EX-99.1 3 dex991.htm PRESS RELEASE DATED MAY 28, 2003 Press Release dated May 28, 2003

 

EXHIBIT 99.1

 

LOGO


     

P R E S S    R E L E A S E

Agile Software Corporation

One Almaden Boulevard

San Jose, CA 95113-2253

 

Voice: (408) 975-3900

Fax: (408) 271-4862

 

 

Investor Contact:

  

Media Contact:

Rick Browne

  

Terri Pruett

Agile Software

  

Agile Software

Vice President, Finance

  

Director of Corporate Communications

Rick.Browne@agile.com

  

Terri.Pruett@agile.com

408-975-3984

  

408-975-7840

 

Agile Reports Fourth Quarter Results for Fiscal 2003

 

Quarterly Revenues Up 26% over Prior Year

 

San Jose, Calif., May 28, 2003—Agile Software Corporation (Nasdaq: AGIL) today announced results for the fourth quarter of fiscal 2003, which ended April 30, 2003. Total revenues for the quarter were $19.1 million, compared to $15.2 million for the fourth quarter of fiscal 2002. License revenues for the fourth quarter of fiscal 2003 were $8.9 million, compared to $6.2 million for the fourth quarter of fiscal 2002.

 

Net loss for the fourth quarter of fiscal 2003, on a generally accepted accounting principles (GAAP) basis, was $3.0 million or ($0.06) per share, compared to $18.7 million, or ($0.39) per share, for the fourth quarter of fiscal 2002.

 

Non-GAAP net loss, for the fourth quarter of fiscal 2003 was $2.3 million, or ($0.05) per share, compared to a non-GAAP net loss of $11.6 million, or ($0.24) per share, for the fourth quarter of fiscal 2002. Reconciliation between net loss on a GAAP basis and non-GAAP net loss is provided in a table immediately following the non-GAAP Condensed Consolidated Statement of Operations below.

 

Total revenues for the fiscal year ended April 30, 2003 were $70.5 million, compared to total revenues of $77.8 million for the fiscal year ended April 30, 2002.

 

Net loss for the fiscal year ended April 30, 2003, on a GAAP basis, was $36.1 million, or ($0.75) per share, compared to a net loss of $34.5 million, or ($0.73) per share for the fiscal year ended April 30, 2002.

Non-GAAP net loss for fiscal year ended April 30, 2003 was $21.6 million, or ($0.45) per share, compared to a net loss of $26.6 million, or ($0.56) per share for the fiscal year ended April 30, 2002.

 

The company’s cash, cash equivalents, and short-term investments were $257.0 million at April 30, 2003. Days sales outstanding (DSO) at April 30, 2003 was 58 days.

 

Management Commentary

 

“Against the backdrop of a difficult economy and geopolitical turmoil, Agile continues to make progress financially and in the markets we serve,” said Bryan D. Stolle, Agile CEO. “Agile’s expanding suite of product lifecycle management (PLM) solutions, our track record of delivering customer value, and a strong leadership team continue to drive Agile’s performance. At the same time, we are making strategic use of our financial resources with targeted acquisitions that broaden and deepen our offerings, expand our presence in key categories and markets, and add talent to the team.”

 

Customer Wins and Expansions

 

During the quarter, the Company added 18 new customers. Organizations that purchased new or additional licenses of Agile’s PLM solutions include: ArthroCare, B/E Aerospace, GlaxoSmithKline, InFocus Systems, Jabil Circuit, Inc, Logitech, Matsushita Corporation, Manufacturers Services Ltd. (MSL), Metaldyne, NEC Access Technica, Quanta Computers, and Sharp Communications Systems.

 

Acquisition

 

This quarter Agile completed the acquisition of ProductFactory Inc. of Maynard, Massachusetts. The acquisition enhances Agile’s program management offering, Program ExecutionSM.

 

Conference Call Details

 

Agile will discuss its fourth quarter and fiscal year-end results and management’s forward-looking guidance on a conference call today beginning at 2:00 p.m. Pacific Time. A webcast of the conference call will be available on Agile’s website at www.agile.com under the “Investor Relations” section. You may access replays of the webcast for ninety days after the call at http://www.agile.com/investors. Additional investor information can be accessed at www.agile.com or by calling Agile’s Investor Relations Department at (408) 975-3900.

 

About Agile Software

 

Agile Software Corporation (Nasdaq: AGIL) helps companies drive profits, accelerate innovation, collaborate with partners, and leverage intellectual property throughout the product lifecycle. With a broad suite of enterprise class PLM solutions, time-to-value focused implementations, and a unique Guaranteed Business

ResultsSM program, Agile helps companies get the most from their products. Boeing, Dell Computer, Flextronics International, GE Medical, Hitachi, Metaldyne, Microsoft, and QUALCOMM are among the 850+ customers in the High Tech, Life Sciences, Automotive, Aerospace and Defense, Consumer Products, and Industrial Products industries that have realized high impact results through their use of Agile’s PLM solutions. For more information, call 408-975-3900 or visit Agile at www.agile.com.

 

“Safe Harbor” Statement Under the 1995 Private Securities Litigation Reform Act:

 

This release includes forward-looking statements regarding Agile’s financial results, business outlook, market conditions, long-term prospects, customer base and product performance. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those predicted in the forward-looking statements, and are based upon information available to Agile as of the release date. We assume no obligation to update any such statements. Factors that could cause actual results to differ include, but are not limited to, continued declining economic conditions that could affect the overall demand for our software and services resulting in decreased revenues or lower revenue growth; cutbacks, reductions and delays by customers in purchases of our software; inability to satisfy our requirements under our Guaranteed Business Results program; problems in performance of our newly released products and delays and difficulties in introducing competitive new products and upgrades of products; lengthening sales cycles for our products; and an increased number of transactions closing at the end of our quarters. These and other risk factors and risks associated with our business are discussed in our quarterly and annual reports filed with the Securities and Exchange Commission, and are available online by link at our website at www.Agile.com or at the SEC at http://www.sec.gov.

 

Agile Software is a registered trademark and Agile, Agile Product Collaboration, Agile Product Cost Management, Agile Product Service & Improvement, Agile Program Execution, Agile Engineering and the Agile logo are trademarks of Agile Software Corporation in the U.S. and/or other countries. All other brand or product names are trademarks and trade names of their respective holders.

 

Agile Software Corporation

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share data)

(unaudited)

 

    

Three Months Ended April 30,

     

Twelve Months Ended April 30,

  
    

2003

     

2002

     

2003

     

2002

  

Revenues:

                                    

License

   

$

8,907

 

   

$

6,157

 

   

$

30,699

 

   

$

45,141

 

Professional services and maintenance

   

 

10,197

 

   

 

9,034

 

   

 

39,810

 

   

 

32,630

 

    
  
  
  

Total revenues

   

 

19,104

 

   

 

15,191

 

   

 

70,509

 

   

 

77,771

 

    
  
  
  

Cost of revenues:

                                    

License

   

 

886

 

   

 

584

 

   

 

2,790

 

   

 

3,107

 

Professional services and maintenance

   

 

4,364

 

   

 

3,403

 

   

 

18,151

 

   

 

13,921

 

    
  
  
  

Total cost of revenues

   

 

5,250

 

   

 

3,987

 

   

 

20,941

 

   

 

17,028

 

    
  
  
  

Gross profit

   

 

13,854

 

   

 

11,204

 

   

 

49,568

 

   

 

60,743

 

    
  
  
  

Operating expenses:

                                    

Sales and marketing

   

 

9,699

 

   

 

14,110

 

   

 

41,840

 

   

 

56,318

 

Research and development

   

 

5,580

 

   

 

8,484

 

   

 

26,357

 

   

 

33,491

 

General and administrative

   

 

1,724

 

   

 

1,961

 

   

 

6,927

 

   

 

7,386

 

Amortization of stock compensation

   

 

636

 

   

 

705

 

   

 

2,632

 

   

 

282

 

Acquired in-process technology

   

 

100

 

   

 

—  

 

   

 

400

 

   

 

—  

 

Amortization of goodwill and other intangible assets

   

 

—  

 

   

 

189

 

   

 

—  

 

   

 

756

 

Merger related benefit

   

 

—  

 

   

 

—  

 

   

 

—  

 

   

 

(835

)

Restructuring and other charges

   

 

—  

 

   

 

6,257

 

   

 

7,836

 

   

 

6,257

 

    
  
  
  

Total operating expenses

   

 

17,739

 

   

 

31,706

 

   

 

85,992

 

   

 

103,655

 

    
  
  
  

Loss from operations

   

 

(3,885

)

   

 

(20,502

)

   

 

(36,424

)

   

 

(42,912

)

Interest and other income, net

   

 

1,037

 

   

 

1,878

 

   

 

4,900

 

   

 

10,158

 

Impairment of equity investments

   

 

—  

 

   

 

—  

 

   

 

(3,673

)

   

 

(1,446

)

    
  
  
  

Loss before income taxes

   

 

(2,848

)

   

 

(18,624

)

   

 

(35,197

)

   

 

(34,200

)

Provision for income taxes

   

 

194

 

   

 

100

 

   

 

934

 

   

 

343

 

    
  
  
  

Net loss

   

$

(3,042

)

   

$

(18,724

)

   

$

(36,131

)

   

$

(34,543

)

    
  
  
  

Net loss per share:

                                    

Basic and diluted

   

$

(0.06

)

   

$

(0.39

)

   

$

(0.75

)

   

$

(0.73

)

    
  
  
  

Weighted average shares

   

 

48,841

 

   

 

48,004

 

   

 

48,495

 

   

 

47,451

 

    
  
  
  

 

Agile Software Corporation

NON-GAAP CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

See adjustments listed in table below which reconcile non-GAAP

financial measure of net loss to GAAP financial measure of net loss

(In thousands, except per share data)

(unaudited)

 

    

Three Months Ended April 30,

     

Twelve Months Ended April 30,

  
    

2003

     

2002

     

2003

     

2002

  

Revenues:

                                    

License

   

$

8,907

 

   

$

6,157

 

   

$

30,699

 

   

$

45,141

 

Professional services and maintenance

   

 

10,197

 

   

 

9,034

 

   

 

39,810

 

   

 

32,630

 

    
  
  
  

Total revenues

   

 

19,104

 

   

 

15,191

 

   

 

70,509

 

   

 

77,771

 

    
  
  
  

Cost of revenues:

                                    

License

   

 

886

 

   

 

584

 

   

 

2,790

 

   

 

3,107

 

Professional services and maintenance

   

 

4,364

 

   

 

3,403

 

   

 

18,151

 

   

 

13,921

 

    
  
  
  

Total cost of revenues

   

 

5,250

 

   

 

3,987

 

   

 

20,941

 

   

 

17,028

 

    
  
  
  

Gross profit

   

 

13,854

 

   

 

11,204

 

   

 

49,568

 

   

 

60,743

 

    
  
  
  

Operating expenses:

                                    

Sales and marketing

   

 

9,699

 

   

 

14,110

 

   

 

41,840

 

   

 

56,318

 

Research and development

   

 

5,580

 

   

 

8,484

 

   

 

26,357

 

   

 

33,491

 

General and administrative

   

 

1,724

 

   

 

1,961

 

   

 

6,927

 

   

 

7,386

 

    
  
  
  

Total operating expenses

   

 

17,003

 

   

 

24,555

 

   

 

75,124

 

   

 

97,195

 

    
  
  
  

Loss from operations

   

 

(3,149

)

   

 

(13,351

)

   

 

(25,556

)

   

 

(36,452

)

Interest and other income, net

   

 

1,037

 

   

 

1,878

 

   

 

4,900

 

   

 

10,158

 

    
  
  
  

Loss before income taxes

   

 

(2,112

)

   

 

(11,473

)

   

 

(20,656

)

   

 

(26,294

)

Provision for income taxes

   

 

194

 

   

 

100

 

   

 

934

 

   

 

343

 

    
  
  
  

Net loss

   

$

(2,306

)

   

$

(11,573

)

   

$

(21,590

)

   

$

(26,637

)

    
  
  
  

Net loss per share:

                                    

Basic and diluted

   

$

(0.05

)

   

$

(0.24

)

   

$

(0.45

)

   

$

(0.56

)

    
  
  
  

Weighted average shares

   

 

48,841

 

   

 

48,004

 

   

 

48,495

 

   

 

47,451

 

    
  
  
  

The above non-GAAP net loss has been adjusted to eliminate the following:

                                    

Amortization of stock compensation

   

$

636

 

   

$

705

 

   

$

2,632

 

   

$

282

 

Amortization of goodwill and purchased intangible assets

   

 

—  

 

   

 

189

 

   

 

—  

 

   

 

756

 

Acquired in-process technology

   

 

100

 

   

 

—  

 

   

 

400

 

   

 

—  

 

Merger related benefit

   

 

—  

 

   

 

—  

 

   

 

—  

 

   

 

(835

)

Restructuring and other charges

   

 

—  

 

   

 

6,257

 

   

 

7,836

 

   

 

6,257

 

Impairment of equity investments

   

 

—  

 

   

 

—  

 

   

 

3,673

 

   

 

1,446

 

    
  
  
  
    

$

736

 

   

$

7,151

 

   

$

14,541

 

   

$

7,906

 

    
  
  
  

 

Agile Software Corporation

CONDENSED CONSOLIDATED BALANCE SHEET

(In thousands)

(unaudited)

 

    

April 30, 2003

   

April 30, 2002

ASSETS

              

Current assets:

              

Cash and cash equivalents

   

$

154,852

   

$

123,374

Short-term investments

   

 

102,115

   

 

162,175

Accounts receivable, net

   

 

12,061

   

 

6,538

Other current assets

   

 

6,295

   

 

8,052

    
  

Total current assets

   

 

275,323

   

 

300,139

Property and equipment, net

   

 

7,389

   

 

10,887

Other assets

   

 

8,238

   

 

8,038

    
  
    

$

290,950

   

$

319,064

    
  

LIABILITIES AND STOCKHOLDERS’ EQUITY

              

Current liabilities:

              

Accounts payable and other liabilities

   

$

16,862

   

$

19,233

Deferred revenue

   

 

15,280

   

 

13,200

    
  

Total current liabilities

   

 

32,142

   

 

32,433

Accrued restructuring, non-current

   

 

2,562

   

 

—  

    
  
    

 

34,704

   

 

32,433

    
  

Total stockholders equity

   

 

256,246

   

 

286,631

    
  
    

$

290,950

   

$

319,064