NETE ($21-$23) P/E 102 Beat by 1 cent, Rev's slightly light...
Wednesday July 25, 4:04 pm Eastern Time
Press Release
SOURCE: Netegrity, Inc.
Netegrity Announces Financial Results for Second Quarter 2001
Second Quarter 2001 Results Include EPS of $0.09 and 52 New Customers Brings Total Number of Customers to 431
WALTHAM, Mass., July 25 /PRNewswire/ -- Netegrity, Inc. (Nasdaq: NETE - news), the leading provider of solutions for securely managing e-business, today announced financial results for the second quarter ended June 30, 2001. Total revenue of $24.8 million for the second quarter of 2001 increased 136% from $10.5 million for the same period last year. Netegrity reported its fourth consecutive quarter of profitability in the second quarter of 2001 with net income of $3.1 million or $0.09 per diluted share, as compared to a net loss of ($106,000), or ($0.00) per share for the quarter ended June 30, 2000.
License revenue from the Company's SiteMinder® family of products was $16.1 million increasing 134% from $6.8 million for the corresponding quarter in 2000.
For the six months ended June 30, 2001, revenue increased 195% to $50.8 million as compared to $17.2 million for the six months ended June 30, 2000. The Company reported net income for the first six months of 2001 of $6.5 million or $0.19 per diluted share, as compared to a net loss of ($1.0) million or ($0.04) per share for the same period in 2000.
``I am extremely pleased that we delivered on our commitments and again achieved very solid financial results in a difficult economic environment,'' said Barry Bycoff, chairman and CEO of Netegrity. ``Our organization is very well positioned at the core of the mission critical projects that create operational efficiencies and reduce costs for our customers.''
Netegrity further extended its market leadership as evidenced by strong follow on sales and the addition of many significant new name customers. The company signed agreements with 52 new customers, bringing the total number of customers to 431. New customers in Q2 included Allfirst, Cargill, Inc., CIBC, Delta Dental Plan of Michigan, Domino's Pizza, the Internal Revenue Service (IRS), Manpower, Inc., Master Bit, medibuy, Mellon Financial Corporation, Mobistar, Options Clearing Corporation, Riverside Health System, and TNT Logistics. Netegrity also had 49 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 Q2 Highlights
* Gartner once again placed Netegrity in the leadership position in the
Gartner Extranet Access Magic Quadrant. This marked the second year in
a row that Netegrity was the only vendor in the leadership quadrant
among the many other vendors evaluated by Gartner.
* Several new products were announced including Delegated Management
Services(TM) v2, AffiliateMinder(TM), MobileMinder(TM), and Secure
Reverse Proxy Server. With the introduction of these products,
Netegrity is meeting the needs of its customers and expanding into new
markets.
* Netegrity held its first user conference in May 2001. The conference
resulted with a sell out crowd of more than 500 attendees and over 25
company sponsors.
* Netegrity announced strategic partnerships with market leading vendors
including Access360, BMC Software, Business Layers, Internet Security
Systems, Interwoven, IONA, Oracle, and webMethods. These partnerships
will enable Netegrity to jointly generate new business opportunities,
extend our respective platforms through integration, and promote joint
solutions to our combined customer bases.
* Netegrity forged strategic relationships with the leading systems
integrators, Ernst & Young, Deloitte & Touche, and
PricewaterhouseCoopers, to enable companies to rapidly implement secure
e-business solutions built around Netegrity's market leading SiteMinder
technology.
* Netegrity opened a federal office to provide federal agencies with an
experienced team to meet the unique needs of the federal government
sector.
Earnings Webcast
Netegrity will hold its Q2 2001 earnings conference call on July 25th at 5:00 p.m. (EDT). The call will feature Barry Bycoff, Netegrity's chairman and CEO, and Jim Hayden, Netegrity's chief financial officer. Netegrity will broadcast the Q2 conference call live via the Internet at www.netegrity.com.
This Webcast will also be archived for later listening at www.netegrity.com/investors. In addition, a replay by telephone will be available until 5:00 p.m. (EDT) on Friday, July 27, 2001. To access the replay, dial (800) 642-1687, or (706) 645-9291 (international), and enter access code 1179192. |
