CorVu Reports Results for First Quarter 2001

Business Wire, Nov 14, 2000

Business Editors

MINNEAPOLIS--(BUSINESS WIRE)--Nov. 14, 2000

CorVu Corporation (OTCBB: CRVU), a leading provider of Enterprise Business Performance Management, Business Intelligence and Balanced Scorecard solutions, today announced financial results for the first quarter of its fiscal year 2001, ended September 30, 2000.

Revenues for the first quarter ended September 30, 2000, were $2.45 million, down 17% from $2.96 million in the comparable period of the prior year. Operating loss for the period was $2.25 million, compared with operating loss of $1.11 million for the first quarter of 2000. The current loss includes non-cash charges related to options and warrants of $405,000. (All figures are stated in U.S. dollars).

The decline in revenue is primarily due to poor performance in the European subsidiary. While the Americas and the Asia-Pacific regions each showed marginal revenue growth of 6% and 2% respectively, revenue from the European region was down 57% compared with the same period of the prior year. "We are making an effort to address this situation by appointing Mr. Indrek Porm as Vice President of Sales for Europe," said Justin MacIntosh, president and CEO of CorVu Corporation. "As an eight-year veteran of the Company who previously held the same position in the Asia-Pacific region, Mr. Porm brings experience and a successful track record to our European operation."

As previously announced, since June 2000, CorVu has taken steps to bring overheads in line with revenue performance. These efforts have already become manifest. For example, operating expenses for the quarter ended September 30, 2000 were $1.4 million lower than for the immediate prior quarter ended June 30, 2000. "Not all of the completed expense reductions have become evident in this quarter's results. We believe we'll see additional positive impact from these efforts over the next two quarters," commented MacIntosh.

About CorVu Corporation

CorVu is a global provider of Enterprise Business Performance Management and Balanced Scorecard solutions, which help thousands of companies effectively execute strategy and monitor operational results from a position of knowledge. CorVu builds accountability into every action and provides a consistent basis for reacting to real-time events, empowering executives to drive organizational change, achieve continuous improvement and exceed performance targets.

More than 2500 customers, including companies such as American Express, British Airways, Hilton Hotels, Mincom, Prudential, Ford Motor Company, Sara Lee and Star-Kist Foods have selected CorVu's Enterprise Business Performance and Balanced Scorecard Solutions. For more information, please visit www.corvu.com or call 800.610.0769.

Forward-Looking Statements

This release contains statements, which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and the Securities Exchange Act of 1934. These statements appear in a number of places in this release. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors discussed herein.

CorVu is a registered trademark of CorVu Corporation. All other trademarks are the properties of their respective companies.