BRYO is now profitable too:
Brio Technology, Inc. Reports Record Results; Company Achieves
Profitability
October 19, 1998 04:12 PM
PALO ALTO, Calif.--(BUSINESS WIRE)--Oct. 19, 1998--Brio Technology, Inc.
BRYO , the enterprise business intelligence company, today reported revenues of
$10.6 million for its second fiscal quarter ended September 30, 1998, an increase of
approximately 74% from $6.1 million reported in the comparable fiscal 1998 quarter.
The Company reported net income of $23,000, or $0.00 per share, compared to a
loss of $2.4 million, or a loss of $0.42 per share for the second quarter last year.
Revenues for the first six months of fiscal 1999 were $19.9 million, up 76%
compared to $11.3 million reported for the same period last year, while the net loss
for the same period was $577,000, or a loss of $0.04 per share, compared to a loss
of $4.9 million, or a loss of $0.87 per share for the corresponding period of fiscal
1998.
"This was a break-through quarter for Brio," commented Yorgen H. Edholm, Brio's
President and CEO. "Besides exceeding our revenue goals and reaching
profitability, we continued to make significant progress in all areas of the business.
During this quarter not only did the company release a major new upgrade of the
Brio Enterprise product family, we introduced a broad range of new services
offerings, and we expanded our relationships with key business partners including
being bundled as part of the IBM Visual Warehouse product offering."
The Company also announced that as of October 13th, it had signed a definitive
agreement to acquire MerlinSoft, Inc. of Saratoga, CA. With the purchase, Brio will
acquire technology, which upon completion of development, will be integrated into
the Brio Enterprise product family. In addition, Brio has hired all five members of the
MerlinSoft staff.
The matters contained in this news release that are not purely historical are
"forward-looking statements" within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of
1934, as amended, including, without limitation, any statements included herein
regarding Brio's future product development and commercialization, product sales
and other revenues, market opportunities, beliefs, expectations, goals, financial
performance and future strategies, all of which are dependent on certain risks and
uncertainties that may cause actual results to differ materially from those
expressed in these or any other forward-looking statements made by or on behalf of
Brio. These risks and uncertainties include such factors, among others, as the
potential for fluctuations in Brio's quarterly operating results, Brio's dependence
upon its direct sales force, Brio's ability to attract and retain qualified personnel,
Brio's lengthy product sales cycle and the other risk factors listed in the Company's
Prospectus dated April 30, 1998, its Annual Report of Form 10-K and in other filings
with the Securities and Exchange Commission.
About Brio Technology
Brio Technology, Inc. BRYO is a leading provider of enterprise business intelligence
software. Brio develops, markets and supports software products that improve the
ability of business professionals to make timely, fact-based business decisions.
Available in four languages on ten platforms, the Brio Enterprise suite of products is
used by businesses in more than 20 countries. Brio products are available through
direct sales and services organizations located in the United States, Canada, the
United Kingdom, France and Australia, and worldwide through VARs, resellers and
distributors. Brio has commercial relationships with Access Graphics, Hewlett
Packard HWP , IBM IBM , Microsoft MSFT , Netscape NSCP , Oracle ORCL and
Sun Microsystems SUNW . Brio Technology is based in Palo Alto, California, and
can be reached on the World Wide Web at brio.com, or by calling
1.800.879.BRIO.
Brio Technology, BrioQuery, BrioQuery.Server, Brio.Insight and Brio.Quickview are
trademarks of Brio Technology. Other products or company names may be
trademarks of their respective owners.
BRIO TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, March 31,
1998 1998
---- ----
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $24,327 $ 2,647
Short-term investments 5,321 --
Accounts receivable, net
of allowance 7,622 6,508
Inventories 327 361
Prepaid expenses and other
current assets 976 958
-------- -------
Total current assets 38,573 10,474
Property and Equipment, net 4,092 3,127
Other Assets 421 485
-------- -------
$43,086 $14,086
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities:
Current maturities of notes payable $ -- $ 3,248
Accounts payable 1,620 2,140
Accrued liabilities --
Payroll and related benefits 2,217 1,422
Other 2,123 918
Deferred revenue, current 7,944 6,656
-------- -------
Total current liabilities 13,904 14,384
Notes Payable, net of current
maturities -- 189
Noncurrent Deferred Revenue 1,024 1,321
Other Noncurrent Liabilities 41 46
-------- -------
Total liabilities 14,969 15,940
-------- -------
Stockholders' Equity (Deficit):
Convertible preferred stock,
no par value -- 15,655
Common stock 47,240 1,131
Notes receivable from stockholders (284) (292)
Deferred compensation (371) (459)
Cumulative translation adjustment (26) (20)
Unrealized gains on short-term
investments 4 --
Accumulated deficit (18,446) (17,869)
-------- -------
Total stockholders' equity
(deficit) 28,117 (1,854)
-------- -------
$ 43,086 $ 14,086
======== ========
BRIO TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
1998 1997 1998 1997
------ ------ ------ -----
Revenues:
License fees $ 7,623 $ 4,531 $ 14,431 $ 8,481
Services 2,946 1,527 5,483 2,830
-------- ------- -------- --------
Total revenues 10,569 6,058 19,914 11,311
-------- ------- -------- --------
Cost of revenues:
License fees 421 219 701 429
Services 1,437 544 2,409 987
-------- ------- -------- --------
Total cost of revenues 1,858 763 3,110 1,416
-------- ------- -------- --------
Gross Profit 8,711 5,295 16,804 9,895
-------- ------- -------- --------
Operating Expenses:
Research and development 1,566 1,304 3,124 2,445
Sales and marketing 6,335 5,676 12,612 10,990
General and administrative 1,112 687 2,113 1,313
-------- ------- -------- --------
Total operating expenses 9,013 7,667 17,849 14,748
-------- ------- -------- --------
Loss from operations (302) (2,372) (1,045) (4,853)
Interest and other income
(expense), net 327 (18) 470 (80)
-------- ------- -------- --------
Net income (loss) before
taxes 25 (2,390) (575) (4,933)
Income taxes 2 -- 2 --
-------- -------- -------- --------
Net income (loss) $ 23 $(2,390) $ (577) $ (4,933)
======== ======= ======== ========
Basic net income (loss)
per share $ 0.00 $ (0.42) $ (0.04) $ (0.87)
======= ======= ======== ========
Shares used in computing
basic net income (loss)
per share 14,352 5,726 12,921 5,702
======== ======= ======== ========
Diluted net income (loss)
per share $ 0.00 $ (0.42) $ (0.04) $ (0.87)
======= ======= ======== ========
Shares used in computing
diluted net income
(loss) per share 15,374 5,726 12,921 5,702
======== ======= ======== ========
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