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Stellent Reports Record Quarterly Revenues of $28.6 Million
EDEN PRAIRIE, MN, Aug. 8, 2005 — Stellent, Inc. (Nasdaq: STEL), a global provider of content management solutions, announced today its financial results for the first quarter ended June 30, 2005.
First quarter fiscal 2006 revenues were $28.6 million, an increase of 26% over the $22.7 million reported for the same period last year.
On a Generally Accepted Accounting Principles (GAAP) basis, net income for the quarter ended June 30, 2005 was $1.1 million, or $0.04 per share on a basic and diluted share basis, compared with a net loss of $(3.8) million, or $(0.16) per share on a basic and diluted share basis, for the quarter ended June 30, 2004. Non-GAAP net income was $1.7 million, or $0.06 per share on a basic and diluted share basis, for the quarter ended June 30, 2005, compared with non-GAAP net income of $154,000, or $0.01 per share on a basic and diluted share basis, for the quarter ended June 30, 2004.
Stellent believes the non-GAAP results better reflect its operating performance as they exclude the effects of non-cash or non-recurring charges primarily related to expenses such as acquisition-related sales, marketing and other costs; amortization of acquired intangible assets and unearned compensation; and restructuring charges.
"Stellent generated a strong start to fiscal 2006, reporting record quarterly revenues of $28.6 million and showing continued strong Stellent Universal Content Management license revenue growth,” said Robert Olson, president and chief executive officer for Stellent. "We also produced continued positive cash flow from operations, ending the quarter with approximately $68.2 million in cash and marketable securities, after the effect of the asset acquisition of e-Onehundred Group.
"We signed 55 new customers during the first quarter, a significant percentage of which were driven by our solid base of partners. New Universal Content Management customers include Jack in the Box, Sasktel, Japan Defense Agency, Quanta Services and Oshkosh Truck Corp. Existing customers that further rolled out their Stellent Universal Content Management implementations include the U.S. Department of Agriculture, State of Minnesota, Korea Asset Management, Fuji Xerox, British Red Cross, Sony Pictures Entertainment, Verizon Wireless, BUPA Australia, Department for International Development, Argonne National Laboratory, and the Centers for Medicare and Medicaid. Also during the first quarter, our Content Components Division signed or renewed contracts with companies such as Yahoo!, Guidance Software, Electronic Evidence Discovery and Teneo Systems.
"Government transactions accounted for a substantial portion of our Universal Content Management revenue during the quarter. We closed approximately 40 transactions in our first quarter with a broad range of government entities, including domestic federal, state and local - as well as foreign - government agencies.
"During the first quarter, we maintained our strong momentum in the compliance and multi-site Web content management markets, with the combination involved in more than 50 percent of our Universal Content Management license revenues. We believe we are the content management industry leader in these markets, and we continue to distinguish ourselves from the competition in both areas. For example, we were the only pure-play content management vendor evaluated in ‘The Forrester Wave™: Sarbanes-Oxley Compliance Software, Q1 2005’ report, where Stellent was cited as a strong performer in the Sarbanes-Oxley compliance software landscape. Our acquisition of e-Onehundred Group will further enhance Stellent’s compliance and enterprise risk management position going forward.
"Additionally, we are very pleased to have won the most coveted award at the AIIM 2005 Conference and Exposition for the second year in a row: the ‘Best of Show Award’ for the ‘Best Enterprise Content Management (ECM) Suite,’ which is presented by AIIM E-DOC Magazine. This recognition, which we received in May, validates our leadership role in developing and commercializing ECM products that truly meet market needs in innovative and productive ways.
"We also recently expanded our executive field management team, reflecting the following changes and promotions:
• David Macey, formerly vice president of sales for Europe, Middle East and Africa, assumes the role of executive vice president of international sales.
• Jud Coleman, formerly vice president of sales for the U.S. central region, assumes the role of executive vice president of North American sales.
• John Page, formerly vice president of services for North America, assumes the role of executive vice president of services.
• Joseph Golemba, formerly with IBM Business Consulting Services, was hired in the March quarter as vice president of strategic alliances and is responsible for expanding Stellent’s Strategic Alliances program with system integrators worldwide.
• Mark Ruport, executive vice president of field operations, recently resigned from Stellent to pursue other interests. The responsibilities formerly carried out by the executive vice president of field operations will now be assumed by the newly appointed executive vice presidents of North American sales, international sales and services; no additional changes are planned.
"In summary, we are confident in our solid management team and pleased with the momentum we’ve generated during the first quarter. As stated last quarter, we remain focused on expanding our leadership position in the key markets of compliance, multi-site Web content management and ECM via a unified architecture and in our OEM transformation technology. We expect our strongholds in these areas will be key business drivers for Stellent in fiscal 2006.”
Other Recent Highlights
Customers
• A total of 4,492 customers — comprised of 3,371 corporate content management customers; 492 OEM customers; and 629 corporate customers for desktop viewing and conversion technology — have selected Stellent solutions to power their content-centric business applications.
Corporate news
• Stellent announced on June 20, 2005 it acquired select assets of privately held e-Onehundred Group, a leading financial compliance solutions provider, for $5.0 million in cash, approximately 274,000 shares of Stellent common stock valued at $2.0 million and a potential $2.0 million cash earn-out over a one-year period based upon revenue performance. The acquisition of e-Onehundred Group will enable Stellent to more quickly capitalize on the growing financial compliance and enterprise risk management market.
Products
• For the second year in a row, Stellent Universal Content Management was named "Best Enterprise Content Management Suite” by AIIM E-DOC Magazine as part of the "Best of Show Awards” at the annual AIIM 2005 Conference and Exposition. The AIIM Conference and Exposition is the world’s largest enterprise content and document management conference and exposition.
• Stellent also won four other awards at the AIIM 2005 Conference and Exposition: two AIIM Best Practices Awards, an I3 award and a Channel Connection Award for Stellent Universal Content Management implementations at Land O’Lakes, the City of Aurora, Colo., Emerson Process Management and Washington Secretary of State.
• Stellent received a 2004 Canadian e-Content Award from the e-Content Institute for its innovative customer relationship management deployment of Stellent Universal Content Management at Bell Canada, Canada’s national leader in communications.
• Stellent was among the select companies Forrester invited to participate in its April 15, 2005, Forrester report, "The Forrester Wave™: Web Content Management, Q1 2005.” In this evaluation, Stellent was cited as a leader in both the external and internal site-publishing scenarios. Forrester is an independent technology research company that provides pragmatic and forward-thinking advice about technology's impact on business.
• Stellent was among the select companies Forrester invited to participate in its April 7, 2005, Forrester Wave report, "The Forrester Wave™: Sarbanes-Oxley Compliance Software, Q1 2005.” In this evaluation, Stellent was cited as a strong performer in the Sarbanes-Oxley compliance software landscape. Forrester also recognized the Stellent Sarbanes-Oxley Solution in the May 20, 2005 report titled "Sarbanes-Oxley Compliance Software Scorecard Summary: Stellent”3 as having the strongest content and records management functionality of any product it evaluated. Forrester evaluated Stellent’s Sarbanes-Oxley Solution and strategy for Sarbanes-Oxley compliance software against approximately 58 criteria.
Partners
• Stellent signed four new reseller partners during its first quarter: Capita Technologies, Inc. of Irvine, Calif.; Klein Consulting Group, LLC of Acworth, Ga.; Networks, Inc. of Honolulu, Hawaii; and Softlinx, Inc. of Westford, Mass. 09.08.2005, Stellent GmbH
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