E.piphany Announces Third Quarter Results
SAN MATEO, Calif., Oct. 17 -- E.piphany, Inc. (NASDAQ: EPNY) today announced results for the quarter ended September 30, 2002.
For the quarter ended September 30, 2002, the company reported revenues of $19.8 million, compared to revenues of $29.2 million in the third quarter of 2001. Third quarter license revenues were $6.8 million and service revenues were $13.0 million, representing 34% and 66% of total revenues, respectively. Excluding the amortization of goodwill and purchased intangibles, stock-based compensation and restructuring costs, net loss for the quarter was $10.5 million, or $(0.15) per share, compared to a net loss of $15.0 million, or $(0.22) per share during the third quarter of 2001. Including the amortization of goodwill and purchased intangibles, stock-based compensation and restructuring costs, net loss for the quarter was $13.6 million, or $(0.19) per share, compared to a net loss of $2.0 billion, or $(28.68) per share during the third quarter of 2001.
For the nine months ended September 30, 2002, E.piphany reported total revenues of $61.3 million, compared to revenues of $100.8 million in the same period of 2001. The net loss excluding the amortization of goodwill and purchased intangibles, stock-based compensation and restructuring costs for the nine month period in 2002 was $36.2 million, or $(0.51) per share, compared to a net loss for the same period of 2001 of $58.8 million, or $(0.87) per share. The net loss including the amortization of goodwill and purchased intangibles, stock-based compensation and restructuring costs for the nine month period in 2002 was $56.9 million, or $(0.80) per share, compared to a net loss of $2.6 billion, or $(38.00) per share during the same period of 2001.
Roger Siboni, president and chief executive officer, commented, "I am pleased that we executed well in the third quarter on both product and financial fronts. The launch of E.6 Service in August completed the E.6 Platform, the only component-based, fully-J2EE complete CRM suite available. We continue to maintain and grow a blue chip list of existing customers and added more top-quality customers to our roster in the third quarter, including Fosters Brewing Group, General Nutrition Center, Manchester United, Mutual of Omaha and Volkswagen. We also extended our relationships with existing customers such as Banamex, BT Cellnet, Cigna, ING Direct and Vanguard. While we do not expect the economy to show any drastic improvement, we are confident that our recently released E.6 Platform and strong balance sheet will provide the foundation to execute on our strategy into 2003."
Kevin Yeaman, chief financial officer, added, "Our balance sheet remains solid with approximately $290 million in cash and investments and DSO of 42 days."
This press release contains forward-looking statements relating to E.piphany`s momentum with new and existing customers and ability to execute on its strategy in 2003. 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 delays in the development and release of new US and international versions of E.piphany`s products, the degree of interest in and acceptance of E.piphany`s new products, increases in E.piphany`s sales cycles, reduced IT spending by 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(TM) solutions for the largest global enterprises. The company`s integrated suite of applications for Marketing, Sales, and Service, the E.piphany E.6(TM) 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. For more information go to: http://www.epiphany.com/
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