Agile Reports Record Fourth Quarter and Year-End Revenues; Year-Over-Year Total Revenues Increase by 170%
SAN JOSE, Calif., May 22, 2001 /PRNewswire via COMTEX/ -- Agile Software
Corporation (Nasdaq: AGIL), a leading provider of collaborative manufacturing
commerce solutions, today announced results for the fourth fiscal quarter and
year, both ended April 30, 2001. Agile's performances for the quarter met the
Company's revised revenue guidance.
Total revenues for the fiscal fourth quarter 2001 increased to $26.0 million
compared to total revenues of $10.8 million for the same period in fiscal 2000,
representing an increase of 141%. This was the largest quarter in terms of
revenue in Agile's history. License revenues for the fiscal fourth quarter 2001
increased to $19.2 million from license revenues of $7.3 million for the same
period in fiscal 2000, representing an increase of 163%.
Pro forma net loss, which excludes charges associated with amortization of stock
compensation, amortization of goodwill and purchased intangible assets,
impairment of intangible assets and equity investments, merger related expenses,
and payroll taxes on stock option exercises was $2.3 million or ($0.05) per
share. This is compared to a pro forma net loss of $0.7 million or ($0.02) per
share for the same period in fiscal 2000.
Net loss, including all charges associated with amortization of stock
compensation, amortization of goodwill and purchased intangible assets,
impairment of intangible assets and equity investments, merger related expenses,
and payroll taxes on stock option exercises for the quarter ended April 30,
2001, was $83.7 million or ($1.80) per share in the fourth quarter of fiscal
2001, compared to a net loss of $13.9 million or ($0.31) per share for the same
period in fiscal 2000.
For the fiscal year ended April 30, 2001, total revenues were $87.1 million,
compared to total revenues of $32.2 million for the fiscal year ended April 30,
2000, an increase of 170%. Pro forma net loss for the fiscal year ended April
30, 2001 was $4.0 million or ($0.09) per share. This is compared to a pro forma
net loss of $7.1 million or ($0.18) per share for the fiscal year 2000.
Net loss, including all charges associated with amortization of stock
compensation, amortization of goodwill and purchased intangible assets, acquired
in-process technology, impairment of intangible assets and equity investments,
merger related expenses, and payroll taxes on stock option exercises for the
year ended April 30, 2001 was $125.3 million, or ($2.74) per share, compared to
a net loss of $35.2 million, or ($1.14) per share, in the same period in fiscal
2000.
During the fourth fiscal quarter of 2001, Agile incurred special charges
aggregating $68.8 million, which comprised impairment charges associated with
goodwill and certain equity investment, and costs associated with the cancelled
Ariba merger.
The net loss per share and number of shares used in the per-share calculation
for all periods presented reflect the two-for-one stock split effective March
17, 2000.
"Agile has concluded a record fourth quarter and fiscal year 2001," said Bryan
D. Stolle, chairman and chief executive officer of Agile. "While economic
conditions have negatively impacted many of our customers, the need for Agile's
mission-critical solution has remained an essential element of successfully
optimizing supplier collaboration. The ability to deliver high ROI solutions
with fast implementations and low risk helped us grow domestically and
internationally."
Fourth Quarter Highlights
Agile added 43 new customers this quarter, including Analogic Corporation
(Nasdaq: ALOG), a leading custom designer and manufacturer of high-precision
data acquisition, signal and imaging-processing-based medical imaging and
industrial systems and subsystems; Benchmark Electronics, Inc. (NYSE: BHE), a
leading top-tier electronic manufacturing service provider; CIENA Corporation
(Nasdaq: CIEN), a global leader in intelligent optical networking systems and
software; Hitachi, Ltd., one of the world's leading electronics companies;
Lucent Technologies (NYSE: LU), which designs and delivers the systems, software
and services for next-generation communications networks; Microsoft (Nasdaq:
MSFT), a worldwide leader in software, services and Internet technologies for
personal and business computing; Plexus Corp. (Nasdaq: PLXS), a leading provider
of design, manufacturing and testing services to the electronics industry;
Rearden Steel Technologies, Inc., a developer of hardware and software products
for the consumer marketplace; Sulzer Spine-Tech, a company that designs,
develops, manufactures and markets spinal implants and instruments for the less
invasive surgical treatment of degenerative disc disease and other spinal
conditions.
Among Agile's existing client base, more than 175 companies in the electronics,
medical device, semiconductor, industrial equipment, aerospace and apparel
industries added to their existing systems during the fourth quarter. Customers
such as Altera Corporation, Amkor Technologies, APW, Ltd., Chantelle (Textile),
Chomarat (Textile), C-MAC Industries, Flextronics International, Flowserve Inc.,
Fuji Photo Film, Handspring, Honeywell, Intuitive Surgical, Medtronic,
Mitsubishi Wireless Communications, NEC, Nokia, Nvidia, NxStage Medical, Optical
Solutions, Pemstar, Polycom, Quantum, SCI Systems, SMTC Corporation, Solectron
Corporation, Spirent Communications, Zenith Electronics, and Zhone Technologies
added to their existing systems to manage supply chain DNA and optimize business
processes.
Other noteworthy achievements and events at Agile during the quarter include:
-- Agile's mission-critical solution continues to enable companies like Hitachi
to realize quick time to benefit. This quarter, Hitachi signed a multi-million
dollar agreement and deployed Agile's solution in less than 90 days.
-- Agile demonstrated its growing network effect by signing a license agreement
with Microsoft. Xbox, the video game system division, will speed its video game
console to market this holiday season by using Agile's solution to efficiently
collaborate with its partners (Flextronics and Nvidia), who also use Agile. Xbox
outsources its manufacturing to Flextronics, one of the largest providers of
electronics manufacturing services and uses Nvidia to supply the core of Xbox
with its advanced graphics processing technology.
-- 12 of the top 20 electronics manufacturing service (EMS) providers use Agile
solutions, and Agile continued to expand its leadership in this sector by adding
Benchmark Electronics to its customer list.
-- Existing Agile EMS customers such as Solectron, Flextronics, SCI, C-MAC, APW,
SMTC and Pemstar increased their subscriptions to Agile systems this quarter.
-- Agile made significant inroads in the intelligent optical networking market
by signing seven-figure license agreements with CIENA Corporation and Lucent
Technologies.
-- Agile continued to grow business within the medical device market with wins
at Sulzer Spine-Tech and Analogic Corporation.
-- Agile and webMethods announced a partnership through which webMethods'
integration platform will collaborate with the Agile Integration Server(TM) --
an XML-based integration solution that makes the valuable product content
(product DNA) held in Agile Anywhere(TM) software available to other
mission-critical business applications. This joint solution will allow the
product information stored in Agile Anywhere to be shared with applications such
as ERP, CRM, knowledge management, purchasing and inventory management systems.
-- Agile Anywhere(TM) 7.0 began shipping. Agile Anywhere is a complete suite of
collaborative manufacturing solutions that enable manufacturers to build private
product manufacturing collaboration exchanges. Some additional capabilities in
the Agile Anywhere 7.0 version include extended collaborative workflow
capabilities, as well as strengthened supply chain security.
-- Agile and Ariba announced the mutual termination of the proposed merger
agreement without either party paying any termination fees.
Agile will discuss its fourth quarter results and management's forward-looking
guidance for the 1st quarter and fiscal year 2002 on a conference call today
beginning at 2:00 p.m. Pacific Time. A Webcast of the conference call will be
available on Agile's website at www.agilesoft.com under the "Investor Relations"
section.
About Agile
Agile Software Corporation is a leading supplier of business-to-business
collaborative manufacturing commerce solutions. Agile products enable supply
chain partners to communicate and collaborate over the Internet about new or
changing product content, and then source and procure the required components.
Agile customers include Amkor Technologies, Compaq Computer, Dell Computer,
Flextronics International, Flow International, GE Medical Systems, International
Paper, Juniper Networks, Lucent Technologies, Nvidia, Philips, Sycamore
Networks, Texas Instruments, Zhone Technologies and others. For more
information, call 408-975-3900, or visit Agile at agilesoft.com .
This "Safe Harbor" Statement Under the Private Securities Litigation Reform Act
of 1995: Information in this release that involves Agile's beliefs, hopes,
plans, expectations, intentions or strategies regarding the future consists of
forward-looking statements that involve risks and uncertainties, which are based
upon information available to Agile as of the date of the release, and we assume
no obligation to update any such forward-looking statement. These statements are
not guarantees of future performance and actual results could differ materially
from our current expectations. We caution you not to place undue reliance upon
any such forward-looking statements, which are relevant only as of the date
made. Factors that could cause or contribute to such differences include, but
are not limited to, declining economic conditions including a possible recession
which could result in lower growth rates and decreased sales; cutbacks by our
customers in their purchases of software such as ours; delays and difficulties
in introducing new products and upgrades of existing versions of our products;
lack of market acceptance of Agile Anywhere software and its new releases or
other new products or services; inability to continue timely delivery of
competitive new products and services; introduction of new products or services
by competitors; risks related to the Internet on our business and prospects;
changes in our pricing or compensation policies; an inability to identify
expenses which can be eliminated; our ability to recruit or retain necessary
personnel; and significant fluctuations in our stock price. These and other
factors and risks associated with our business are discussed in the Company's
Form 10-K filed July 24, 2000 and Form 10-Q filed on March 12, 2001.
NOTE: Agile Software, the Agile Software logo, Agile Anywhere, and Agile
Integration Server are trademarks of Agile Software Corporation in the U.S.
and/or other countries. All other brand or product names are trademarks and
registered trademarks of their respective holders.
Agile Software Corporation
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
See pro forma adjustments listed in table below
(In thousands, except per share data)
(unaudited)
Three Months Ended Fiscal Year Ended
April 30, April 30,
2001 2000 2001 2000
Revenues:
License $19,224 $7,309 $64,978 $21,463
Services 2,626 1,344 9,182 4,787
Maintenance 4,170 2,156 12,899 5,948
Total revenues 26,020 10,809 87,059 32,198
Cost of revenues:
License 1,124 475 3,830 1,451
Services and
maintenance 3,640 1,954 11,861 6,228
Total cost of
revenues 4,764 2,429 15,691 7,679
Gross profit 21,256 8,380 71,368 24,519
Operating expenses:
Sales and marketing 17,026 9,395 61,537 26,657
Research and
development 8,855 3,381 26,393 9,411
General and
administrative 1,772 1,041 6,235 3,411
Total operating
expenses 27,653 13,817 94,165 39,479
Loss from operations (6,397) (5,437) (22,797) (14,960)
Interest and other
income, net 4,102 4,712 18,749 7,823
Pro forma net loss $(2,295) $(725) $(4,048) $(7,137)
Pro forma net income
(loss) per share
- basic and diluted $(0.05) $(0.02) $(0.09) $(0.18)
Shares used in
per-share
calculation
- basic and diluted 46,438 44,512 45,703 30,967
PRO FORMA ONLY
The pro forma amounts
have been adjusted
to eliminate the
following:
Amortization of
stock compensation 3,744 4,231 16,052 11,845
Amortization of
goodwill and
purchased intangible
assets 8,909 8,947 35,974 14,911
Acquired in-process
technology -- -- -- 1,300
Impairment of goodwill
and other intangible
assets 55,224 -- 55,224 --
Merger related
expenses 4,985 -- 4,985 --
Payroll tax on
stock option
exercises 14 -- 492 --
Impairment of equity
investments 8,561 -- 8,561 --
$81,437 $13,178 $121,288 $28,056
Agile Software Corporation
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(unaudited)
Three Months Ended Fiscal Year Ended
April 30, April 30,
2001 2000 2001 2000
Revenues:
License $19,224 $7,309 $64,978 $21,463
Services 2,626 1,344 9,182 4,787
Maintenance 4,170 2,156 12,899 5,948
Total revenues 26,020 10,809 87,059 32,198
Cost of revenues:
License 1,124 475 3,830 1,451
Services and
maintenance 3,640 1,954 11,861 6,228
Total cost of
revenues 4,764 2,429 15,691 7,679
Gross profit 21,256 8,380 71,368 24,519
Operating expenses:
Sales and marketing 17,026 9,395 61,537 26,657
Research and
development 8,855 3,381 26,393 9,411
General and
administrative 1,772 1,041 6,235 3,411
Amortization of
stock compensation 3,744 4,231 16,052 11,845
Amortization of
goodwill and
purchased intangible
assets 8,909 8,947 35,974 14,911
Acquired in-process
technology -- -- -- 1,300
Impairment of goodwill
and other intangible
assets 55,224 -- 55,224 --
Merger related
expenses 4,985 -- 4,985 --
Payroll tax on
stock option
exercises 14 -- 492 --
Total operating
expenses 100,529 26,995 206,892 67,535
Loss from operations (79,273) (18,615) (135,524) (43,016)
Impairment of equity
investments (8,561) -- (8,561) --
Interest and other
income, net 4,102 4,712 18,749 7,823
Net loss $(83,732) $(13,903) $(125,336) $(35,193)
Net loss
per share:
Basic and diluted $(1.80) $(0.31) $(2.74) $(1.14)
Shares used in
per-share
calculation
- basic and diluted 46,438 44,512 45,703 30,967
Agile Software Corporation
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
April 30, April 30,
2001 2000
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $139,917 $142,721
Short-term investments 160,608 157,154
Accounts receivable, net 22,626 6,537
Other current assets 12,105 4,979
Total current assets 335,256 311,391
Property and equipment, net 12,975 6,519
Long-term Investments -- 12,550
Goodwill and purchased intangible assets, net 1,198 92,965
Other assets 5,762 7,376
$335,191 $430,801
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and other liabilities $22,516 $7,825
Deferred revenue 18,542 8,634
Current portion of lease obligations and
notes payable 359 681
Total current liabilities 41,417 17,140
Noncurrent portion of lease obligations and
notes payable 134 1,015
41,551 18,155
Total stockholders' equity 313,640 412,646
$335,191 $430,801
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SOURCE Agile Software Corporation
CONTACT: Carter Cromwell, 408-535-7307, or
Carter.Cromwell@agilesoft.com, or Kelly Casey, 408-999-7063, or
Kelly.Casey@agilesoft.com, both of Agile Software Corporation
URL: agilesoft.com
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