Accrue Software Announces Fiscal 2002 First Quarter Financial Results; Revenue Increases for 2nd Consecutive Quarter; Operating Loss Declines
FREMONT, Calif.--July 23, 2001--Accrue(TM) Software, Inc. (Nasdaq:ACRU), today announced financial results for its fiscal 2002 first quarter ended June 30, 2001.
For the first quarter, Accrue reported net revenues of $3.6 million, a sequential increase of 8 percent over net revenues of $3.3 million reported in the previous quarter ending March 2001. Product license revenue was $1.1 million compared to $.5 million reported in the previous quarter. The pro forma net loss for the first fiscal quarter was $3.4 million, or ($0.11) per share, compared to a pro forma net loss of $10.4 million, or ($0.35) per share reported in the prior quarter. The pro forma net loss for the first quarter does not include extraordinary income related to the sale of the company`s NeoVista intellectual property.
Jeffrey Walker, who became Accrue Software`s President and CEO in March, commented, "Our results for the quarter demonstrate gradual progress toward our financial objectives to sequentially grow revenues and return to profitability by fiscal year-end. License revenue growth was primarily the result of a substantial win with a new, large European wireless telecom customer. We are committed to this trend of increasing revenue and license sales as more companies recognize the strong value proposition that our solutions offer and we see progress for Accrue G2, our next generation analytic solution."
Walker continued, "We reduced our net loss from the prior quarter by successfully managing expenses and realizing the benefits from cost-cutting programs. We also strengthened our financial position with the sale of a portion of our NeoVista intellectual property to JDA Software for $5.0 million, while retaining royalty-free rights to continue to use this intellectual property."
"We remain enthusiastic about Accrue`s near and long-term market opportunities and are encouraged by the interest in our Accrue G2 Preferred Customer Program while cautioning investors that our progress will be gradual in this economy. During the past several months, we have strengthened our channel and technology partnerships and expect to begin realizing increased sales from these alternate channels in the current quarter. Accrue is well positioned to leverage the opportunity that exists for companies to optimize their internet presence, and we are committed to investing in our existing customer relationships and penetrating the marketplace with our scalable analytic solutions."
Investor Conference Call
As previously announced, Accrue Software will be holding a conference call today, July 23, 2001 at 2:00 p.m. PT. To participate in the call, please dial (212) 896-6110 approximately 10 minutes prior to the start of the call. A replay of the call will be available from approximately 4:00 p.m. PT on July 23, 2001 until 4:00 p.m. PT July 30, 2001. To access the replay, please dial (800) 633-8284. The confirmation code for the call is 19270922. The call can also be accessed through the investor relations section of Accrue`s website at www.accrue.com. To listen to the call, please go to the website at least 15 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, the event will be archived and available approximately two hours following the live webcast.
About Accrue Software
Accrue Software is a leading provider of enterprise-level analytic solutions that help companies understand, predict, and respond to Internet customer behavior. Accrue`s solutions enable highly targeted campaigns to improve the profitability of customer interactions across multiple touch points. Accrue has over 600 customers, including industry leaders such as FedEx, Gateway, Dow Jones, Eastman Kodak Company, MTV, Macy`s, and Deutsche Telekom.
Accrue Software was founded in 1996 and is headquartered in Fremont, Calif., with regional sales offices throughout the U.S. and international headquarters in Cologne, Germany. Accrue has strategic partnerships with leading e-business vendors, including Art Technology Group, BEA, BroadVision, DoubleClick, IBM, Oracle, Sun Microsystems and Vignette. Accrue Software can be reached at 1-888-4ACCRUE or 510-580-4500 and at www.accrue.com.
Accrue is a trademark of Accrue Software, Inc. All other trademarks are the sole property of their respective owners.
Except for the historical information contained herein, the matters discussed in the news release, including projections of future revenues, earnings and financial results, are forward-looking statements that involve risks and uncertainties that could cause actual results, future revenues or earnings to differ materially from those in such forward-looking statements. These forward-looking statements are made only as of the date of this press release, and Accrue undertakes no obligation to update or revise the projections of revenue and earnings, or the other forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, you should not place undue reliance on these projections of future revenue and earnings, and other forward-looking statements. Potential risks and uncertainties include, without limitation, the Company`s limited operating history, history of losses, fluctuations in operating results, competition in the e-business analysis market, reliance on sales from a limited number of products for its revenue, reliance on expanding sales operations and distribution channels and potential difficulties associated with the integration of the personnel, operations and products of Marketwave and Pilot with Accrue`s personnel, operations and products. These and other risk factors are described in detail in the Company`s Registration Statement on Form S-1, and in the Company`s other filings, which are on file with the Securities and Exchange Commission (http://www.sec.gov).
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