E.PIPHANY ANNOUNCES FOURTH QUARTER AND YEAR-END RESULTS
SAN MATEO, Calif. - January 23, 2003 - E.piphany, Inc. (Nasdaq:EPNY) today announced results for the quarter ended December 31, 2002.
For the quarter ended December 31, 2002, the company reported revenues of $22.5 million, compared to revenues of $28.4 million in the fourth quarter of 2001. Fourth quarter license revenues were $9.3 million and service revenues were $13.2 million, representing 41% and 59% of total revenues, respectively. Net loss under generally accepted accounting principles ("GAAP") for the quarter was $14.8 million, or $(0.20) per share, compared to a net loss under GAAP of $36.8 million, or $(0.53) per share during the fourth quarter of 2001. Net loss excluding the amortization of goodwill and purchased intangibles, stock-based compensation and restructuring costs for the quarter was $8.1 million, or $(0.11) per share, compared to a net loss of $8.9 million, or $(0.13) per share during the fourth quarter of 2001.
For the year ended December 31, 2002, E.piphany reported total revenues of $83.8 million, compared to revenues of $128.8 million in 2001. The net loss under GAAP for 2002 was $71.7 million, or $(1.00) per share, compared to a net loss under GAAP of $2.6 billion, or $(38.25) per share during 2001. The net loss excluding the amortization of goodwill and purchased intangibles, stock-based compensation and restructuring costs for 2002 was $44.4 million, or $(0.62) per share, compared to a net loss for 2001 of $67.7 million, or $(0.99) per share.
Roger Siboni, president and chief executive officer, commented, "I am pleased with our progress in the quarter and believe that we are achieving the strategic milestones that we set for ourselves. After launching our E.6 Service product last quarter, which completed the E.6 Suite, we continued to have success selling across each of our Marketing, Sales and Service product lines. We added 14 new customers in the quarter, including Ameriquest Mortgage, British Gas, eBay, Hoffman LaRoche, KLM, USAA and Zales. Additionally, we continued to grow our existing engagements at customers such as American Express, Cigna and Exxon. In addition to meeting our product and customer milestones, we continue to achieve a superior level of customer satisfaction. A recent AMR survey of all major CRM vendors reported, `In terms of overall satisfaction, no vendor was able to produce nearly as many satisfied customers as E.piphany.`"
Kevin Yeaman, chief financial officer, added, "Our balance sheet at the end of the year remains strong. During the fourth quarter, cash and investments decreased less than $2 million to $287 million, DSO declined to 28 days, and deferred revenue increased 22% to $20.5 million."
This press release contains forward-looking statements, including statements relating to E.piphany`s continued achievement of strategic milestones, successful selling efforts, customer satisfaction 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 Company`s public reports filed with the Securities and Exchange Commission, such as those discussed in the "Risk Factors" section included in the Company`s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the Company`s prior press releases. E.piphany assumes no duty to update forward-looking statements.
About E.piphany
E.piphany provides Smart CRM™ solutions for the largest global enterprises. The company`s integrated suite of applications for Marketing, Sales, and Service, the E.piphany E.6™ solution, is driven by real-time intelligence to enable global businesses to better understand their customers and take the optimal action to improve customer satisfaction, increase revenue and reduce costs. E.piphany`s applications are built on the industry`s most advanced CRM architecture resulting in fast and easy deployment, the ability to adapt to changing business demands, and permanent cost of ownership advantage. Leading companies, including more than 35 percent of the Fortune 100, use E.piphany products to enhance the customer experience, improve organizational effectiveness and drive value. With worldwide headquarters in San Mateo, California, E.piphany has regional operations and offices throughout North America, Asia Pacific, Europe, Japan and Latin America.
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Investor Relations Contact:
Todd Friedman, E.piphany
650.356.3934
friedman@epiphany.com
Public Relations Contacts:
Kim Stocks, E.piphany
650.356.5863
kstocks@epiphany.com
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