NETE (nice run $40, sell-off $34) Announces Strong Profitability of $.10 Per Share
First Quarter 2001 Results Include Revenue of $26 Million, Up 286% Year Over Year, and 66 New Customers
WALTHAM, Mass., April 30 /PRNewswire/ -- Netegrity, Inc. (Nasdaq: NETE - news), the leading provider of solutions for securely managing e-business, today announced financial results for the first quarter ended March 31, 2001. Total revenue of $26.0 million for the first quarter of 2001 increased 286% from $6.7 million for the same period last year, and 21% from $21.5 million for the previous quarter. Netegrity reported its third consecutive quarter of profitability in the first quarter of 2001 with record net income of $3.3 million or $0.10 per diluted share, as compared to a net loss of ($935,000), or ($0.03) per share for the quarter ended March 31, 2000.
License revenue from the Company's flagship SiteMinder® platform was $18.8 million increasing 294% from $4.8 million for the corresponding quarter in 2000, and 21% from $15.5 million for the quarter ended December 31, 2000.
``Netegrity's strong first quarter performance and our continued market leadership is a direct result of success across all aspects of our business including a record number of new customer wins, new strategic partnerships, geographic expansion, and superior technology,'' said Barry Bycoff, chairman and CEO of Netegrity. ``While no company is immune to the current economic conditions, Netegrity remains extremely well positioned over the long-term for what will be a very significant market opportunity within e-business security.''
During the quarter, Netegrity signed agreements with 66 new customers, bringing the total number of customers to 379. New customers in Q1 include Data Transport, Dorado, eArmy, FleetBoston Financial Corporation, Miller Systems, OpenTide, Ventro, and Verizon. Netegrity also had a record 47 follow on software deals with existing customers, indicating the success customers are achieving with Netegrity's leading solution and the quality of the Company's product suite.
Additional Highlights
-- The SiteMinder platform was validated as a top performing access
control product by independent test lab Mindcraft, Inc. These test
results confirmed that Netegrity's SiteMinder platform has achieved
breakthrough product performance and scalability.
-- Netegrity's strong base of large, traditional economy companies and the
Company's first mover advantage were highlighted as The Wall Street
Journal recognized Netegrity as the top three-year stock price
performer in their sixth annual Shareholder Scoreboard.
-- VeriSign and Netegrity partnered to provide a new Entitlements
Management Service and entered into an agreement which includes product
and technology integration, joint sales initiatives, and joint
marketing activities.
-- Netegrity launched the Netegrity Technology Partner Program for
companies with complementary software or service offerings. Over 35
leading software companies have partnered with Netegrity to deliver
SiteMinder-enabled solutions.
-- Within the e-marketplace sector, the SiteMinder platform is now
shipping as part of the Commerce One MarketSite(TM) Operating
Environment, i2 has bundled the SiteMinder platform within the i2
TradeMatrix Platform(TM), and BCE Emergis will use Netegrity's
SiteMinder platform as the engine of its new managed portal security
service.
-- Netegrity conducted successful marketing events throughout the quarter
to over 10,000 registered attendees through joint seminars with
VeriSign, Bowstreet, and Art Technology Group as well as sponsorship of
an eWeek seminar.
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