License Revenues Up and Net Loss Down Over Prior Quarter
SAN MATEO, Calif. , (01/22/2003)--Blue Martini Software, Inc. (NASDAQ: BLUE) today reported financial results for the fourth quarter and year ended December 31, 2002. Total revenues were $8.1 million for the fourth quarter of 2002. These results compared to total revenues of $8.5 million for the third quarter of 2002 and $10.4 million for the fourth quarter of 2001. License revenues for the fourth quarter of 2002 were $1.9 million, up 34% as compared to the third quarter of 2002.
As of December 31, 2002, Blue Martini Software had cash, cash equivalents and short-term investments totaling $60.8 million, or $5.75 per outstanding share. All per-share amounts reflect the seven-for-one reverse stock split completed in the fourth quarter of 2002.
Blue Martini Software reported net loss in accordance with GAAP of $10.5 million, or $1.00 per share for the fourth quarter of 2002, compared to net loss of $28 million, or $2.71 per share, for the third quarter of 2002 and $9.2 million, or $0.98 per share, for the fourth quarter of 2001. On a pro forma basis, the company reported net loss of $5.7 million, or $0.55 per share, for the fourth quarter of 2002 compared to pro forma net loss of $7.7 million, or $0.74 per share, for the third quarter of 2002 and $6.4 million, or $0.68 per share, for the fourth quarter of 2001. Pro forma net loss for the current and prior periods excludes amortization of licensed technology, deferred stock compensation and warrants, restructuring charges, impairment of long-lived assets, and acquisition-related in-process research and development.
For the year ended December 31, 2002, Blue Martini Software reported total revenues of $33.6 million, net loss in accordance with GAAP of $58.9 million or $5.80 per share, and pro forma net loss of $30.2 million or $2.98 per share. These results compare with total revenues of $59.9 million, net loss in accordance with GAAP of $69.6 million or $7.62 per share, and pro forma net loss of $45.9 million or $5.02 per share for the year ended December 31, 2001.
Financial statements available here in PDF format. "In Q4, we narrowed our focus and made organizational changes to support our two key verticals; as a result we are more competitive in the market," said Monte Zweben, Chairman and CEO, Blue Martini Software. "I am pleased to report that our license revenues are up for the quarter, and our losses are substantially down. These results demonstrate that our strategy is working."
Blue Martini Software`s fourth quarter-financial results will be discussed Wednesday, January 22, 2003 at 4:30 pm ET/1:30 pm PT and available by calling (703) 871-3599 at least 5 minutes prior to the start time, or by logging in to the investor relations section at www.bluemartini.com. A replay of the webcast will be available through February 5, 2003 at the Company`s website or by dialing 703-925-2435, passcode # 6372485.
About Blue Martini Software
Blue Martini CRM applications automate sales and marketing processes to help companies sell more effectively. Our retail solutions drive customer loyalty and increase sales by automating personalized interactions across every channel -- the Web, email, direct mail, call centers, and in stores. Our solutions for manufacturers shorten sales cycles and improve customer service by automating complex sales processes across every channel -- through direct sales forces, through channel partners, and direct to customers. Retailers, including Carrefour, Debenhams, Kohl`s, and Saks Fifth Avenue, and manufacturers, including Bristol-Myers Squibb, DuPont, Hewlett-Packard, Panasonic and Rhodia, have chosen our solutions to automate their sales and marketing processes. With worldwide headquarters in San Mateo, California, Blue Martini Software can be reached at 650-356-4000 or 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 mentioned in this news release may be the trademarks of their respective owners and are mentioned for identification purposes only.
This news release regarding Blue Martini Software`s fourth-quarter financial results includes forward-looking statements, based on current expectations, that involve 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 significant overall weakness in the economy and reductions in IT spending by corporations in the United States and elsewhere; risks associated with the development and licensing of software generally, including potential delays in software development or release and technical difficulties in software deployment or use; competition and technological changes and developments; risks associated with acquisitions; financial and other impacts of staffing reductions and other cost control measures; and general economic, political and market conditions. Details on these and other risks are set forth in Blue Martini Software`s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission ("SEC"). These filings are available on a website maintained by the SEC at www.sec.gov. Blue Martini Software assumes no obligation to update the information in this news release.
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