WEBX ( $22.50-$24) EPS -$3.50 Q2 2001 Revenues Up 306% from Q2 2000 and 25% from Q1 2001
SAN JOSE, Calif.--(BUSINESS WIRE)--July 24, 2001--WebEx (Nasdaq:WEBX - news)
Revenues of $18.4 million, up sequentially 25% from first quarter
Operating loss, excluding equity-based compensation, narrows to $5.3 million versus $7.5 million in the first quarter, and as a percent of revenue improves by 22 percentage points from the first quarter
EPS, excluding equity-based compensation, is a loss of $0.14, $0.06 better than analyst consensus estimates
More than 800 new customers added, bringing the total installed base of recurring revenue customers to over 4,000
Installed base customers contribute over 20% of the growth in new ports
Gross margin improves to 71%, up from 69% in the first quarter
Customer usage of WebEx communication network increases sequentially for the fourth quarter in a row by over 50%
WebEx Communications, Inc. (Nasdaq:WEBX - news), the leader in interactive communications infrastructure for business meetings, today announced record results for its second quarter, ending June 30, 2001.
Revenues for the second quarter of 2001 were $18.4 million, a 306% increase from $4.5 million in the second quarter of 2000, and a 25% sequential increase from $14.8 million in the first quarter of 2001. Net loss, excluding equity-based compensation expense, was $5.1 million or $0.14 per diluted share in the second quarter of 2001, compared to $7.2 million or $0.21 per diluted share in the first quarter of 2001 and $13.9 million or $1.09 per diluted share in the second quarter of 2000. Including equity-based compensation, the net loss for the quarter was $9.3 million or $0.26 per diluted share.
``I am very pleased that we have exceeded analysts' expectations on both revenues and earnings for the fourth consecutive quarter since WebEx went public,'' said Subrah Iyar, chairman and CEO of WebEx Communications. ``Our strong growth has continued this quarter, with the highest addition of new customers to date. In fact, many of our customers are adopting and increasing their use of WebEx services as part of an overall strategy to reduce travel costs and still effectively communicate with their customers, partners and suppliers. Moreover, because our customers use our services to communicate with others outside of their organizations, over 40% of our closed deals came from existing customer reference leads, substantially contributing to our growth. With these achievements, along with our recurring revenue model and the operating leverage of our network, we believe we are on track toward our goal of profitability by the end of this year.''
WebEx is being adopted by new customers this quarter across wide segments of the economy including manufacturing - Phelps Dodge, Ingersoll International, Reynolds Aluminum Supply company; Travel - Radisson Hotels, Carlson Wagonlit; Insurance - Penn Mutual Life Insurance, Provident Mutual Life Insurance; Health Care - Baxter Healthcare, St. Jude Medical; Consulting - SAIC, Black & Veatch and others such as City of Los Angeles, University of Michigan Business School, American Society of Civil Engineers and Waste Management Corp.
Management will host the quarterly conference call to discuss the results today, July 24, 2001, beginning at 5:30 p.m. EDT. Interested parties may listen to the conference call via live broadcast over the Internet at webex.com or by calling 212/231-6041.
About WebEx Communications Inc.
Founded in 1996, WebEx Communications, Inc. (Nasdaq:WEBX - news) is the leader in interactive communications infrastructure for business meetings. WebEx provides Web-based carrier-class communication services through its multimedia switching platform deployed over a global network. WebEx's services enable end-users to share presentations, documents, applications, voice and video spontaneously in a seamless environment. WebEx services are used across the enterprise in sales, support, training, marketing, engineering and various other functions. With its modular framework and standards-based APIs, WebEx's interactive communications switching platform is the ``dial-tone'' for meetings on the Web. Please call toll free 877/932-3911 or visit webex.com for more information. |
