Thanks for your post Michael. I was getting lonely here! LOL
I will review the current valuation ratios and make a recommendation on what I would buy at todays price points. In the mean time, Sagent reported improved results today:
Sagent Reports $13.3 Million in Second Quarter Revenues
Record Number of New Customers
Revenues Up 20 Percent Sequentially
biz.yahoo.com
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug. 2, 2001--Sagent (Nasdaq:SGNT - news), a leading provider of Business Intelligence solutions, today announced second quarter financial results for the period ended June 30, 2001.
Sagent's revenues for the second quarter of 2001 were $13.3 million, compared to the $17.5 million reported in the second quarter of 2000. For the first six months of fiscal 2001, Sagent reported revenues of $24.3 million, compared to the $32.0 million reported during the first six months of 2000. Sagent's revenues for the second quarter of 2001 increased by 20 percent, compared to the $11.0 million reported in the first quarter of 2001.
Sagent's net loss before amortization of stock-based compensation, goodwill, and interest and taxes was $5.5 million or a loss of $0.15 per share on a fully diluted basis, compared to net income of $1.9 million or $0.06 per share on a fully diluted basis for the second quarter of 2000. For the first six months of fiscal 2001, Sagent reported a net loss of $14.9 million before amortization of stock-based compensation, goodwill, and interest and taxes, compared to break even results for the first six months of fiscal year 2000.
Net loss was $6.3 million or $0.17 per share for the second quarter of 2001, compared to net income of $1.5 million, or $0.05 per share for the second quarter of 2000. For the first six months of fiscal 2001, Sagent reported a loss of $16.2 million, compared to a net loss of $0.5 million for the first six months of fiscal year 2000. Sagent's net loss this quarter decreased 36 percent compared to a net loss of $9.9 million in the first quarter of 2001.
``Our hard work is beginning to show positive results, and I am pleased with the momentum demonstrated this quarter,'' said Ben Barnes, president and CEO, Sagent. ``We have brought in experienced business intelligence sales and marketing management; developed a clear and concise strategy and product roadmap; begun important initiatives with business partners; and substantially reduced our operating costs.''
Significant highlights of second quarter 2001
-- Completed beta testing of Sagent Release 4.5i, which became
generally available on July 23, 2001.
Sagent Solution 4.5i is a major milestone for Sagent. It contains
significant performance enhancements, new analytic transforms, and
iStudio -- Sagent's first web-based reporting solution. It is also
the company's first product release for both NT and Solaris for
the domestic and international markets. Sagent Solution 4.5i
furthers Sagent's movement toward a complete, open and thin
solution.
-- Sagent strengthens balance sheet by raising $16.8 million in a
private placement.
Sagent completed a private placement offering of approximately
9.1 million shares of its common stock with a select group of
institutional investors led by RS Investments of San Francisco.
Aggregate gross proceeds to Sagent from the sale of common stock
will be approximately $16.8 million. Sagent expects to end the
third quarter with approximately $24 million in cash and cash
equivalent.
-- Sagent's record number of new customers during the second quarter
drives 36 percent sequential license revenue growth.
``Our direct sales force brought on-board more than 50 new
customers during the second quarter,`` Barnes said. ''We are pleased
with the overall strength and financial health of our blue-chip
customer base.``
New customers in the second quarter included 7Eleven-Mexico, AT&T
Wireless, California Department of Justice, GlaxoSmithKline, Grey
Advertising, The Spokane Teachers Credit Union, Sharp Electronics
and SunGard Securities Processing. Sagent also received additional
orders from All State Insurance, DirectTV, GM Onstar, Guinness
United Distillers, Microsoft, Siemens, Telekom South Africa and
United Health Care.
-- Sagent renewed its OEM contract with Siebel systems for the Siebel
6.0 release.
-- Sagent signed a system integration agreement with Cap Gemini Ernst
& Young.
-- Sagent was selected as part of Business Object's ETL Alliance.
Sagent was selected as part of a global alliance program called
the Business Objects Data Integration Initiative, whereby it has
technology integration and joint marketing agreements with
Business Objects. The initiative was created to offer customers a
choice of technologies for the creation of data warehouse and data
marts.
-- Sagent partnered with Sun Microsystems to optimize Sagent Solution
4.5i for a multi-processor operating environment, proving
near-linear scalability on SMP architectures.
The scalability of Sagent Solution 4.5i on the Sun Solaris
platform provides Sagent users with enhanced customer relationship
management and other business intelligence operations for rapid
return on investment and competitive advantage.
-- Sagent created new business unit to focus on federal government
accounts.
During the past six months, Sagent received initial orders from
the Center for Disease Control (CDC), the Department of Justice,
Fannie Mae, the Judge Advocate General Airforce (JAG), and the
Treasury Department. In order to better serve the needs of these
agencies and others, Sagent has recently created a new business
unit to focus exclusively on the U.S. federal government.
-- Sagent continued to make strides in the Asia/Pacific region.
Sagent continued its dominance in Japan, where it has been
recognized as that country's leading ETL vendor, with more than 38
percent market share in 2000, according to MIC Research Institute
Ltd., an independent research firm in Japan. New customers in the
second quarter included Sumitomo Trust & Banking, the Taipei City
Government and the West Japan Railway Company. Sagent also
received additional orders from Fujitsu, Hitachi and NEC. The
newly created subsidiary in Australia attained its first
customer -- The Civil Aviation Safety Authority -- during the
second quarter.
Business outlook for third quarter 2001
Sagent provides the following guidance for the third quarter, ending Sept 30, 2001: revenues are expected to increase sequentially to between $14 million and $15 million, with a net loss before amortization of stock-based compensation, goodwill, and interest and taxes expected to be in the range of $0.08 to $0.10 per share.
Sagent second quarter conference call
Sagent will hold a conference call at 1:45 p.m. PT, today, August 2, to discuss these second-quarter results, the private placement and the company's outlook for the third quarter of 2001. In order to participate in the conference call, please dial 1-888-791-2132 by 1:20 p.m. PT. Callers will need to reference the pass code ``Sagent.'' A replay of the call will be available starting one hour after the completion of the call through August 9, 2001. In order to access the replay, please dial 1-888-562-0227. Going to sagent.com and clicking on the appropriate link will allow access to a live Web cast of the conference call. |
