click2learn announces record third quarter revenue of $11.1 Million
e-Learning Network Revenues Increase 37% Over Last
Quarter
BELLEVUE, WA, October 19th, 2000 - click2learn.com, inc.
(Nasdaq:CLKS), the Open
e-Learning Network, today announced its results for the quarter
ended September 30, 2000.
For the third quarter of 2000, click2learn reported total net revenues
of $11.1 million, an
increase of 22% from $9.1 million in the third quarter of 1999. This is
the Company's sixth
consecutive quarter of growing revenues. Revenues from
click2learn's e-Learning Network were
$2.4 million, up 37% sequentially from the quarter ended June 30,
2000. The e-Learning
Network was officially launched during the fourth quarter of 1999.
For the first nine months of fiscal 2000, the Company reported net
revenues of $31.4 million, up
25% from $25.1 million for the same period of fiscal 1999. The
Company's revenue growth is a
result of increased e-Learning Network revenues, sales to new
customers, and strong repeat
sales to existing customers such as Microsoft, The Princeton Review,
Ernst & Young,
Cablevision, Lucent Technologies and Morningstar.
During the third quarter, click2learn was selected by 43 new
customers to implement
e-Learning solutions, including American Airlines, Fatbrain.com,
Netcom GSM, ADC
Telecommunications, Puget Sound Energy, Allfirst Financial, VNU
Publications, and Lawson
Software. The Company continued to expand its strategic marketing
and distribution
relationships announcing a strategic alliance with Science Applications
International
Corporation (SAIC) to pursue opportunities to provide e-Learning
solutions to government and
commercial customers.
A one-time charge of $2.0 million was reported by the Company
reflecting click2learn's
decision to accelerate recognition of all remaining liabilities to
Go2Net from a three year
consumer-focused marketing agreement signed in 1999. Excluding
the one-time charge of $2.0
million, pro-forma net loss for the third quarter was $3.3 million, or
($0.19) per share, compared
to a net loss of $2.4 million or ($0.16) per share for the same period
of 1999. These results
exceed First Call consensus estimates of ($0.22) per share. The net
loss for the quarter
reflects the Company's continued investment in the e-Learning
Network.
The pro-forma net loss for the first nine months of fiscal 2000 was
$9.9 million, or ($0.59) per
share, compared to a pro-forma net loss of $6.8 million, or ($0.48)
per share, for the same
period of 1999. On a reported basis, the Company posted a net loss
of $5.3 million, or ($0.31)
per share for the third quarter of 2000.
"We are pleased with our sales growth during the quarter, particularly
in our e-Learning Network
revenues," said Kevin Oakes, President and CEO of click2learn.
"We believe we have the most
complete solution in the industry available today. Our customers are
organizations that
recognize e-Learning and knowledge management as mission critical
and use e-Learning
across the entire business value chain to educate their employees,
suppliers, distributors,
partners and customers resulting in increased revenues, customer
loyalty, and improved
operational effectiveness."
"We have created an e-Learning Network that allows organizations
to access the best course
content available on the open market, strategic learning management
systems, powerful
authoring and publishing tools, and the ability to have unique custom
content developed rapidly
and collaboratively."
"In coming periods we intend to continue to execute our growth
strategy by expanding our
marketing and direct sales domestically and internationally, growing
our e-Learning Network
and expanding its offerings, and building strategic partnerships and
alliances."
A live Internet broadcast of click2learn's third quarter analyst
conference call (2:00 PM
Pacific/5:00 PM Eastern) will be available today at
www.click2learn.com.
About click2learn.com
click2learn.com (NASDAQ: CLKS), formerly known as Asymetrix
Learning Systems, Inc.,
provides an open e-Learning network consisting of e-Learning
content, learning management,
and authoring and publishing tools.. By developing a powerful and
full-featured outsourced
platform for e-Learning, and partnering with market-leading content
publishers, click2learn.com
provides customers with an Application Service Provider (ASP)
model that gives organizations
instant access to a vast and constantly improving e-Learning
Network. Customers can access
thousands of courses and use browser-based publishing and learning
management tools
through a custom-configured site that looks and feels like the
organization's intranet, and have
access to click2learn.com's expert development group using the
Rapid e-Learning Development
System (ReDS) to develop custom content for distribution on the
network.
In addition to an outsourced solution, click2learn.com is a leader in
providing internal
e-Learning implementations. The click2learn.com enterprise
e-Learning initiatives includes the
market-leading Ingenium total learning management solution, and the
acclaimed ToolBook II
Instructor and Assistant authoring tools. Each solution is augmented
by one of the industry's
largest professional services groups, including award-winning custom
content development,
strategic consulting, and integration services. For more information on
click2learn.com
e-Learning solutions, call (800) 448-6543 or (425) 462-0501. Visit
click2learn.com at
www.click2learn.com or visit the e-Learning portal at
www.click2learn.com/c2l.
This announcement contains forward-looking statements that involve
risks and uncertainties, including information
contained in this document where statements are preceded by,
followed by or include the words "believes," "plans,"
"intends," "expects," "anticipates" or similar expressions. For such
statements, The Company claims the protection of
the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from the results predicted, and
reported results should not be considered as an
indication of future performance. Factors that could cause actual
results to differ from those contained in the
forward-looking statements include market acceptance of internet
based training and the click2learn.com learning
portal, the ability to successfully implement click2learn.com virtual
universities and strategic relationships with
content providers and other web-based companies, the ability of
those relationships to result in increased users and
increased revenues and the risk factors set forth in filings The
Company has made with the SEC.
click2learn.com, click2learn.publisher, click2learn.author,
click2learn.manager, Ingenium, ToolBook II Instructor and
ToolBook II Assistant are trademarks of click2learn.com, inc. All
other company and/or product names are the
property of their respective owners. |
