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Vitria Announces First Quarter 2005 Results
28 April 2005
Vitria (Nasdaq: VITR - News), a leading provider of business process integration solutions, today announced results for the first quarter ended March 31, 2005.
* For the first quarter of 2005, total revenue was $16.5 million, compared with $17.6 million for the fourth quarter of 2004 and $14.2 million for the first quarter of 2004.
* License revenue for the first quarter of 2005 was $5.4 million, compared with $6.6 million for the fourth quarter of 2004 and $3.4 million for the first quarter of 2004.
* Service and other revenue for the first quarter of 2005 was $11.1 million, compared with $11.0 million for the fourth quarter of 2004 and $10.9 million for the first quarter of 2004.
* Gross profit was $10.7 million for the first quarter of 2005, compared to $11.8 million for the fourth quarter of 2004 and $8.0 million for the first quarter of 2004.
* Total operating expenses were $13.4 million for the first quarter of 2005, compared with $12.8 million for the fourth quarter of 2004, and $14.6 million for the first quarter of 2004.
* The net loss for the first quarter of 2005 was $2.4 million, or $0.07 per share, compared with a net loss of $533,000, or $0.02 per share, for the fourth quarter of 2004 and a net loss of $6.6 million, or $0.20 per share, for the first quarter of 2004.
* Total cash and short term investment balances as of March 31, 2005, were $72.6 million, compared to $78.6 million as of December 31, 2004.
"We are pleased that, in this tough environment for enterprise software companies, we were able to grow our Q1 2005 revenue 16% over Q1 of 2004," said Dale Skeen, founder and CEO of Vitria. "The continuing strength of the demand for our platform products, coupled with the continued adoption by our customers of our business process applications, position us well for growth during the remainder of 2005 and beyond."
About Vitria
Vitria Technology, Inc., a leading provider of business process integration products and solutions, combines technology leadership with industry expertise in healthcare and insurance, telecommunications, manufacturing and financial services to dramatically improve strategic business processes across systems, people and trading partners. These solutions are built on the award-winning Vitria:BusinessWare(TM) Enterprise Business Process Management suite. With 14 offices around the world, Vitria's customer base includes blue chip companies such as AT&T, Bell Canada, BellSouth, Blue Cross Blue Shield Association, BP, BT, DaimlerChrysler Leasing, Generali, Nissan, PacifiCare Health Systems, Reynolds & Reynolds, RBC Financial Group, Sprint, U.S. Department of Defense and Veterans Health Administration.
For more information call +1-408-212-2700, email info@vitria.com or visit www.vitria.com.
NOTE: Vitria and BusinessWare are registered trademarks of Vitria Technology, Inc. All other names may be trademarks of the companies with which they are associated.
Cautionary Note Regarding Forward-looking Statements: This press release includes forward-looking statements, including statements relating to new products, goals and future business opportunities that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those referred to in the forward-looking statements. Such factors include, but are not limited to: failure to meet financial and product expectations of analysts and investors: risk related to market acceptance of Vitria's products and alliance partners' products; deployment delays or errors associated with these and other products of Vitria and partners; hardware platform incompatibilities; the need to maintain and enhance certain business relationships with system integrators and other parties; the ability to manage growth; activities by Vitria and others regarding protection of proprietary information; release of competitive products and other actions by competitors; risks associated with possible delisting from the stock market on which Vitria's securities are listed; and economic conditions in domestic and foreign markets. These and other risks related to Vitria are detailed in Vitria's Annual Report on Form 10-K for the year ended Dec. 31, 2004, filed with the SEC on March 31, 2005. Vitria does not undertake an obligation to update forward-looking statements.
Vitria Technology, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, December 31,
2005 2004
(unaudited) *
Assets
Current assets
Cash and cash equivalents $31,426 $32,106
Short-term investments 41,167 46,457
Accounts receivable, net 15,018 10,529
Other current assets 2,328 1,880
Total current assets 89,939 90,972
Property and equipment, net 1,075 1,053
Other assets 810 872
Total assets $91,824 $92,897
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $1,334 $1,777
Accrued payroll and related 3,883 4,186
Accrued liabilities 3,722 4,086
Accrued restructuring expenses 5,938 6,091
Deferred revenue 15,033 11,082
Total current liabilities 29,910 27,222
Long-term liabilities
Accrued restructuring expenses 5,593 7,332
Other long-term liabilities 1,094 750
Total long-term liabilities 6,687 8,082
Stockholders' Equity
Common stock 34 33
Additional paid-in capital 275,773 275,366
Unearned stock-based compensation (335) --
Accumulated other comprehensive income 360 382
Accumulated deficit (220,109) (217,692)
Treasury stock (496) (496)
Total stockholders' equity 55,227 57,593
Total liabilities and
stockholders' equity $91,824 $92,897
* Derived from audited financial statements
Vitria Technology, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share information)
Three Months Ended
March 31, Dec. 31, March 31,
2005 2004 2004
(unaudited) (unaudited)(unaudited)
Revenues
License $5,422 $6,616 $3,391
Service and other 11,123 11,015 10,858
Total revenues 16,545 17,631 14,249
Cost of revenues
License 121 116 198
Service and other 5,682 5,735 6,088
Total cost of revenues 5,803 5,851 6,286
Gross profit 10,742 11,780 7,963
Operating expenses
Sales and marketing 4,973 4,961 6,567
Research and development 4,542 4,258 4,656
General and administrative 3,637 3,336 3,282
Stock based compensation 62 5 41
Restructuring charges 136 255 54
Total operating expenses 13,350 12,815 14,600
Loss from operations (2,608) (1,035) (6,637)
Other income, net 238 480 111
Net loss before income taxes (2,370) (555) (6,526)
Provision for income taxes 47 (22) 120
Net loss $(2,417) $(533) $(6,646)
Basic and diluted net loss per share $(0.07) $(0.02) $(0.20)
Weighted average shares used in
calculating basic and diluted net
loss per share 33,373 33,299 32,816
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Source: Vitria
Source: PR Newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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