Business Services Industry
Docent Reports Financial Results for the Second Quarter Ended June 30, 2003; Announces Global Fortune 500 Customer Wins at BMW North America, NCR and BMO Financial Group
Business Wire, July 23, 2003
Docent, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Six Months
Ended June 30, Ended June 30,
----------------- ------------------
2003 2002 2003 2002
-------- -------- -------- ---------
Revenue:
License $3,120 $2,720 $6,704 $7,106
Service and maintenance 4,203 3,925 8,026 7,545
-------- -------- -------- ---------
Total revenue 7,323 6,645 14,730 14,651
-------- -------- -------- ---------
Cost of revenue:
Cost of license 348 385 708 796
Cost of service and
maintenance 2,255 2,476 4,262 4,947
-------- -------- -------- ---------
Total cost of revenue 2,603 2,861 4,970 5,743
-------- -------- -------- ---------
Gross profit:
License 2,772 2,335 5,996 6,310
Service and maintenance 1,948 1,449 3,764 2,598
-------- -------- -------- ---------
Total gross profit 4,720 3,784 9,760 8,908
-------- -------- -------- ---------
Operating expenses:
Research and development 2,451 2,166 4,885 6,163
Sales and marketing 4,068 4,740 8,087 12,650
General and administrative 1,176 708 2,578 2,873
Restructuring charges (327) 3,361 (327) 4,286
-------- -------- -------- ---------
Total operating expenses 7,368 10,975 15,223 25,972
-------- -------- -------- ---------
Loss from operations (2,648) (7,191) (5,463) (17,064)
Interest expense (20) (46) (34) (136)
Other income and (expense), net (70) 197 (160) 50
Interest income 102 245 203 608
-------- -------- -------- ---------
Loss before provision for
income taxes (2,636) (6,795) (5,454) (16,542)
Provision for income taxes 101 46 118 94
-------- -------- -------- ---------
Net loss $(2,737) $(6,841) $(5,572) $(16,636)
======== ======== ======== =========
Net loss per share - basic and
diluted $(0.21) $(0.49) $(0.43) $(1.18)
======== ======== ======== =========
Weighted average common shares
outstanding 13,020 14,099 13,026 14,068
======== ======== ======== =========
Docent, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
-----------------------------------
Sept. 30, Dec. 31, Mar. 31, June 30,
2002 2002 2003 2003
-------- -------- -------- --------
Revenue:
License $2,496 $3,684 $3,584 $3,120
Service and maintenance 3,560 3,401 3,823 4,203
-------- -------- -------- --------
Total revenue 6,056 7,085 7,407 7,323
-------- -------- -------- --------
Cost of revenue:
Cost of license 481 429 360 348
Cost of service and maintenance 1,987 1,829 2,007 2,255
-------- -------- -------- --------
Total cost of revenue 2,468 2,258 2,367 2,603
-------- -------- -------- --------
Gross profit:
License 2,015 3,255 3,224 2,772
Service and maintenance 1,573 1,572 1,816 1,948
-------- -------- -------- --------
Total gross profit 3,588 4,827 5,040 4,720
-------- -------- -------- --------
Operating expenses:
Research and development 2,536 2,427 2,434 2,451
Sales and marketing 4,571 4,268 4,019 4,068
General and administrative 1,479 1,584 1,402 1,176
Restructuring charges (1,093) - - (327)
-------- -------- -------- --------
Total operating expenses 7,493 8,279 7,855 7,368
-------- -------- -------- --------
Loss from operations (3,905) (3,452) (2,815) (2,648)
Interest expense (6) (4) (14) (20)
Other income and (expense), net (189) 75 (90) (70)
Interest income 215 167 101 102
-------- -------- -------- --------
Loss before provision for income
taxes (3,885) (3,214) (2,818) (2,636)
Provision for income taxes 55 3 17 101
-------- -------- -------- --------
Net loss $(3,940) $(3,217) $(2,835) $(2,737)
======== ======== ======== ========
Net loss per share - basic and
diluted $(0.28) $(0.24) $(0.22) $(0.21)
======== ======== ======== ========
Weighted average common shares
outstanding 13,952 13,356 13,033 13,020
======== ======== ======== ========
Docent, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
June 30, Dec. 31,
2003 2002
-------- --------
Assets
--------
Current assets:
Cash and cash equivalents $29,803 $37,014
Short term investments 5,988 3,974
Accounts receivable, net 4,274 5,958
Prepaid expenses and other current assets 1,745 1,424
-------- --------
Total current assets 41,810 48,370
Property and equipment, net 2,626 3,118
Intangible assets, net 1,897 2,337
Other assets 386 417
-------- --------
Total assets $46,719 $54,242
======== ========
Liabilities and
Stockholders' Equity
----------------------
Current liabilities:
Accounts payable $782 $1,032
Accrued liabilities 3,324 5,448
Restructuring accrual, current portion 651 888
Deferred revenue 7,283 6,626
Capital lease obligations, current portion - 99
-------- --------
Total current liabilities 12,040 14,093
Restructuring accrual 647 1,096
Capital lease obligations - 45
Stockholders' equity 34,032 39,008
-------- --------
Total liabilities and stockholders'
equity $46,719 $54,242
======== ========
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