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Stellent Reports Record Third Quarter Revenues Of $27.7 Million
Stellent, Inc. (Nasdaq: STEL), a global provider of content management solutions, announced today its financial results for the third quarter of fiscal 2005 ended Dec. 31, 2004.
Third quarter fiscal 2005 revenues were $27.7 million, an increase of 44% from the $19.2 million reported for the same period last year. The third quarter of fiscal 2005 is the second full quarter of operating results that reflects Stellent’s acquisition of Optika Inc. on May 28, 2004. Revenues for the nine-month period ended Dec. 31, 2004 were $78.3 million, a 42% increase over revenues of $55.1 million for the comparable period of fiscal 2004.
On a Generally Accepted Accounting Principles (GAAP) basis, net income for the quarter ended Dec. 31, 2004 was $0.2 million, or $0.01 per share on a basic and diluted share basis, compared with a net loss of $1.9 million, or $(0.09) per share on a basic and diluted share basis, for the quarter ended Dec. 31, 2003. The GAAP net loss for the nine months ended Dec. 31, 2004 was $2.9 million, or $(0.11) per share on a basic and diluted share basis, compared with a net loss of $10.1 million, or $(0.46) per share on a basic and diluted share basis, for the same period of fiscal 2004.
Pro forma net income was $1.0 million, or $0.04 per share on a basic and diluted share basis, for the quarter ended Dec. 31, 2004, compared with a pro forma net loss of $1.8 million, or $(0.08) per share on a basic and diluted share basis, for the quarter ended Dec. 31, 2003. Pro forma net income for the nine months ended Dec. 31, 2004 was $2.7 million, or $0.10 per share on a diluted share basis, compared with a pro forma net loss of $6.6 million, or $(0.30) per share on a basic and diluted share basis, for the same period of fiscal 2004.
Stellent believes the pro forma results better reflect its operating performance as they exclude the effects of non-cash or non-recurring charges primarily related to expenses such as amortization of certain intangible assets and unearned compensation, restructuring and acquisition-related sales, marketing and other costs.
“Our company performed strongly on all fronts during the third quarter, resulting in balanced revenue contributions from our products, channels and geographies,” said Robert Olson, president and chief executive officer for Stellent. “This performance enabled us to exceed our guidance for revenue and earnings per share (EPS). We also increased our cash and marketable securities position by more than $5.0 million from the previous quarter.
“Our core Stellent® Universal Content Management business grew substantially in the third quarter, representing approximately 84 percent of revenues. We secured 55 new accounts during the quarter, including Stellent Universal Content Management customers The Coca-Cola Co., Argosy Gaming Co., Cascade Corp., Solicitor General of Canada, Mitsubishi Electric Information Technology, Vodafone Limited, Malt-O-Meal Co. and Aetna Specialty Rx.
“In addition, a number of existing customers further expanded their Stellent implementations, including Costco, Agilent Technologies, HBO, Ameren Corp., Argonne National Laboratory, Blue Cross Blue Shield of Florida, Caremark, City of Minneapolis, CB Richard Ellis, Moody’s Investors Services, State of Minnesota, Wells Fargo Bank, Bayer, City of Seattle Department of Planning and Development, and Verizon Wireless. Our Content Components Division also had a solid quarter, signing or renewing contracts with companies such as Anite Public Sector, KPMG and X1 Technologies.
“During the third quarter, Stellent received noteworthy recognitions from the industry analyst community. Specifically, Gartner, Inc. positioned Stellent in the ‘Leader’ quadrant of its 2004 Magic Quadrant for the Enterprise Content Management (ECM) market.1 According to the report, leaders have the highest combined measures of ‘ability to execute’ and ‘completeness of vision.’ Gartner also awarded Stellent a ‘Positive’ rating in its recent ‘MarketScope: Compliance Management Software, 2H04’2* report. Stellent is the only pure-play content management vendor to garner both of these distinctions.
“Later this month, we will kick off Crescendo 2005, our second annual global user conference. We expect nearly 700 attendees at the event, which will provide an invaluable opportunity for customers to learn more about further applying Stellent technology across their organizations to resolve critical information management challenges. During the conference, we will introduce version 7.5 of Stellent Universal Content Management, a substantial new release designed to further bolster our primary value proposition of generating rapid customer success through fast implementations and quick, broad user adoption.
“In summary, we are pleased with the third quarter performance across all facets of our company. The high growth generated within our Universal Content Management product line demonstrates productivity is continuing to increase within our direct sales force, and our reseller base continues to produce strong results with the solutions we obtained through the Optika acquisition. We look forward to building upon this quarter’s successes and finishing fiscal 2005 with considerable business momentum.”
Other Recent Highlights
Customers
4,355 customers — comprised of 3,298 corporate content management customers; 462 OEM customers; and 595 corporate customers for desktop viewing and conversion technology — have selected Stellent solutions to power their content-centric business applications.
Stellent announced Land O’Lakes, a national farmer-owned food and agricultural cooperative with annual sales of more than $6 billion, is using Stellent Universal Content Management across its enterprise to tackle a variety of content management challenges — allowing Land O’Lakes to increase employee productivity and access to knowledge, improve business processes, and reduce costs.
InfoWorld named Land O’Lakes’ Stellent implementation one of the 100 most innovative corporate information technology (IT) solutions of 2004.
Emerson Process Management, a leading global supplier of products, services and solutions that measure, analyze, control, automate and improve process-related operations, received a “Process Innovation Award” from Kinetic Information LLC for its enterprise-wide Stellent Universal Content Management implementation.
Corporate News
Stellent announced it was positioned in the “Leader” quadrant in Gartner, Inc.’s 2004 Magic Quadrant for the Enterprise Content Management market.1 Gartner is the leading provider of research and analysis on the global information technology industry.
Deloitte ranked Stellent as one of the 500 fastest growing technology companies in North America.
Stellent was selected as one of the top 100 companies in digital content by EContent magazine for the fourth consecutive year.
Stellent announced that Crescendo™ 2005, its second annual global user conference, will be held Jan. 31 – Feb. 3, 2005 at the Sheraton San Diego Hotel & Marina in San Diego, Calif.
Products
Stellent received a “Positive” rating in Gartner, Inc.’s Dec. 10, 2004 report titled “MarketScope: Compliance Management Software, 2H04.”2*
Stellent won a 2004 Tekne Award for exemplifying the entrepreneurial spirit and demonstrating the promise for continued growth through technology development or application. The Tekne Awards annually honor Minnesota’s best and brightest technology innovators, and are sponsored by the Minnesota High Tech Association (MHTA) and Minnesota Technology Inc. (MTI), in partnership with Medical Alley, MNBIO and Minnesota’s Project Innovation. Stellent was recognized in the “Information Technology (IT)-Software, Communications and Infrastructure” category for its Stellent Universal Content Management solution.
Stellent released a compliance white paper authored by META Group, a leading information technology research and consulting firm, titled “How Information Technology and Business Organizations Meet Global Compliance Mandates.” The white paper discusses ways in which an IT strategy comprised of a global view of content and information management can help organizations cope with the growing challenges associated with compliance; gain positive, enterprise-wide benefits in terms of efficiency and expense management; and reduce the risk of non-compliance. In addition, the paper outlines how content management solutions can help companies meet global compliance mandates.
Partners
Stellent signed three new reseller partners: Amicus, Inc. of Austin, Texas; Greenbrier and Russel, Inc. of Schaumburg, Ill.; and Plateau Systems, LTD of Arlington, Va. 24.01.2005, Stellent GmbH
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