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Bluestone Software Reports Record Q1 2000 Results - 122% Annual Growth Over Same Quarter Prior Year and 44% Sequential Growth From Q4 1999!; Q1 Revenue Grows to a Record $7.3 Million
Wednesday, April 19, 2000 04:08 PM Mail this article to a friend
PHILADELPHIA--(BUSINESS WIRE)--April 19, 2000--Bluestone(R) Software, Inc., (Nasdaq NM: BLSW), a leading provider of Enterprise Interaction Management and e-business software, today reported its results for the quarter ended March 31, 2000.
"Bluestone performed admirably in Q1 2000, meeting all established targets and exceeding expectations resulting in 122% same quarter growth over 1999 and an increase in revenues from $5.1 million in fourth quarter 1999 to $7.3 million in first quarter 2000, or a sequential quarterly growth rate of 44% over fourth quarter 1999," said P. Kevin Kilroy, president and CEO of Bluestone Software. "During the first quarter of 2000, Bluestone delivered on the promise of its recent Total-e-Business product launch with the majority of new license sales delivered through our Total-e-Business product family. At the same time Bluestone saw yet another successive quarterly increase in our average sales price (ASP)."
Kilroy further stated, "The reception of our newest product family, Total-e-Business, exceeded our expectations, and continues to deliver exciting new license revenues and new business opportunities in the B2B, Wireless E-Commerce and the B2C market. Equally as impressive is the Q1 initiation of our European operations, as scheduled, resulting in the rapid closure of a new significant, Wireless E-Commerce software license in the United Kingdom. In the first quarter of 2000 Bluestone completed a secondary offering providing the company with a strong cash balance in excess of $211 million to aggressively fuel our expansion and acquisition efforts into the foreseeable future. We continue to make impressive progress in every aspect of our business as we expand in terms of our geographic coverage, market share, and our technically advanced products and solutions as the premier provider of e-platform products and solutions."
Total revenue for the first quarter of 2000 was $7.3 million, a 122% increase over total revenue of $3.3 million for the first quarter of 1999, and a 44% increase over the $5.1 million for the fourth quarter of 1999. Net loss for the first quarter of 2000 was $4.8 million, or $0.25 per share, as compared to a pro forma net loss of $2.5 million, or $0.24 per share for the first quarter of 1999, and a net loss of $4.0 million, or $0.22 per share for the fourth quarter of 1999.
Pro forma net loss per share is presented herein assuming (i) the net loss prior to the accretion of preferred stock dividends, and (ii) the conversion of all the outstanding shares of preferred stock and accrued dividends on preferred stock into common stock upon the Company's initial public offering using the as converted method from their respective dates of issuance.
Software license revenue for the first quarter of 2000 was $5.0 million, an increase of 122% from $2.3 million for the first quarter of 1999, and a 32% increase from $3.8 million for the fourth quarter of 1999. Services revenue for the first quarter of 2000 was $2.3 million, an increase of 122% compared to $1.0 million for the first quarter of 1999, and a 78% increase from services revenue of $1.3 million for the fourth quarter of 1999.
A conference call to discuss Bluestone's results is scheduled for Wednesday April 19th at 4:45 p.m. (EDT). Investors will have the opportunity to listen to the conference call over the Internet through Vcall at www.vcall.com. To listen to the live call, please go to the Vcall Web-site at least fifteen minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and a transcript will be available 24 to 48 hours later. Institutional investors can access a replay of the call through Streetfusion at www.streetfusion.com and StreetEvents at www.streetevents.com.
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