal year 2001 totaled a healthy $4.2 million. In addition, the restructuring initiatives we launched in the first quarter contributed significantly to the dramatic sequential reduction in our operating losses. Finally, we are well positioned on various eCRM pilot projects with both existing and new customers, and expect that many of these will lead to larger and longer-term engagements."
"Along with the improved financial performance, we were also able to successfully recruit Ray Moreau as our new President/COO, which adds dynamic leadership to a management team that is committed to aggressively ramping our eCRM solutions business. During his 21 years with Ernst & Young, Ray built a highly effective team consisting of more than 30 partners and 380 consultants servicing 13 states, used his marketing and sales expertise to obtain and direct technology-oriented projects in excess of $250 million, and led the development of a number of infrastructure components including software similar to IntelliCorp's products. Greg Sulier, executive vice president and a former Ernst & Young partner of lwng tenure, is now leading IntelliCorp's product development and applications engineering groups. Ray and Greg, working as a leadership team, are already having a dramatic impact on both operations and our approach to the eCRM market."
"Our strategy is to significantly grow the eCRM solutions business as well as to position our business process modeling and enterprise application product lines to support this initiative and to maximize overall performance. IntelliCorp's first quarter performance is a clear indicator that we are on the right track," said Mr. Haas. |
