Company Ships Next Generation Content Management Platform, DOCUMENTUM 4i
PLEASANTON, Calif., July 22 /PRNewswire/ -- DOCUMENTUM, Inc. (Nasdaq: DCTM), the leading provider of content management solutions that accelerate innovation and shorten time-to-revenue, today announced financial results for the second quarter ended June 30, 1999.
Revenues for the second quarter of 1999 were $29.2 million, a three percent increase over revenues of $28.4 million for the same period of 1998. Net loss for the second quarter was $2.7 million, which represents a 184 percent decrease compared with net income of $3.2 million reported for the same period of 1998. Loss per share was $.16 in the second quarter, compared with diluted earnings per share of $.19 for the second quarter of 1998.
"In the second quarter, we made significant strides in implementing our strategy to evolve from the leading Enterprise document management software provider into an Interprise content management solutions company," said Jeffrey A. Miller, president and chief executive officer of DOCUMENTUM, Inc. "With the recent launch of DOCUMENTUM 4i, we've introduced the first content management platform designed to dynamically manage all facets of content creation and delivery for both corporate and e-business portals. Global 2000 companies have embraced DOCUMENTUM 4i's unique ability to coordinate people, content and processes with a key goal in mind -- to achieve innovation at Internet speed."
In addition to historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. The company's future actual results could differ materially from the forward-looking statements discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed from time to time in the company's public reports filed with the Securities and Exchange Commission, such as those under "Risk Factors" included in the company's annual report on Form 10-K for the fiscal year ended 1998, and the company's quarterly report on Form 10-Q for the quarter ended March 31, 1999.
About DOCUMENTUM
DOCUMENTUM, Inc. is the leading provider of content management solutions that accelerate innovation and shorten time-to-revenue. Nearly 700 global corporations rely on DOCUMENTUM to speed the development and marketing of new products and services that grow the top-line. DOCUMENTUM fuels applications with the trusted, personalized content required in e-business interactions that lead to the point of purchase. Tailored to specific vertical markets, the DOCUMENTUM offering includes its best-in-class content management technology, the DOCUMENTUM 4i platform, and a family of Web applications to support collaboration, innovation and e-business. Headquartered in Pleasanton, Calif., DOCUMENTUM software and services are sold through a direct sales force, systems integrators and affiliated distributors worldwide. Additional information is available at www.documentum.com.
DOCUMENTUM, Inc.
Condensed Consolidated Balance Sheet
(in thousands; unaudited)
June 30, December 31, 1999 1998 ASSETS Current assets: Cash and cash equivalents $17,012 $16,240 Short-term investments 73,247 84,203 Accounts receivable, net of allowances 23,641 32,745 Other current assets 8,841 8,192 Total current assets 122,741 141,380 Property and equipment, net 23,749 13,426 Other assets 6,336 5,843 $152,826 $160,649 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $8,120 $3,176 Accrued liabilities 21,526 26,170 Deferred revenue 16,807 14,490 Total current liabilities 46,453 43,836 Stockholders' equity 106,373 116,813 $152,826 $160,649 DOCUMENTUM, Inc.
Pro Forma Condensed Consolidated Statement of Operations
(in thousands, except per share data; unaudited)
Three Months Ended Six Months Ended June 30, June 30, 1999 1998 1999 1998 Revenues: Licenses $15,852 $18,716 $27,086 $35,767 Services 13,378 9,721 26,149 17,742 Total revenues 29,230 28,437 53,235 53,509 Cost of revenues: Licenses 1,529 703 2,547 1,906 Services 7,800 5,961 15,536 11,007 Total cost of revenues 9,329 6,664 18,083 12,913 Gross profit 19,901 21,773 35,152 40,596 Operating expenses: Sales and marketing 14,201 11,847 27,266 22,416 Research and development 6,389 3,732 12,554 7,374 General and administrative 4,632 2,424 8,331 4,719 Total operating expenses 25,222 18,003 48,151 34,509 Income (loss) from operations (5,321) 3,770 (12,999) 6,087 Interest and other income, net 1,167 1,034 2,134 2,144 Income (loss) before income tax provision (benefit) (4,154) 4,804 (10,865) 8,231 Provision (benefit) for income taxes (1,412) 1,633 (3,694) 2,798 Net income (loss) $(2,742) $3,171 $(7,171) $5,433 Basic earnings (loss) per share $(0.16) $0.20 $(0.43) $0.34 Diluted earnings (loss) per share $(0.16) $0.19 $(0.43) $0.32 Shares used to compute earnings (loss) per share Basic 16,821 15,903 16,824 15,855 Diluted 16,821 17,014 16,824 16,883
NOTE: Condensed Consolidated Statement of Operations for the six months
ended June 30, 1998 excludes the effects of a one time charge of
$2,171,000 primarily related to the acquisition of Workgroup Management,
Inc.
DOCUMENTUM, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except per share data; unaudited)
Three Months Ended Six Months Ended June 30, June 30, 1999 1998 1999 1998 Revenues: Licenses $15,852 $18,716 $27,086 $35,767 Services 13,378 9,721 26,149 17,742 Total revenues 29,230 28,437 53,235 53,509 Cost of revenues: Licenses 1,529 703 2,547 1,906 Services 7,800 5,961 15,536 11,007 Total cost of revenues 9,329 6,664 18,083 12,913 Gross profit 19,901 21,773 35,152 40,596 Operating expenses: Sales and marketing 14,201 11,847 27,266 22,416 Research and development 6,389 3,732 12,554 7,374 General and administrative 4,632 2,424 8,331 4,719 Acquisition and related costs -- -- -- 2,171 Total operating expenses 25,222 18,003 48,151 36,680 Income (loss) from operations (5,321) 3,770 (12,999) 3,916 Interest and other income, net 1,167 1,034 2,134 2,144 Income (loss) before income tax provision (benefit) (4,154) 4,804 (10,865) 6,060 Provision for (benefit from) income taxes (1,412) 1,633 (3,694) 2,399 Net income (loss) $(2,742) $3,171 $(7,171) $3,661 Basic earnings (loss) per share $(0.16) $0.20 $(0.43) $0.23 Diluted earnings (loss) per share $(0.16) $0.19 $(0.43) $0.22 Shares used to compute earnings (loss) per share Basic 16,821 15,903 16,824 15,855 Diluted 16,821 17,014 16,824 16,883
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