SAN MATEO, Calif. - April 21 2003 - E.piphany, Inc. (Nasdaq:EPNY) today announced results for the quarter ended March 31, 2003.
For the quarter ended March 31, 2003, the company reported revenues of $22.5 million, compared to revenues of $22.1 million in the first quarter of 2002. First quarter license revenues were $10.4 million and service revenues were $12.1 million, representing 46% and 54% of total revenues, respectively. Net loss under generally accepted accounting principles ("GAAP") for the quarter was $10.9 million, or $(0.15) per share, compared to a net loss under GAAP of $17.0 million, or $(0.24) per share during the first quarter of 2002. On a non-GAAP basis, net loss for the quarter excluding the amortization of purchased technology and intangibles, stock-based compensation and restructuring costs was $6.7 million, or $(0.09) per share, compared to a non-GAAP net loss of $13.5 million, or $(0.19) per share during the first quarter of 2002.
Roger Siboni, president and chief executive officer, commented, "I am pleased with our execution this quarter, especially in light of the world situation and the general spending environment in the enterprise software sector. We continue to achieve the strategic milestones that we set for ourselves last year. We also continue to have success selling E.6 across each of our Marketing, Sales and Service product lines. We added 10 new customers in the quarter, including Autotrader.com, Alliance Unichem, AT&T Wireless, Auchan, CR Firenze and Liberty Mutual. Additionally, we continue to grow our existing engagements at customers such as AOL/Time Warner, Barclaycard and KLM."
Kevin Yeaman, chief financial officer, added, "Our balance sheet at the end of the quarter remains strong with cash and investments of $277 million, DSOs of 37 days, and deferred revenue of $20.4 million."
About E.piphany
E.piphany is a leading provider of marketing, sales, and service solutions for the largest global enterprises. The company`s integrated CRM suite, the E.piphany E.6 software solution, is driven by real-time intelligence to enable global businesses to understand their customers and take the optimal actions to improve customer satisfaction, increase revenue, and reduce costs. E.piphany E.6 solutions are built on the industry`s most advanced, component-based CRM platform, resulting in fast and easy deployment and adoption. Leading companies, including more than 35 of the Fortune 100, use E.piphany software products to enhance their customers` experiences, enable organizational effectiveness, and drive value. With worldwide headquarters in San Mateo, California, E.piphany has regional operations and offices throughout North America, Europe, Asia Pacific, Japan, and Latin America.
This press release contains forward-looking statements, including statements relating to E.piphany`s continued achievement of strategic milestones, successful selling efforts, growth of existing customer engagements and balance sheet strength. Actual results could differ materially from such forward-looking statements. Factors that could cause actual results to differ materially from the forward-looking statements include the degree of interest in and acceptance of E.piphany`s new products, increases in the length of E.piphany`s sales cycles, reduced IT spending by customers and potential customers, the introduction of new products and services by competitors and intense competition generally, our ability to hire and retain qualified personnel, and general and industry-specific economic conditions. These factors and others are described in more detail in the our public reports filed with the Securities and Exchange Commission, such as those discussed in the "Risk Factors" section included in the our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the our prior press releases. E.piphany assumes no duty to update forward-looking statements.
The non-GAAP financial measure (net loss excluding certain charges) presented in the text of this press release and accompanying supplementary financial information represents a financial measure used by the Company`s management to evaluate the quarterly operating performance of the Company. The Company`s management believes these non-GAAP measures provide our investors, potential investors, securities analysts and others with useful additional information to evaluate the performance of our business. Please see the attached statement of operations for reconciliation of our non-GAAP net loss number to our GAAP net loss number for the period presented.
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Investor Relations contact for E.piphany:
Todd Friedman, E.piphany, 650.356.3934,
tfriedman@epiphany.com
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