Net Perceptions Announces Fourth Quarter and Full-Year Results
MINNEAPOLIS, Feb 3, 2003 -- Net Perceptions, Inc. (Nasdaq:NETP) today reported revenue of $893 thousand for the quarter ended December 31, 2002 and a pro forma loss of $1.7 million, or ($0.06) per share. In the same period last year the Company reported $2.5 million in revenue and a pro forma loss of $2.3 million, or ($0.08) per share. For the year ended December 31, 2002, the company reported revenue of $5.2 million and a pro forma loss of $9.1 million, or ($0.34) per share. In the same period last year the Company reported $10.5 million in revenue and a pro forma loss of $22.6 million, or ($0.84) per share.
The Company reported a GAAP fourth quarter loss of $8.3 million, or ($0.30) per share, compared with a GAAP loss of $3.0 million, or ($0.11) per share in the same period last year. For the year ended December 31, 2002, the Company reported a GAAP loss of $16.7 million, or ($0.61) per share, compared with a GAAP loss of $123.8 million, or ($4.59) per share in the same period last year. Included in GAAP results for the period ended December 31, 2002 was a one-time non-cash charge of $6.5 million reflecting a full impairment of goodwill and other intangibles value.
The charge was based on an impairment test of the Company`s February 2000 acquisition of Knowledge Discovery One, Inc. Pro forma information excludes restructuring related activity, amortization and impairment of goodwill and other intangibles and stock compensation expense for all periods discussed.
Commenting on the results, Don Peterson, President and CEO of Net Perceptions said, "Our license revenue results in the fourth quarter reflect the continued difficult selling environment we have seen throughout 2002. Our prospects remain very cautious about new capital spending influenced by continued economic and political uncertainty. It is unclear when the market will rebound so we have taken additional steps to reduce our expenses, including the closing of three satellite offices and reducing headcount."
Net Perceptions completed the year with approximately $63.0 million in cash and short-term investments and expects to use approximately $1.8 million in the first quarter of 2003, including cash used for restructuring activities. The Company is not providing revenue guidance for the first quarter of 2003 but anticipates total pro forma operating expenses of approximately $1.9 million. The Company also anticipates recording a $1.2 million restructuring charge during the first quarter of 2003 related primarily to the closure of operations in three satellite offices, of which $360 thousand is anticipated to be a non-cash charge.
About Net Perceptions
Net Perceptions (Nasdaq:NETP) is a software and services company that provides solutions for intelligent customer interaction that drive demand, grow revenue and increase profitability. Founded in 1996, Net Perceptions is headquartered in Minneapolis, Minnesota. Customers include market leaders such as 3M, Brylane, Great Universal Stores, J.C. Penney, J&L Industrial Supply and Half.com. For more information visit http://www.netperceptions.com or call 800-466-0711.
Net Perceptions and the Net Perceptions logo are registered trademarks of Net Perceptions, Inc. All other trademarks are the property of their respective owners. This press release contains "forward-looking statements" within the meaning of the federal securities laws, including statements concerning business strategies and their intended results, and similar statements concerning anticipated future events and expectations that are not historical facts. The forward-looking statements in this press release reflect management`s best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Additional information concerning potential factors that could effect future financial results are detailed from time to time in the company`s filings with the U.S. Securities and Exchange Commission.
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