Customer Wins Include Caterpillar, Cigna, Harley-Davidson, Nestle, Unilever
And Vivendi
SAN MATEO, Calif., Jan. 24 /PRNewswire-FirstCall/ --
E.piphany, Inc. (Nasdaq: EPNY) today announced results for the quarter ended
December 31, 2001. For the quarter ended December 31, 2001, the company
reported revenues of $28.0 million, compared to revenues of $49.2 million in
the fourth quarter of 2000. Fourth quarter license revenues were
$16.2 million and service revenues were $11.8 million, representing 58% and
42% of total revenues, respectively. Excluding the amortization of goodwill,
stock-based compensation and restructuring charges, net loss for the quarter
was $8.9 million, or $(0.13) per share, compared to a net loss of
$5.2 million, or $(0.08) per share during the fourth quarter of 2000.
Including the amortization of goodwill, stock-based compensation and
restructuring charges, net loss for the quarter was $36.8 million, or $(0.53)
per share.
For the full year, E.piphany reported total revenues of $125.7 million,
roughly flat with revenues of $127.3 million in 2000. The net loss excluding
the amortization and write-down of goodwill, stock-based compensation and
restructuring charges for 2001 was $67.7 million, or $(0.99) per share,
compared to a net loss excluding the amortization of goodwill and stock-based
compensation for 2000 of $20.9 million, or $(0.37) per share. The net loss
including the amortization and write-down of goodwill, stock-based
compensation and restructuring charges for 2001 was $2.6 billion, or $(38.25)
per share.
"E.piphany closed 2001 with excellent momentum across our entire
application suite," said Roger Siboni, president and chief executive officer.
"We were particularly pleased with the number and quality of our new
customers, including Banco Bital, Caterpillar, Cigna, Cingular Wireless,
Harley Davidson, Japan Airlines, Nestle, Tektronix, Unilever and Vivendi. We
also had good success with existing customers, such as Cisco, Halifax Bank and
MGM Mirage. Moreover, even though we once again signed the largest
transaction in our history during the quarter, no single customer comprised
more than 10% of our revenue."
Kevin Yeaman, chief financial officer, added, "Our balance sheet remains
solid with more than $320 million in cash and DSO of 45 days. In the fourth
quarter, we again sequentially raised service margins and lowered our total
operating costs."
This press release contains forward-looking statements relating to
momentum across E.piphany's product suite and the strength of its balance
sheet. Actual results could differ materially from such forward-looking
statements. Factors that could cause actual results to differ materially from
the forward-looking statements include delays in the development and release
of new US and international versions of E.piphany's products, increases in
E.piphany's sales cycles, intense competition including the introduction of
new products and services by competitors, our ability to hire and retain
qualified personnel, and worsening general economic conditions. These factors
and others are described in more detail in the Company's public reports filed
with the Securities and Exchange Commission, such as those discussed in the
"Risk Factors" section included in the Company's Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and in the Company's prior press releases.
E.piphany assumes no duty to update forward-looking statements.
About E.piphany
E.piphany is a leading provider of next-generation customer relationship
management software for the Customer Economy. By providing an integrated suite
of software solutions, the E.piphany E.5(TM) solution blends web-based
analytic and operational CRM to unify all inbound and outbound marketing,
sales and service customer interactions. E.piphany E.5 enables a single,
enterprise-wide view of each customer to help global businesses better
understand and proactively serve customers in real time. With worldwide
headquarters in San Mateo, California, E.piphany has regional operations and
offices throughout North America, Europe and Asia Pacific.
E.PIPHANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended Years ended
12/31/2001 12/31/2000 12/31/2001 12/31/2000
(unaudited) (unaudited)
Revenues:
Product license $16,223 $29,550 $71,116 $73,493
Services 11,784 19,657 54,572 53,788
Total revenues 28,007 49,207 125,688 127,281
Cost of revenues:
Product license 353 443 2,016 1,209
Services 8,449 21,393 53,188 54,096
Total cost of revenues 8,802 21,836 55,204 55,305
Gross profit 19,205 27,371 70,484 71,976
Operating expenses:
Research and development 8,637 9,093 40,992 26,792
Sales and marketing 17,827 20,689 87,953 67,678
General and administrative 4,025 9,007 24,257 21,510
Restructuring charge 10,535 42,971 --
In-process research and
development charge -- -- -- 47,000
Amortization and write-down
of goodwill and purchased
intangibles 16,998 269,944 2,497,199 697,106
Stock-based compensation 405 1,521 1,561 3,514
Total operating expenses 58,427 310,254 2,694,933 863,600
Operating loss (39,222) (282,883) (2,624,449) (791,624)
Other income, net 2,379 6,198 15,014 23,146
Loss before income taxes (36,843) (276,685) (2,609,435) (768,478)
Income taxes -- -- -- --
Net loss $(36,843) $(276,685) $(2,609,435) $(768,478)
Basic and diluted net
loss per share $(0.53) $(4.26) $(38.25) $(13.71)
Shares used in computing
basic and diluted net
loss per share 69,969 64,896 68,224 56,038
Excluding restructuring
charge and non-cash items (A):
Net loss $(8,905) $(5,220) $(67,704) $(20,858)
Basic and diluted net
loss per share $(0.13) $(0.08) $(0.99) $(0.37)
Shares used in computing
basic and diluted net loss
per share 69,969 64,896 68,224 56,038
(A) Non-cash items include restructuring charge, in-process research
and development charge, amortization and write-down of goodwill and
purchased intangibles, and stock-based compensation.
E.PIPHANY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
ASSETS 12/31/2001 12/31/2000
Current assets:
Cash and cash equivalents $202,940 $319,634
Short-term investments 121,324 77,339
Accounts receivable, net 13,703 27,592
Prepaid expenses and other assets 3,866 5,152
Total current assets 341,833 429,717
Property and equipment, net 22,320 21,789
Goodwill and purchased intangibles, net 98,113 2,541,245
Other assets 3,589 2,323
$465,855 $2,995,074
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Current portion of capital lease
obligations $498 $658
Trade accounts payable 2,537 2,191
Accrued liabilities 11,260 17,289
Accrued compensation 11,873 12,715
Restructuring costs 8,954 --
Deferred revenue 15,380 23,412
Total current liabilities 50,502 56,265
Restructuring costs 23,454 --
Long-term debt, net of current portion 156 --
Other long-term liabilities 316 618
Total liabilities 74,428 56,883
Minority interest 35 --
Stockholders' equity:
Common stock 7 6
Additional paid-in capital 3,807,410 3,746,759
Notes receivable (778) (2,668)
Accumulated and other comprehensive
income (564) (550)
Deferred compensation (901) (1,009)
Accumulated deficit (3,413,782) (804,347)
Total stockholders' equity 391,392 2,938,191
$465,855 $2,995,074
SOURCE E.piphany, Inc.
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Related links:
http://www.epiphany.com
CONTACT:
investors, Todd Friedman, +1-650-356-3934, or
tfriedman@epiphany.com, or media, Heather McLellan,
+1-650-356-3863, or hmclellan@epiphany.com, both of E.piphany,
Inc.
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