SAN MATEO, Calif., Oct. 23 /PRNewswire/ --
Blue Martini Software, Inc., (Nasdaq: BLUE) a provider of external customer
relationship management (eCRM) applications, today reported revenues of
$11.3 million for the third quarter of 2001, as compared to revenues of
$21.0 million reported for the same period in the prior year. On a pro forma
basis, excluding the impact of restructuring charges and amortization of
deferred stock compensation, stock warrants and intangible assets, Blue
Martini Software reported a net loss of $8.5 million for the quarter, or
$0.13 per share, as compared to a pro forma net loss of $6.9 million, or
$0.12 per share, for the third quarter of 2000. At September 30, 2001, the
company reported cash, cash equivalents and investments of $104.8 million.
"We continued to drive the business forward in what was arguably the most
challenging business environment in recent memory," said Monte Zweben,
president and CEO of Blue Martini Software. "This quarter we continued to add
new customers, to bring customers live on our eCRM applications, and to sign
and extend strategic partnerships that will help us grow our business in the
future. At the same time, we successfully reduced our pro forma net loss by
more than 45 percent from the prior quarter. With cash and investments of
$105 million, we are well positioned to grow and benefit when the economic
recovery occurs."
For the nine months ended September 30, 2001, Blue Martini Software
reported total revenues of $47.4 million as compared to $46.7 million reported
for the nine months ended September 30, 2000. On a pro forma basis, excluding
the impact of restructuring charges and amortization of deferred stock
compensation, stock warrants and intangible assets, Blue Martini Software
reported a net loss of $39.5 million, or $0.62 per share for the first nine
months of 2001, as compared to a pro forma net loss of $23.9 million, or
$0.46 per share, for the first nine months of 2000.
For the third quarter of 2001, the company reported a net loss, including
restructuring charges and amortization of deferred stock compensation, stock
warrants and intangible assets, of $15.0 million, or $0.23 per share, as
compared to a net loss of $16.6 million, or $0.33 per share, for the same
period a year ago. For the nine months ended September 30, 2001, net loss,
including restructuring charges and amortization of deferred stock
compensation, warrants and intangible assets, was $60.4 million, or $0.95 per
share, as compared to a net loss of $47.4 million, or $1.39 per share, for the
first nine months of 2000.
For full details on Blue Martini Software's reported results, see the
financial tables accompanying this release.
Blue Martini Software's third quarter financial results will be discussed
today, October 23, 2001 at 4:30 p.m. EDT/1:30 p.m. PDT, available by calling
703-871-3795, 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.
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 650-356-4000 or http://www.bluemartini.com.
NOTE: "Blue Martini" and "Blue Martini Software" are trademarks of Blue
Martini Software, Inc., 2600 Campus Drive, San Mateo, CA 94403.
This news release regarding third 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
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 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
June 30, 2001. These filings are available on a website maintained by the
Securities and Exchange Commission at http://www.sec.gov . 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 Nine Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenues:
License $3,365 $ 11,966 $ 17,421 $ 26,457
Service 7,899 9,053 29,980 20,263
Total revenues 11,264 21,019 47,401 46,720
Cost of revenues:
License 876 1,025 3,233 2,337
Service 7,885 11,594 33,214 28,295
Total cost of
revenues 8,761 12,619 36,447 30,632
Gross profit 2,503 8,400 10,954 16,088
Operating expenses:
Sales and marketing 9,007 14,821 40,203 36,248
Research and
development 3,838 5,835 16,202 15,151
General and
administrative 1,946 6,151 13,943 14,086
Restructuring charges 4,150 -- 6,257 --
Total operating
expenses 18,941 26,807 76,605 65,485
Loss from
operations (16,438) (18,407) (65,651) (49,397)
Interest income and
other, net 1,461 1,827 5,215 1,966
Net loss $(14,977) $(16,580) $(60,436) $(47,431)
Basic and diluted
net loss per common
share $(0.23) $(0.33) $(0.95) $(1.39)
Shares used in
computing basic and
diluted net loss per
common share 64,500 50,760 63,380 34,230
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 September 30, 2001 and 2000
For the Three Months Ended For the Three Months Ended
September 30, 2001 September 30, 2000
As Adjustments* As As Adjustments* As
Reported Adjusted Reported Adjusted
Revenues:
License $ 3,365 $ -- $ 3,365 $ 11,966 $ -- $ 11,966
Service 7,899 -- 7,899 9,053 -- 9,053
Total
revenues 11,264 -- 11,264 21,019 -- 21,019
Cost of revenues:
License 876 (500) 376 1,025 -- 1,025
Service 7,885 (1,409) 6,476 11,594 (2,079) 9,515
Total cost of
revenues 8,761 (1,909) 6,852 12,619 (2,079) 10,540
Gross profit 2,503 1,909 4,412 8,400 2,079 10,479
Operating expenses:
Sales and
marketing 9,007 (834) 8,173 14,821 (2,780) 12,041
Research and
development 3,838 105 3,943 5,835 (1,784) 4,051
General and
administrative 1,946 324 2,270 6,151 (3,010) 3,141
Restructuring
charges 4,150 (4,150) -- -- -- --
Total
operating
expenses 18,941 (4,555) 14,386 26,807 (7,574) 19,233
Loss from
operations (16,438) 6,464 (9,974) (18,407) 9,653 (8,754)
Interest income
and other, net 1,461 -- 1,461 1,827 -- 1,827
Net loss $(14,977) $ 6,464 $(8,513) $(16,580) $ 9,653 $ (6,927)
Net loss per
share $(0.23) $(0.13) $(0.33) $(0.12)
Pro forma shares
outstanding** 64,500 64,500 50,760 57,090
* The adjustments represent the reversals of restructuring charges and
the amortization of deferred stock compensation, common stock warrants and
acquired intangible assets. Amortization of deferred stock compensation
reported in the quarter ended September 30, 2001 included the reversal of
previously recorded expense associated with unvested options forfeited by
terminated employees.
** Adjusted at September 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 Nine Months Ended September 30, 2001 and 2000
For the Nine Months Ended For the Nine Months Ended
September 30, 2001 September 30, 2000
As Adjustments* As As Adjustments* As
Reported Adjusted Reported Adjusted
Revenues:
License $ 17,421 $ -- $ 17,421 $ 26,457 $ -- $ 26,457
Service 29,980 -- 29,980 20,263 -- 20,263
Total
revenues 47,401 -- 47,401 46,720 -- 46,720
Cost of revenues:
License 3,233 (1,500) 1,733 2,337 -- 2,337
Service 33,214 (3,322) 29,892 28,295 (5,173) 23,122
Total cost of
revenues 36,447 (4,822) 31,625 30,632 (5,173) 25,459
Gross profit 10,954 4,822 15,776 16,088 5,173 21,261
Operating expenses:
Sales and
marketing 40,203 (4,194) 36,009 36,248 (6,659) 29,589
Research and
development 16,202 (1,150) 15,052 15,151 (5,157) 9,994
General and
administrative 13,943 (4,526) 9,417 14,086 (6,581) 7,505
Restructuring
charges 6,257 (6,257) -- -- -- --
Total
operating
expenses 76,605 (16,127) 60,478 65,485 (18,397) 47,088
Loss from
operations (65,651) 20,949 (44,702) (49,397) 23,570 (25,827)
Interest and
other, net 5,215 -- 5,215 1,966 -- 1,966
Net loss $(60,436) $20,949 $(39,487) $(47,431) $23,570 $(23,861)
Net loss per
share $(0.95) $(0.62) $(1.39) $(0.46)
Pro forma shares
outstanding** 63,380 63,380 34,230 51,830
* The adjustments represent the reversals of restructuring charges and
the amortization of deferred stock compensation, common stock warrants and
acquired intangible assets. Amortization of deferred stock compensation
reported for the nine months ended September 30, 2001 included the reversal of
previously recorded expense associated with unvested options forfeited by
terminated employees.
** Adjusted at September 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 September 30, December 31,
2001 2000
(Unaudited)
Current assets:
Cash and cash equivalents $21,508 $40,101
Short-term investments 83,263 62,183
Accounts receivable, net 4,179 12,584
Prepaid expenses and other current assets 4,737 6,942
Total current assets 113,687 121,810
Long-term investments -- 51,402
Property and equipment, net 6,242 8,713
Intangible assets and other, net 4,679 6,373
Total assets $ 124,608 $188,298
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,921 $4,434
Accrued employee compensation 7,809 9,411
Other current liabilities 6,448 14,233
Deferred revenues 6,839 15,249
Current portion of long-term obligations 81 209
Total current liabilities 23,098 43,536
Long-term obligations, less current portion 117 117
Total liabilities 23,215 43,653
Stockholders' equity:
Common stock 68 69
Additional paid-in-capital 254,039 260,943
Deferred stock compensation (18,672) (42,106)
Accumulated other comprehensive loss 937 282
Accumulated deficit (134,979) (74,543)
Total stockholders' equity 101,393 144,645
Total liabilities and stockholders'
equity $ 124,608 $ 188,298
SOURCE Blue Martini Software, Inc.
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Related links:
http://www.bluemartini.com
CONTACT:
General, Pam Roberts, or Investors, Karen
Keating, both of The Financial Relations Board, +1-415-986-1591,
or ir@bluemartini.com, for Blue Martini Software, Inc.; or Kate
Sellers Blatt of Blue Martini Software, Inc., +1-650-356-7851, or
kateb@bluemartini.com
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