Commerce One Reports Record Second Quarter 2000 Results
Revenues Increase 1,392%; Company Extends Lead in e-Marketplace Solutions, Gains Critical Mass with the Commerce One Global Trading Web
Net Operating Loss Per Share of $0.10
Pleasanton, Calif. - July 18, 2000 - Commerce One, Inc. (Nasdaq - CMRC), the leading provider of business-to-business electronic commerce solutions, today announced financial results for the quarter ended June 30, 2000.
Revenues for the current quarter totaled $62.7 million as compared with $4.2 million for the corresponding quarter in 1999 and $35.0 million for the quarter ended March 31, 2000. This represents an increase of 1,392% over revenues for the quarter ended June 30, 1999 and 79% over revenues for the quarter ended March 31, 2000. Net loss for the current quarter, excluding non-operating charges, was $16.2 million, or $0.10 per share, as compared to $9.7 million, or $0.09 per share, for the corresponding quarter in 1999 and $14.0 million, or $0.09 per share, for the quarter ended March 31, 2000. Including all charges, the net loss for the current quarter was $43.1 million, or $0.28 per share, as compared with a net loss of $11.8 million, or $0.11 per share, for the corresponding quarter ended June 30, 1999, and $43.6 million, or $0.29 per share, for the quarter ended March 31, 2000.
"The growing demand for open, global e-marketplace solutions has fueled our strong revenue growth and secured our leadership position in the B2B e-commerce market," said Mark Hoffman, chairman and chief executive officer of Commerce One. "Our partners and customers have selected Commerce One because of our open, interoperable architecture, our solutions-based business model, and our support for complex business processes beyond simple MRO procurement. With the Global Trading Web, we have rapidly established a global e-commerce infrastructure that adds tremendous value for every participant."
Quarterly Highlights
The following milestones were completed or announced during the second quarter of 2000:
Commerce One added 85 new customers for the quarter bringing the total customer count to 210. New customers included mega exchanges, regional e-marketplaces, Net market makers and enterprise buyers.
Commerce One's Global Trading Web of e-marketplaces continued its rapid expansion to include 123 marketplace partners representing 72 marketplaces, of which 34 are currently operational. E-marketplaces recently going live include Artikos (Latin America), Com2B (Taiwan), Endesa (Spain), eScout (U.S. community banks), Metique (steel industry), NTT (Japan) and TD Bank (Canada).
The company signed a definitive agreement to acquire AppNet, Inc. (Nasdaq:APNT), a premier provider of end-to-end Internet professional services, in order to significantly enhance its ability to deliver e-commerce services to its customers and accelerate the pace of implementation for its e-marketplaces worldwide.
SAP AG, SAPMarkets and Commerce One formed an alliance to deliver a joint marketplace suite that combines Commerce One's MarketSite Portal Solution with mySAP.com e-business applications to enable complete direct and indirect goods procurement and supply chain management in a single, integrated solution.
Pantellos Corporation selected Commerce One as its technology partner. The consortium of 15 leading North American energy and utility companies was formed to operate and manage an independent e-marketplace for the $130 billion North American utility and energy supply market.
A French banking consortium including Cap Gemini, Societe Generale, Credit Agricole and BNP Paribas announced a horizontal marketplace open to all industry sectors, with the technology solution provided by Commerce One.
Commerce One was selected as the marketplace solution by Net market makers in a broad range of industries, including GOTSchool (education), TurboStaff (employment services), Biz2Biz (manufacturing) and RestaurantPro (hospitality).
The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements that involve risks and uncertainties, including but not limited to statements regarding the company's competitive position and business model and expected growth in the business-to-business electronic commerce market. All forward-looking statements included in this press release are based upon information available to Commerce One as of the date of the release, and the company assumes no obligation to update any such forward-looking statement. Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the competitive nature of the market in which the company competes, the early stage of development of the company's products, and the lack of market acceptance of the company's Commerce Chain Solution. These and the other risks and uncertainties associated with the company's business are detailed in the company's quarterly report on Form 10-Q for the period ended March 31, 2000 filed with the Securities and Exchange Commission on May 15, 2000 and the company's annual report on Form 10-K for the year ended December 31, 1999 filed with the Securities and Exchange Commission on March 30, 2000.
About Commerce One
Commerce One is the leader in global e-commerce solutions for business. Through its products, portals, and services, Commerce One creates access to worldwide markets, allowing anyone to buy from anyone, anytime, anywhere. The Commerce One Global Trading Webä is the world's largest business-to-business trading community. Comprised of many open e-marketplaces, the Global Trading Web provides unprecedented economies of scale for buying organizations, suppliers, and service providers worldwide. Commerce One is located in Pleasanton, Calif., and can be reached by phone at (800) 308-3838 or (925) 520-6000 or via the Internet at www.commerceone.com.
# # #
Commerce One, Many Markets. One Source., Global Trading Web, BuySite, MarketSite, Global Trading Platform, Common Business Library, XML Development Kit, XML Commerce Connector, MarketView, and SupplyOrder are either trademarks or registered trademarks of Commerce One, Inc. All other company, product, and brand names are trademarks of their respective owners.
Company Contacts:
Kit Robinson
Commerce One
925.520.4591
kit.robinson@commerceone.com
Press Contacts:
Caroline Hacker
The Horn Group (for Commerce One)
415.905.4000
chacker@horngroup.com
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Commerce One, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Three months Six months
ended June 30, ended June 30,
2000 1999 2000 1999
---- ---- ---- ----
Revenues:
License fees $ 40,953 $ 2,270 $ 68,074 $ 3,726
Services 21,751 1,932 29,639 2,580
-------- ------- -------- -------
Total revenues 62,704 4,202 97,713 6,306
Costs and expenses:
Cost of license fees 973 - 2,072 -
Cost of services 20,327 3,096 31,143 4,764
Sales and marketing 31,230 6,319 50,434 10,397
Product development 20,769 3,609 34,923 6,971
General and administrative 5,628 923 9,314 1,750
-------- ------- -------- -------
Total costs and expenses 78,927 13,947 127,886 23,882
Loss before interest,
income tax, purchased
in-process research
and development -------- ------- -------- -------
and amortization (16,223) (9,745) (30,173) (17,576)
-------- ------- -------- -------
Purchased in-process
research and development - - 5,142 3,037
Amortization of deferred
stock compensation 4,127 663 8,326 1,247
Amortization of goodwill
and other intangible assets 22,509 1,049 44,404 1,924
-------- ------- -------- -------
26,636 1,712 57,872 6,208
Loss before -------- ------- -------- -------
interest and income tax (42,859) (11,457) (88,045) (23,784)
-------- ------- -------- -------
Interest income, net 1,182 217 2,723 233
Provision for income taxes 1,470 586 1,470 586
-------- ------- -------- -------
Net loss $ (43,147)$ (11,826) $ (86,792)$ (24,137)
======== ======= ======== =======
Basic and diluted
net loss per share $ (0.28) $ (0.11) $ (0.57) $ (0.26)
======== ======= ======== =======
Shares used in calculation
of net loss per share 155,064 103,410 153,250 94,314
======== ======= ======== =======
Net loss per share before
interest, income tax,
purchased in-process
research and development
and amortization $ (0.10) $ (0.09) $ (0.20) $ (0.19)
======== ======= ======== =======
§ --------------------------------------------------
§
Commerce One, Inc.
Consolidated Balance Sheets
(In thousands)
ASSETS
June 30, December 31,
2000 1999
---- ----
(unaudited)
Current assets:
Cash and cash equivalents $ 244,825 $ 124,606
Accounts receivable, net 48,090 15,845
Prepaid expenses and
other current assets 10,801 4,656
--------- ---------
Total current assets 303,716 145,107
Property and equipment, net 38,205 11,892
Intangible assets, net 325,139 227,611
Investments and other assets 9,750 -
--------- ---------
Total assets $ 676,810 $ 384,610
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 12,442 $ 6,885
Accrued compensation
and related expenses 14,925 3,972
Deferred revenue 62,293 40,414
Other current liabilities 24,708 16,356
--------- ---------
Total current liabilities 114,368 67,627
Notes payable 104 262
Stockholders' equity 562,338 316,721
Total liabilities and --------- ---------
stockholders' equity $ 676,810 $ 384,610
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