Primus Knowledge Solutions (NASDAQ:PKSI)
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Primus Confirms Revenue Growth for the First Quarter Ended March
31, 2004
SEATTLE, April 28 /PRNewswire-FirstCall/ -- Primus Knowledge Solutions, Inc.
today announced financial results for the quarter ended March 31, 2004,
consistent with preliminary financial results presented on April 7, 2004.
Revenue for the first quarter of 2004 was $6.1 million, an increase of
approximately 11% compared to $5.5 million for the first quarter of 2003. Total
operating expenses for the first quarter of 2004 were $7.0 million compared to
$5.4 million for the first quarter of 2003. Included in operating expenses for
the first quarter of 2004 is approximately $461,000 of restructuring costs, or
approximately $0.02 per share, related to the Company's March 2004
restructuring of its workforce and operations in an effort to realize
efficiencies and synergies from its recent acquisitions. Net loss for the first
quarter of 2004 was approximately $3.0 million or $0.13 per share, compared to
net loss of $1.1 million or $0.06 per share for the first quarter of 2003.
As of March 31, 2004, Primus had cash of approximately $11.8 million compared
to $12.2 million at December 31, 2003.
During the first quarter of 2004, revenue from sales to one customer
represented approximately 16% of total revenue.
"We continue to see success in both revenue growth and industry recognition.
Revenues for the quarter grew 11% over the first quarter of last year, in a
traditionally challenging quarter to close business. We continue to be
recognized for our product leadership and recently earned Gartner's 'Strong
Positive' rating in two of the fastest-growing customer service markets, Web
self-service and email response management systems," said Michael Brochu,
president and chief executive officer of Primus.
Michael Brochu, president and chief executive officer, and Ron Stevens, chief
financial officer, invite you to participate in a conference call reviewing
complete first quarter 2004 results today at 2:00 p.m. PT.
The conference call number is 800-374-1745. Please call five minutes in
advance to ensure that you are connected prior to the presentation. A playback
of the call will be made available for one week, two hours after the completion
of the call and the call will also be available for playback via Primus'
website at http://www.primus.com/. Playback call numbers are 800-642-1687 for
domestic calls and 706-645-9291 for international calls. The passcode for the
playback is 6683074.
About Primus
Primus Knowledge Solutions develops award-winning software that enables
companies to provide a superior customer experience via contact centers, help
desks, Web self-service, and electronic communication channels. Primus
technology powers every interaction with knowledge to increase customer
satisfaction and reduce operational costs. Primus continues to receive
industry accolades for its robust product suite. In 2003, Primus received the
STAR Award for "Best Support Technology Vendor" from the Service & Support
Professionals Association (SSPA), was recognized for its trend-setting products
and named one of the "100 Companies that Matter in Knowledge Management" by
KMWorld magazine, and received the CRM Excellence Award from the editors of
Customer Interaction Solutions magazine. Global organizations such as 3Com,
Allied Irish Bank, The Boeing Company, CompuCom, Eastman Kodak Co., EMC,
Ericsson, Inc., Fujitsu Limited, Inc., IBM, HSBC, Orange, Motorola and T-Mobile
rely on Primus technology to enhance their customer service and support
initiatives. Visit http://www.primus.com/ for more information.
NOTE: Primus and Primus Knowledge Solutions are registered trademarks of
Primus Knowledge Solutions, Inc. Other products and company names mentioned in
this press release may be the trademarks of their respective owners.
Any statements, expectations and assumptions contained in this press release
that do not describe historical facts, such as statements about anticipated
future financial results, such as anticipated revenues, cash flows and
operating results, constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. There is no guarantee
that these results will actually occur. Any forward-looking statements
contained in this release are based on current expectations, are not guarantees
of future performance, and are subject to a number of risks and uncertainties.
Factors that could cause actual results to differ materially from current
expectations include the following: difficulties encountered in the
integration of personnel and products from recent acquisitions; difficulties
encountered in the integration, deployment, or implementation of our products
and customer's systems; failure in customer's widespread adoption and use of
our products; quality of customer's databases of solutions; fluctuations in
customer demand; use of the Web as a delivery vehicle for customer support or
eCRM solutions; risk resulting from new product introductions and customer
acceptance of new products; rapid technological change; the risks associated
with competition, pricing policies and the rapid consolidation of competitors;
continued growth in the use of the Internet; the ability of Primus to manage
its growth and integration efforts and the ability of Primus to compete
successfully in the future, as well as other risks identified in Primus'
Securities and Exchange Commission filings, including but not limited to those
appearing under the caption "Factors Affecting our Future Operating Results" in
Primus' most recent Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, which are available at http://www.sec.gov/.
For more information, contact:
Primus Investor Relations Primus Public Relations
206-834-8341 206-834-8325
Primus Knowledge Solutions, Inc.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
March 31, 2004 Dec. 31, 2003
Assets
Current assets:
Cash and cash equivalents $11,819 $12,154
Accounts receivable, net 4,044 5,475
Prepaids and other assets 911 1,001
Total current assets 16,774 18,630
Property and equipment, net 1,258 1,415
Other intangible assets, net 3,494 3,759
Goodwill 11,971 11,635
Deposits and other assets 223 224
Total assets $33,720 $35,663
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $2,322 $2,555
Accrued and other liabilities 2,359 2,170
Compensation-related accruals 1,325 1,733
Obligations due under credit facility 380 395
Deferred revenue 9,095 8,797
Total current liabilities 15,481 15,650
Total shareholders' equity 18,239 20,013
Total liabilities and shareholders' equity $33,720 $35,663
Primus Knowledge Solutions, Inc.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except share and per share data)
Quarter Ended
March 31,
2004 2003
Revenue:
License $1,653 $2,375
Service 4,421 3,113
Total revenue 6,074 5,488
Cost of revenue:
License 232 97
Service 1,515 1,139
Amortization of purchased intangibles 213 --
Total cost of revenue 1,960 1,236
Gross profit 4,114 4,252
Operating expenses:
Sales and marketing 2,900 2,598
Research and development 2,352 1,816
General and administrative 1,297 973
Restructuring charges 461 --
Total operating expenses 7,010 5,387
Loss from operations (2,896) (1,135)
Other income (expense), net (26) 55
Loss before income taxes (2,922) (1,080)
Income tax expense (42) (50)
Net loss $(2,964) $(1,130)
Basic and diluted net loss
per common share: $(0.13) $(0.06)
Weighted average shares used in
computing basic and diluted net loss
per common share 23,454,332 19,053,821
DATASOURCE: Primus Knowledge Solutions, Inc.
CONTACT: Investor Relations, +1-206-834-8341, or
, or Public Relations, +1-206-834-8325, or
, both of Primus Knowledge Solutions, Inc.
Web site: http://www.primus.com/