Brio Technology, Inc. Reports First Quarter Results
SANTA CLARA, Calif.--(BUSINESS WIRE)--July 9, 2001--Brio Technology, Inc. (Nasdaq:BRIO - news), a leading provider of business intelligence and analytic solutions for the Fortune 1000, today reported revenues of $29.1 million for the first quarter of fiscal 2002.
This represents a decrease of approximately 12% from $33.0 million reported in the comparable fiscal 2001 quarter. Net loss for the quarter ended June 30, 2001 was $7.6 million or a loss of $0.26 per share compared to a net loss of $4.5 million, or a loss of $0.16 per share for the quarter ended June 30, 2000. Expenses in the quarter ended June 30, 2001, include $431,000 of severance costs related to restructuring in the marketing, sales and services organizations.
``In contrast to last quarter, we saw a distinct pullback in IT department spending this first fiscal quarter,'' stated Craig Brennan, president and CEO, Brio Technology. ``Overall for Brio, this resulted in much lower than expected revenue for the quarter.''
``While all companies are being challenged in the current economic environment, Brio also faced internal factors that we feel contributed to the disappointing results,'' continued Brennan. ``In this quarter, we were focused on substantial internal improvements that we believe will positively affect our ability to execute in the future and improve our overall financial performance. While we are as impatient as anyone to see solid bottom-line results, these initiatives are designed to create a profitable business model for the long-term.''
Brio expects to achieve financial improvements moving forward as a result of initiatives in these key areas:
Company-wide cost containment
With the challenging economic environment, Brio is squarely
focused on reducing expenses and driving a profitable business
model without damaging its ability to grow.
Sales organization changes
Brio's sales organization changes not only address revenue and
profit attainment but also methods to improve forecast
accuracy, collections management, and pricing methodology.
Additionally, last quarter, Brio introduced a new strategic
accounts unit that will focus on sustainable long-term revenue
streams by capitalizing on Brio's knowledge base of key
vertical industries, specifically High Technology
Manufacturing, Financial Services, Telecommunications and
Utilities, Public Sector and Education, and Process
Manufacturing.
Management Team Additions
As separately announced today, Brio has recruited three new
executives to strengthen its management team. The company has
appointed Todd Davis, executive vice president of worldwide
operations, James Guthrie as executive vice president,
development, and Brian Gentile as executive vice president and
chief marketing officer. These additions help to complete
Brio's new executive team.
New Customers & Partners help diversify revenue stream
Brio's broad product appeal helped to continue to diversify the company's revenue stream this quarter, despite the distinct weakness in Fortune 1000 spending. Several new public sector customer wins, along with key global systems integrator deals, provided important continued progress in satisfying the needs of key vertical market customers. New public sector customer wins included The Franchise Tax Board of the State of California, the U.S. Army Recruiting Command and the Chinese Re-Insurance Company. Strategic systems integrator wins also resulted from Brio's channel partnering efforts including, among others, IBM, Accenture, and Deloitte Consulting. ``We're pleased because our solutions are finding success in a number of core markets,'' said Don Beck, Brio's executive vice president, worldwide sales, ``and perhaps even more pleased because some of this quarter's deals came at the expense of our competitors.'' Greater insight into Brio's next generation product and market strategy will be outlined at the company's user conference, BRIO 2001, scheduled for October 14 - 17 in Las Vegas, Nevada.
Brio Results Conference Call
The company will discuss its results in a conference call on Monday, July 9, 2001 at 7:00 a.m. PDT. Craig Brennan, president and CEO, and Tamara MacDuff, executive vice president and chief financial officer, will host the call. The call will be simultaneously webcast. Investors are invited to listen on the investor relations page of the company's website, brio.com. Listeners should go to the website at least 15 minutes early to register, download and install any necessary audio software.
A replay of the call will be available on the company's website, brio.com on the investor relations page, for 30 days after the call.
Carl, could you post conference call comments? I have no sound card on my PC. |
