StarBase Corporation Reports Record First Quarter Revenue and Strong Operating Results
Quarter-to-Quarter Revenue Increased Over 60% and Net Loss Decreased Over 50%
SANTA ANA, Calif., Aug. 6 /PRNewswire/ -- StarBase Corporation (Nasdaq: SBAS - news), a leading provider of Internet and intranet-based technical collaboration products for web site application production and software configuration management (SCM), today announced results for the first fiscal quarter ended June 30, 1999.
Operational Results
Revenue for the first quarter of FY2000 was $3,493,000, a 203% increase over the $1,153,000 reported for the same period last year. Net loss applicable to the common stock decreased by $1,136,000, or almost 47 percent, to $1,301,000 from the net loss of $2,437,000 for the same period last year. Correspondingly, loss per share for the first quarter decreased to $0.05 from a loss of $0.14 for the same period last year.
Comparing results on a sequential quarter-to-quarter basis, revenue for the first quarter increased $1,331,000, or 62 percent. Net loss applicable to the common stock decreased by $1,334,000, or over 50 percent, during the quarter. Furthermore, the loss per share decreased by $0.05, or 50 percent.
''We are entering a new era in the corporate evolution of StarBase,'' stated William R. Stow III, chairman and chief executive officer of StarBase. ''StarTeam is clearly emerging as a best of breed product for managing e-business application development and the financial strength of the company is improving dramatically. Our first quarter results exceeded expectations and we expect to be profitable in the quarter ending December 1999. From the first introduction of our web based products, we have moved to profitability more rapidly than other comparable companies in this market. Furthermore, our position within the hyper growth e-business market has been greatly strengthened by our partnership and licensing agreement with Macromedia which we entered into in June 1999. We subsequently received a significant up-front cash payment from this agreement that further strengthened our cash position. The combination of a strong cash position, expected continued strong revenue growth and near term profitability bodes well for our shareholders.''
Sales Highlights
In the first quarter the company received numerous repeat orders from marquis customers such as ABB, AT&T, EDS, Hewlett-Packard, Lucent Technologies, Motorola and Siemens. New customers like Ann Taylor, BuildNet, DuPont, Ericsson, and Thought Works have also found their software configuration management solution in StarTeam.
Corporate Highlights
In April of this year, StarBase was named among the fastest growing independent software vendors for Microsoft Windows applications, ranking 25th among the top 75 companies mentioned. The company also announced the joint venture, OpenAvenue, a revolutionary Internet portal for openly sharing knowledge and source code over the Internet. The OpenAvenue portal site will act as a hub and meeting place for virtual development teams to collaborate on distributed IT and open source projects.
Development Highlights
Development efforts in the first quarter were focused on general product and performance enhancement for StarTeam 4.0, released in late February. Critical product feedback from large corporate customers was the driving force for refinements to StarTeam 4.0. The recently released StarTeam 4.1 resulted in significant improvements in database support, general usability enhancements, new integrations with software development tools and improved label and repository management. In short, StarTeam 4.1 is making a significant impact on our ability to effectively compete for enterprise-wide corporate accounts.
Forward-looking Statement
When used in the preceding discussion, the words ''believes, expects, or intend to'' and similar conditional expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, (i) conditions in the general economy or the software industry, (ii) the timely development and market acceptance of products and technologies, (iii) competitive factors, (iv) demand for team productivity software products, (v) sell-through of products in the sales channel, (vi) and other risks described in StarBase Corporation's SEC reports and filings.
About StarBase
StarBase Corporation, with headquarters in Santa Ana, California, offers a complete family of advanced Internet and Intranet-based technical collaboration and software configuration management tools for improving team productivity. StarTeam has won several awards including receiving Two Thumbs Up from New Media in May 1999, receiving Four Stars from Software Development in August 1999, being named the 25th fastest growing ISV for Windows by Microsoft and CMP Media in April 1999, and InfoWorld's 1997 ''Best of the Test Center.'' Leading organizations such as Hollywood Entertainment, Bank of America, Boeing, Dell Corporation, Intel Corporation, Sprint, and Xerox have chosen StarTeam to aid in their development projects. StarBase is located at 4 Hutton Centre Drive, Suite 800, Santa Ana, CA 92707. Tel: (714) 445-4400. Fax: (714) 445-4404. Visit StarBase's web site at http//www.starbase.com. |
