ActionPoint Announces First Quarter Results

43% Year Over Year Revenue Growth



Apr 17, 2001, 01:00 ET from ActionPoint, Inc.

    SAN JOSE, Calif., April 17 /PRNewswire/ --
 ActionPoint, Inc. (Nasdaq:   ACTP) today announced operating results for its
 first quarter ended March 31, 2001.
 
     Highlights
     -- Revenues of $6.6 million, up 43% over first quarter of 2000.
     -- Loss of $0.07 compared to loss of $1.24 in first quarter 2000
     -- Ships Dialog Server 1.2, extending platform support to include UNIX.
 
     Revenues for the first quarter of 2001 were $6.6 million, an increase of
 43% when compared to $4.6 million for the first quarter of 2000. Operating
 expenses were $5.9 million, flat with expenses in the first quarter of 2000.
 The net loss for the first quarter was $315,000, or $0.07 per share, compared
 to a net loss of $5.1 million, or $1.24 per share, in the first quarter of
 2000.  Non-recurring expenses of $3.1 million were incurred in the first
 quarter of 2000.  Cash and cash equivalents were $3.9 million at March 31,
 2001, up from $2.2 million at year-end.
     "We are pleased to announce quarterly results which met our internal plan,
 particularly in what is typically our slowest quarter of the year and a
 quarter in which many other technology vendors were negatively impacted by the
 slowdown in IT spending," said Kimra Hawley, ActionPoint's President and CEO.
 "During the quarter we saw Global 2000 organizations and governmental agencies
 continue to focus their technology investments on solutions that improve their
 operating efficiencies, reduce costs, and address here-and-now problems. As a
 result, we experienced solid demand for our traditional information capture
 product lines, Enterprise Server 3.0 and InputAccel, which enable
 organizations to transform their critical paper- and fax-based documents to
 e-business ready content."
     "As has been widely reported, during the first quarter large organizations
 took a particularly cautious approach to Internet software spending and our
 Dialog Server business was impacted by this general trend," continued Hawley.
 "However, because Dialog Server makes it faster and easier for organizations
 to deploy customer-centric web sites, we continue to receive a high level of
 interest in this product and anticipate stronger growth as market conditions
 improve."
     "While all companies are effected by macro-economic conditions, our
 products deliver benefits -- increased productivity, improved customer
 service, and reduced development costs -- which tend to remain attractive even
 during times of spending slowdown," concluded Hawley. "As a result, we have
 cautious optimism for continued growth and for achieving profitability by
 mid-year."
 
     About Actionpoint, Inc.
     ActionPoint, Inc. provides e-commerce interaction management software for
 Global 2000 organizations and governmental agencies. The ActionPoint
 Interaction Management System enables e-businesses to rapidly build and deploy
 dynamic and intelligent Web interfaces for action points-interactions between
 people and e-commerce systems. It also streamlines the collection and
 transformation of mission-critical information -- received via the Web, email
 or as traditional paper-based documents -- and ensures delivery of this as
 validated and formatted e-content to enterprise or B2B process automation
 systems, triggering real-time fulfillment processes. For more information,
 visit the company's Web site at http://www.actionpoint.com.
 
     Summary financial results for ActionPoint:
 
     (Dollars and shares                                             Trailing
      in thousands)                  Q1:01       Q4:00      Q1:00    12 months
 
     Revenues                        $6,595     $8,436      $4,613    $27,024
     Gross margin                       84%        85%         82%        83%
     Operating margin*                  -5%         1%        -47%       -15%
     Net income*                     ($315)       $105    ($2,063)   ($3,934)
     Diluted EPS*                   ($0.07)      $0.02     ($0.50)    ($0.93)
     Cash and marketable
      securities                     $3,947     $2,242      $6,394
     Weighted average shares          4,275      4,225       4,134      4,226
 
     *Exclusive of non-recurring charges in Q1:00
 
     Please note:  Private Securities Litigation Reform Act of 1995 provides a
 "safe harbor" for forward-looking statements. Certain information included in
 this news release (as well as information in oral statements or other written
 statements made or to be made by ActionPoint, Inc.) contain statements that
 are forward-looking, such as statements relating to the future anticipated
 direction of the futures and securities industry, plans for future expansion,
 various business development activities, planned capital expenditures,
 anticipated sales, potential contracts, dependence on existing management,
 domestic and global economic conditions, changes in federal or state laws, and
 market competition factors.  Such forward-looking information involves
 important risks and uncertainties that could significantly affect anticipated
 results in the future, and accordingly, such results may differ from those
 expressed in any forward-looking statements made by or on behalf of
 ActionPoint, Inc.
 
 
                                  ACTIONPOINT, INC.
                            CONSOLIDATED BALANCE SHEETS
                                   (IN THOUSANDS)
 
                                                          March 31,  Dec. 31,
                                                             2001       2000
                       ASSETS                            (unaudited)
     Current assets:
       Cash and cash equivalents                            $3,947     $2,242
       Accounts receivable                                   4,714      7,912
       Deferred income taxes and other current assets        1,315      1,885
 
     Total current assets                                    9,976     12,039
 
     Property and equipment, net                             1,437      1,585
 
     Other assets                                            4,177      4,177
 
                                                           $15,590    $17,801
 
        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable                                       $332       $414
       Deferred revenue                                      3,052      3,202
       Accrued liabilities                                   1,806      3,463
 
     Total current liabilities                               5,190      7,079
 
     Long term deferred revenue                                786        800
 
     Total Liabilities                                       5,976      7,879
 
     Stockholders' equity:
       Common stock                                             43         43
       Paid-in capital                                       9,988      9,981
       Retained earnings                                     (417)      (102)
 
     Stockholders' equity                                    9,614      9,922
 
                                                           $15,590    $17,801
 
 
                                 ACTIONPOINT, INC.
                       CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 
                                                           Three Months Ended
                                                                 March 31
                                                             2001        2000
     Net revenues
       License                                              $4,935     $3,518
       Service                                               1,660      1,095
                                                             6,595      4,613
 
     Cost of revenues
       License                                                 175         83
       Service                                                 854        745
                                                             1,029        828
 
     Gross profit                                            5,566      3,785
 
     Research and development                                1,683      1,747
     Sales, general, and administrative                      4,233      4,200
 
     Operating loss before stock related bonus expense        (350)    (2,162)
 
 
     Stock related bonus expense                                --      2,576
 
     Operating loss                                           (350)    (4,738)
 
     Interest income/other                                      35         99
     Write-off of equity investment in Cornerstone              --       (500)
 
     Pretax income                                            (315)    (5,139)
 
     Provision for income taxes                                 --         --
 
     Net loss                                                $(315)   $(5,139)
 
     Basic and diluted EPS:
      Net income loss                                       $(0.07)    $(1.24)
 
     Shares used in basic EPS calculation                    4,275      4,134
     Shares used in diluted EPS calculation                  4,275      4,134
 
 
 

SOURCE ActionPoint, Inc.
    SAN JOSE, Calif., April 17 /PRNewswire/ --
 ActionPoint, Inc. (Nasdaq:   ACTP) today announced operating results for its
 first quarter ended March 31, 2001.
 
     Highlights
     -- Revenues of $6.6 million, up 43% over first quarter of 2000.
     -- Loss of $0.07 compared to loss of $1.24 in first quarter 2000
     -- Ships Dialog Server 1.2, extending platform support to include UNIX.
 
     Revenues for the first quarter of 2001 were $6.6 million, an increase of
 43% when compared to $4.6 million for the first quarter of 2000. Operating
 expenses were $5.9 million, flat with expenses in the first quarter of 2000.
 The net loss for the first quarter was $315,000, or $0.07 per share, compared
 to a net loss of $5.1 million, or $1.24 per share, in the first quarter of
 2000.  Non-recurring expenses of $3.1 million were incurred in the first
 quarter of 2000.  Cash and cash equivalents were $3.9 million at March 31,
 2001, up from $2.2 million at year-end.
     "We are pleased to announce quarterly results which met our internal plan,
 particularly in what is typically our slowest quarter of the year and a
 quarter in which many other technology vendors were negatively impacted by the
 slowdown in IT spending," said Kimra Hawley, ActionPoint's President and CEO.
 "During the quarter we saw Global 2000 organizations and governmental agencies
 continue to focus their technology investments on solutions that improve their
 operating efficiencies, reduce costs, and address here-and-now problems. As a
 result, we experienced solid demand for our traditional information capture
 product lines, Enterprise Server 3.0 and InputAccel, which enable
 organizations to transform their critical paper- and fax-based documents to
 e-business ready content."
     "As has been widely reported, during the first quarter large organizations
 took a particularly cautious approach to Internet software spending and our
 Dialog Server business was impacted by this general trend," continued Hawley.
 "However, because Dialog Server makes it faster and easier for organizations
 to deploy customer-centric web sites, we continue to receive a high level of
 interest in this product and anticipate stronger growth as market conditions
 improve."
     "While all companies are effected by macro-economic conditions, our
 products deliver benefits -- increased productivity, improved customer
 service, and reduced development costs -- which tend to remain attractive even
 during times of spending slowdown," concluded Hawley. "As a result, we have
 cautious optimism for continued growth and for achieving profitability by
 mid-year."
 
     About Actionpoint, Inc.
     ActionPoint, Inc. provides e-commerce interaction management software for
 Global 2000 organizations and governmental agencies. The ActionPoint
 Interaction Management System enables e-businesses to rapidly build and deploy
 dynamic and intelligent Web interfaces for action points-interactions between
 people and e-commerce systems. It also streamlines the collection and
 transformation of mission-critical information -- received via the Web, email
 or as traditional paper-based documents -- and ensures delivery of this as
 validated and formatted e-content to enterprise or B2B process automation
 systems, triggering real-time fulfillment processes. For more information,
 visit the company's Web site at http://www.actionpoint.com.
 
     Summary financial results for ActionPoint:
 
     (Dollars and shares                                             Trailing
      in thousands)                  Q1:01       Q4:00      Q1:00    12 months
 
     Revenues                        $6,595     $8,436      $4,613    $27,024
     Gross margin                       84%        85%         82%        83%
     Operating margin*                  -5%         1%        -47%       -15%
     Net income*                     ($315)       $105    ($2,063)   ($3,934)
     Diluted EPS*                   ($0.07)      $0.02     ($0.50)    ($0.93)
     Cash and marketable
      securities                     $3,947     $2,242      $6,394
     Weighted average shares          4,275      4,225       4,134      4,226
 
     *Exclusive of non-recurring charges in Q1:00
 
     Please note:  Private Securities Litigation Reform Act of 1995 provides a
 "safe harbor" for forward-looking statements. Certain information included in
 this news release (as well as information in oral statements or other written
 statements made or to be made by ActionPoint, Inc.) contain statements that
 are forward-looking, such as statements relating to the future anticipated
 direction of the futures and securities industry, plans for future expansion,
 various business development activities, planned capital expenditures,
 anticipated sales, potential contracts, dependence on existing management,
 domestic and global economic conditions, changes in federal or state laws, and
 market competition factors.  Such forward-looking information involves
 important risks and uncertainties that could significantly affect anticipated
 results in the future, and accordingly, such results may differ from those
 expressed in any forward-looking statements made by or on behalf of
 ActionPoint, Inc.
 
 
                                  ACTIONPOINT, INC.
                            CONSOLIDATED BALANCE SHEETS
                                   (IN THOUSANDS)
 
                                                          March 31,  Dec. 31,
                                                             2001       2000
                       ASSETS                            (unaudited)
     Current assets:
       Cash and cash equivalents                            $3,947     $2,242
       Accounts receivable                                   4,714      7,912
       Deferred income taxes and other current assets        1,315      1,885
 
     Total current assets                                    9,976     12,039
 
     Property and equipment, net                             1,437      1,585
 
     Other assets                                            4,177      4,177
 
                                                           $15,590    $17,801
 
        LIABILITIES AND STOCKHOLDERS' EQUITY
 
     Current liabilities:
       Accounts payable                                       $332       $414
       Deferred revenue                                      3,052      3,202
       Accrued liabilities                                   1,806      3,463
 
     Total current liabilities                               5,190      7,079
 
     Long term deferred revenue                                786        800
 
     Total Liabilities                                       5,976      7,879
 
     Stockholders' equity:
       Common stock                                             43         43
       Paid-in capital                                       9,988      9,981
       Retained earnings                                     (417)      (102)
 
     Stockholders' equity                                    9,614      9,922
 
                                                           $15,590    $17,801
 
 
                                 ACTIONPOINT, INC.
                       CONSOLIDATED STATEMENTS OF OPERATIONS
                                    (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
 
                                                           Three Months Ended
                                                                 March 31
                                                             2001        2000
     Net revenues
       License                                              $4,935     $3,518
       Service                                               1,660      1,095
                                                             6,595      4,613
 
     Cost of revenues
       License                                                 175         83
       Service                                                 854        745
                                                             1,029        828
 
     Gross profit                                            5,566      3,785
 
     Research and development                                1,683      1,747
     Sales, general, and administrative                      4,233      4,200
 
     Operating loss before stock related bonus expense        (350)    (2,162)
 
 
     Stock related bonus expense                                --      2,576
 
     Operating loss                                           (350)    (4,738)
 
     Interest income/other                                      35         99
     Write-off of equity investment in Cornerstone              --       (500)
 
     Pretax income                                            (315)    (5,139)
 
     Provision for income taxes                                 --         --
 
     Net loss                                                $(315)   $(5,139)
 
     Basic and diluted EPS:
      Net income loss                                       $(0.07)    $(1.24)
 
     Shares used in basic EPS calculation                    4,275      4,134
     Shares used in diluted EPS calculation                  4,275      4,134
 
 
 SOURCE  ActionPoint, Inc.