|
Press Release |
|||
|
Chordiant Software Announces Revenue and Earnings That Exceeds Consensus Estimates For The Third QuarterThird Quarter Revenue Totals $18.9 MillionCUPERTINO, Calif.--(BUSINESS WIRE)--Oct. 21, 2002--Chordiant Software, Inc. (Nasdaq:CHRD - News), a leading provider of innovative customer management solutions for global business-to-consumer companies, today announced revenues of $18.9 million and a pro forma net loss of 6 cents per share for the third quarter ended September 30, 2002, exceeding consensus estimates for revenue of $16.3 million and a pro forma net loss of 9 cents per share for the quarter. Revenues for the third quarter were near evenly split between the Americas and International. Total revenues for the third quarter of 2002 were $18.9 million, compared to $15.1 million in the second quarter of 2002 and $20.9 million reported for the same period of 2001. Third quarter license revenues were $8.6 million, compared to $6.1 million on the second quarter of 2002 and $10.3 million reported a year ago. Service revenues were $10.3 million, compared to $9.0 million in the second quarter of 2002 and $10.6 million reported for the same period of 2001. Chordiant's cash usage of $1.8 million was within the projected range of $0 to $3 million for the third quarter of 2002. Cash and cash equivalents, and marketable securities were $41.8 million at September 30, 2002. Third quarter 2002 pro forma net loss, which excludes in-process research and development, stock-based compensation, restructuring costs and amortization of acquired intangible assets, was $3.4 million, or a pro forma net loss of 6 cents per share, compared to a pro forma net loss of $6.5 million, or 12 cents per share for the third quarter of 2001. On a U.S. GAAP (Generally Accepted Accounting Principles) basis, Chordiant's third quarter 2002 net loss was $5.0 million, or 9 cents per share, compared to a net loss of $10.5 million, or 20 cents for the prior year. "Our third quarter results are especially pleasing given the widely recognized difficult business environment," said Stephen Kelly, Chief Executive Officer of Chordiant. "During the quarter our management team was highly focused on our corporate goals for customer success, cost control, and cash management, and we made significant progress toward our goal of profitability and positive cash generation." "While IT spending is expected to remain flat for the remainder of 2002, our pipeline in the Americas is increasing, and it remains stable in Europe," said Kelly. "We continue to provide our customers with value through process based applications to manage their ongoing business, help drive down expenses, increase productivity, improve customer retention and profitability through increased usage of Chordiant products and services. Our customer satisfaction is high, and as a result, we are receiving increased orders from our existing customer base for additional products and services," he added. For the nine months ended September 30, 2002, total revenues were $56.8 million, an increase of 7 percent over the $53.3 million for the same period of the prior year. For the nine months ended September 30, 2002 pro forma net loss was $13.9 million, or a pro forma net loss of 25 cents per share, compared to $19.7 million, or a loss of 41 cents on a pro forma basis, excluding in-process research and development, stock-based compensation, restructuring costs and amortization of acquired intangible assets. On a U.S. GAAP basis, Chordiant's nine months ended September 30, 2002 net loss was $23.7 million, or 43 cents per share, compared to a net loss of $32.9 million, or 69 cents per share for the prior year. TELECONFERENCE WEBCAST Chordiant management has scheduled a teleconference for 1:00 p.m. (PDT), 4:00 p.m. (EDT) and 21:00 (London) today to discuss financial results and business events for the third quarter of 2002, as well as the current outlook for the fourth quarter and full-year 2002. This teleconference will be Web-cast live for all investors. Industry analysts and media are invited to attend the conference on a listen-only basis. For more information, please visit the Investor Relations section of Chordiant's Web site at http://www.chordiant.com. From this site, you can listen to the teleconference, assuming that your computer system is configured properly. A phone replay will also be available for seven days after the live call at 303-590-3000 access code # 498543. ABOUT CHORDIANT SOFTWARE, INC. Chordiant Software provides innovative customer management solutions for global business-to-consumer companies. Chordiant serves businesses that have millions of consumer relationships where it is critical to balance the cost of servicing with customer value. Chordiant solutions are driven by business processes and provide an enterprise-wide, real-time view of the customer at any touch point, through self-service, the contact center, or through retail channels. Using Chordiant solutions, enterprises benefit from reduced operational expenses through more efficient and effective marketing, selling and customer service. Additionally, Chordiant quickly reduces internal IT costs by leveraging and adapting to existing information-technology investments and infrastructure. Headquartered in Cupertino, California, Chordiant maintains offices in Boston, Chicago, Manchester NH, New York City, London, Paris, Amsterdam, Frankfurt, Munich, Madrid, Johannesburg, Sydney and Melbourne. Visit us on the Web at http://www.chordiant.com. SAFE HARBOR This news release includes "forward-looking statements" that are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Forward-looking statements in this release are generally identified by words, such as "believes," "anticipates," "plans," "expects," "will," "would," "guidance," "projects" and similar expressions which are intended to identify forward-looking statements. There are a number of important factors that could cause the results of Chordiant to differ materially from those indicated by these forward-looking statements, including, among others, potential difficulties in the assimilation of operations, strategies, technologies, personnel and products of acquired companies and technologies, the impact of perceived or actual weakening of economic conditions on customers' and prospective customers' spending on Chordiant software and services; quarterly fluctuations in Chordiant's revenues or other operating results; failure by Chordiant to meet financial expectations of analysts and investors, including failure resulting from significant reductions in demand from earlier anticipated levels; risks related to market acceptance of Chordiant's products; customization and deployment delays or errors associated with Chordiant products; impact of long sales and implementation cycles for certain Chordiant products; reliance by Chordiant on a limited number of customers for a majority of its revenues; Chordiant's need to retain and enhance business relationships with systems integrators and other parties; Chordiant's use in its products of third-party software; activities by Chordiant and others regarding protection of intellectual property; and competitors' release of competitive products and other actions. Further information on potential factors that could affect the financial results of Chordiant are included in risks detailed from time to time in Chordiant's Securities and Exchange Commission filings, including without limitation Chordiant's Annual Report on Form 10-K filed on March 29, 2002. These filings are available on a Web site maintained by the Securities and Exchange Commission at http://www.sec.gov Chordiant does not undertake an obligation to update forward-looking or other statements in this release. Chordiant and the Chordiant logo are registered trademarks of Chordiant Software, Inc., JX Architecture and Dynamically Driven CRM are trademarks of Chordiant Software, Inc. All other trademarks and registered trademarks are the properties of their respective owners. Editorial Contact: James Strohecker Chordiant Software 408-517-6191 james.strohecker@chordiant.com top of page |
|||