Accrue Software Announces Fiscal 2001 Fourth Quarter Financial Results; Company Also Announces Organizational Changes
FREMONT, Calif.--May 14, 2001--Accrue(TM) Software, Inc. (NASDAQ: ACRU), today announced financial results for its fiscal 2001 fourth quarter ended March 31, 2001.
For the fourth quarter, Accrue reported net revenues of $3.3 million, compared to net revenues of $2.5 million reported in the previous quarter, representing a sequential growth of 34%. The pro forma net loss for the fourth fiscal quarter was $10.4 million, or ($0.35) per share, compared to a pro forma net loss of $8.0 million, or ($0.28) per share reported in the third fiscal quarter. The pro forma net loss for the fourth fiscal quarter included a non-cash allowance for bad debt expenses of $3.5 million.
The net loss on a GAAP basis for the fourth fiscal quarter of 2001 was $45.3 million, or ($1.52) per share, compared to a net loss of $136.1 million, or ($4.69) per share reported in the third fiscal quarter. The fourth fiscal quarter net loss incorporated a $29.7 million non-cash charge for the impairment of goodwill associated with the past acquisitions of NeoVista Software, Pilot Software and Infocharger, a division of Tantau Software, compared to $110.0 million in the third fiscal quarter. The fourth fiscal quarter`s net loss included a $5.2 million non-cash charge for stock based compensation and the amortization of goodwill and intangibles, compared to $17.7 million in the third fiscal quarter.
Jeffrey Walker, Accrue Software`s new President and CEO, commented, "The fourth quarter`s overall financial results reported were in line with internal expectations. We are encouraged by the progress we made on our quarterly corporate objectives, including increasing revenue as compared to the prior quarter and solidifying our presence in our primary verticals; multi-channel commerce, publishing/media/entertainment, and financial services."
Accrue also announced three organizational changes. Greg Walker is stepping down from his role as Chief Financial Officer but will remain with the Company in an advisory capacity. Harrison N. Paist, VP of Finance, will serve as interim CFO while Accrue conducts a search for a full-time replacement. In addition, Accrue announced the appointment of Zev Laderman, President and CEO of VerticalNet Solutions, as a member of its Board of Directors. Prior to VerticalNet, Mr. Laderman served as Chief Executive Officer for Tradeum, a commerce software provider for business-to-business digital marketplaces, and as Vice President of Oracle`s Industrial Sector global business unit. Finally, Jonathan D. Becher was promoted to Senior Vice President of Corporate Development, responsible for business development, marketing, and strategy.
"I would like to thank Greg for the strong fiscal discipline that he installed within Accrue and I am pleased that he will remain on as a financial and strategic advisor to the Company. Zev`s addition to the board brings an impressive breadth of business strategy expertise in the enterprise software space, with experiences as both an entrepreneur and a global business leader," stated Jeffrey Walker.
Mr. Walker continued, "We are excited about the roll-out of Accrue G2, our next generation e-business analytics platform. We have received strong interest in our Preferred Customer Program, including Dow Jones and Eastman Kodak Company, and will be aggressively working with our customers to ensure mutually successful implementations. Even though Accrue`s results this quarter reflect a difficult economy, we are optimistic that we can continue to grow revenue while maintaining a tight control over expenses and believe that the introduction of Accrue G2 provides the market with the most scalable e-business analytics solution available," concluded Mr. Walker. Earnings Conference Call
Accrue Software will be holding a conference call today, May 14, 2001 at 2:00 p.m. PT. To participate in the call, please dial (719) 457-2665 approximately 10 minutes prior to the start of the call. A replay of the call will be available from approximately 5:30 p.m. PT on May 14, 2001 until 12:00 a.m. PT May 21, 2001. To access the replay, please dial (719) 457-0820. The confirmation code for the call is 638918. 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 e-business analysis solutions that help companies understand, predict, and respond to online 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. International headquarters are in Cologne, Germany and Singapore. 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, NeoVista 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).
Back...
