eXcelon Corporation
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
(Unaudited)
Revenues:
Software $ 10,766 $ 11,806 $ 36,624 $ 44,040
Services 6,646 5,296 24,187 18,318
Total revenues 17,412 17,102 60,811 62,358
Cost of revenues:
Cost of software 481 356 2,380 1,605
Cost of services 3,706 2,674 12,931 10,522
Total cost
of revenues 4,187 3,030 15,311 12,127
Gross profit 13,225 14,072 45,500 50,231
Operating expenses:
Selling and marketing 9,666 8,443 36,425 31,589
Research and development 2,704 2,387 10,292 8,643
General and
administrative 1,434 1,415 6,055 5,619
Restructuring charge -- -- 945 --
Total operating
expenses 13,804 12,245 53,717 45,851
Operating income (loss) (579) 1,827 (8,217) 4,380
Other income, net 271 281 1,116 978
Income (loss) before
income taxes (308) 2,108 (7,101) 5,358
Provision for income taxes -- 211 43 535
Net income (loss) $ (308) $ 1,897 $ (7,144) $ 4,823
Earnings (loss) per share:
Basic $ (0.01) $ 0.07 $ (0.25) $ 0.17
Diluted $ (0.01) $ 0.06 $ (0.25) $ 0.17
Weighted average
shares outstanding:
Basic 28,660 27,958 28,362 27,756
Diluted 28,660 29,223 28,362 29,064
eXcelon Corporation
Condensed Consolidated Balance Sheets
December 31, 1999
(In thousands)
1999 1998
ASSETS
Current assets:
Cash and investments $19,174 $23,591
Accounts receivable, net 13,902 15,885
Prepaid expenses and other current assets 946 644
Total current assets 34,022 40,120
Property and equipment, net 5,169 4,216
Marketable securities 4,589 1,020
Other assets 3,625 3,636
Total assets $47,405 $48,992
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $10,195 $ 8,790
Deferred revenue 7,697 5,433
Total current liabilities 17,892 14,223
Capital lease obligations -- 18
Stockholders' equity 29,513 34,751
Total liabilities and stockholders' equity $47,405 $48,992
CONTACT: eXcelon Corporation
Lacey Brandt
781/674-5000
brandt@exceloncorp.com |
