A good but not spectacular quarter...
biz.yahoo.com
Thursday July 20, 4:39 pm Eastern Time
Excelon Corporation Announces Record Second Quarter Results
Quarter-to-Quarter B2B Revenue Grows 50%
BURLINGTON, Mass.--(BUSINESS WIRE)--July 20, 2000--eXcelon Corporation
(NASDAQ: EXLN - news), a leading provider of business-to-business (B2B)
infrastructure solutions, today reported total revenues of $19.1 million
for the three months ended June 30, 2000 compared to $14.6 million for the
same period last year. Net loss for the three months ended June 30, 2000
was $1.1 million or $0.04 loss per diluted share, as compared to net loss
of $1.7 million or $0.06 loss per diluted share for the same period last
year.
The company had $5.4 million in license and services revenues for its B2B
infrastructure business for the three months ended June 30, 2000, a 50%
increase as compared to $3.5 million in license and services reported last
quarter. Of that amount, $3.5 million was software license revenues. The
B2B infrastructure business generated $9.0 million in total revenue during
the first six months of 2000.
For the six-month period ended June 30, 2000, total revenues were $36.1
million, up 30% from $27.8 million reported for the same period last year.
License revenues for the six-month period ended June 30, 2000 were $22.0
million compared to $16.6 million in the same period last year representing
a 32% increase. Net loss for the six months ended June 30, 2000, was $1.8
million or $0.06 loss per diluted share, as compared to a net loss of $3.7
million or $0.13 per diluted share for the same period last year.
``Our strong second quarter performance demonstrates that our corporate
vision and B2B solutions are gaining momentum in the industry. We were
pleased to see solid revenue growth from our flagship B2B Integration
Server, and by shipping our B2B Portal Server, the B2B Partner Server,
Xpress and Supplier Connect solutions, in our view, we now provide the
industry's most complete B2B commerce package,'' said Robert Goldman,
President and CEO of eXcelon Corporation. ``Over the past quarter we have
generated increased interest in our solutions from both large, established
corporations as well as emerging start-up organizations. We are also
winning customers in head-to-head evaluations against our competitors,
underscoring the unique value and strength of our product set.''
During the second quarter, eXcelon Corp. expanded its B2B customer base by
securing a number of strategic sales wins, including Cadence Network,
Software AG, MedCompanion, Tilion, HyperChannel, AXA and The Dialog
Corporation. Also during the quarter, eXcelon announced its new B2B
Alliance Program, and formed key partnerships with organizations such as
Ariba, SupplierMarket, Oracle and IBM.
eXcelon Corp. solidified its B2B infrastructure offerings by shipping its
B2B Portal Server and partner connectivity options, the B2B Partner Server
and Xpress. Additionally, eXcelon introduced Supplier Connect, new
technology designed to help organizations simplify and automate
interactions with multiple online marketplaces. eXcelon now offers a
complete solution for building next-generation B2B trading networks.
eXcelon's B2B product line enables companies to engage in B2B commerce
across the Internet with their partners, suppliers and customers. This
quarter adds an additional 64 customers to the eXcelon B2B installed base
and brings the total number of customers using eXcelon's B2B products to
over 250.
eXcelon continues to enhance its B2B focus with the addition of Alan Gold
as Chief Marketing Officer, bringing over 20 years of sector knowledge to
the company. Under Alan Gold's direction, eXcelon has launched a new B2B
seminar series, ad campaign, expanded its presence at industry and vertical
trade shows and has been featured in a number of industry publications and
analyst reports . eXcelon continues to invest in sales, marketing,
engineering and consulting personnel adding 40 new people in the June
quarter to bring the total organization to 375 people.
eXcelon's data management business continued to perform very well during
the second quarter, generating $13.7 million in license and services
revenues. Data management license revenue increased to $8.4 million in the
June 30, 2000 quarter from $7.5 million in the prior quarter. The company
closed data management deals with organizations such as Hitachi, NTT
Docomo, Alcatel, CopperCom, Action Engine and others. eXcelon records over
2000 worldwide customers of its data management products.
About eXcelon Corporation
eXcelon Corporation (www.exceloncorp.com) is a leading provider of products
and services that enable companies to engage in business-to-business (B2B)
commerce across the Internet. eXcelon Corporation's B2B infrastructure
solutions are 100 percent standards-based, thus eliminating technical
barriers-to-entry for doing business across the Internet. Companies use
eXcelon's B2B solutions to establish high-value electronic partnerships
that are built for change. Based in Burlington, Mass., eXcelon Corporation
was founded in 1988 and is traded on the NASDAQ National Market under the
symbol EXLN. eXcelon Corporation sells and supports its products through
branch offices across the U.S. and international subsidiaries in the United
Kingdom, Germany, The Netherlands, Japan and Australia, as well as a
worldwide network of distributors, value-added resellers, systems
integrators and other indirect sales partners.
``Safe Harbor'' Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding eXcelon
Corporation's business, including future market opportunities and
prospects, which are not historical facts are ``forward-looking
statements'' that involve risks and uncertainties. For a discussion of such
risks and uncertainties, which could cause actual results to differ from
those contained in the forward-looking statements, see ``Risk Factors'' in
the Company's Annual Report or Form 10-K for the most recently ended fiscal
year.
NOTE: ObjectStore is a registered trademark of eXcelon Corporation;
eXcelon, eXcelon Dynamic Application Platform, eXcelon B2B Integration
Server, eXcelon eSolutions, Stylus, Cache-Forward and Javlin are trademarks
of eXcelon Corporation. All other trademarks are the property of their
respective owners.
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eXcelon Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
Revenues:
Software $ 11,878 $ 8,407 $ 21,952 $ 16,611
Services 7,191 6,240 14,121 11,144
Total revenues 19,069 14,647 36,073 27,755
Cost of revenues:
Cost of software 581 468 1,215 886
Cost of services 4,653 3,112 8,412 6,096
Total cost
of revenues 5,234 3,580 9,627 6,982
Gross profit 13,835 11,067 26,446 20,773
Operating expenses:
Selling and
marketing 10,163 9,046 19,268 17,026
Research and
development 3,294 2,524 6,314 4,995
General and
administrative 1,805 1,451 3,342 2,980
Total operating
expenses 15,262 13,021 28,924 25,001
Operating income (1,427) (1,954) (2,478) (4,228)
Other income, net 357 326 699 591
Income before income taxes (1,070) (1,628) (1,779) (3,637)
Provision for income taxes -- 43 -- 43
Net income $ (1,070) $ (1,671) $ (1,779) $ (3,680)
Earnings (loss) per share:
Basic $ (0.04) $ (0.06) $ (0.06) $ (0.13)
Diluted $ (0.04) $ (0.06) $ (0.06) $ (0.13)
Weighted average
shares outstanding:
Basic 29,366 28,232 29,226 28,160
Diluted 29,366 28,232 29,226 28,160
EXCELON CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
June 30, Dec. 31,
2000 1999
ASSETS
Current assets:
Cash and investments $21,131 $19,174
Accounts receivable, net 18,148 13,902
Prepaid expenses and other
current assets 1,316 946
Total current assets 40,595 34,022
Property and equipment, net 5,398 5,169
Marketable securities 989 4,589
Other assets 3,386 3,625
Total assets $50,368 $47,405
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $11,956 $10,195
Deferred revenue 8,944 7,697
Total current liabilities 20,900 17,892
Stockholders' equity: 29,468 29,513
Total liabilities and
stockholders' equity $50,368 $47,405
Contact:
eXcelon Corporation
Lacey Brandt, 781/674-5000
brandt@exceloncorp.com |
