MINNEAPOLIS--(BUSINESS WIRE)--Aug. 28, 2003--Firepond (Company
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Studies), Inc. (Nasdaq:FIRE - News), a leading provider of sales configuration software and email response management systems, today announced results
for its fiscal quarter ended July 31, 2003.
"Our newly implemented business unit sales strategy has created the foundation for future sales opportunities," stated Firepond Chairman, CEO, and President
Klaus Besier. "Although our third quarter results were disappointing, we are pleased to announce a number of positive events that occurred in August. In particular, we
entered into a significant new partnership with SSA Global Technologies, Inc., and we are pleased to report that we have now signed our first license agreement under our
new patent licensing program." Mr. Besier went on to say, "Our recently announced new products, Configuration Engine, Version 11, and Interactive Selling
Suite, Version 11.0, are the culmination of the most significant development project in Firepond's 20-year history. The new architecture provides our customers with the
flexibility they require for effective business solutions."
For the third quarter, Firepond reported total revenue of $2.3 million as compared to $3.3 million in the prior quarter and $4.3 million for the same period in the prior year.
Deferred revenue was $4.3 million as compared to $4.8 million at the prior quarter end. The company ended the quarter with $19.8 million in cash and marketable securities.
The company's restructuring activities previously announced in the second quarter resulted in a net restructuring charge of $391,000 in the current quarter.
Firepond reported a net loss for the quarter of $2.1 million as compared to net loss of $1.9 million in the prior quarter and a net loss of $9.1 million for the same period last
year. Net loss per share was $0.57 for the quarter as compared to net loss per share of $0.52 in the prior quarter and a net loss per share of $2.46 for the same period in the
prior year.
Conference Call Information
Firepond will host a conference call to discuss its quarterly earnings today at 5:00 p.m. EST. The dial-in number in the U.S. is (877) 375-2162; international callers should
dial (973) 582-2734. This event will also be broadcast live over the web at the investor relations section of the Firepond web site (www.firepond.com) and will be archived there
for a limited time.
About Firepond, Inc.
Firepond provides interactive selling and eService software solutions that help companies more profitably acquire and retain customers. The complementary configuration,
guided selling, on-line customer service, and response management applications leverage proven intelligence engines and patented automation technology. Firepond's
solutions help to drive new revenue streams, increase profitability, and manage customer interactions across all channels throughout the sales and service cycle. Firepond
is headquartered in Minneapolis, Minnesota with additional offices in Mankato, Minnesota, France and Japan. For additional information about Firepond visit
www.firepond.com.
Portions of this release contain forward-looking statements regarding future events and are subject to risks and uncertainties. We wish to caution you that there are some
factors that could cause actual results to differ materially from the results indicated by such statements. These factors include, but are not limited to: economic and other
factors affecting the demand for e-business sales and service solutions; market acceptance of Firepond's Interactive Selling and Brightware Product Suites and their
components in chosen vertical industries; quarterly fluctuations in operating results attributable to the timing and amount of orders for our products and services; difficulties
with the implementation and integration of Firepond products; uncertainty, costs, potential damages associated with material litigation; our ability to attract and retain
qualified personnel; our ability to keep pace with changing product requirements; and other risks detailed in our filings with the Securities and Exchange Commission,
including our Form 10-K filed in January and Forms 10-Q filed in March, June, and September, copies of which may be obtained through the SEC's website at www.sec.gov.
Firepond and Firepond product names are trademarks of Firepond, Inc. All other product or company names are the properties of their respective owners.
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