(BSNS WIRE) Calico Commerce Reports Record Third Quarter Results
Calico Commerce Reports Record Third Quarter Results
Business Editors and High Tech Writers
SAN JOSE, Calif.--(BUSINESS WIRE)--Jan. 13, 2000--
Calico Demonstrates Leadership in Sell-Side eCommerce as License
Revenues Increase by 72%; Proforma Net Loss of $0.16 Betters Analyst
Estimates
Calico Commerce (Nasdaq: CLIC), a leading provider of
business-to-business electronic commerce software and services, today
announced record results for its third quarter ended December 31,
1999.
Led by a 72% increase in license revenues, total revenues
increased to a record $8.7 million compared with revenues of $5.7
million for the same period last year. The Company had a net loss of
$5.7 million or $0.19 per share compared to a net loss of $3.8 million
or $0.55 per share for the same period last year. On a proforma basis,
excluding the amortization of stock compensation, acquired R&D, and
goodwill and also assuming the conversion of preferred shares for the
entire third quarter, the loss per share was $0.16 versus $0.13 last
year.
"We are extremely pleased with our business momentum on every
level. This quarter we reached important milestones financially,
competitively and most importantly, winning leading customers who are
choosing Calico eSales as the cornerstone of their eCommerce
strategies," said Alan Naumann, president and CEO, Calico Commerce.
"In our first quarter as a public company we added 12 new customers,
successfully launched Calico eSales.com, our initiative to address the
explosive net market maker segment, announced the agreement to acquire
ConnectInc.com and established Calico as a sell-side eCommerce
leader in the telecommunications services industry. In addition, we
gained significant customer acceptance of new products in the eSales
suite, received key follow-on orders from our existing customers and
have recently been acknowledged as the market share leader in online
configurator software and services by an industry analyst firm," said
Naumann.
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Quarterly Highlights
The following milestones were completed or announced during the
third quarter of 1999:
-- Calico Commerce added 12 new customers and received license or
professional service revenue from 23 customers including
established leaders such as: Motorola (NYSE: MOT), Nortel
Networks (NYSE/TSE: NT), KPNQwest (Nasdaq & ASE: KQIP), the
leading pan-European data communications company and also from
emerging leaders such as, Winstar Communications (Nasdaq:WCII), a
global provider of advanced broadband telecommunications
services; MYBIKE.COM.com, an online provider of customized
bicycles; Oneswoop.com, the UK's first automotive
transactional-based eCommerce website; iCongo.com, a B2B
marketplace for the international sporting good industry; and
ZoneTrader, a B2B auction site for refurbished and surplus
business equipment. The company also added a new Fortune 50
customer after winning a highly competitive evaluation.
-- In response to growing demand among B2B customers and emerging
net market makers, Calico Commerce launched Calico eSales.com, an
offering for deploying state-of-the-art eCommerce sites and
creating new business communities where multiple buyers and
sellers come together. Calico has already experienced customer
acceptance and rapid growth in this exploding segment of B2B
eCommerce by signing four eSales.com customers since the launch
in December.
-- Calico Commerce completed the initial public offering of its
common stock on the Nasdaq National Market trading under the
symbol "CLIC." Private placement investments totaling $24 million
were concurrently made by Dell U.S.A., L.P. and Andersen
Consulting LLP.
-- A definitive agreement was reached to acquire ConnectInc.com
(Nasdaq: CNKT), a leading provider of technology and services
that dynamically connect buying and selling companies via the
Internet. With the acquisition, Calico strengthens the sell-side
functionality of its eSales electronic commerce suite by adding
new technology that will better serve the needs of eBusiness
leaders in the Global 2000, while expanding its reach to the
thousands of net market maker companies that are building digital
marketplaces.
-- The company added significantly to its telecommunications
services customer base by adding four new customers including
KPNQwest, Winstar, as well as a leading long distance service
provider in the U.S., and a leading Asian integrated
communications service provider.
-- Announced the first joint customer deployment with Andersen
Consulting, OneSwoop.com, the UK's first automotive
transactional-based eCommerce website. This Calico eSales
deployment is also Calico's first within the automotive industry,
an explosive growth sector in electronic commerce.
-- A strategic partnership was announced with BEA Systems, adopting
BEA WebLogic Server(TM) as a platform for its eSales
customer-focused electronic commerce solutions. Calico's
leadership in supporting open Java-based application server
technology uniquely positions the company to meet the most
demanding eCommerce performance and scalability requirements of
customers while adding major new product functionality.
-- Calico announced the appointment of high-technology industry
veteran, Joseph B. Costello, to its board of directors. Costello
has brought a wealth of executive management and operations
experience with Fortune 1000 companies to Calico's board, and is
highly regarded for the role he played for more than a decade as
president and CEO of Cadence Design Systems.
-- Eastman Kodak Company (NYSE: EK) implemented Calico eSales to
distribute marketing, sales and product intelligence to Kodak's
sales force and create a closer link among sales, marketing and
product development. By supplying up-to-date information during
every step of the sales process, Calico eSales helps Kodak's
sales people prepare for - and close - new business
opportunities.
-- Best Buy Co., Inc. (NYSE: BBY), the nation's largest computer
retailer to the home user, completed the roll-out of Calico
eSales into its newly launched in-store configure-to-order
computer kiosks at 354 Best Buy locations nationwide. Calico
continues to empower retailers such as Best Buy to sell complex
products and services via the Web and in stores-- providing
customers with relevant, up-to-date information, and assembling
the right computer package to meet their expressed preferences
and requirements.
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Conference Call Information
For interested parties, the quarterly earnings conference call
will be held today at 5:00 PM EST. The dial in number is
1-800-755-9142 -- Reference: Calico Commerce Quarterly Earnings Call.
This event is also available through Investor Broadcast Network's
Vcall website, located at vcall.com. Vcall recommends
visiting the website at least 15 minutes before this event to register
and obtain any necessary audio software. If participants are unable to
attend the live broadcast, a replay will be available beginning
approximately one hour after the event.
About Calico Commerce, Inc.
Calico Commerce, Inc., headquartered in San Jose, Calif. and with
offices throughout the United States and Europe, provides leading
corporations with the enabling sell-side eCommerce software that
enables direct sales and trading exchanges over the Internet in both
the business-to- business and business-to-consumer markets. Calico
eSales is a customer-focused electronic commerce solution that matches
unique customer needs to business initiatives across all channels
while allowing customers to leverage their existing systems to get the
most from their suppliers and buyers. Calico eSales can be deployed
across the Internet, intranets, extranets and corporate networks and
can be accessed through desktop and mobile computers and retail
kiosks. Calico has helped net market makers and leading
high-technology hardware, manufacturing, telecommunications services,
financial services and retail corporations expand their selling
opportunities, accelerate time to market and increase ROI and market
share. Calico Commerce, Inc. can be found on the World Wide Web at
calico.com.
Except for the historical information contained herein, some of
the matters discussed in this news release contain forward-looking
statements that involve substantial risks and uncertainties. The
following factors, among others, could cause the Company's actual
results to differ materially from those described in these
forward-looking statements: demand for the Company's products, the
level of service and price competition, the ability of the Company to
develop and market new and existing products, ongoing introduction of
new and enhanced products by competitors, the concentration of
revenues in the last weeks of a given quarter and those other factors
described in the Company's Registration Statement on Form S-1 and
other public reports filed with the Securities and Exchange
Commission.
Note to Editors: Calico is a registered trademark of Calico
Commerce, Inc. The Calico eSales Suite is a trademark of Calico
Commerce, Inc.
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CALICO COMMERCE, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
1999 1998 1999 1998
---- ---- ---- ----
Net revenue:
License $ 4,403 $ 2,560 $ 11,362 $ 8,149
Services 4,317 3,155 12,967 7,504
-------- -------- -------- --------
Total net
revenue 8,720 5,715 24,329 15,653
Cost of net revenue:
License 455 350 828 716
Services 3,078 2,036 9,211 5,145
-------- -------- ------- -------
Total cost
of net revenue 3,533 2,386 10,039 5,861
Gross profit 5,187 3,329 14,290 9,792
Operating expenses:
Sales and
marketing 5,583 3,699 14,782 9,523
Research and
development 3,899 1,684 10,366 3,888
General and
administrative 1,875 934 5,227 3,034
Stock compensation 322 582 1,256 1,475
Acquired in-process
research and
development -- -- -- 1,840
Amortization
of goodwill 236 234 712 312
------ ------ ------ ------
Total operating
expenses 11,915 7,133 32,343 20,072
Loss from operations (6,728) (3,804) (18,053) (10,280)
Interest and
other income, net 1,071 54 1,208 (27)
Net loss $ (5,657) $ (3,750) $(16,845) $(10,307)
Net loss per share:
Basic and diluted $ (0.19) $ (0.55) $ (1.04) $ (1.59)
Weighted average
shares 30,300 6,850 16,250 6,500
Pro forma excluding
non-cash charges(1):
Basic and diluted $ (0.16) $ (0.13) $ (0.55) $ (0.34)
Weighted average
shares 31,500 22,500 27,050 19,900
Notes (1) The pro forma results provide information reflecting
the conversion of preferred shares for the entire period or date of
issuance if later and the elimination of non-cash charges such as
stock compensation, acquired in-process research & development, and
goodwill amortization.
CALICO COMMERCE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec. 31, March 31,
1999 1999
-------- --------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 16,306 $ 15,441
Short-term investments 54,304 --
Accounts receivable, net 11,613 7,443
Other current assets 2,383 1,417
-------- --------
Total current assets 84,606 24,301
Long-term investments 10,630 --
Property and equipment, net 4,208 2,532
Intangible and other assets, net 3,494 4,535
-------- --------
$102,938 $ 31,368
======== ========
LIABILITIES, MANDATORILY REDEEMABLE
CONVERTIBLE PREFERRED STOCK AND
STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable $ 1,697 $ 1,728
Accrued liabilities 9,415 5,448
Deferred revenue 5,808 6,054
Current portion of
notes payable 1,113 628
Current portion of
capital lease obligations 181 256
--------- --------
Total current liabilities 18,214 14,114
Notes payable, non-current 1,520 700
Capital lease obligations,
non-current 71 177
Other liabilities 491 622
--------- ---------
20,296 15,613
Mandatory Redeemable
Convertible Preferred Stock -- 32,535
Stockholders' equity (deficit):
Preferred Stock -- --
Common Stock 33 11
Additional paid-in capital 132,756 17,877
Notes receivable from
stockholders (2,007) (2,211)
Unearned compensation (1,524) (2,779)
Other comprehensive income (94) --
Accumulated deficit (46,522) (29,678)
--------- ---------
Total stockholders'
equity (deficit) 82,642 (16,780)
--------- ---------
$ 102,938 $ 31,368
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--30--ik/sf* ac/sf
CONTACT: Calico Commerce, Inc.
Arthur F. Knapp Jr., 408/278-7336 (CFO)
aknapp@calico.com
Katie Belding, 408/808-7655 (Corporate Communications)
kbelding@calico.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
EARNINGS
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