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INFORMATICA REPORTS RECORD FIRST QUARTER REVENUES OF
$54 MILLION, UP 108% OVER LAST YEAR
Adds new customers, ships products and further expands into Europe
PALO ALTO, California, April 19, 2001 - Informatica Corporation (NASDAQ: INFA), the leading provider of eBusiness analytic solutions, today announced record financial results for the first quarter ended March 31, 2001.
Revenues for the first quarter of 2001 were $54 million, a 108% increase from $25.9 million in the corresponding quarter of 2000 and 5% sequentially above the $51.4 million recorded in the fourth quarter of 2000. Net income for the quarter, excluding non-operating charges related to the amortization of goodwill and other intangible assets and stock-based compensation, was $5.0 million or $0.06 per share, a 242% increase from $1.5 million or $0.02 for the first quarter of 2000 and in line with $5.0 million, or $0.06 per share, reported in the fourth quarter of 2000.
“Our continued success underscores the momentum in our business and demonstrates strong execution and consistent growth,” said Gaurav Dhillon, CEO of Informatica. “Our experience this past quarter illustrates that Informatica solutions are becoming a must-have by creating added value from the huge investments that customers have already made in ERP and eBusiness software. Our analytic solution is helping customers to profit from a 360-degree view of their entire business.”
In the first quarter, Informatica kicked off a strong product cycle, continued to attract new customers and drove strong repeat business. Significant milestones in the first quarter of 2001 include:
- Signed repeat business with 102 customers.
As more customers standardized on Informatica as an enterprise-wide platform, repeat business continued to grow. Repeat customers included Alltel, AXA France, Bayer AG, CNA HealthPro, Cisco, Corning, Credit Suisse First Boston, Dresdner Bank, Ericsson, Fortia Bank Nederland, France Telecom, The Gap, Goldman Sachs, Hewlett-Packard, JP Morgan Chase, Koch Industries, Motorola, Nokia, Norwegian Stock Exchange, RR Donnelley & Sons, Ryder, Sprint, Telenor, UBS AG, and W.W. Grainger.
- Signed 75 new customers.
This quarter the total number of Informatica customers grew to 1198, comprising more than half of all Fortune 100 companies and 60% of the companies that make up the Dow Jones Industrial Average. Informatica continued to increase market share with industry-leading companies in target markets, including banking, financial services, insurance, telecommunications, high technology and manufacturing. This quarter Informatica increased its base of marquee customers with the addition of ABN Amro, Adidas, Avnet, BP Amoco, British Telecom, Charter Communications, Dannon, Dean Health Plan, Galileo International, NextCard, Philips Petroleum, RAC Motoring Services, Ricoh, Symantec, Tokyo Electric, United Parcel Service, U. S. Veterans Administration and Washington Mutual.
- Expanded Informatica's presence in Europe.
In a move designed to strengthen overall global reach and capitalize upon the demand for eBusiness analytic solutions in Europe, Informatica expanded direct operations to include The Netherlands and Belgium. The expansion resulted from the acquisition of syn-T-sys, a distributor who previously represented Informatica in this region.
- Launched next generation of the Informatica data integration and analytics platform. Informatica announced the availability of Informatica PowerCenter 5, an upgraded version of its enterprise data integration platform for the deployment and management of analytic applications and data warehouses. The comprehensive release offers eBusiness integration, extensibility, real-time processing and scalable performance.
- Shipped upgraded version of Informatica Applications.
The latest release of Informatica Applications includes significant customer-driven enhancements to Informatica eCRM, eBusiness Operations and eProcurement. Significant enhancements enable analysis of marketing-campaign success, human resources functions and direct procurement processes. In the first quarter, this version of Informatica Applications was released to Informatica’s direct sales force after an extensive training program. It was also made available to the European market for the first time.
- Delivered a new analytic application for B2B marketplaces. Informatica eMarketplace helps operators of B2B auctions, as well as private and public digital marketplaces, gain valuable insight into market dynamics, customer buying patterns and pricing trends. Furnishing analytic insight to these operators helps them optimize their performance and become more competitive.
- Delivered enhanced analytic support for ERP systems.
The Informatica PowerConnect products extend data integration capabilities and help companies leverage existing IT investments in Siebel, SAP, PeopleSoft and IBM MQSeries. A growing number of companies, including American Home Products and Purina Mills, are turning to Informatica to gain ROI-enhancing business insight from their transactional systems.
- Launched Web-based developer network.
Informatica Developer Network, a global, Web-assisted program, is designed to help developers expand the business value of the Informatica data integration and analytics platform through third-party add-on products. Approximately 15,000 developers worldwide are currently experienced with Informatica products.
- Introduced newest release of implementation methodology. Informatica Velocity Methodology v2.0 delivers the most detailed packaged methodology and field-proven best practices to help customers more rapidly obtain cross value chain business insight. The Informatica implementation methodology helps companies reduce the risk of project failure by codifying in real-world terms the collective experience of our field practitioners, gained across more than 440 successful business analytic implementations at over 230 customers.
About Informatica
Informatica provides eBusiness analytic solutions that enable companies to leverage business insight for competitive advantage. Approximately 1,200 global customers, including over half of the Fortune 100, leverage the Informatica Insight Network to integrate, analyze and personalize critical business information to improve business performance and responsiveness across the entire business value chain. Informatica products include a comprehensive family of analytic applications, the industry’s most powerful data integration platform and a wide range of supporting services and partnerships. The company’s list of leading customers includes 3Com, AMD, American Airlines, BMW, Boeing, Borders Group, Chevron, Cisco, CNET, Deutsche Bank, eBay, General Electric, Hewlett-Packard, Merck, Merrill Lynch, MetLife, Motorola, Philips, Polo Ralph Lauren, Sprint and UBS. For more information, call 1.800.970.1179, or visit the Informatica Web site at http://www.informatica.com/.
Informatica will be discussing its first quarter results and its 2001 outlook on a conference call today beginning at 2:00 p.m. (PST). A live Webcast of the conference call will be available at www.informatica.com/investor. Playback of the call will be available through 4:00 p.m. on April 26, 2001, and can be accessed by dialing 800-633-8284 and entering reservation #18190712. A replay of the Webcast will also be available on the Informatica Web site.
NOTE: Informatica is a trademark or registered trademark of Informatica Corporation. All other product names are trademarks or registered trademarks of their respective companies.
Investor Contact:
Media Contact:
| INFORMATICA CORPORATION |
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| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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| (in thousands, except per share data) |
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| (unaudited) |
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Three Months Ended |
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March 31, |
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2001 |
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2000 |
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| Revenues: |
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License |
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|
|
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$35,371 |
|
$16,836 |
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Service |
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|
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|
18,674 |
|
9,097 |
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Total revenues |
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54,045 |
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25,933 |
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| Cost of revenues: |
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License |
|
|
|
|
444 |
|
434 |
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Service |
|
|
|
|
10,278 |
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4,621 |
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Total cost of revenues |
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|
|
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10,722 |
|
5,055 |
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| Gross profit |
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43,323 |
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20,878 |
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| Operating expenses: |
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Research and development |
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11,058 |
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4,088 |
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Sales and marketing |
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23,352 |
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13,434 |
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General and administrative |
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|
4,902 |
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1,953 |
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Total operating expenses |
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39,312 |
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19,475 |
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| Income before amortization, interest income and taxes |
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|
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4,011 |
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1,403 |
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Amortization of stock-based compensation |
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|
|
356 |
|
399 |
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Amortization of goodwill and other intangible assets |
|
|
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6,594 |
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374 |
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| Income (loss) from operations |
|
|
(2,939) |
|
630 |
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| Interest income and other, net |
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|
2,705 |
|
301 |
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| Income (loss) before income taxes |
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(234) |
|
931 |
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| Income tax provision |
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|
1,679 |
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233 |
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| Net income (loss) |
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$(1,913) |
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$698 |
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| Net income (loss) per share: |
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Basic |
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$(0.02) |
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$0.01 |
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Diluted |
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$(0.02) |
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$0.01 |
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| Shares used to compute net |
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| income (loss) per share: |
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Basic |
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76,628 |
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65,643 |
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Diluted |
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76,628 |
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78,092 |
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| Supplemental information, excluding amortization: |
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| Net income, as adjusted |
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$5,037 |
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$1,471 |
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| Net income, as adjusted, |
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| per share - diluted |
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$0.06 |
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$0.02 |
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| Shares used to compute net |
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| income, as adjusted, |
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| per share - diluted |
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83,437 |
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78,092 |
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| INFORMATICA CORPORATION |
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| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (in thousands) |
| (unaudited) |
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March 31, |
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December 31, |
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2001 |
|
2000 |
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| ASSETS |
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| Current assets: |
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Cash and cash equivalents |
$49,535 |
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$217,713 |
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Short-term investments |
108,242 |
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- |
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Restricted cash |
8,116 |
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8,116 |
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Accounts receivable, net |
24,162 |
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30,100 |
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Prepaid expenses and other current assets |
6,507 |
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2,852 |
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Total current assets |
196,562 |
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258,781 |
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| Property and equipment, net |
35,004 |
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31,131 |
| Long-term investments |
63,617 |
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- |
| Restricted cash, less current portion |
12,166 |
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12,166 |
| Goodwill and other intangible assets, net |
47,722 |
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47,491 |
| Other assets |
1,481 |
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1,414 |
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Total assets |
$356,552 |
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$350,983 |
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| LIABILITIES AND STOCKHOLDERS' EQUITY |
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| Current liabilities: |
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Accounts payable and other current liabilities |
$32,348 |
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$37,146 |
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Deferred revenue |
27,625 |
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23,340 |
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Total current liabilities |
59,973 |
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60,486 |
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| Stockholders' equity |
296,579 |
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290,497 |
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Total liabilities and stockholders' equity |
$356,552 |
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$350,983 |
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