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AvantGo Reports Fourth Quarter and Fiscal Year 2001 Financial Results; Company Restates Third Quarter Results To Exclude $1.0 Million Revenue Under a Reseller Contract
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HAYWARD, Calif.--(BUSINESS WIRE)--Jan. 22, 2002--AvantGo, Inc. (Nasdaq:AVGO), the leading provider of mobile enterprise software, today reported financial results for the fourth quarter and year ended December 31, 2001.
The Company posted fourth quarter 2001 revenues of $5.3 million and a proforma net loss of $4.7 million, or $0.14 per share, compared with proforma net losses of $8.2 million, or $0.25 per share, in the third quarter of 2001 and $10.6 million, or $0.35 per share in the fourth quarter of 2000. Revenues for the year ended December 31, 2001 were $24.0 million, a 47% increase from $16.3 million reported for 2000. Proforma net loss for 2001 was $29.9 million, or $0.91 per share, compared with a proforma net loss of $32.7 million, or $1.40 per share, in 2000. Aggregate pro-forma charges excluded from the fourth quarter of 2001, the third quarter of 2001, the fourth quarter of 2000, the full year of 2001 and the full year of 2000 were $3.5 million, $13.0 million, $4.6 million, $26.3 million and $17.2 million, respectively, all as more fully described below.

The Company sequentially reduced operating expenses by 25%, from $12.2 million in the third quarter of 2001 to $9.2 million in the fourth quarter 2001, both excluding pro-forma charges. In addition, cash burn was reduced for the fifth consecutive quarter to $7.0 million from $7.4 million in the previous quarter. At December 31, 2001, the Company had $43.1 million of cash and cash equivalents. The Company`s goal is to maintain cash balances sufficient to cover at least six quarters of future operations.

Actual net loss for the fourth quarter of 2001, which includes amortization of goodwill, intangible assets and deferred compensation and other acquisition-related costs of $1.0 million, restructuring and other impairment charges related to the disposal of excess office space of $1.7 million and employee termination costs of $0.8 million, was $8.2 million, or $0.24 per share. Actual net loss for the third quarter of 2001, which includes amortization of goodwill, intangible assets and deferred compensation and other acquisition-related costs of $1.2 million, write-off of core technology of $2.0 million, and restructuring and other impairment charges related to the disposal of excess office space of $1.2 million, employee termination costs of $0.6 million, and the write-off of goodwill of $8.0 million, was $21.2 million, or $0.63 per share in the third quarter of 2001. Actual net loss for the fourth quarter of 2000, which includes amortization of goodwill, intangible assets and deferred compensation and other acquisition-related costs of $4.6 million, was $15.2 million, or $0.50 per share. Actual net loss for 2001, which includes amortization of goodwill, intangible assets and deferred compensation and other acquisition-related costs of $9.2 million, the write-off of core technology of $2.0 million, and restructuring and other impairment charges related to the disposal of excess office space of $5.4 million, employee termination costs of $1.7 million, and the write-off of goodwill of $8.0 million, was $56.2 million, or $1.71 per share compared with a loss of $49.8 million, or $2.13 per share, in 2000, which included amortization of goodwill, intangible assets and deferred compensation and other acquisition-related costs of $16.6 million and in-process research and development charges of $0.6 million.

"Our fourth quarter financial results were within our range of expectations, and we are particularly pleased with our expense and cash management," commented Richard Owen, AvantGo`s chief executive officer. "In 2001, we focused on adjusting our business model to current economic conditions and successfully improved our cost structure while balancing our long-term product development efforts. As we enter 2002, our size and cost base are where we want them to be and we are investing heavily in applications that we expect to energize our growth. As the leader in mobile enterprise software with 28 of the Fortune 100 and 2500 companies in 50 countries deploying AvantGo solutions, we remain optimistic about the long-term market opportunity for mobile applications, although cautious in the short-term."

Company Restates Third Quarter 2001 Results

The Company announced it is reducing revenue and net income for the third quarter of 2001 by $1.0 million. The restatement relates to amounts under a single contract with a reseller, for ultimate sale to a federal government agency, which amount the Company has subsequently determined should not have been recognized as revenue in the third quarter. The matter and related internal controls and procedures have been investigated under the supervision of the Audit Committee of the Board of Directors. The Company is filing a Form 10QA with the Securities & Exchange Commission, which contains the restated financial statements for the third quarter of 2001.

Mobile Enterprise Software Provider Extends Marketplace Leadership

More than 20 major organizations, such as Raytheon, Reuters, GE Capital, Niagara Mohawk Power Corporation, Illinois Power and the National Institute of Health, purchased AvantGo mobile business solutions in the fourth quarter to mobilize applications for their employees and customers.

AvantGo`s mobile applications continue to be well received in the marketplace. Its AvantGo Mobile Sales(TM) application, which debuted in July 2001, has performed well against its primary competition, Siebel Handheld, earning new business at Fortune 1000 companies including Baxter Healthcare and Nationwide Insurance. In addition, customers are recognizing the value of AvantGo`s second packaged application, AvantGo Mobile Delivery(TM), which has enabled McKesson Corporation to realize substantial cost savings and productivity gains. By streamlining existing delivery processes, McKesson has seen significant savings and delivery errors have dropped to zero. Using the mobile application for deliveries, McKesson reports that it has reduced imaging costs by 100 percent, legal claims by 50 percent, order errors by over 50 percent and delivery claims by 30 percent.

The Company`s mobile marketing application -- the AvantGo Mobile Internet Service -- achieved record results during the quarter. The fourth quarter is traditionally a strong quarter for the primarily advertising-supported service, which today has over 4.5 million registered users. New customers in the fourth quarter included Hachette Filipacchi, MasterCard, Audi, Universal Studios and FTD.

With 22% of its enterprise license sales from repeat customers, AvantGo continues to extend its marketplace leadership with customer deployments following successful pilot projects.

AvantGo Investor Call

AvantGo`s fourth quarter and year-end financial results will be discussed on January 22, 2002 at 2:00 p.m. PST/5:00 p.m. EST, and will be available via a live webcast on the Company`s website, under the navigation bar "investor relations," or at www.streetevents.com. A replay also will be available from the Company`s website through February 5, 2002.