Stellent Achieves Record Quarterly Revenues of $28 Million
 |  | http://www.contentmanager.net/magazine/news_h9714_stellent_achieves_record_quarterly_revenues_of.html |
Stellent, Inc. announced today its financial results for the second quarter of fiscal 2005 ended Sept. 30, 2004.
Second quarter revenues were $28.0 million, a 23% sequential increase over the $22.7 million reported in the prior quarter and an increase of 51% from the $18.5 million reported for the same period last year. The second quarter of fiscal 2005 is the first full quarter of operating results that reflects Stellent’s acquisition of Optika Inc. on May 28, 2004, which represents a significant portion of Stellent’s revenue increase. Revenues for the six-month period ended Sept. 30, 2004 were $50.6 million, a 41% increase over revenues of $35.9 million for the comparable period of fiscal 2004. License revenues represented 53%, and service revenues 47%, of the total gross revenue for the quarter ended Sept. 30, 2004.
On a Generally Accepted Accounting Principles (GAAP) basis, the net income for the quarter ended Sept. 30, 2004 was $0.8 million, or $0.03 per share on a basic and diluted share basis, compared with a net loss of $2.5 million, or $0.11 per share on a basic and diluted share basis, for the quarter ended Sept. 30, 2003. The GAAP net loss for the six months ended Sept. 30, 2004 was $3.1 million, or $0.12 per share on a basic and diluted share basis, compared with a net loss of $8.2 million, or $0.37 per share on a basic and diluted share basis, for the same period of fiscal 2004.
Pro forma net income was $1.6 million, or $0.06 per share on a basic and diluted share basis, for the quarter ended Sept. 30, 2004, compared with a pro forma net loss of $2.1 million, or $0.09 per share on a basic and diluted share basis, for the quarter ended Sept. 30, 2003. Pro forma net income for the six months ended Sept. 30, 2004 was $1.7 million, or $0.07 per share on a basic and diluted share basis, compared with a pro forma net loss of $4.7 million, or $0.22 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.
“During the second quarter, we continued to execute on our fiscal 2005 strategy to broaden our customer base, generate revenue growth and return to profitability,” said Robert Olson, president and chief executive officer for Stellent. “We produced a solid quarter and achieved a number of financial milestones, including our eighth consecutive quarter of revenue growth, and profitability on a GAAP basis.
“We continued to maintain a balanced business model during the quarter, with 53 percent of revenues coming from software licenses versus services. We signed 30 new accounts, including Stellent® Universal Content Management customers the United States Department of Agriculture (USDA), O’Reilly Automotive Inc., Korea Container, AmeriCredit Corp., Renault Samsung Motors, the United States Department of Commerce, Sudokwon Landfill Site Management and Giorgio Armani SpA.
“Current customers that continued to expand their Stellent implementations during the second quarter include ING Europe, the National Oceanic and Atmospheric Administration, the Centers for Medicare and Medicaid Services, Odyssey Reinsurance Corp., Moody’s Investors Service, Argonne National Laboratory, Emerson Process Management’s Fisher Valve Division, Premera Blue Cross, Raytheon Co., Port Authority of New York and New Jersey, Bayer Corp., Guardian Life Insurance of America and Heineken USA. In addition, our Content Components Division signed or renewed contracts with companies including IBM Corp., SAP AG and VA Software.
“Compliance and multi-site management initiatives remained key market drivers throughout the quarter. Our strategic agreement with Protiviti is beginning to build momentum in the Sarbanes-Oxley and risk management arenas. And, our multi-site management offering continues to gain traction both with new and existing customers. Multi-site management solutions require a broad set of enterprise content management functionality — not just Web content management — to efficiently manage tens or even hundreds of internal and external Web sites.”
Other Recent Highlights
Customers
Stellent now has approximately 4,285 total customers comprised of 3,251 corporate content management customers; 454 OEM customers; and 580 corporate customers for its desktop viewing and conversion technology.
Stellent announced that Cargill, the international provider of food, agricultural and risk management products and services, recently launched a new corporate Web site, www.cargill.com, powered by Stellent Universal Content Management. The next phase of the Stellent implementation will help Cargill maintain consistency across 135 public-facing Web sites, while giving business units freedom to deploy and manage their own sites.
Stellent announced Ameren, Corp., an energy services company, is using Stellent Universal Content Management to power its intranet and public Internet site, enabling the company to realize a variety of significant business benefits –– including the ability to enhance some of its training programs; streamline its document and content management processes; and lower its software licensing costs.
Stellent announced SuperPages, the second-largest directory information provider in Canada, has improved the effectiveness of its call center operations by using Stellent Universal Content Management to manage all customer documents and information using the Web.
Stellent announced QLogic Corp., a developer of storage networking infrastructure components, selected Stellent Universal Content Management to support its enterprise-wide Web content management strategy, which encompasses 14 Web sites. Initially, QLogic will use the Stellent system to consolidate multiple partner/OEM extranets into a single platform and publish content to its corporate Web site, www.qlogic.com. The company also will utilize the system to support numerous customer-facing Web sites, particularly during product launches when new content needs to be quickly delivered via the Web.
Stellent announced the Municipality of Anchorage, Alaska’s largest municipality serving approximately 260,000 residents, has completed the first phase of its Stellent Universal Content Management implementation, which ultimately will link all of the organization’s Web sites, departments and agencies.
Corporate News
Stellent and customer Genzyme Corp. — a global biotechnology company dedicated to making a major positive impact on the lives of people with serious diseases — won a 2004 WebAward for “Best Biotechnology Website” from the Web Marketing Association for Genzyme’s Stellent multi-site management implementation.
For the sixth consecutive year, Software Magazine recognized Stellent as one of the world’s largest software and service providers. Stellent is officially ranked 225 in the publication’s 22nd annual Software 500 listing.
Deloitte selected Stellent for the third consecutive year as one of the 50 fastest growing technology companies in Minnesota. The Deloitte Technology Fast 50 program recognizes Minnesota-based companies that have achieved the most rapid revenue growth between 1999 and 2003. Stellent ranked number 14 on this year’s Deloitte Minnesota Technology Fast 50 list, moving up eight places from 2003.
Products
Stellent received U.S. Department of Defense (DoD) 5015.2 – STD Chapter 4 certification for the management of classified records. The certification verifies that Stellent’s product complies with U.S. DoD 5015.2 – STD Chapter 4, which is essential for any federal government organization that manages classified records or documents.
Stellent was certified on EnterpriseOne 8.9 and 8.10 by PeopleSoft, Inc. These certifications provide comprehensive imaging and business process management support for accounts payable and receivable, travel and expense reporting, and human resources applications.
Partners
Stellent signed two new reseller partners: RS Computer Associates of Newark, Calif.; and Raster Masters of Edmond, Okla.
21.10.2004, Stellent GmbH
