Pivotal Corporation has announced record financial results for its third fiscal quarter ended March 31, 2001.
Net revenues in the third quarter of fiscal 2001 increased 82 percent to $26.4 million compared to $14.5 million in the third quarter of fiscal 2000. Revenues from licenses were $16.4 million in the third quarter of fiscal 2001 compared to $10.1 million in the third quarter of fiscal 2000, representing 62 percent of total revenues for the quarter. Revenues from services and maintenance were $10.0 million in the third quarter of fiscal 2001, compared to $4.4 million in the same quarter last fiscal year, representing 38 percent of total revenues for the quarter.
Net income excluding amortisation of goodwill in the third quarter of fiscal 2001 was $405,000 or $0.02 per share, compared to a net income of $321,000 or $0.01 per share in the third quarter of fiscal 2000.
Net loss after amortisation of goodwill in the third quarter of fiscal 2001 was $5.7 million or ($0.24) per share, compared to a net income of $224,000 or $0.01 per share in the third quarter of fiscal 2000.
"Pivotal demonstrated an ability to execute and innovate in the midst of challenging economic conditions," said Norm Francis, president and CEO, Pivotal. "This quarter we completed an intense development cycle and shipped several new products. Companies around the world are selecting Pivotal for its commitment to innovation and ability to provide solutions that deliver fast return on investment."
According to Vince Mifsud, COO, Pivotal, "This is Pivotal’s tenth consecutive quarter of record revenue. This quarter Pivotal developed alliances with additional systems integrators, advanced our industry solution strategy and expanded our international presence."
New customers signed in the quarter include: ActiveState Corp., Belgacom France, CIBC World Markets, Commonfund, FLAG Telecom, GMO Woolley Ltd., Haldex Services Corporation, Knosys, Inc., Miller Heiman, Inc., National City Bank of Minneapolis, and 1201 Financial & Insurance Services, Inc.
Existing customers bought additional Pivotal solutions at a strong pace this quarter. Additional solutions were purchased by Blue Cross Blue Shield of Michigan, BoE Bank Limited, Crystal Decisions Corp., Harley-Davidson Financial Services, and KPMG.
Third Quarter Highlights
Global Alliance Momentum
In the quarter Pivotal continued its global expansion by signing strategic alliance agreements, and executing the first phase of its Microsoft business development initiative. Highlights included:
· Signed alliance agreement with Siemens Business Services for the French market
· Signed alliance agreement with Hewlett-Packard for Europe, the Middle East and Africa (EMEA)
· Signed China Hewlett-Packard for exclusive customer relationship management distribution and services agreement in the People’s Republic of China
· Signed alliance agreement with CDM Tecnoconsulting SPA for the Italian market
· Signed an agreement to integrate Miller Heiman’s best practices sales methodology into the Pivotal solution suite
· Signed a technology alliance with Evolve to combine project and workforce management capabilities with the Pivotal Demand Chain Network solution suite
· Initiated training program for Microsoft sales professionals on the Pivotal solution suite; began co-marketing and co-selling initiatives with Microsoft]
New Products Shipped in Third Quarter
This quarter Pivotal shipped several new products to advance the Pivotal Demand Chain Network solution suite including:
· Pivotal ePower 2.0 featuring advanced capabilities for integration and synchronisation. The product leverages open-standard technologies such as XML and SOAP to enable easy integration within the enterprise (EAI) or outside the enterprise (B2BI).
· Pivotal eSelling 2.0 featuring new interactive selling and configuration capabilities for global enterprises. The product provides an XSL/T compliant eCommerce platform with enhanced scalability, multi-lingual features and international capabilities.
· Pivotal PartnerHub 2.0 featuring extensive partner relationship management (PRM) capabilities for sales, marketing and service partners. The product provides a secure, collaborative Internet environment that enables companies to empower their business partners.
Pivotal also introduced Digital Intelligence 1.0 featuring the industry’s first Web behavior analytics technology developed for demand chain management. Digital Intelligence 1.0 provides companies with meaningful insight into the interests and preferences of Web site visitors.
Financial Services Momentum
Pivotal’s industry-focused market strategy gained momentum in the financial services market. Financial services companies are selecting Pivotal for its specialised capabilities and expertise in the financial service sector. New financial services customers include: CIBC World Markets, GMO Woolley, National City Bank Of Minneapolis, 1201 Financial and Insurance Services, Inc., Commonfund and Valley First Credit Union.
About Pivotal Corporation
Pivotal Corporation enables large and medium-sized businesses world-wide to make, serve, and manage customers with superior speed and efficiency by providing XML-based demand chain networks that deliver personalised customer experiences across every touch point in real-time. These networks unify Internet commerce, CRM, eSelling, and wireless technologies to manage collaborative relationships between customers, business partners, and employees; guide intelligent commerce transactions across multiple channels; seamlessly integrate the demand chain with the supply chain; and fully exploit Microsoft platform standards.
Pivotal solutions are sold in 35 countries and are available in English, French, German, Spanish, Portuguese, Swedish, Japanese and Chinese. Pivotal’s world-wide customer base includes more than 1000 organisations in traditional, commercial and public market sectors and the new digital economy, including KPMG, Intrawest Corporation, Goldman Sachs, Emerson Electric, US Filter, Ericsson, Nissan Motor Corp., HarperCollins Publishers, Qiagen Inc., Deutsche Bank, Trader.com, Southern Company, Lucent Technologies, Inc., NEC, Deloitte & Touche, Principal Financial Group and Red Cross Australia.
Pivotal is a public company traded on the NASDAQ under the symbol "PVTL" and the Toronto Stock Exchange under the symbol "PVT." More information can be found on the corporate Web site at www.pivotal.com
For more press information please contact Andy Crisp or Jo Swift at icas public relations on Tel: 01442 261199 or email: email@example.com
Forward Looking Statements
This press release contains forward-looking statements including the ability of the demand chain network solutions to provide the anticipated benefits to third parties, its ability to maintain leadership in the eBusiness marketplace and the anticipated benefits of relationships with a number of third parties. These statements are based on management's current projections, beliefs and opinions at the date of this press release. Actual results could differ materially from those anticipated in these statements based upon a number of factors including the possible failure of the demand chain network solution and eBusiness markets to grow as anticipated; the ability to train the sales and service organizations to deliver the demand chain network solution; the retention and hiring of qualified employees; the possibility of technical difficulties or delay in future product introductions, improvements and customer implementations; product pricing or other initiatives of Pivotal's co!
mpetitors; successful integration of recent acquisitions; the continued interest, cooperation and performance of important third parties with whom Pivotal has business relationships; the ability to adequately protect the company’s proprietary rights; and other factors as described in Pivotal’s SEC filings. Pivotal undertakes no responsibility to update forward-looking statements if circumstances or management's projections, beliefs or opinions change.
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