Agile Announces Quarterly Financial Results
First-Quarter Revenue Increases by 48% From One Year Earlier
SAN JOSE, Calif., Aug. 16 /PRNewswire/ -- Agile Software Corporation (Nasdaq: AGIL), a leading provider of collaborative manufacturing solutions, today announced financial results for the first quarter of fiscal year 2002, which ended July 31, 2001. Agile's performance for the quarter met the company's revised revenue guidance provided in its pre-announcement of Aug. 3, 2001.
Total revenues for the first quarter of fiscal 2002 were $23.3 million, compared to total revenues of $15.8 million for the same period in fiscal 2001, representing an increase of 48%. License revenues for the first quarter of fiscal 2002 were $16.0 million, compared to license revenues of $11.5 million for the same period in fiscal 2001, representing an increase of 40%.
Pro forma net loss, which excludes charges associated with amortization of stock compensation, amortization of goodwill and purchased intangible assets, impairment of equity investments, merger-related expense (benefit), and payroll taxes on stock option exercises was $3.8 million, or ($0.08) per share. This compares to a pro forma net loss of $1.5 million, or ($0.03) per share, for the same period in fiscal 2001.
Net loss, including all charges associated with amortization of stock compensation, amortization of goodwill and purchased intangible assets, impairment of equity investments, merger-related expense (benefit), and payroll taxes on stock option exercises for the quarter ended July 31, 2001 was $5.0 million, or ($0.11) per share, in the first quarter of fiscal 2002, compared to a net loss of $14.9 million, or ($0.33) per share, for the same period in fiscal 2001.
"The market remains very difficult, and we are not immune to these conditions," Agile CEO Bryan Stolle said. "But the business value our solutions deliver, such as helping customers reduce costs, increase efficiency and ramp products to volume production faster, are particularly important in these difficult times. Agile has approximately 750 customers successfully using our solutions to collaborate within their enterprises and with external suppliers. With our customer base and our strong cash position, we're very excited about our long-term prospects."
First-Quarter Highlights
Agile added 31 new customers this quarter in the optical networking, contract manufacturing, factory automation, storage-area networking, data communications, wireless, technical services and enterprise software industries. New customers included Ballard Power Systems (Nasdaq: BLDP), a world leader in fuel cells for transportation, electricity generation and portable power products; Brooks Automation (Nasdaq: BRKS), a top supplier of integrated automation solutions for the global semiconductor, data storage and flat panel display manufacturing industries; CREO/Sitex, the world's largest independent supplier of pre-press systems; Fuji/Xerox, a leader in digital monochrome and color products and document solutions in Japan and the Asia- Pacific region; InfiniSwitch, a developer of switching products designed for data centers; Honeywell Technology Solutions, which provides technical services to customers such as NASA and the armed services; Netopia (Nasdaq: NTPA), a market leader in broadband gateways and web platform software, and Western Multiplex Corporation (Nasdaq: WMUX), a maker of point-to-point fixed wireless systems used by the leading Internet service providers.
Among Agile's existing client base, more than 100 companies expanded their existing implementations during the first quarter. Those included customers such as Agilent Technologies, Avici Systems, Benchmark Electronics, Brocade Communications, Caliper Technologies, Dolby Laboratories, Flextronics, Harris Corporation, Hitachi, Hon Hai Precision Industry, InFocus Systems, Lightspeed Semiconductor, Logitech, Marconi Communications, Medtronic, Nintendo of America, Nvidia, Pemstar, Pipinghot Networks, Qualcomm, Scientific-Atlanta, SCI Systems, Solectron, Sonosite, Southhampton Photonics, Terabeam Networks and Tellium.
Other noteworthy achievements and events at Agile during the quarter include:
-- Agile continued its momentum in Japan by winning a deal with
Fuji/Xerox, a leader in digital monochrome and color products and
document solutions in Japan and the Asia-Pacific region.
-- Agile also announced a deal with Sharp's TFT Liquid Crystal Display
Group in Japan.
-- EMS providers Benchmark Electronics, Flextronics, SCI Systems and
Solectron added to their systems to enhance customer responsiveness.
-- Aberdeen Group, a leading analyst firm, selected Agile's implementation
at Sycamore Networks as one of the top ten collaborative product
commerce implementations to date in its CPC What Works 2001
competition.
Agile also announced the planned retirement of co-founder Tom Shanahan from the positions of CFO and Director. Mr. Shanahan will remain with the company for an interim period to assist in the recruitment of and transition to a CFO replacement.
Agile will discuss its first-quarter results on a conference call today beginning at 2:00 p.m., Pacific Time. A Webcast of the conference call will be available on Agile's website at www.agilesoft.com under the "Investor Relations" section.
About Agile
Agile Software Corporation enables supply chain partners to communicate and collaborate over the Internet about new or changing product content and then source and procure necessary components. Agile has more than 700 customers, including Compaq, Dell Computer, Flextronics International, GE Medical, International Paper, Juniper Networks, Lucent, Nvidia, Philips, Sycamore Networks, Texas Instruments, Zhone Technologies. Call 408-975-3900, or visit Agile at agilesoft.com .
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements regarding Agile's financial results and business outlook, market conditions, long-term prospects, customer base and cash position. Such forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those predicted in the forward-looking statements, and are based upon information available to Agile as of the date of this release. We assume no obligation to update any such forward-looking statements. Factors that could cause actual results to differ include, but are not limited to, declining economic conditions that could continue to affect the overall demand for our software and services resulting in decreased revenues or lower revenue growth rates; cutbacks, reductions and delays by our customers in their purchases of our software; the lengthening sales cycle for our products and increased number of transactions closing at the end of our fiscal quarters; unforeseen expenses that the Company may experience in future quarters; and delays and difficulties in introducing competitive new products and upgrades of our products. These and other risk factors and risks associated with our business are discussed in the Company's Form 10-K filed July 25, 2001 with the SEC.
NOTE: Agile Software is a registered trademark and Agile and the Agile Software logo are trademarks of Agile Software Corporation in the U.S. and/or other countries. All other brand or product names are trademarks and registered trademarks of their respective holders.
Agile Software Corporation
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
See pro forma adjustments listed in table below
(In thousands, except per share data)
(unaudited)
Three Months Ended
July 31,
2001 2000
Revenues:
License $16,007 $11,450
Services 2,187 2,036
Maintenance 5,131 2,282
Total revenues 23,325 15,768
Cost of revenues:
License 962 557
Services and maintenance 3,705 2,485
Total cost of revenues 4,667 3,042
Gross profit 18,658 12,726
Operating expenses:
Sales and marketing 15,047 12,936
Research and development 8,342 4,801
General and administrative 2,187 1,425
Total operating expenses 25,576 19,162
Loss from operations (6,918) (6,436)
Interest and other income, net 3,259 4,972
Loss before income taxes (3,659) (1,464)
Provision for income taxes 107 --
Pro forma net loss $(3,766) $(1,464)
Pro forma net loss per share:
Basic and diluted $(0.08) $(0.03)
Shares used in per-share
calculation-basic and diluted 46,790 44,894
The above pro forma amounts have
been adjusted to eliminate the following:
Amortization of stock compensation 414 4,416
Amortization of goodwill and
purchased intangible assets 189 9,067
Merger related expense (benefit) (835) --
Payroll tax on stock option
exercises 40 --
Impairment of equity investments 1,446 --
1,254 $13,483
Agile Software Corporation
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended
July 31,
2001 2000
Revenues:
License $16,007 $11,450
Services 2,187 2,036
Maintenance 5,131 2,282
Total revenues 23,325 15,768
Cost of revenues:
License 962 557
Services and maintenance 3,705 2,485
Total cost of revenues 4,667 3,042
Gross profit 18,658 12,726
Operating expenses:
Sales and marketing 15,047 12,936
Research and development 8,342 4,801
General and administrative 2,187 1,425
Amortization of stock compensation 414 4,416
Amortization of goodwill and
purchased intangible assets 189 9,067
Merger related expense (benefit) (835) --
Payroll tax on stock option
exercises 40 --
Total operating expenses 25,384 32,645
Loss from operations (6,726) (19,919)
Impairment of equity investments (1,446) --
Interest and other income, net 3,259 4,972
Loss before income taxes (4,913) (14,947)
Provision for income taxes 107 --
Net loss $(5,020) $(14,947)
Net loss per share:
Basic and diluted $(0.11) $(0.33)
Shares used in per-share
calculation-basic and diluted 46,790 44,894
Agile Software Corporation
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
July 31, April 30,
2001 2001
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $88,458 $139,917
Short-term investments 202,779 160,608
Accounts receivable, net 15,905 22,626
Other current assets 13,939 12,105
Total current assets 321,081 335,256
Property and equipment, net 14,499 12,975
Goodwill and purchased intangible
assets, net 1,009 1,198
Other assets 4,814 5,762
341,403 $335,191
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and other liabilities $17,334 $22,516
Deferred revenue 13,519 18,542
Current portion of lease obligations
and notes payable 89 359
Total current liabilities 30,942 41,417
Noncurrent portion of lease obligations
and notes payable 54 134
30,996 41,551
Total stockholders' equity 310,407 313,640
341,403 $335,191
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SOURCE Agile Software Corporation
CO: Agile Software Corporation
ST: California
IN: CPR STW MLM
SU: ERN PER CCA
08/16/2001 16:30 EDT prnewswire.com |
