SAN MATEO, Calif., July 26 /PRNewswire/ --
Blue Martini Software, Inc., (Nasdaq: BLUE) a provider of external customer
relationship management (eCRM) applications, today reported revenues of
$15.6 million for the second quarter of 2001, as compared to revenues of
$15.0 million reported for the same period in the prior year. On a pro forma
basis, excluding the impact of amortization of deferred stock compensation,
stock warrants and intangible assets, Blue Martini Software reported a net
loss of $15.8 million for the quarter, or $0.25 per share, as compared to a
pro forma net loss of $11.1 million, or $0.23 per share, for the second
quarter of 2000.
For the six months ended June 30, 2001, Blue Martini Software reported
total revenues of $36.1 million as compared to $25.7 million reported for the
six months ended June 30, 2000. On a pro forma basis, excluding the impact of
restructuring costs and amortization of deferred stock compensation, stock
warrants and intangible assets, Blue Martini Software reported a net loss of
$31.0 million, or $0.49 per share for the first six months of 2001, as
compared to a pro forma net loss of $16.9 million, or $0.35 per share, for the
first six months of 2000.
For the second quarter of 2001, the company reported a net loss, including
amortization of deferred stock compensation, stock warrants and intangible
assets, of $19.8 million, or $0.31 per share, as compared to a net loss of
$19.3 million, or $0.76 per share, for the same period a year ago. For the
first six months of 2001, net loss, including restructuring costs and
amortization of deferred stock compensation, warrants and intangible assets,
was $45.5 million, or $0.72 per share, as compared to a net loss of
$30.9 million, or $1.22 per share, for the first six months of 2000. For full
details on Blue Martini Software's reported results, see the financial tables
accompanying this release.
"We are confident that the strength of our applications -- combined with
the strategic adjustments implemented earlier this month -- place us in a
strong position to weather what appears to be a protracted economic downturn,"
said Monte Zweben, president and CEO of Blue Martini Software. "Make no
mistake about it: eCRM applications remain a leading priority for IT
organizations globally. As the market improves, these companies will have the
resources to invest in eCRM and realize the huge value that our Marketing,
Commerce, Channels and Service applications return -- the value that
traditional CRM promised."
Quarterly Highlights
In the second quarter, Blue Martini Software achieved several milestones:
-- It signed 10 new customers, bringing the total number of customers to
more than 100.
-- It signed 21 new partners, including seven new consulting and
integration partners in Europe, and two in Asia Pacific.
-- It announced the Blue Martini Developer Network, a program that
provides the growing number of developers extending and integrating the
Blue Martini eCRM application suite with up-to-date, detailed technical
information, and a community for developers to interact with each other
and Blue Martini Software. In the first 45 days of the program more than
2,000 developers joined the network.
-- It delivered version 4.1 of the Blue Martini eCRM application suite.
The new release builds upon the suite's existing support for multiple
languages and currencies by supporting multi-byte character-sets and
providing localization in German, French, Spanish and Japanese.
About Blue Martini Software
Blue Martini Software delivers on the promise of CRM. With the
Blue Martini 4 eCRM application suite, Blue Martini Software helps companies
understand, target and interact with their customers and business partners
across multiple touch points. The suite includes four applications: Blue
Martini Marketing, Blue Martini Commerce, Blue Martini Channels and Blue
Martini Service. Each application can be used individually to meet a specific
business need, or as part of a complete suite for managing catalogs, content,
transactions, campaigns, analysis and personalization. Blue Martini Software
can be reached at +1-650-356-4000 or http://www.bluemartini.com.
Blue Martini Software's second quarter financial results will be discussed
today, July 26, 2001 at 5:00 p.m. EDT/2:00 p.m. PDT and available by calling
+1-703-925-2435, 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 will also
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.
This news release regarding second 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, the impact of perceived or
actual weakening of economic conditions on customers' and prospective
customers' spending on Blue Martini Software's software 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
its revenues; Blue Martini Software's need to maintain and enhance business
relationships with systems integrators and other parties; Blue Martini
Software's ability to attract, retain, and motivate qualified 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 competitors' release of competitive products and
other actions. 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-Q for the quarter ended March 31, 2001. 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," and other similar words and
expressions. Blue Martini Software does not undertake an obligation to update
or correct any 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 Six Months Ended
June 30, June 30,
2001 2000 2001 2000
Revenues:
License $6,033 $8,421 $14,056 $14,491
Service 9,575 6,599 22,081 11,210
Total revenues 15,608 15,020 36,137 25,701
Cost of revenues:
License 1,178 751 2,357 1,312
Service 11,437 10,464 25,329 16,701
Total cost of revenues 12,615 11,215 27,686 18,013
Gross profit 2,993 3,805 8,451 7,688
Operating expenses:
Sales and marketing 14,309 12,847 31,196 21,427
Research and development 4,973 4,914 12,364 9,316
General and administrative 5,012 5,407 11,997 7,935
Restructuring charges -- -- 2,107 --
Total operating expenses 24,294 23,168 57,664 38,678
Loss from operations (21,301) (19,363) (49,213) (30,990)
Interest and other, net 1,547 79 3,754 139
Net loss $(19,754) $(19,284) $(45,459) $(30,851)
Basic and diluted net loss
per common share $(0.31) $(0.76) $(0.72) $(1.22)
Shares used in computing
basic and diluted net
loss per common share 63,500 25,420 62,810 25,220
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 June 30, 2001 and 2000
For the Three Months Ended For the Three Months Ended
June 30, 2001 June 30, 2000
As Re- Adjust- As Ad- As Re- Adjust- Adjust
ported ments* justed ported ments* -ed
Revenues:
License $6,033 $-- $6,033 $8,421 $-- $8,421
Service 9,575 -- 9,575 6,599 -- 6,599
Total revenues 15,608 -- 15,608 15,020 -- 15,020
Cost of revenues:
License 1,178 (500) 678 751 -- 751
Service 11,437 (271) 11,166 10,464 (1,991) 8,473
Total cost of
revenues 12,615 (771) 11,844 11,215 (1,991) 9,224
Gross profit 2,993 771 3,764 3,805 1,991 5,796
Operating expenses:
Sales and
marketing 14,309 (1,126) 13,183 12,847 (2,487) 10,360
Research and
development 4,973 (67) 4,906 4,914 (1,206) 3,708
General and
administrative 5,012 (2,012) 3,000 5,407 (2,472) 2,935
Total operating
expenses 24,294 (3,205) 21,089 23,168 (6,165) 17,003
Loss from
operations (21,301) 3,976 (17,325) (19,363) 8,156 (11,207)
Interest and
other, net 1,547 -- 1,547 79 -- 79
Net loss $(19,754) $3,976 $(15,778) $(19,284) $8,156 $(11,128)
Net loss
per share $(0.31) $(0.25) $(0.76) $(0.23)
Pro forma shares
outstanding ** 63,500 63,500 25,420 48,720
*The adjustments represent the reversals of the amortization of deferred
stock compensation, common stock warrants and acquired intangible assets.
**Adjusted at June 30, 2000 to include the impact of shares of convertible
preferred stock on an "as-if-converted" basis as of the beginning of the
periods presented.
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 Six Months Ended June 30, 2001 and 2000
For the Six Months Ended For the Six Months Ended
June 30, 2001 June 30, 2000
As Re- Adjust- As Ad- As Re- Adjust- Adjust
ported ments* justed ported ments* -ed
Revenues:
License $14,056 $--
$14,056 $14,491 $-- $14,491
Service 22,081 -- 22,081 11,210 -- 11,210
Total revenues 36,137 -- 36,137 25,701 -- 25,701
Cost of
revenues:
License 2,357 (1,000) 1,357 1,312 -- 1,312
Service 25,329 (1,913) 23,416 16,701 (3,094) 13,607
Total cost of
revenues 27,686 (2,913) 24,773 18,013 (3,094) 14,919
Gross profit 8,451 2,913 11,364 7,688 3,094 10,782
Operating expenses:
Sales and
marketing 31,196 (3,360) 27,836 21,427 (3,879) 17,548
Research and
development 12,364 (1,255) 11,109 9,316 (3,373) 5,943
General and
admini
-strative 11,997 (4,850) 7,147 7,935 (3,571) 4,364
Restructuring
charges 2,107 (2,107) -- -- -- --
Total operating
expenses 57,664 11,572) 46,092 38,678 (10,823) 27,855
Loss from
operations (49,213) 14,485 (34,728) (30,990) 13,917 (17,073)
Interest and
other, net 3,754 -- 3,754 139 -- 139
Net loss $(45,459) $14,485 $(30,974) $(30,851) 13,917 $(16,934)
Net loss per
share $(0.72) $(0.49) $(1.22) $(0.35)
Pro forma shares
outstanding** 62,810 62,810 25,220 48,520
*The adjustments represent the reversals of restructuring charges and the
amortization of deferred stock compensation, common stock warrants and
acquired intangible assets.
**Adjusted at June 30, 2000 to include the impact of shares of convertible
preferred stock on an "as-if-converted" basis as of the beginning of the
periods presented.
BLUE MARTINI SOFTWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS June 30, December 31,
2001 2000
(Unaudited)
Current assets:
Cash and cash equivalents $29,409 $40,101
Short-term investments 25,301 62,183
Accounts receivable, net 6,609 12,584
Prepaid expenses and other current assets 5,357 6,942
Total current assets 66,676 121,810
Property and equipment, net 9,894 8,713
Long-term investments 61,176 51,402
Intangible assets and other, net 5,130 6,373
Total assets $142,876 $188,298
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,172 $4,434
Accrued employee compensation 7,761 9,411
Other current liabilities 10,081 14,233
Deferred revenues 8,416 15,249
Current portion of long-term obligations 166 209
Total current liabilities 28,596 43,536
Long-term obligations, less current portion 104 117
Total liabilities 28,700 43,653
Stockholders' equity:
Common stock 69 69
Additional paid-in-capital 259,190 260,943
Deferred stock compensation (25,992) (42,106)
Accumulated other comprehensive income 911 282
Accumulated deficit (120,002) (74,543)
Total stockholders' equity 114,176 144,645
Total liabilities and stockholders' equity $142,876 $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, +1-415-986-1591, or ir@bluemartini.com, for Blue Martini
Software; or Kate Sellers Blatt of Blue Martini Software,
+1-650-356-7851, or kateb@bluemartini.com
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