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Technology Stocks : Enterprise Information Portals (EIP)

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To: Carl R. who wrote (48)	1/29/2001 4:41:43 PM
From: Thomas DeGagne	Read Replies (1) of 183

Hummingbird Announces First Quarter Fiscal 2001 Financial Results with 21% Growth in EIP Solutions Revenue ca.biz.yahoo.com "I am pleased to announce continued strong financial results to start out Hummingbird's 2001 fiscal year," said Fred Sorkin, Chairman and Chief Executive Officer. "I am particularly satisfied with this performance having been achieved during a period in which the Company's sales organization was undergoing a period of extensive training and integration. This process is now solidly behind us and we are well-positioned to leverage our new unified sales force in the pursuit of larger, more comprehensive enterprise portal solution deployments." In keeping with management's guidance over the past two quarters, sales and marketing expenses increased as a proportion of revenue during the first quarter. This resulted from several factors, including: the completion of a worldwide sales training program that included all of the Company's representatives and systems engineers; the selection, recruitment and training of new sales representatives; the Company's first global user conference, Summit 2000; and, increased marketing and other promotional activities. The Company expects these expenditures to continue to be higher in the second quarter than in the recent past, and then to moderate in the second half of the fiscal year assisted by accelerating revenue growth. The market for enterprise portals is clearly beginning to evolve, with a growing number of organizations moving forward with more significant investments in the technology. This trend has been widely documented among industry analysts covering the space. In addition to the new EIP sales that were completed during the fourth quarter, earlier customers are adding more seats to their early deployments. "Fiscal 2000 was marked by our efforts being focused on seeding the market", continued Sorkin. "We were encouraged to see the average number of seats in each deal increasing. For the new fiscal year we are focusing on closing larger, more strategic portal sales that will take us further in our efforts to unequivocally prove the business value of Hummingbird's solutions."

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