WEBX ($28-$27) EPS -2.11..beats by 5 cents..rev's rose 195%
WebEx Announces Record Third Quarter Results
Q3 2001 Revenues Up 196% From Q3 2000 and 20% From Q2 2001 Profitable EBITDA, Excluding Equity Based Compensation Positive Cash Flow From Operations
SAN JOSE, Calif., Oct. 17 /PRNewswire/ -- WebEx Communications, Inc. (Nasdaq: WEBX - news), the leader in communications infrastructure for Web meetings, today announced record results for its third quarter, ending September 30th, 2001.
Revenues for the third quarter of 2001 were $22.1 million, a 196% increase from $7.5 million in the third quarter of 2000, and a 20% sequential increase from $18.4 million in the second quarter of 2001. The company realized an EBITDA profit of $0.5 million, excluding equity-based compensation expense, in the third quarter of 2001, compared to a loss of $3.1 million in the second quarter of 2001. Net loss, excluding equity-based compensation expense, was $2.4 million or $0.06 per diluted share in the third quarter of 2001, compared to $5.1 million or $0.14 per diluted share in the second quarter of 2001 and $15.8 million or $0.58 per diluted share in the third quarter of 2000. Including equity-based compensation, the net loss for the quarter was $6.1 million or $0.16 per diluted share.
``I am very pleased that we have now exceeded analysts' expectations for both revenues and earnings for the fifth consecutive quarter, especially in view of the difficult economic environment over the last few quarters,'' said Subrah Iyar, chairman and CEO of WebEx Communications. ``We continue to show tremendous operating leverage with gross margins improving from 71% to 74% and the percentage of new incremental customers generated from word of mouth increasing from 40% to over 45% in the third quarter. This has enabled WebEx to achieve two very important milestones during the quarter, EBITDA profitability and positive cash flow from operations exceeding $1 million.''
WebEx continued its strong growth of customers this quarter across wide segments of the economy including: Acterna, American Bar Association, Comp USA, CSX Transportation, Department of Treasury, Dow Jones and Company, El Paso Energy, Ericsson, Hyatt International, Johnson Controls, Knight Ridder, National Gypsum, Travelers Life & Annuity, and Washington Mutual.
Management will host the quarterly conference call to discuss the results today October 17th 2001, beginning at 5:00 p.m. EDT. Interested parties may listen to the conference call via live broadcast over the Internet at webex.com or by calling 212-896-6053. |
