MINNEAPOLIS--July 24, 2003--Net Perceptions, Inc. (Nasdaq:NETP) today reported revenue of $913 thousand for the quarter ended June 30, 2003 and loss of $216 thousand, or ($0.01) per share. Based on events during the quarter and recent operating history, the Company recorded one-time accrual reversals benefiting results by approximately $460 thousand. The adjustments, primarily related to accrued but unpaid 2002 bonuses and reductions to certain customer reserves, reduced expense in all operating categories and provided for $126 thousand in other income. In the same period last year the Company reported $1.6 million in revenue and a loss of $4.3 million, or ($0.16) per share.
Commenting on the results, Don Peterson, President and CEO of Net Perceptions said, "We closed three license transactions during the quarter and experienced a moderate increase in overall customer activity. At the same time we have continued to reduce our operating expenses. However, Net Perceptions, together with its financial and legal advisors, are working diligently to resolve the company`s future as soon as possible in the interests of all stockholders."
Net Perceptions completed the quarter with approximately $59.6 million in cash and short-term investments. The Company is not providing revenue guidance for the third quarter of 2003 but anticipates total operating expenses of approximately $1.4 million.
Conference Call
There will be a conference call to discuss Net Perceptions` financial results for the quarter ended June 30, 2003 on Thursday July 24, 2003 beginning at 4:00 pm (CST). The call will be broadcast live over the Internet at http://www.netperceptions.com under "Investor Relations." The call will also be available for replay on Net Perceptions` Web site under "Investor Relations - Audio Archives". The press release is also available on the Net Perceptions Web site under "News Releases."
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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