SAN MATEO, Calif., April 25 /PRNewswire-FirstCall/ --
Blue Martini Software, Inc., (Nasdaq: BLUE) today announced financial results
for the first quarter of 2002. For its first quarter of 2002, Blue Martini
Software reported revenues of $8.5 million, compared to $10.4 million for the
fourth quarter of 2001 and $21.4 million for the first quarter of 2001.
Blue Martini Software reported pro forma net loss of $7.4 million, or
$0.11 per share for the first quarter of 2002, compared to a pro forma net
loss of $6.4 million, or $0.10 per share for the fourth quarter of 2001 and
$15.2 million, or $0.24 per share, for the first quarter of 2001. Pro forma
net loss per share excludes restructuring charges and amortization of
intangibles, stock compensation and stock warrants. Net loss including those
charges was $7.3 million, or $0.11 per share for the first quarter of 2002,
compared to a net loss of $9.2 million, or $0.14 per share for the fourth
quarter of 2001 and $25.7 million, or $0.41 per share, for the first quarter
of 2001.
In the March quarter, net loss was essentially the same as pro forma net
loss, due to the accounting treatment of deferred stock compensation relating
to departing employees, which resulted in net stock compensation being a
credit, slightly larger then the charges associated with warrants, intangibles
and restructuring.
As of March 31, 2002, Blue Martini had cash, cash equivalents and
short-term investments totaling $88.9 million.
For additional information on Blue Martini Software's reported results,
including reclassifications of prior period financial information, see the
accompanying financial tables.
"As the recovery broadens, we expect technology spending to increase and
our software sales to improve. We remain convinced that great enterprise
software companies provide more value by verticalizing their solutions with
industry-specific functionality," said Monte Zweben, chairman and CEO of Blue
Martini Software. "That's why we've intensified our focus this quarter on
delivering deeper industry functionality for the manufacturing and retail
markets, to complement existing vertical functionality offered by other ERP
and CRM players. Last week, we strengthened our commitment to manufacturing
and retail with the acquisition of the Cybrant Corporation, combining the
power of Blue Martini's multi-channel CRM suite and Cybrant's
interactive-selling suite to better serve the manufacturing and retail
markets."
Blue Martini Software's first quarter-financial results will be discussed
Thursday, April 25, 2002 at 4:30 p.m. ET/1:30 p.m. PT and available by calling
703-871-3077 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 of the webcast
will be available through May 9 at the Company's website or by dialing
703-925-2435, passcode # 5931641.
About Blue Martini Software
Blue Martini Software provides enterprise applications for marketing and
selling profitably across all channels, including websites, wireless devices,
email and physical stores. Blue Martini applications lower costs and increase
revenue by automating business-to-business and consumer processes such as
content and catalog management, marketing, sales, channel enablement and
customer service. Blue Martini Software serves global leaders in retail,
manufacturing and consumer goods. Blue Martini Software can be reached at
650-356-4000 or http://www.bluemartini.com.
Note to editors: "Blue Martini" and "Blue Martini Software" are
trademarks of Blue Martini Software, 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 include, but are not limited to, delay or failure in integrating the
Cybrant Corporation or its product line; customization, deployment and/or
operational delays or errors associated with Blue Martini Software's existing
or newly acquired applications or those of third parties; and increased
headcount and other expenses, liabilities, and obligations acquired by Blue
Martini as a result of the acquisition; and the other risk factors described
in Blue Martini Software's filings with the Securities and Exchange Commission
("SEC"), including its filing on Form 10-K for the year ended
December 31, 2001. These filings are available on a website maintained by the
SEC at http://www.sec.gov . These forward-looking statements are generally
identified by words such as "expect," "anticipate," "will," "intend,"
"believe," "hope," "assume," "estimate," "plan," "should," "designed to" and
other similar words and expressions. Blue Martini Software does not undertake
an obligation to update forward-looking statements.
BLUE MARTINI SOFTWARE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2002 2001 *
Revenues:
License $1,029 $8,023
Service 7,480 13,372
Total revenues 8,509 21,395
Cost of revenues:
License 621 1,179
Service 5,222 13,146
Total cost of revenues 5,843 14,325
Gross profit 2,666 7,070
Operating expenses:
Sales and marketing 6,931 15,518
Research and development 3,545 6,203
General and administrative 1,636 4,116
Amortization of deferred
stock compensation (2,018) 7,038
Restructuring charges 703 2,107
Total operating expenses 10,797 34,982
Loss from operations (8,131) (27,912)
Interest income and other, net 877 2,207
Net loss $ (7,254) $(25,705)
Basic and diluted net loss
per common share $(0.11) $(0.41)
Shares used in computing
basic and diluted net loss
per common share 66,940 62,110
* 2001 amounts have been reclassified to conform to the 2002 presentation,
including (i) reclassifications to revenues and cost of revenues as required
by EITF Topic D-103 and (ii) presentation of amortization of deferred stock
compensation as a separate line item.
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, 2002 March 31, 2001*
As Adjustments** As As Adjustments**As
Reported Adjusted Reported Adjusted
Revenues:
License $1,029 $-- $1,029 $8,023 $-- $8,023
Service 7,480 -- 7,480 13,372 -- 13,372
Total
revenues 8,509 -- 8,509 21,395 -- 21,395
Cost of revenues:
License 621 (500) 121 1,179 (500) 679
Service 5,222 -- 5,222 13,146 -- 13,146
Total cost
of revenues 5,843 (500) 5,343 14,325 (500) 13,825
Gross profit 2,666 500 3,166 7,070 500 7,570
Operating expenses:
Sales and
marketing 6,931 (638) 6,293 15,518 (864) 14,654
Research and
development 3,545 -- 3,545 6,203 -- 6,203
General and
administrative 1,636 -- 1,636 4,116 -- 4,116
Amortization of
deferred stock
compensation (2,018) 2,018 -- 7,038 (7,038) --
Restructuring
charges 703 (703) -- 2,107 (2,107) --
Total operating
expenses 10,797 677 11,474 34,982 (10,009) 24,973
Loss from
operations (8,131) (177) (8,308) (27,912) 10,509 (17,403)
Interest income
and other, net 877 -- 877 2,207 -- 2,207
Net loss $(7,254) $(177) $(7,431) $(25,705) $10,509 $(15,196)
Net loss per
share $(0.11) $(0.11) $(0.41) $(0.24)
Pro forma shares
outstanding 66,940 66,940 62,110 62,110
* 2001 amounts have been reclassified to conform to the 2002 presentation,
including (i) reclassifications to revenues and cost of revenues as
required by EITF Topic D-103 and (ii) presentation of amortization of
deferred stock compensation as a separate line item.
** The adjustments represent the reversals of (i) amortization of acquired
intangible assets, (ii) amortization of stock warrants related to
deferred marketing obligations, (iii) amortization of deferred stock
compensation, and (iv) restructuring charges.
BLUE MARTINI SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS March 31, 2002 December 31, 2001*
(Unaudited)
Current assets:
Cash, cash equivalents and
short-term investments $ 88,867 $ 97,499
Accounts receivable, net 4,930 5,558
Prepaid expenses and
other current assets 1,943 2,370
Total current assets 95,740 105,427
Property and equipment, net 3,573 4,654
Intangible assets and other, net 11,174 12,340
Total assets $ 110,487 $ 122,421
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,176 $ 1,848
Accrued employee compensation 6,423 6,354
Other current liabilities 4,755 6,696
Deferred revenues 4,242 5,061
Total current liabilities 16,596 19,959
Stockholders' equity:
Common stock 69 68
Additional paid-in-capital 249,835 253,946
Deferred stock compensation (4,624) (8,000)
Accumulated other comprehensive loss 12 595
Accumulated deficit (151,401) (144,147)
Total stockholders' equity 93,891 102,462
Total liabilities and
stockholders' equity $ 110,487 $ 122,421
* 2001 amounts have been reclassified to reflect a reclassification of
accrued interest from other current assets to short-term investments, in
conformance to the 2002 presentation.
SOURCE Blue Martini Software, Inc.
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Related links:
http://www.bluemartini.com
CONTACT:
Kate Sellers Blatt of Blue Martini Software,
Inc., +1-650-356-7851, or kateb@bluemartini.com; or Karen Keating
of Financial Relations Board, +1-415-986-1591, or
ir@bluemartini.com, for Blue Martini Software, Inc.
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