Re ARTG, doesn't look good (note: analysts had expected a profit, company reports loss instead)....
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Monday April 2, 8:32 am Eastern Time
ATG Announces Preliminary Results for the First Quarter of 2001
CAMBRIDGE, Mass.--(BUSINESS WIRE)--April 2, 2001--ATG (Art Technology Group; Nasdaq: ARTG), developer of the ATG Dynamo® e-Business Platform for online customer management and electronic commerce, today announced preliminary financial results for the first quarter of 2001 ended March 31, 2001.
For the first quarter, the company expects to report:
Revenue in the range of $40 million to $42 million compared with revenue of $21.6 million in the first quarter of 2000.
A net loss in the range of $0.22 per share to $0.19 per share compared with a net loss of $0.01 per share in the first quarter of 2000.
Days sales outstanding of approximately 90 days.
Deferred revenue of approximately $21 million.
Cash and marketable securities at March 31, 2001 of approximately $115 million.
``Toward the end of the first quarter, we saw large enterprise customers across many vertical industries delay technology purchases due to the current economic environment,'' stated Jeet Singh, ATG's chief executive officer. ``As a result, multiple large deals that we had expected to finalize very late in the first quarter were not closed. In response to our lower-than-anticipated top and bottom lines and a lack of market visibility, we are looking closely at every possible means of reducing our operating expenses. We have already suspended hiring in all departments, with the exception of sales, and we have postponed our expansion initiatives for the time being. After we have an opportunity to revise our operating plan, we intend to provide investors with new guidance on our business outlook for 2001, since current market conditions have made our previous guidance obsolete.''
Continued Singh, ``Our customer win rate versus our competition remained high in the quarter, as well as the quality of the customers that ATG continues to win with our proven and leading-edge e-commerce and CRM solutions. Given our great team of employees and loyal partners, ATG is well positioned to translate ongoing customer interest into revenue growth once market conditions begin to improve. We are confident that our focus on enhancing our sales force and the Dynamo product suite, coupled with our proven business model and substantial cash position, will enable ATG to maintain its market leadership in a slower economy.''
Conference Call Information
In conjunction with this news release, ATG management will host a conference call for investors at 10:00 a.m. ET on Monday, April 2. The call will be broadcast live over the Internet. Investors interested in listening to the Webcast should log onto the ``Investor Relations'' section of the ATG Web site, located at www.atg.com, at least 15 minutes prior to the event's broadcast. To participate in the live teleconference call, please dial 719-457-2683. A replay will be available from 1:00 p.m. ET on April 2, 2001 through midnight ET on April 9, 2001 at 719-457-0820. The confirmation code for the replay is 588213.
About ATG
ATG is a leading provider of online customer relationship management and electronic commerce products and services. ATG offers an integrated suite of Java(TM) application server-based products, as well as related application development, integration and support services. The ATG Dynamo® e-Business Platform enables Global 2000 enterprises, as well as new businesses using the Internet as their primary business channel, to understand, manage, and build their online customer relationships and to more effectively market, sell, and support their products and services over the Internet.
With its network of more than 250 partners, ATG delivers e-business solutions to more than 670 companies worldwide including 3M, Aetna Services, Inc., AT&T, Blockbuster, Bluelight.com, Eastman Kodak, General Motors, Herman Miller, J. Crew, and Procter & Gamble. The company is headquartered in Cambridge, Massachusetts, with additional locations throughout North America, Europe, Asia, and Australia. |
