SAN MATEO, Calif., April 24 /PRNewswire Interactive News Release/ -- Blue
Martini Software, Inc., (Nasdaq: BLUE) a provider of next generation customer
relationship management (eCRM) applications that help companies to understand,
target and interact with their customers and business partners, today reported
its financial results for the first quarter of 2001. Blue Martini Software
reported total revenues of $20.5 million for the first quarter, an increase of
92 percent as compared to revenues of $10.7 million reported for the same
period last year. On a pro forma basis, excluding restructuring charges and
the impact of amortization of deferred stock compensation, stock warrants and
intangible assets, Blue Martini Software reported for the quarter a pro forma
net loss of $15.2 million, or $0.24 per share as compared to a pro forma net
loss of $5.8 million, or $0.12 per share for the first quarter of 2000.
For the first quarter, net loss, including a $2.1 million restructuring
charge and amortization of deferred stock compensation, stock warrants and
intangible assets, was $25.7 million, or $0.41 per share, as compared to
a net loss of $11.6 million, or $0.46 per share, for the first quarter of
2000. The impact of restructuring charges and amortization of deferred stock
compensation, warrants and intangible assets on pro forma results is
summarized on page 5 of this release. For additional information on the
company's reported results, see the accompanying financial tables.
"Despite the uncertain economic climate, we continue to believe in the
strength of our products, as demonstrated this quarter by the many awards we
won, the customers we brought live, and the new customers and partners we
signed," said Monte Zweben, president and CEO of Blue Martini Software. "We
remain enthusiastic about the long-term opportunity for Blue Martini Software
in the eCRM market. Our management and employees are committed to building
the next great software company."
About Blue Martini Software
Blue Martini Software provides eCRM applications that help companies
understand, target and interact with their customers and business partners
across multiple touch points. The Blue Martini 4 application suite includes
four applications: Blue Martini Marketing, Blue Martini Commerce, Blue Martini
Channels and Blue Martini Service. Each application can be used individually
or as a complete integrated business suite for managing catalogs, content,
transactions, campaigns, analysis and personalization. Blue Martini Software
applications drive revenues and build lifetime value of customers by providing
compelling personalized interactions, maximizing the effectiveness of
marketing programs, enabling businesses to sell more effectively directly and
through channel partners or marketplaces, and providing multi-channel customer
service. Blue Martini Software's customers include Canadian Tire Corporation,
Harley-Davidson, Iomega Corporation, Levi Strauss & Co., Oce Technologies,
Oncology Therapeutics Network (OTN), Polaroid Corporation, PublixDirect and
Saks Fifth Avenue. Blue Martini Software can be reached at 650-356-4000 or
http://www.bluemartini.com .
Blue Martini Software's first quarter financial results will be discussed
Tuesday, April 24, 2001 at 5 PM EDT/2 PM PDT and available by calling
800-297-9150 or 703-871-3025, at least 5 minutes prior to the start time, or
by logging in to the investor relations section at http://www.bluemartini.com .
A replay also will be available at the website for a limited time.
Note to editors: "Blue Martini" and "Blue Martini Software" are trademarks
of Blue Martini Software, Inc. 2600 Campus Drive, San Mateo, CA 94403. Other
product and company names may be the trademarks of their respective owners.
This news release regarding first quarter condensed consolidated financial
results includes forward-looking statements that are subject to risks,
uncertainties and other factors that could cause actual results to differ
materially from those referred to in the forward-looking statements. Such
factors may include, but are not limited to, the impact of weakening global
economic conditions or perceived weakening conditions on customers' and
prospective customers' level of spending on Blue Martini Software's
applications and services; financial and other impacts of staffing reductions
and other cost control measures; quarterly fluctuations in Blue Martini
Software's revenues or other operating results; failure by Blue Martini
Software to meet financial expectations of analysts and investors, including
failure resulting from significant reductions in demand from earlier
anticipated levels; risk related to market acceptance of Blue Martini
Software's products; customization and deployment delays or errors associated
with Blue Martini Software's products; impact of long and lengthening sales
and implementation cycles for Blue Martini Software's products; satisfaction
levels of customers regarding the implementation and performance of Blue
Martini Software's products; reliance by Blue Martini Software on a limited
number of customers for a majority of revenue; Blue Martini Software's need to
maintain and enhance business relationships with systems integrators and other
parties; Blue Martini Software's ability to attract and maintain qualified
executives and other personnel and to motivate employees; Blue Martini
Software's use in its products of third-party software; activities by Blue
Martini Software and others regarding protection of intellectual property; and
release of competitive products and other actions by competitors. Further
details on these risks are set forth in Blue Martini Software's filings with
the Securities and Exchange Commission, including its filing on Form 10-K for
the year ended December 31, 2000. These filings are available on a website
maintained by the Securities and Exchange Commission at http://www.sec.gov .
Forward-looking statements in this release are generally identified by words
such as "remain," "will," "continue," "believe," "plan," and other similar
words and expressions. Blue Martini Software does not undertake an obligation
to update forward-looking or other statements in this release.
BLUE MARTINI SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2001 2000
Revenues:
License $8,023 $6,070
Service 12,506 4,611
Total revenues 20,529 10,681
Cost of revenues:
License 1,179 561
Service 13,892 6,237
Total cost of revenues 15,071 6,798
Gross profit 5,458 3,883
Operating expenses:
Sales and marketing 16,887 8,580
Research and development 7,391 4,402
General and administrative 6,985 2,528
Restructuring charges 2,107 -
Total operating expenses 33,370 15,510
Loss from operations (27,912) (11,627)
Interest income and other, net 2,207 60
Net loss $(25,705) $(11,567)
Basic and diluted net loss per common share $(0.41) $(0.46)
Shares used in computing basic and diluted
net loss per common share 62,110 25,108
BLUE MARTINI SOFTWARE, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
IMPACT OF PRO FORMA ADJUSTMENTS ON REPORTED NET LOSS
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended For the Three Months Ended
March 31, 2001 March 31, 2000
As *As As *As
Reported Adjusted Reported Adjusted
Adjustments Adjustments
Revenues:
License $8,023 $- $8,023 $6,070 $ - $6,070
Service 12,506 - 12,506 4,611 - 4,611
Total revenues 20,529 - 20,529 10,681 - 10,681
Cost of revenues:
License 1,179 (500) 679 561 - 561
Service 13,892 (1,642) 12,250 6,237 (1,103) 5,134
Total cost of
revenues 15,071 (2,142) 12,929 6,798 (1,103) 5,695
Gross profit 5,458 2,142 7,600 3,883 1,103 4,986
Operating expenses:
Sales and
marketing 16,887 (2,234) 14,653 8,580 (1,392) 7,188
Research and
development 7,391 (1,188) 6,203 4,402 (2,167) 2,235
General and
administrative 6,985 (2,838) 4,147 2,528 (1,099) 1,429
Restructuring
charges 2,107 (2,107) - - - -
Total operating
expenses 33,370 (8,367) 25,003 15,510 (4,658) 10,852
Loss from
operations (27,912) 10,509 (17,403) (11,627) 5,761 (5,866)
Interest income
and other, net 2,207 - 2,207 60 - 60
Net loss $(25,705) $10,509 $(15,196) $(11,567) $5,761 $(5,806)
Net loss per
share $(0.41) $(0.24) $(0.46) $(0.12)
Pro forma
shares
outstanding** 62,110 62,110 25,108 48,400
* The adjustments represent the reversals of restructuring charges and
the amortization of deferred stock compensation, common stock warrants
and acquired intangible assets.
**Adjusted at March 31, 2000 to include the impact of shares of
convertible preferred stock on an "as-if-converted" basis as of the
beginning of the period presented.
BLUE MARTINI SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS March 31, December 31,
2001 2000
(Unaudited)
Current assets:
Cash and cash equivalents $31,047 $40,101
Short-term investments 42,266 62,183
Accounts receivable, net 10,093 12,584
Prepaid expenses and other current assets 7,602 6,942
Total current assets 91,008 121,810
Property and equipment, net 9,804 8,713
Long-term investments 57,041 51,402
Intangible assets and other, net 5,982 6,373
Total assets $ 163,835 $188,298
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,830 $4,434
Accrued employee compensation 9,015 9,411
Other current liabilities 10,782 14,233
Deferred revenues 10,520 15,249
Current portion of long-term obligations 179 209
Total current liabilities 33,326 43,536
Long-term obligations, less current portion 106 117
Total liabilities 33,432 43,653
Stockholders' equity:
Common stock 69 69
Additional paid-in-capital 262,835 260,943
Deferred stock compensation (33,026) (42,106)
Accumulated other comprehensive loss 773 282
Accumulated deficit (100,248) (74,543)
Total stockholders' equity 130,403 144,645
Total liabilities and stockholders'
equity $ 163,835 $188,298
SOURCE Blue Martini Software, Inc.
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Related links:
http://www.bluemartini.com
CONTACT:
Allison Parker of The Financial Relations
Board, 415-986-1591, ir@bluemartini.com ; or Kate Sellers Blatt
of Blue Martini Software, Inc., 650-356-7851,
kateb@bluemartini.com
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