iManage Announces Record Fourth Quarter Revenues up 100%
IMAN] IMANAGE Q4 NET INCOME 3C/SHR VS. LOSS OF 0C/SHR YEAR EARLIER
- Net Income, Excluding Stock-Based Compensation, of $0.03 Per Share -
SAN MATEO, Calif., Jan. 20 /PRNewswire/ -- iManage, Inc. (Nasdaq: IMAN), a
leading provider of information and collaboration management software, today
announced record results for the fourth quarter and year ended December 31,
1999.
Revenues for the quarter were $5.9 million, up 100% from $2.9 million in
the corresponding quarter of the previous year. Revenues for the year ended
December 31, 1999 increased 140% to $18.6 million compared with $7.7 million
in 1998. License revenues in 1999 continued to record strong gains, as more
than 75% of total revenues in both the fourth quarter and the year were
attributable to software licenses. Revenues were also boosted by significant
gains in support and services, which increased 192% and 250% for the quarter
and year, respectively, compared with the comparable periods of 1998.
"We were very pleased to have achieved record revenues in 1999," said
iManage president and CEO, Max Panjwani. "Our robust growth, with a
sequential increase in revenue of over 20% from the prior quarter, is directly
attributable to strong customer demand for our new infoCommerce line of
products. We believe the viral marketing effect afforded by customers
deploying our infoCommerce systems positively positions us for continued
success in the future," added Panjwani.
Excluding stock-based compensation, fourth quarter 1999 net income was
$479,000 or $0.03 per share compared to a net loss of $36,000 or $0.00 per
share in fourth quarter 1998. For the year, net income, excluding stock-
based compensation, grew to $814,000 or $0.08 per share, up from a net loss of
$1,786,000 or $0.24 per share for all of 1998.
Including stock-based compensation, fourth quarter 1999 net loss was
$342,000 or $0.02 per share compared to a net loss of $278,000 or $0.04 per
share fourth quarter 1998. For all of 1999, the net loss was $2.8 million, or
$0.28 per share, comparedwith a net loss of $2.8 million, or $0.38 per share,
for all of 1998. Weighted average shares outstanding increased in 1999
compared with 1998 primarily due to the Company's initial public offering of
common stock during the fourth quarter and conversion of all outstanding
shares of preferred stock to common stock upon completion of the initial
public offering.
iManage achieved a number of additional significant milestones in the
fourth quarter of 1999:
-- Completed successful initial public offering. iManage completed an
initial public offering of 4.14 million shares of common stock at $11
per share resulting in net proceeds of $41.2 million. As of December
31, 1999, the Company's balance of cash and investments stood at $54.2
million.
-- Selected by Microsoft to manage corporate information across and
between multiple departments. Microsoft purchased the infoCommerce
Suite to facilitate their needs to collaborate on and manage
information critical to support their high value business practices.
Microsoft's selection further validates iManage as a leader in e-
business information and collaboration management.
-- Signed 70 new customers. New customers include diverse corporate
companies such as Microsoft Corporation, Bank of England, J.C. Penney
Company Inc., Choice One Communications, Mitsubishi Silicon America,
Sabre Inc., Baxter Cardiovascular Group, Celera Genomics and ComCast.
-- Signed agreement with Xerox to provide integrated information commerce
applications. This device level integration provides users of Xerox
Document Centre Systems with the ability to photocopy, scan or fax
information directly into iManage infoCommerce servers. Through such
partnerships, iManage continues to lead in providing direct integration
to the most widely used content sources in corporate use today.
-- Strengthened international presence. iManage established a wholly
owned subsidiary based in London, England positioning itself to meet
the growing demand for our products in the UK and Europe.
The iManage infoCommerce Suite
The iManage infoCommerce Product Suite is comprised of powerful, leading-
edge business-to-business and intra-business information and collaboration
management solutions. The infoCommerce Suite is designed for enterprise-wide
use in organizations seeking to deploy network-based and internet-based
information management solutions. iManage's software solutions are built on a
flexible, three-tiered architecture that provides users with innovative, Web
browser-based interfaces along industry accredited scalable servers. The
iManage infoCommerce Suite includes the infoCommerce Server, infoLink,
infoLook, and infoRite application modules.
About iManage, Inc.
iManage, Inc., is a leading provider of information and collaboration
management software for enterprises engaged in information commerce as part of
their e-business strategy. The Company's products provide a centralized web-
based unified content platform for information and collaboration management,
both for internal use and for use across the extended enterprise. The software
offers a scalable, reliable and highly secure server network that ensures
timely delivery of relevant information to appropriate parties and integrates
with both the Internet and existing email systems. iManage sells its software
products through its direct sales force and through a network of strategic
partners and systems integrators. The iManage suite of products is available
on a perpetual or subscription license basis.
Headquartered in San Mateo, California, the Company first introduced the
iManage suite of solutions in 1996. For detailed sales and product
information please contact info@imanage.com or visit www.imanage.com.
Legal Notice Regarding Forward Looking Statements:
Except for historical information, this press release includes forward-
looking statements that involve risks and uncertainties, including, but not
limited to, the Company's fundamental position, continued success of certain
marketing strategies, significance of specific partnerships to future success,
as well as risks as detailed from time to time in the Company's Securities and
Exchange Commission filings. Such statements are indicated by words or phrases
such as "anticipates," "estimates," "projects," "believes," "intends,"
"expects," and similar words and phrases. Actual results may differ materially
from management expectations. Revenues could decline significantly if the
market does not continue to accept the Company's product suite, if
diversification of the customer base does not continue, or current customers
do not continue to increase their business. See the Risk Factors described in
iManage's final Prospectus dated November 17,1999 for its initial public
offering. iManage assumes no obligation to update the forward-looking
statements in this press release.
NOTE: iManage, the iManage logo, infoLook, infoRite, and iManage
infoCommerce are all trademarks of iManage, Inc. All other trademarks are the
property of their respective owners.
iMANAGE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
1999 1998 1999 1998
(Unaudited)
Revenues
Licenses $4,507 $2,465 $14,257 $6,509
Support and services 1,359 466 4,313 1,232
Total revenues 5,866 2,931 18,570 7,741
Cost of revenues
Licenses235 152 773 414
Support and services 874 425 2,732 1,213
Total cost of
revenues 1,109 577 3,505 1,627
Gross profit 4,757 2,354 15,065 6,114
Operating expenses
Sales and marketing 2,712 1,383 8,530 4,393
Research and
development 1,249 698 4,180 2,351
General and
administrative 700 387 2,227 1,295
Stock-based
compensation 821 242 3,589 1,054
Total operating
expenses 5,482 2,710 18,526 9,093
Loss from operations (725) (356) (3,461) (2,979)
Net interest income 386 78 718 139
Loss before provision
for income taxes (339) (278) (2,743) (2,840)
Provision for income taxes (3) 0 (32) 0
Net loss ($342) ($278) ($2,775) ($2,840)
Net loss per share-
basic and diluted ($0.02) ($0.04) ($0.28) ($0.38)
Shares used in net
loss per share-
basic and diluted 14,854 7,719 9,988 7,455
Pro forma net loss
per share-
basic and diluted ($0.02) ($0.02) ($0.16) ($0.21)
Pro forma shares used
in net loss per share-
basic and diluted 18,958 15,687 17,030 13,489
iMANAGE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
December 31, 1999 December 31, 1998
Assets
Current assets
Cash and cash equivalents $47,985 $7,617
Short term investments 3,028 0
Accounts receivable, net 5,704 4,194
Other current assets 831 443
Total current assets 57,548 12,254
Property and equipment, net 1,913 483
Other assets 4,460 758
Total assets $63,921 $13,495
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and other
liabilities $4,025 $2,785
Deferred revenues 9,068 3,350
Equipment line of credit,
current portion 612 0
Total current liabilities 13,705 6,135
Equipment line of credit,
less current portion 1,388 0
Total liabilities 15,093 6,135
Total stockholders' equity 48,828 7,360
Total liabilities
and stockholders'
equity $63,921 $13,495
SOURCE iManage, Inc.
-0- 01/20/2000
/CONTACT: media, Carolina Noguera of Text 100, 415-836-5990 or
carolinan@text100.com, for iManage, Inc.; or Mark Culhane, Chief Financial
Officer of iManage, Inc., 650-356-1166 or investors@imanage.com/
/Web site: imanage.com 
(IMAN)
CO: iManage, Inc.; Lucent Technologies
ST: California
IN: CPR
SU: ERN
JO
-- SFTH097 --
6508 01/20/2000 16:15 EST prnewmeta Data//
Selector Code: ..b7c
Copyright 2000, PR Newswire |
