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Enterprise Web leader Plumtree Software (Nasdaq: PLUM - News) today announced results for its first quarter ended March 31, 2004. Revenue for the first quarter of 2004 was $17.7 million, compared to $18.8 million in revenue for the fourth quarter of 2003 and $17.2 million in revenue for the comparable quarter last year. Net loss for the first quarter of 2004 calculated in accordance with generally accepted accounting principles (GAAP) was $3.4 million, or $0.11 per share, compared to a net loss of $552,000, or $0.02 per share, for the fourth quarter of 2003, and net income of $529,000, or $0.02 per share, for the comparable quarter last year. Pro forma net loss for the first quarter of 2004 was approximately $2.6 million, or $0.08 per share, compared to pro forma net income of $270,000, or $0.01 per share, for the fourth quarter of 2003 and pro forma net income of $1.1 million, or $0.04 per share, for the comparable quarter last year.
Pro forma net income excludes charges for amortization of deferred stock-based compensation, amortization of acquired technology, and assumes an effective tax rate of 30% on net income, if any. A reconciliation of these pro forma results to GAAP is included in the financial tables below.
As of March 31, 2004, Plumtree's cash, cash equivalents and short-term investments had increased for the fourteenth consecutive quarter, totaling approximately $68.5 million, up from $67.7 million in the previous quarter. Plumtree has no long-term debt.
"This quarter, we invested in four long-term growth initiatives: channels, partner applications, industry solutions and a product strategy of Radical Openness," said Plumtree President and CEO John Kunze. "We seeded future market opportunities with the launch of our partner applications program, reorganized our field organization around retail and life sciences industry solutions, and, most importantly, hired senior executives from Oracle and BearingPoint to execute on a multi-channel applications strategy. These efforts will take time, but our strong balance sheet and our fundamental assets of customer success and open technology position us to be the openness leader in the emerging market for service-oriented applications."
First Quarter Highlights
Executive Leadership: Plumtree hired Paul Ciandrini, Oracle's former senior vice president of North American application sales, as Chief Operating Officer. At Oracle, Mr. Ciandrini grew sales year over year by 43%. Mr. Ciandrini is responsible for worldwide sales, consulting, marketing, product management, channel and business development. Announced separately today, Plumtree also hired BearingPoint's Ira Pollack as Vice President of Plumtree's World Wide Sales. At BearingPoint, Mr. Pollack was responsible for $500 million in sales as Vice President of Sales for the Consumer Industrial and Technology Industry.
Customer Success: Plumtree completed 67 transactions, adding 27 new customers including the J.M. Smucker Company, American Medical Response, The Toro Company, National Association of Realtors and a Fortune 500 retailer. Plumtree announced successful deployments to 80,000 users at Airbus and 27,000 users at Centrica. Ten customers joined Plumtree on a successful eight-city tour to share best practices and technical insights for building high-ROI applications.
Service-Oriented Applications Program: Plumtree launched its Applications Incubator program to support partners building Plumtree-powered service- oriented applications. Applications partner HandySoft launched version 2.0 of its Plumtree-powered Sarbanes-Oxley Accelerator application and was instrumental in helping Plumtree win five new customers this quarter. Plumtree launched a new Web Applications Catalog and Governance Solution to help organizations control Web sprawl with templates, best practices and a set of portlets for documenting and governing the creation of Web applications.
Yahoo! Partnership: Plumtree announced Yahoo! Messaging for the Enterprise Web, adding real-time messaging and presence awareness to the services available to customers and partners building service-oriented applications with Plumtree's technologies.
Industry Recognition: InfoWorld, a leading technology publication, gave the Plumtree Enterprise Web Suite the highest possible rating in an InfoWorld product review for the suite's ability to manage service-oriented applications. Plumtree's Enterprise Web Suite outperformed IBM's WebSphere Portal by 13% and Microsoft's SharePoint Portal Server by 21%. Additionally, Gartner positioned Plumtree in the leader quadrant in the annual Magic Quadrant for Horizontal Portal Products.*
Developer Support: Plumtree announced the industry's first developer program and conference for building service-oriented applications. The developer program provides equal support for both Java and .NET coding on a wide range of application servers, and gives developers access to Plumtree engineers, peer collaboration groups and extensive developer training. The Advanced Developer Conference will be held May 3 - 5 in San Francisco.
Q2 2004 Financial Outlook
Plumtree Software currently anticipates second quarter 2004 revenue to be between $17.5 million and $18.5 million. On a pro forma basis, the company projects a second quarter 2004 net loss between $0.10 and $0.13 per share. Pro forma net earnings per share in our second quarter outlook excludes charges related to management restructuring of approximately $400,000, amortization of deferred stock-based compensation estimated to be $200,000, amortization of acquired technology of approximately $395,000, and assumes an effective tax rate of 30% on net income, if any. Giving effect to these exclusions, first quarter 2004 GAAP net loss is currently expected to be between ($0.14) and ($0.17) per share.
19.04.2004, Plumtree Software
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