Starbase Corp. Announces Record Revenues for Fourth Quarter and FY2001; 168% Year Over Year Quarterly Revenue Growth and First-Ever Pro Forma Quarterly Net Income
May 07, 2001 4:04:00 PM ET
SANTA ANA, Calif.--(BUSINESS WIRE)--May 7, 2001--Starbase Corp. SBAS, the leading provider of end-to-end collaborative products for both the development and management of content and code for e-business applications, today reported record revenues for the fourth quarter and fiscal year ended March 31, 2001.
Revenues for the quarter ended March 31, 2001 were $16,614,000 a 168% increase over revenues of $6,193,000 for the comparable period ended March 31, 2000, and a 74% increase over revenues of $9.54 million for the previous quarter ended Dec. 31, 2000. This performance represents the 16th consecutive quarter of revenue growth. Pro forma net income for the fourth quarter FY2001 was $507,000, or $0.01 per share, compared with a pro forma net loss of $300,000 or $(0.01) per share, for the same period in FY2000.
Revenues for the year ended March 31, 2001 were $ 41.64 million a 138% increase over revenues of $17,532,000 for the year ended March 31, 2000. Pro forma net loss for the year ended March 31, 2001 was $3,002,000 or $(0.06) per share, compared with pro forma net loss of $3,131,000 or $(0.09) per share for the same period in FY2000.
Pro forma net income/loss and pro forma per share data for the periods reported exclude amortization of intangibles and write-offs related to acquisitions, non-cash stock based compensation, and a one time charge for technology purchased in Q4 FY2001.
As reported, including amortization of intangibles and write-offs related to acquisitions, non-cash stock based compensation, and a one time charge for purchased technology, net loss for the fourth quarter of FY2001 was $6,373,000, or $(0.11) per share, compared with as reported net loss of $2,872,000 or $(0.07) per share, for the same period in FY2000.
As reported, including amortization of intangibles and write-offs related to acquisitions, non-cash stock based compensation, and a one time charge for purchased technology, net loss for the year ended March 31, 2001 was $16,552,000 or $(0.34) per share, compared with as reported net loss of $6,267,000, or $(0.19) per share, for the same period in FY2000.
"During fiscal year 2001, Starbase enjoyed significant product, market and sales expansion," stated William R. Stow III, chairman and chief executive officer. "With the acquisitions of worldweb.net and TBI, we have positioned Starbase to capture market share in the growing content management and requirements tools markets. Notwithstanding the tightening of IT budgets, we believe that Starbase's strength in the delivery of productivity enhancing solutions will enable us to achieve our growth and profitability objectives."
"We recently completed our first User Conference -- The AllStar 2001 Symposium," added Stow. "This event brought together more than 200 Starbase multiple product users and reinforced our commitment to delivering the Starbase Collaborative Suite, a framework based on the best-fit needs of our customers. Our customers confirmed the overwhelming need for Starbase's responsive consulting and development teams, reliable customer service and strong partnership and alliance programs."
4th Quarter Highlights -- Acquisition of worldweb.net, Feb. 20, 2001. -- Acquisition of Technology Builders Inc. (TBI), Feb. 23, 2001. -- Expanded corporate headquarters including an advanced
demonstration theater. -- Early release of Galaxy(TM), a peer-to-peer communications
framework for advanced collaboration applications. -- Established Starbase Federal Group, based in the company's
Washington, D.C. area office. -- eXpressroom(R)and CaliberRM products added to the General Service
Administration's (GSA) Federal Supply Schedule. -- Starbase's eXpressroom integrated with BEA WebLogic
Personalization Server. -- Initial cross selling of StarTeam, CaliberRM and Mercury
Interactive to such companies as NCR and HCA/The Healthcare
Co. -- 305 new customers including ADTRAN Inc., Barnes and Noble.com,
Berkley Information Services, Briggs and Stratton, eGain
Communications Corp., Pfizer Inc., Tommy Hilfiger, The Cobalt
Group, and WAM!NET. -- 40% of revenues were derived from existing StarTeam customers.
Repeat customers include 24/7 Media Inc., Booz-Allen Hamilton,
Bridgestone/Firestone, Dillard's Store Services, Emageon
Solutions, IBM, Onyx Software, Raytheon Systems, RMIC, Sprint PCS,
and U.S. Department of Labor. -- Enterprise level orders represented 56% of bookings.
A conference call will be held by management to discuss the financial results and to provide financial guidance for the next quarter and FY2002. Details for the conference call are listed below.
Conference Call Information:
Date: May 7, 2001
Time: 2 p.m. Pacific -- 5 p.m. Eastern.
Telephone Number: 913/981-4910 -- this is a toll call.
Confirmation Number: 691757
Live Webcast: www.starbase.com
www.streetevents.com
www.streetfusion.com
Telephone Replay will be available approximately two hours after
the call ends and will remain available for seven days. The Replay
number is toll-free.
Telephone Replay Number: 888/203-1112
Confirmation Number: 691757
About Starbase
Starbase is the leading provider of end-to-end collaborative products for both the development and management of integrated content and code for e-business applications. Collaboration is the simultaneous coordination, management and communication of geographically dispersed contributors of both code and content for e-business applications.
With more than 2,800 Starbase customers worldwide, the company's technology supports the continuous cycle of creating, linking and managing digital assets, which comprise complex e-business applications. Starbase products enable users with differing technical and functional backgrounds to collaborate on the production and management of Web sites and e-business initiatives from multiple locations.
Companies and organizations, including leading corporations such as Chase Bank, Dell Computer, Lucent Technologies, Motorola, PepsiCo and Seagate Technology have selected Starbase products to manage their e-business development projects. Starbase has headquarters at 4 Hutton Centre Drive, Suite 900, Santa Ana, CA 92707. Tel: 714/445-4400. Fax: 714/445-4404. Visit Starbase's Web site at www.starbase.com.
Forward-Looking Statements
When used in the preceding discussion, the words "believes, expects, or intend to" and similar conditional expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, (i) conditions in the general economy or the software industry, (ii) the timely development and market acceptance of products and technologies, (iii) competitive factors, (iv) demand for team productivity software products, (v) sell-through of products in the sales channel, and (vi) other risks described in Starbase Corp.'s SEC reports and filings.
Note To Editors: Starbase and its product names are trademarks of Starbase Corp. All other product and company names herein are trademarks of their respective owners.
Starbase Corp.
Balance Sheets
(in thousands, except share data)
March 31, March 31,
2001 2000
Assets
Current assets:
Cash and cash equivalents $ 14,075 $ 11,448
Restricted cash 257 39
Marketable securities 3 11
Accounts receivable, net of
allowances of $2,166 (2001)
and $202 (2000) 16,148 6,696
Notes and other receivables,
net of allowance of $760 (2001)
and $707 (2000) 200 26
Prepaid expenses and other assets 1,183 568
Total current assets 31,866 18,788
Property and equipment, net 7,953 1,526
Intangible assets, net 107,628 21,074
Note receivable from officer 104 99
Long-term notes receivable 16 --
Long-term restricted cash 1,216 39
Other non-current assets 255 687
Total assets $ 149,038 $ 42,213
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable $ 11,104 $ 1,358
Accrued compensation 3,381 1,475
Other accrued liabilities 6,706 390
Deferred revenue 8,950 4,017
Current portion of long-term
obligations 344 119
Total current liabilities 30,485 7,359
Long-term liabilities:
Long-term obligations, less
current portion 238 49
Long-term deferred revenue 121 535
Total long-term liabilities 359 584
Total liabilities 30,844 7,943
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par
value; 10,000,000 shares
authorized, none issued
and outstanding at March 31,
2001 and 2000 -- --
Common stock, $.01 par value;
100,000,000 shares authorized,
69,386,443
and 44,315,610 issued and
outstanding at March 31, 2001
and 2000. 694 443
Notes receivable (219) --
Deferred non-cash compensation (662) --
Additional paid-in capital 193,321 92,242
Accumulated deficit (74,857) (58,305)
Accumulated translation gain 35 --
Accumulated other comprehensive loss (118) (110)
Net stockholders' equity 118,194 34,270
Total liabilities and stockholders'
equity $ 149,038 $ 42,213
Starbase Corp.
Consolidated Statements of Operations
(in thousands, except per share amounts)
Three months ended Year ended
March 31, March 31,
2001 2000 2001 2000
(Unaudited) (Unaudited)
Revenues:
License $ 13,085 $ 5,013 $ 31,735 $ 14,486
Service 3,529 1,180 9,905 3,046
Total revenues 16,614 6,193 41,640 17,532
Cost of Revenues:
License 751 206 1,330 1,136
Service 1,523 565 4,560 1,480
Amortization of
intangibles 1,015 -- 2,426 --
Total cost of
revenues 3,289 771 8,316 2,616
Gross margin 13,325 5,422 33,324 14,916
Operating Expenses:
Research and
development 5,907 3,308 12,327 4,552
Sales and
marketing 7,901 1,477 21,888 9,097
General and
administrative 2,026 1,148 7,231 3,898
Non-cash stock
based compensation 116 214 1,502 629
In-process research
and development 1,200 2,130 1,200 2,130
Amortization of
intangibles 2,813 228 6,686 377
Total operating
expenses 19,963 8,505 50,834 20,683
Operating loss (6,638) (3,083) (17,510) (5,767)
Interest and other
income (expense) 265 211 980 50
Loss before income
taxes (6,373) (2,872) (16,530) (5,717)
Provision for income
taxes -- -- 22 1
Net loss (6,373) (2,872) (16,552) (5,718)
Non-cash dividend and
accretion of beneficial
conversion feature -- -- -- 549
Net loss applicable
to common
stockholders $ (6,373) $ (2,872) $ (16,552) $ (6,267)
Pro forma net income
(loss) applicable
to common
stockholder $ 507 $ (300) $ (3,002) $ (3,131)
Per share data:
Basic and diluted
net loss
per common
share $ (0.11) $ (0.07) $ (0.34) $ (0.19)
Pro forma per share data:
Pro forma basic
net income
(loss) per
common
share $ 0.01 $ (0.01) $ (0.06) $ (0.09)
Pro forma diluted
net income (loss)
per common
share $ 0.01 $ (0.01) $ (0.06) $ (0.09)
Basic weighted average
common shares
outstanding 57,071 41,126 49,107 33,412
Diluted weighted
average common
shares outstanding 62,587 41,126 49,107 33,412
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