as far as I see it (with just a short glance) they still have operating losses and burn cash - so no news for me but another sign of being on the right way but having not arrived yet...http://biz.yahoo.com/prnews/020424/sfw023_1.htmlWednesday April 24, 8:54 am Eastern TimePress ReleaseSOURCE: Ariba, Inc.Ariba Reports Results for Second Quarter Fiscal 2002Quarterly Revenues Grow to $57.2 MillionSUNNYVALE, Calif., April 24 /PRNewswire-FirstCall/ -- Ariba®, Inc. (Nasdaq: ARBA - news), the leading Enterprise Spend Management (ESM) solutions provider, today announced results for the second fiscal quarter ended March 31, 2002.Revenues for the second quarter of fiscal 2002 were $57.2 million. Pro forma net income for the quarter excluding certain non-cash and special charges was $1.1 million, or $0.00 per share, beating the First Call consensus estimate of a loss of $0.01 per share. Ariba's pro forma operating results exclude expenses related to the amortization of goodwill and other intangible assets, business partner warrants, restructuring and lease abandonment costs and stock-based compensation, all of which are included for GAAP reporting purposes. For the second quarter of fiscal 2001, pro forma net loss was $48.3 million, or a loss of $0.20 per share. Net loss on a GAAP basis for the second quarter of fiscal 2002 was $154 million, or a loss of $0.60 per share. During the corresponding quarter in fiscal 2001 the net loss on a GAAP basis was $1.8 billion, or a loss of $7.60 per share.``Despite a challenging market environment, I am pleased with Ariba's performance during the March quarter. Ariba beat expectations once again, strengthened revenues, improved pro forma earnings per share, and demonstrated stability across the income statement and balance sheet,' said Bob Calderoni, president and CEO of Ariba. ``Ariba is building a reputation as a company that executes even in tough market conditions. We are well positioned for any acceleration in top line revenue to directly result in pro forma profitability and earnings growth. We have successfully hit pro forma breakeven before schedule and expect pro forma earnings per share to increase when the market for IT spending expands.'Customers Embrace Ariba® Spend Management(TM) Suite``Ariba's execution during the quarter went beyond our financial performance,' said Calderoni. ``We demonstrated our ability to deliver Ariba Spend Management solutions successfully and on time. Over the past six months the number of Ariba products which can be used by customers today more than doubled.'In February, Ariba officially launched the Ariba® Spend Management(TM) Suite, the first integrated solution for analysis, sourcing and procurement that allows companies to manage their full spend lifecycle from planning to payment. The new product suite included three new products: Ariba® Analysis(TM), Ariba® Contracts(TM) and Ariba® Invoice(TM), all of which became generally available during the quarter. In addition, Ariba released new versions of Ariba® Buyer(TM), Ariba® Enterprise Sourcing(TM) and Ariba® Workforce(TM).Ariba's new products are showing early signs of success, with a number of Ariba customers purchasing the new applications to expand their spend management initiatives. CVS Pharmacy has selected Ariba Invoice to reduce costs associated with the payment process. Royal Bank of Canada has added Ariba Contracts and Ariba Invoice to its Ariba Buyer implementation. KeyCorp has selected Ariba Workforce to manage its consulting, contract and temporary labor spend.Significant customers around the world continued to select Ariba's flagship products, Ariba Buyer and Ariba Enterprise Sourcing, during the quarter. Northrop Grumman, the second largest supplier of information technology to the federal government, is a new Ariba customer who has purchased Ariba Buyer. Adquira, the leading e-business platform in Spain has selected Ariba Enterprise Sourcing to provide sourcing services across Spain and Latin America. Cesky Mobil, a Czech-based mobile phone company and Ariba's first customer in Eastern Europe, has licensed Ariba Buyer. Nestle Mexico has purchased Ariba Buyer to automate its procurement process. Ariba also signed new deals this quarter with 3M Europe, Honeywell Federal Manufacturing and Technologies, Rochester Gas & Electric, and Towers Perrin among others.LIVE 2002 Anaheim User ConferenceDuring the quarter Ariba also finalized preparations for its LIVE 2002 Anaheim users conference, scheduled for April 28-29 at the Anaheim Marriott hotel.``I strongly encourage companies who want to learn more about Enterprise Spend Management to attend this conference,' said Calderoni. ``We have an impressive lineup of speakers from leading companies around the world, who will share how they are implementing the Ariba Spend Management Suite in their organizations to achieve substantial cost savings and improved spend management efficiencies.'Companies scheduled to present at the conference include: 3M, Air Products, American Express, Amtrak, AstraZeneca, Best Buy, ChevronTexaco, FedEx, First Data Corp., Home Depot, Honeywell Federal Manufacturing and Technologies, KeyCorp, Lucent, Merrill Lynch, Motorola, NS Group (Dutch Railways), National Gypsum, Newark Electronics, Sony Pictures, Unilever, and Verizon.More information about the conference, including registration details, is available at www.aribalive2002.com.Conference Call InformationAriba will hold a conference call today at 8:00 a.m. Pacific Time. To join the earnings call, please dial 913-981-5512. There will be a live web broadcast available on the Ariba investor relations website at www.ariba.com. A replay of this call will be available today by dialing (888) 203-1112 or 719-457-0820 from 1:00 p.m. Pacific Time today through 9:59 p.m. Pacific Time on May 1, 2002.About Ariba, Inc.Ariba, Inc. is the leading Enterprise Spend Management (ESM) solutions provider. Ariba solutions are designed to specifically address the needs of the chief financial officer and procurement professionals. The Ariba Spend Management Suite provides a single point of visibility and control allowing companies to engage, manage, and leverage the entire spend lifecycle from analysis, through sourcing, to procurement across the enterprise, while providing systematic measurement, tracking and reporting of best practices. Ariba can be contacted in the U.S. at 1.650.390.1000 or at www.ariba.com.NOTE: Ariba and the Ariba logo are registered trademarks of Ariba, Inc. in the United States and in other countries. Ariba Spend Management, Ariba Buyer, Ariba Enterprise Sourcing, Ariba Analysis, Ariba Contracts, Ariba Invoice, Ariba Workforce, Ariba Supplier Network, Ariba Travel & Expense, Ariba eForms, AribaLive, BPM Services, Power Sourcing, Total Spend Capture and PO-Flip are trademarks or service marks of Ariba, Inc. All other trademarks are the property of their respective owners.Ariba Safe HarborSafe Harbor Statement Under the Private Securities Litigation Reform Act 1995: Information and announcements in this release involve Ariba's expectations, beliefs, hopes, plans, intentions or strategies regarding the future and are forward-looking statements that involve risks and uncertainties. All forward-looking statements included in this release are based upon information available to Ariba as of the date of the release, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, but are not limited to: delays in development or shipment of new versions of Ariba's products and services; lack of market acceptance of Ariba's existing or future products or services; inability to continue to develop competitive new products and services on a timely basis; introduction of new products or services by major competitors; our ability to attract and retain qualified employees; difficulties in assimilating acquired companies; the impact of recent workforce reductions on Ariba's operations; lengthening sales cycles and the deferrals of anticipated orders; declining economic conditions, including a recession; inability to control costs; changes in our pricing or compensation policies; inability to successfully manage a reduction in the company's workforce; and significant fluctuations in our stock price. These and other factors and risks associated with our business are discussed in the Company's Form 10-K/A filed December 31, 2001 and in its Form 10-Q filed February 14, 2002. ARIBA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) March 31, September 30, 2002 2001 ASSETS Cash, cash equivalents and investments $238,041 $261,011 Restricted cash 30,574 32,571 Accounts receivable, net 4,464 27,336 Prepaid expenses and other assets 30,921 38,970 Property and equipment, net 38,483 50,353 Goodwill and other intangible assets, net 587,605 877,806 Total assets $930,088 $1,288,047 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable $15,528 $28,395 Accrued compensation and related liabilities 39,366 53,285 Accrued liabilities 49,493 56,072 Restructuring costs 18,546 31,194 Deferred revenue 165,995 177,061 Capital leases 257 402 Total liabilities 289,185 346,409 Minority interests 13,536 15,720 Stockholders' equity: Common stock 530 520 Additional paid-in capital 4,477,312 4,477,971 Deferred stock-based compensation (10,482) (33,023) Accumulated other comprehensive loss (6,371) (1,172) Accumulated deficit (3,833,622) (3,518,378) Total stockholders' equity 627,367 925,918 Total liabilities and stockholders' equity $930,088 $1,288,047 ARIBA, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended March 31, March 31, 2002 2001 (A) 2002 2001 (A) Revenues: License $24,976 $57,983 $48,636 $181,431 Maintenance and service 32,216 32,048 63,806 73,370 Total revenues 57,192 90,031 112,442 254,801 Cost of revenues: 12,070 26,791 22,157 58,122 Gross profit 45,122 63,240 90,285 196,679 Operating expenses: Sales and marketing 18,956 79,954 47,090 163,642 Research and development 16,192 25,579 31,800 46,368 General and administrative 9,732 18,772 20,213 35,167 Operating expenses before certain non-cash and special charges 44,880 124,305 99,103 245,177 Amortization of goodwill and other intangible assets 144,774 327,571 290,188 656,099 Business partner warrants 5,562 538 5,562 7,858 Stock-based compensation 4,860 15,697 8,228 36,028 Restructuring and lease abandonment costs (158) -- 5,484 -- Impairment of goodwill, other intangible assets and equity investments -- 1,433,292 -- 1,433,292 Merger related expenses -- 9,185 -- 9,185 Total operating expenses 199,918 1,910,588 408,565 2,387,639 Loss before other income and taxes (154,796) (1,847,348) (318,280) (2,190,960) Other income, net 1,735 6,132 5,031 10,712 Net loss before income taxes (153,061) (1,841,216) (313,249) (2,180,248) Provision for income taxes 904 (6,040) 1,995 2,552 Net loss $(153,965) $(1,835,176) $(315,244) $(2,182,800) Net loss per share - basic and diluted $(0.60) $(7.60) $(1.23) $(9.16) Shares used in computing net loss per share - basic and diluted 258,748 241,417 257,187 238,351 PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended March 31, March 31, 2002 2001 (A) 2002 2001 (A) Revenues: License $24,976 $58,605 $48,636 $187,516 Maintenance and service 32,216 32,048 63,806 73,370 Total revenues 57,192 90,653 112,442 260,886 Cost of revenues: 12,070 26,791 22,157 58,122 Gross profit 45,122 63,862 90,285 202,764 Operating expenses: Sales and marketing 18,956 79,954 47,090 163,642 Research and development 16,192 25,579 31,800 46,368 General and administrative 9,732 18,772 20,213 35,167 Operating expenses excluding certain non-cash and special charges 44,880 124,305 99,103 245,177 Income (loss) from operating activities 242 (60,443) (8,818) (42,413) Other income, net 1,735 6,132 5,031 10,712 Income (loss) before income taxes 1,977 (54,311) (3,787) (31,701) Provision for income taxes 904 (6,040) 1,995 2,552 Net income (loss) $1,073 $(48,271) $(5,782) $(34,253) Pro forma net income (loss) per share - basic $0.00 $(0.20) $(0.02) $(0.14) Pro forma net income (loss) per share - diluted $0.00 $(0.20) $(0.02) $(0.14) Shares used in computing net income (loss) per share - basic 258,748 241,417 257,187 238,351 Shares used in computing net income (loss) per share - diluted 276,354 241,417 257,187 238,351 Reconciliation of Pro Forma Net Income (Loss) (in thousands, except per share amounts) (unaudited) Three Months Ended Six Months Ended March 31, March 31, 2002 2001 (A) 2002 2001 (A) Net loss $(153,965) $(1,835,176) $(315,244) $(2,182,800) Amortization of goodwill and other intangible assets 144,774 327,571 290,188 656,099 Business partner warrants 5,562 538 5,562 7,858 Business partner warrants expense reclassed as a reduction of revenue -- 622 -- 6,085 Stock-based compensation 4,860 15,697 8,228 36,028 Restructuring and lease abandonment costs (158) -- 5,484 -- Impairment of goodwill, other intangible assets and equity investments -- 1,433,292 -- 1,433,292 Merger related expenses -- 9,185 -- 9,185 Total non-cash and special charges 155,038 1,786,905 309,462 2,148,547 Net income (loss) - pro forma $1,073 $(48,271) $(5,782) $(34,253) Pro forma net income (loss) per share - basic $0.00 $(0.20) $(0.02) $(0.14) Pro forma net income (loss) per share - diluted $0.00 $(0.20) $(0.02) $(0.14) Shares used in computing net income (loss) per share - basic 258,748 241,417 257,187 238,351 Shares used in computing net income (loss) per share - diluted 276,354 241,417 257,187 238,351 (A) GAAP basis revenues for the three and six months ended March 31, 2001 exclude the effects of certain business partner warrant expenses which have been reclassified as a reduction of revenues due to the adoption of new accounting guidance contained in EITF No. 01-9, Accounting for Consideration Given by a Vendor to a Customer or a Reseller of the Vendor's Products. These reclassifications, which have no effect on net operating results or earnings per share, do not affect GAAP basis financial statements for any period after September 30, 2001 and have not been applied to previously reported pro forma revenues in order to maintain comparability.
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Rat