MSTG Earnings out....
(BSNS WIRE) Mustang.com, Inc. Reports Revenues Up 85% for Fiscal Year 19
Mustang.com, Inc. Reports Revenues Up 85% for Fiscal Year 1999 Compared to
Fiscal Year 1998
Business Editors
BAKERSFIELD, Calif.--(BUSINESS WIRE)--Feb. 10, 2000--
Mustang.com Continues Aggressive Growth Plans,
Increasing Headcount by 45% Over Last Quarter
Mustang.com, Inc. (Nasdaq:MSTG), a leader in the eBusiness and
eService infrastructure markets, today reported results for its fourth
quarter and year ended December 31, 1999. These results reflect eight
consecutive quarters of revenue growth -- at a compounded rate of 17%
-- as well as a rapid expansion of the company's engineering, sales
and marketing efforts.
Revenues for the fourth quarter ended December 31, 1999 increased
57% to $1,106,278 as compared to $706,120 reported for the prior year
period. The net loss for the quarter was $574,039, or ($0.10) per
basic and diluted share, as compared to the net loss of $146,718, or
($0.04) per basic and diluted share, reported a year ago.
Revenues for the year ended December 31, 1999 increased 85% to
$3,710,935 as compared to $2,010,721 reported for the prior year
period. The net loss for the period was $906,276, or ($0.19) per basic
and diluted share, as compared to a net loss of $1,156,515, or ($0.31)
per basic and diluted share, reported a year ago.
Commenting on the results, President and Chief Executive Officer
Jim Harrer said, "I'm very pleased with the number of hurdles we
cleared in 1999 as we completed our turn-around strategy to emerge as
a leading provider of trusted eService solutions. Fiscal 1999 was
spent working with hundreds of customers and prospects to develop
cutting edge technology to meet their demanding electronic support
demands. Our focus was on building a product line that would be in
demand. Accomplishing this during the first half of the year
represented a major challenge and outstanding efforts by the entire
team."
Continued Harrer, "In Q4, on the success of our private
financing, we began an aggressive growth strategy, doubling our
headcount and finishing the year with 58 employees, up from 25 (132%)
from the start of the year. Our plan is to continue this aggressive
growth strategy through 2000, focusing most of our attention in the
area of sales, marketing, research and development and Mustang
Services -- our Professional Services division. We believe it is
imperative to build the infrastructure to support the customer demands
through our current and future growth."
1999 Highlights
Over 11,000 Mustang Message Center Agent Seats Licensed. The
total number of Agent Licenses for Mustang Message Center at the
end of 1999 was 11,192 adding 5,629 agents in 1999 alone making
it one of the most widely used email management applications in
the world.
Mustang.com Successfully Raised $5.6 Million To Fuel Growth in
Sales and Marketing. Mustang.com, Inc. ended the year with $8.8
million in cash and equivalents, up from $1.8 million a year ago
enabling the company to invest in expanding its engineering,
sales, marketing and services organizations.
Mustang.com, Inc., completed re-branding efforts to focus on
delivering trusted eService solutions. Shedding its image as
developer of online retail software, the market welcomed the
change from Mustang Software, Inc. to Mustang.com, Inc. --
Trusted eService Solutions for the Enterprise.
Mustang Message Center 3.0 Released. Mustang's fourth generation
email management solutions are built on scalability and
flexibility working with the most widely used enterprise email
platforms today including Microsoft Exchange, Lotus Notes and
Novell GroupWise.
Mustang.com's customers use the Mustang Message Center platform
and suite of applications to deliver world-class, trusted
eService solutions and self-service help to enhance customer
loyalty, generate additional sales revenue and reduce the cost of
electronic communication.
Mustang.com Extends Message Center Platform. Mustang.com
announced the availability of a host of applications for the
Message Center platform including KnowledgeLink (web-based
self-help), AgentPro (dedicated message management client),
TeleAgent (seamless integration with third-party CRM solutions)
and Notify (real-time paging and alarm notification).
Mustang.com, Inc., Ends 1999 with 335 Customers. Mustang.com
signed more than 180 in 1999, up from 153, the number signed as
of year end 1998, an increase of 119%. Our customers span Fortune
500 customers and leading .com companies including: Barclay's
Bank, Costco, Dow Jones, eOffering, eStamp.com, GTE, iPrint.com,
Lucent, Mail.com, NORDSTROM.com, Progressive Insurance, 3COM and
Zdnet.
Mustang.com wins Eight Awards in 1999. Mustang Message Center
received eight industry awards in 1999 bringing the total to 20
since the product's launch in 1997. The awards bridge multiple
markets including customer service, computer telephony
integration and the general computer industry and networking
audiences.
Mustang.com, Inc., Partnered with Leading Technology Partners.
Mustang Message Center is designed as the premiere e-mail
management engine for third-party technology partners. Leveraging
the company's expanded strategic focus on indirect channel
development Mustang.com is pleased to announce the addition of
leading technology partners including FaceTime Communications;
Government Technology Services, Inc.; NexCen Technologies;
Pipkins, Inc.; Quintus Corporation; TCS Management Corporation;
Witness Systems, Inc.
About Mustang.com and Mustang Message Center
Mustang.com enables loyal, high quality customer relationships
through the design, development and support of Internet and e-mail
based customer management software applications. Mustang Message
Center is an award-winning eService solution that improves e-mail
management in mission-critical, high-volume customer service
operations. Hundreds of companies worldwide actively utilize the
Mustang Message Center for 24x7, mission-critical customer service,
supporting hundreds of thousands of transactions every day. Corporate
headquarters are located at 6200 Lake Ming Road, Bakersfield, CA
93306; with offices in Chicago, IL; Ft. Lauderdale, FL; Los Angeles,
CA; New York, NY; Phoenix, AZ; Seattle, WA; and Washington, D.C.
Inquiries can be addressed via voice, 661-873-2500; fax, 661-873-2499;
or e-mail, info@mustang.com. Additional information is available from
Mustang.com on the Web at mustang.com.
Cautionary Note Regarding Forward-looking Statements Under the
Private Securities Litigation Reform Act of 1995: Information in this
release that involves Mustang.com's expectations, beliefs, hopes,
plans, intentions or strategies regarding the future are
forward-looking statements that involve risks and uncertainties. These
statements include statements about Mustang.com's strategies in the
marketplace, its market position and its relationship with customers.
All forward-looking statements included in this release are based upon
information available to Mustang.com as of the date of the release,
and we assume no obligation to update any such forward-looking
statement. These statements are not guarantees of future performance
and actual results could differ materially from our current
expectations. Factors that could cause or contribute to such
differences include, but are not limited to, competition, increased
competition due to Mustang.com's expanded product offering, risks
associated with the evolving and varying demand for customer
communication software, our ability to expand our operations,
acceptance of email and the Internet as a communications medium,
litigation over property rights, and general economic factors. These
and other factors are risks associated with our business that may
affect our operating results are discussed in the Company's most
recently filed annual 10k and our quarterly reports on Form 10-Q filed
with the SEC. Mustang.com, Inc., Mustang Message Center and the
Mustang.com's logo are trademarks of Mustang.com, Inc.
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Mustang.com, Inc.
Unaudited Condensed Balance Sheets
December 31
1999 1998
ASSETS
Current Assets:
Cash & cash equivalents $ 8,847,602 $ 1,849,700
Accounts Receivable, net 693,739 409,077
Inventory and other current assets 17,123 28,856
Total Current Assets 9,558,464 2,287,633
Fixed Assets, net 628,078 592,855
Other Assets 2,485 11,183
Total Assets $ 10,189,027 $ 2,891,671
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable $ 492,942 $ 233,854
Accrued liabilities 424,781 214,157
Deferred revenues 250,000 125,000
Current portion of Capital Lease 9,111 8,259
Total Current Liabilities 1,176,834 581,270
Capital lease, less current portion 251,636 260,747
Total Liabilities 1,428,470 842,017
Stockholders' Equity
Preferred stock -- 730,229
Common stock 15,966,363 7,618,954
Accumulated deficit (7,205,806) (6,299,529)
Total Stockholders' Equity 8,760,557 2,049,654
Total Liabilities and Stockholders'
Equity $ 10,189,027 $ 2,891,671
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Mustang.com, Inc.
Unaudited Condensed Statement of Operations
Three Months Ended Twelve Months Ended
December 31 December 31
1999 1998 1999 1998
Revenue $ 1,106,278 $ 706,120 $ 3,710,935 $ 2,010,721
Costs of revenue 150,423 36,503 441,386 177,928
Gross profit 955,855 669,617 3,269,549 1,832,793
Research &
development 333,636 162,358 820,554 611,990
Selling &
marketing 658,938 264,168 1,638,298 974,525
General &
administrative 606,420 404,897 1,853,730 1,430,335
Operating expenses 1,598,994 831,423 4,312,582 3,016,850
Income (loss)
from operations (643,139) (161,806) (1,043,033) (1,184,057)
Other income
(expenses), net 69,100 15,088 137,557 28,342
Income (loss) before
provision for
income taxes (574,039) (146,718) (905,476) (1,155,715)
Provision (benefit)
for income taxes -- -- 800 800
Net income (loss) $ (574,039) $ (146,718) $ (906,276) $(1,156,515)
Net income (loss)
per common share $ (0.10) $ (0.04) $ (0.19) $ (0.31)
Weighted average
number of shares
outstanding 5,756,666 4,098,845 4,821,680 3,707,334
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CONTACT: Mustang.com, Inc.
Don Leonard, 661/873-2580
investor@mustang.com
KEYWORD: ILLINOIS FLORIDA CALIFORNIA NEW YORK ARIZONA WASHINGTON
DISTRICT OF COLUMBIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS E-COMMERCE INTERNET
SOFTWARE EARNINGS
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