RUTHERFORD, N.J., Apr 30, 2002 (BUSINESS WIRE) -- AXS-One Inc. (AMEX: AXO), a
leading provider of e-business solutions, today announced its results for the
first quarter ending March 31, 2002.
The Company reported first quarter revenues of $9.1 million, operating income of
$0.6 million, net income of $0.4 million and diluted net income per share of
$0.02; compared to revenues totaling $11.9 million, operating loss of $ (1.0)
million, net loss of $ (1.2) million and diluted net loss per share of $ (0.05)
for the comparable period in 2001.
Revenues and operating results of the Central and Eastern Europe subsidiary sold
in September 2001 which have been included in the Company's operating results
through the date of sale were as follows (in thousands):
Results of Subsidiary Sold During 2001
Three Months Ended
March 31,
--------
2001 2002
---- ----
License fees $ 102 $ -
Services 459 -
------- -------
Total revenues 561 -
Operating expenses 565 -
------- -------
Operating loss $ (4) $ -
======= =======
The first quarter results represented AXS-One's third consecutive quarter of
profitability, which began with the third quarter of 2001 after the
restructuring in the second quarter. The company continues to drive revenue
opportunities by launching new products, maintaining its sales and marketing
head count and controlling costs during a soft economic climate.
"With three consecutive quarters of profit, we continue to build momentum - even
in this challenging economy - and believe our new, award-winning technology
solutions will open new revenue opportunities to help cost-conscious
organizations streamline business processes and improve efficiencies," commented
AXS-One Chief Executive Officer John Rade. "AXS-One has achieved earnings in the
past nine months, and is well-positioned to increase our business as the economy
improves."
In the last quarter, AXS-One introduced several new products, including AXS-One
Web Services and AXS-One Collaboration FrameWorks(TM) solutions. Both provide
flexible, Internet-based solutions that can be rapidly deployed to streamline
business processes and operations. Additionally, AXS-One won the "Best of AIIM
2002" award from Transform Magazine for its AXS-One Web Services solution, and
received AIIM's Enterprise Content Management "Best Practice Award" for its
technology implementation at Brittany Ferries, a major European passenger and
freight carrier.
Mr. Rade added, "We are pleased to see that prestigious organizations like
Aberdeen Group, AIIM and Transform Magazine, among others, continue to recognize
the quality and innovativeness of our technology and solutions."
About AXS-One Inc.
AXS-One (AMEX: AXO) is a provider of supply chain management solutions for
service industries that extend the finance function and allow organizations to
work collaboratively with their partners, suppliers, employees, and customers
while preserving investments in existing systems. AXS-One has implemented
high-volume, interoperable, scalable and secure business solutions for global
2000 organizations. Its Web Services based technology has been critically
acclaimed as best of class. AXS-One has over 300 employees in offices worldwide,
including Australia, Canada, Singapore, United Kingdom, United States and South
Africa. AXS-One was founded in 1978, and is based in Rutherford, New Jersey,
U.S.A. For further information, visit the AXS-One web site at
http://www.AXS-One.com.
This press release contains forward-looking statements. Such statements are only
predictions and actual events or results may differ materially. All
forward-looking statements involve risks and uncertainties, including, without
limitation, the risks detailed in the company's documents and reports filed from
time to time with the Securities and Exchange Commission.
AXS-One, "Access Tomorrow Today," e-Cellerator, AXS Desk, "AXS-One Collaboration
FrameWorks," SMART and Tivity are trademarks of, and AXSPoint and TransAXS are
registered trademarks of, AXS-One Inc., in the U.S. All other company and
product names are trademarks or registered trademarks of their respective
companies.
AXS-One Inc.
Consolidated Statements Of Operations
(In thousands, except per share data)
(Unaudited)
Three Months Ended March 31,
2001 2002
-------- --------
Revenues:
License fees $ 2,323 $ 1,184
Services 9,546 7,824
Other-related parties 30 88
-------- --------
Total revenues 11,899 9,096
-------- --------
Operating expenses:
Cost of license fees 335 365
Cost of services 5,430 3,807
Sales and marketing 3,164 1,516
Research and development 1,899 1,716
General and administrative 2,049 1,065
-------- --------
Total operating expens 12,877 8,469
-------- --------
Operating income (loss) (978) 627
-------- --------
Other income (expense):
Interest income 21 13
Interest expense (104) (87)
Gain on sale of subsidiary - 19
Equity in losses in joint
ventures (40) (97)
Other income (expense), net (71) (78)
-------- --------
Other expense, net (194) (230)
-------- --------
Net income (loss) $ (1,172) $ 397
======== ========
Basic and diluted
net income (loss)
per common share $ (0.05) $ 0.02
======== ========
Weighted average basic
common shares outstanding 24,785 24,793
======== ========
Weighted average diluted
common shares outstanding 24,785 25,854
======== ========
* The unaudited consolidated financial
information included in this document is
intended only as a summary provided for your
convenience, and should be read in conjunction
with the complete consolidated financial
statements of the Company (including the Notes
thereto, which set forth important information)
contained in its Reports on Form 10-K and 10-Q
filed by the Company with the U.S. Securities
and Exchange Commission (SEC). Such reports are
available on the public EDGAR electronic
filing system maintained by the SEC.
CONTACT:
AXS-One Inc.
William Levering, 201/935-3400
wlevering@axsone.com
or
Springboard Communications
Domenick Cilea, 732/863-1900 x102
dcilea@springboardpr.com
Copyright (C) 2002 Business Wire. All rights reserved.
