Sequential Quarterly Revenue Growth of 11 Percent to $12.2 Million; Pro
Forma Diluted Net Loss of 10 Cents Per Share
23 July 2001 - Marimba, Inc. (Nasdaq: MRBA), a leading provider of systems
management solutions built for e-business, today announced its final
financial results for the second quarter ended 30 June 2001. These results
are consistent with the preliminary second-quarter results the company
announced on 9 July 2001.
Second-quarter 2001 revenues were $12.2 million, up 11 percent from $11.0
million for the first quarter, and up 1 percent from $12.1 million for the
same period last year. Pro forma net loss for the second quarter of 2001
was $2.4 million, or a diluted net loss per share of 10 cents, excluding
$526,000 of amortisation expense for deferred stock compensation and a
restructuring charge of $789,000 related to a workforce reduction and other
cost-cutting initiatives. Including these charges, net loss for the second
quarter of 2001 was $3.7 million, or a diluted net loss per share of 16
cents. This compared with a net loss of $4.8 million, or 20 cents per
diluted share, sequentially, and net income of $1.3 million, or 5 cents per
diluted share, for the same quarter a year ago.
"We are encouraged by the increasing strength and diversity of our customer
base," said Rich Wyckoff, Marimba's president and chief executive officer.
"We are penetrating a variety of markets - such as consumer products,
healthcare, pharmaceuticals, and telecommunications - while broadening our
already strong presence in financial services."
"While our near-term outlook is conservative given the current global
economic environment, our management team and I are committed to realising
Marimba's long-term growth potential," concluded Wyckoff.
Second-Quarter 2001 Highlights
* Sequential quarterly license revenue growth of 19 percent, with
improved contribution from indirect channels.
* New customer wins across multiple industries, including: Delaware
Investments, egoWare Inc., Michelin, Nasdaq Stock Market Japan, Nuclear
Management Company, Peregrine Systems, Procter & Gamble, and Teachers
Insurance and Annuity Association.
* Repeat customers, including: Cable & Wireless Global Ltd., CSX
Technology, Deloitte Consulting, Fidelity Brokerage Services, Intuit, J. P.
Morgan (Chase Manhattan Bank), Medtronic, Navigation Technology, and Verizon
* Continued strong balance sheet, with $61.9 million in cash and
Marimba has scheduled a conference call for today at 1:45 p.m. PT/4:45 p.m.
ET to discuss its financial results for the second quarter. Those interested
in participating are invited to call 913-981-5582 approximately 10 minutes
prior to the start of the teleconference. In addition, there will be a
replay available for one week at 719-457-0820, passcode 704905.
An archived Webcast of the call may be accessed at approximately 5:00 p.m. PT/8:00 p.m.
ET today on Marimba's web site at
http://marimba.com/investor/conference_call.html and will also be available
for one week.
Headquartered in Mountain View, Calif., Marimba, Inc. (Nasdaq: MRBA)
provides systems management solutions built for e-business. From change
management to performance management software, Marimba's extensive Internet
expertise allows Global 2000 companies to better manage their resources,
increase efficiency and reduce costs. For more information, please call
888-800-5444, or visit our web site at http://www.marimba.com.
This announcement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, and is subject to the safe harbors created by these
sections. These forward-looking statements include statements regarding the
increasing strength and diversity of Marimba's customer base, Marimba's
penetration of a number of vertical markets and the broadening of Marimba's
presence in the financial services markets, and the commitment of Marimba's
management team to realising the long-term growth potential of the company.
The results expected by the forward-looking statements in this announcement
are subject to a number of risks and uncertainties, including: the ability
of Marimba to effectively manage its costs against uncertain revenue
expectations, the potential for a decrease in net revenue which may be
caused by delays in the timing of sales and the delivery of products or
services, fluctuations in customer demand, challenges associated with
expanding Marimba's sales reach and growing the company, Marimba's need to
retain and hire key personnel, Marimba's dependence on the success of its
existing products and the market acceptance of its planned new products,
competition from other vendors, Marimba's need to increase third-party
distribution and other reseller and channel relationships, the operational,
technical and strategic challenges Marimba faces in developing new products
(which may affect its ability to release new products on schedule and the
degree to which the products are accepted by customers), and general
economic, technological and market conditions, which could affect the level
of demand for systems management solutions in general and Marimba's products
in particular. Actual results may differ materially from the results
anticipated by these forward-looking statements due to the factors listed
above and other factors. The matters discussed in this announcement also
involve risks and uncertainties described from time to time in Marimba's
filings with the Securities and Exchange Commission (SEC). In particular,
see the Risk Factors described in Marimba's most recently filed Annual
Report on Form 10-K and Quarterly Report on Form 10-Q, each as submitted to
the SEC and as may be updated or amended with future filings or submissions.
Marimba undertakes no obligation to release publicly any updates or
revisions to any forward-looking statements contained in this announcement
that may reflect events or circumstances occurring after the date of this
Marimba is a registered trademark of Marimba, Inc. in the U.S. and/or
certain other countries. Other product, trademark, company or service names
mentioned herein are the property of their respective owners.
Direct: +44 (0)20 8600 4659
Cambridge House, Cambridge Grove, London W6 0LE
T: +44 (0)20 8600 4600 F: +44 (0)20 8600 4620
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