iManage Announces Record Fourth Quarter Revenues, Up 100%
- Net Income, Excluding Stock-Based Compensation, of $0.03 Per Share -
SAN MATEO, Calif., Jan. 20 /PRNewswire/ -- iManage, Inc. (Nasdaq: IMAN - news), a leading provider of information and collaboration management software, today announced record results for the fourth quarter and year ended December 31, 1999.
Revenues for the quarter were $5.9 million, up 100% from $2.9 million in the corresponding quarter of the previous year. Revenues for the year ended December 31, 1999 increased 140% to $18.6 million compared with $7.7 million in 1998. License revenues in 1999 continued to record strong gains, as more than 75% of total revenues in both the fourth quarter and the year were attributable to software licenses. Revenues were also boosted by significant gains in support and services, which increased 192% and 250% for the quarter and year, respectively, compared with the comparable periods of 1998.
``We were very pleased to have achieved record revenues in 1999,' said iManage president and CEO, Max Panjwani. ``Our robust growth, with a sequential increase in revenue of over 20% from the prior quarter, is directly attributable to strong customer demand for our new infoCommerce line of products. We believe the viral marketing effect afforded by customers deploying our infoCommerce systems positively positions us for continued success in the future,' added Panjwani.
Excluding stock-based compensation, fourth quarter 1999 net income was $479,000 or $0.03 per share compared to a net loss of $36,000 or $0.00 per share in fourth quarter 1998. For the year, net income, excluding stock- based compensation, grew to $814,000 or $0.08 per share, up from a net loss of $1,786,000 or $0.24 per share for all of 1998.
Including stock-based compensation, fourth quarter 1999 net loss was $342,000 or $0.02 per share compared to a net loss of $278,000 or $0.04 per share fourth quarter 1998. For all of 1999, the net loss was $2.8 million, or $0.28 per share, compared with a net loss of $2.8 million, or $0.38 per share, for all of 1998. Weighted average shares outstanding increased in 1999 compared with 1998 primarily due to the Company's initial public offering of common stock during the fourth quarter and conversion of all outstanding shares of preferred stock to common stock upon completion of the initial public offering.
iManage achieved a number of additional significant milestones in the fourth quarter of 1999:
-- Completed successful initial public offering. iManage completed an
initial public offering of 4.14 million shares of common stock at $11
per share resulting in net proceeds of $41.2 million. As of December
31, 1999, the Company's balance of cash and investments stood at $54.2
million.
-- Selected by Microsoft to manage corporate information across and
between multiple departments. Microsoft purchased the infoCommerce
Suite to facilitate their needs to collaborate on and manage
information critical to support their high value business practices.
Microsoft's selection further validates iManage as a leader in e-
business information and collaboration management.
-- Signed 70 new customers. New customers include diverse corporate
companies such as Microsoft Corporation, Bank of England, J.C. Penney
Company Inc., Choice One Communications, Mitsubishi Silicon America,
Sabre Inc., Baxter Cardiovascular Group, Celera Genomics and ComCast.
-- Signed agreement with Xerox to provide integrated information commerce
applications. This device level integration provides users of Xerox
Document Centre Systems with the ability to photocopy, scan or fax
information directly into iManage infoCommerce servers. Through such
partnerships, iManage continues to lead in providing direct integration
to the most widely used content sources in corporate use today.
-- Strengthened international presence. iManage established a wholly
owned subsidiary based in London, England positioning itself to meet
the growing demand for our products in the UK and Europe.
The iManage infoCommerce Suite
The iManage infoCommerce Product Suite is comprised of powerful, leading- edge business-to-business and intra-business information and collaboration management solutions. The infoCommerce Suite is designed for enterprise-wide use in organizations seeking to deploy network-based and internet-based information management solutions. iManage's software solutions are built on a flexible, three-tiered architecture that provides users with innovative, Web browser-based interfaces along industry accredited scalable servers. The iManage infoCommerce Suite includes the infoCommerce Server, infoLink, infoLook, and infoRite application modules.
About iManage, Inc.
iManage, Inc., is a leading provider of information and collaboration management software for enterprises engaged in information commerce as part of their e-business strategy. The Company's products provide a centralized web- based unified content platform for information and collaboration management, both for internal use and for use across the extended enterprise. The software offers a scalable, reliable and highly secure server network that ensures timely delivery of relevant information to appropriate parties and integrates with both the Internet and existing email systems. iManage sells its software products through its direct sales force and through a network of strategic partners and systems integrators. The iManage suite of products is available on a perpetual or subscription license basis.
Headquartered in San Mateo, California, the Company first introduced the iManage suite of solutions in 1996. For detailed sales and product information please contact info@imanage.com or visit www.imanage.com. |
