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Strategies & Market Trends : Sharck Soup -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (17506)	4/20/2001 9:09:25 AM
From: 2MAR$	Read Replies (1) \| Respond to of 37746

Ariba Announces Second Quarter 2001 Results Q2 Fiscal 2001 Revenues Up 126 Percent Year Over Year MOUNTAIN VIEW, Calif., April 20 /PRNewswire Interactive News Release/ -- Ariba, Inc. (Nasdaq: ARBA), the leading business-to-business (B2B) eCommerce platform and network services provider, today announced results for the fiscal second quarter ended March 31, 2001. Revenues for the second quarter of fiscal 2001 were $90.7 million, up 126 percent from the same period last year. Pro forma net loss for the quarter excluding certain special charges was $48.3 million, or a loss of $0.20 per share. During the corresponding quarter in fiscal 2000, the comparable pro forma net loss was $11.5 million, or a loss of $0.06 per share, excluding certain special charges. "Even though Ariba is feeling the effects of this difficult economy, the proven time to benefit and return on investment value proposition our products offer allowed us to sign several notable customers during the quarter including: AT&T, British Airways, Exxon-Mobil, Herman Miller, HSBC Holdings, Saks Inc., Seven-Eleven Japan Co., Ltd, State of North Carolina, Unilever and Zurich Financial Services," said Keith Krach, Ariba's chairman and CEO. "We now have over 240 customers live including the Commonwealth of Virginia, Pillsbury, State of California, Sunoco, and many others this quarter. We remain confident that Ariba's set of solutions will enable us to manage and execute through this economic environment and emerge even stronger in the long-term." On April 2 the company revised its guidance for the quarter, reflecting the weakening macroeconomic climate. The Company also announced a plan to reduce spending across all major areas, including a reduction in workforce by approximately 30 percent of the total employee base. "The slowdown in both the economy and technology spending impacted our business more dramatically than we had expected," said Bob Calderoni, Ariba's CFO. "While the current uncertain market conditions provide low visibility going forward, we took decisive and immediate actions to realign our expense structure to reflect today's economic realities. We believe a strong focus on operational efficiencies and financial discipline will help us weather the current environment and should position us well as the economy recovers." As a result of the difficult economic conditions and other factors, Ariba has incurred a total of approximately $33.6 million in special charges relating to, among other things, equity investments, and costs related to the cancelled Agile acquisition. The Company also has written down approximately $1.4 billion of goodwill related to an acquisition.