Tripos, Inc. Announces Record Financial Results for First Quarter 2001; Tripos Posts 99% Increase in First Quarter Revenues

Apr 19, 2001, 01:00 ET from Tripos, Inc.

    ST. LOUIS, April 19 /PRNewswire Interactive News Release/ --
 Tripos, Inc. (Nasdaq:   TRPS), today announced unaudited financial results for
 the first quarter ending March 31, 2001. Tripos posted record first quarter
 revenues of $9.9 million, a $4.9 million (99%) increase over the same period
 last year.  The revenue and earnings increases were driven by significant
 expansion in Discovery Software license sales and by contract service billings
 for Software Consulting Services and for Discovery Research Services.  Net
 income allocable to common shareholders was $621,000 -- $0.09 per basic and
 $0.07 per diluted share, respectively.  This compares with a net loss
 allocable to common shareholders of $2.2 million ($0.32 per basic and diluted
 share) in the first quarter of 2000.  A conference call to discuss these
 financial results will be held today at 10:00 a.m. EDT. (Web cast details
 below).
     "Every component of Tripos business contributed to this quarter's
 outstanding performance," commented Dr. John P. McAlister, Tripos' President
 and Chief Executive Officer.  "Specifically,
 
     *  Discovery Software license revenue increased by 64%;
 
     *  Discovery Research Services revenues, including LeadQuest(R) library
        sales and funded research, increased by 124%;
 
     *  Software Consulting Services experienced phenomenal growth due to
        substantial contracts with Bristol-Myers Squibb and with Bayer AG.
 
     We have a strong pipeline in all areas of our business and we anticipate
 continued expansion as we finalize additional contracts with several major
 pharmaceutical companies in the second and subsequent quarters."
     "Tripos' strong financial performance now encompasses two consecutive
 quarters and all aspects of our business.  The investment strategy initiated
 by Tripos management over two years ago and completed in mid-2000 was based on
 our strong belief that informatics underpins all aspects of discovery research
 and confers true advantages to companies that employ it effectively.  Our
 financial results prove the success of this message and strategy in the
 marketplace.  The company anticipates continued positive market reaction to
 its innovative product offerings as well as renewals of existing contracts and
 collaborative agreements for both new technology development and for
 customization of its existing proprietary technologies.  On this basis, we are
 very comfortable with the analysts' estimates for performance in 2001,"
 continued Dr. McAlister.
 
     Web Cast Information
     Tripos, Inc. (Nasdaq:   TRPS) will host a web cast to discuss its quarterly
 financial results, business highlights and outlook for 2001. The call will be
 broadcast live over the Internet today, Thursday, April 19th, at 10:00 a.m.
 EDT/9:00 a.m. CDT. Participating will be John P. McAlister, President and
 Chief Executive Officer of Tripos.
     To listen to the live web cast, or the replay, please go to
 http://www.tripos.com.
 
     About Tripos Inc.
     Tripos is a leading provider of discovery research software and services
 to pharmaceutical, biotechnology, and other life science companies worldwide.
 The company's products and services aim to greatly accelerate the discovery of
 new drugs while reducing the costs associated with the drug discovery process.
 Tripos' products include proprietary discovery software tools to manage,
 analyze and share biological and chemical information; systems integration and
 other software consulting services; diverse chemical libraries; and discovery
 research for the synthesis, characterization and optimization of new chemical
 compounds that are active in biological systems.  This press release and
 further information about Tripos can be found on the World Wide Web at
 http://www.tripos.com.
 
     This press release may contain certain statements that are forward-looking
 and involve risks and uncertainties. Words such as "expects," "anticipates,"
 "projects," "estimates," "intends," "plans," "believes," variations of such
 words and similar expressions are intended to identify such forward-looking
 statements. These statements are based on current expectations and projections
 made by management and are not guarantees of future performance. Therefore,
 actual events, outcomes and results may differ materially from what is
 expressed or forecast in such forward-looking statements. Tripos has
 identified certain factors that could cause actual results to differ
 materially from the forward-looking statements in its Annual Report on Form
 10-K, its Quarterly Reports on Form 10-Q, and its Current Report on Form 8-K.
 Tripos undertakes no obligation to update any forward-looking statements
 contained herein.
 
                                  Tripos, Inc.
                        Condensed Results of Operations
                     (in thousands, except per share data)
                                   Unaudited
 
                                                         Three Months Ended
                                                 Mar 31, 2001   Mar 31, 2000
     Consolidated Statements of Operations
       Net Sales
         Software Licenses                              2,334          1,424
         Support                                        1,970          1,929
         Software Consulting Services                   3,058            124
         Hardware                                         799            733
         Discovery Research Services                    1,767            788
           Total net sales                              9,928          4,998
     Operating Costs and Expenses
       Cost of sales                                    1,571          1,189
       Sales and marketing                              2,636          2,584
       Research and development                         3,439          2,295
       General and administrative                       1,477          1,222
           Total costs and expenses                     9,123          7,290
     Income (loss) from operations                        805         (2,292)
     Other income (expense), net                          321            167
     Income (loss) before income taxes                  1,126         (2,125)
     Income tax expense                                   394              0
     Net income (loss)                                    732         (2,125)
     Preferred stock dividend expense                     111             66
     Net income (loss) allocable to common shareholders   621         (2,191)
     BASIC INCOME (LOSS) PER SHARE                       0.09          (0.32)
     DILUTED INCOME (LOSS) PER SHARE                     0.07          (0.32)
     BASIC SHARES OUTSTANDING                           7,198          6,800
     DILUTED SHARES OUTSTANDING                         8,450          6,800
 
 
     Key Consolidated Balance Sheet Information   Mar 31,2001    Dec 31,2000
       Working Capital                                 19,410         17,122
       Total assets                                    58,743         57,186
       Total shareholders' equity                      25,926         23,957
 
                     MAKE YOUR OPINION COUNT -  Click Here
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SOURCE Tripos, Inc.
    ST. LOUIS, April 19 /PRNewswire Interactive News Release/ --
 Tripos, Inc. (Nasdaq:   TRPS), today announced unaudited financial results for
 the first quarter ending March 31, 2001. Tripos posted record first quarter
 revenues of $9.9 million, a $4.9 million (99%) increase over the same period
 last year.  The revenue and earnings increases were driven by significant
 expansion in Discovery Software license sales and by contract service billings
 for Software Consulting Services and for Discovery Research Services.  Net
 income allocable to common shareholders was $621,000 -- $0.09 per basic and
 $0.07 per diluted share, respectively.  This compares with a net loss
 allocable to common shareholders of $2.2 million ($0.32 per basic and diluted
 share) in the first quarter of 2000.  A conference call to discuss these
 financial results will be held today at 10:00 a.m. EDT. (Web cast details
 below).
     "Every component of Tripos business contributed to this quarter's
 outstanding performance," commented Dr. John P. McAlister, Tripos' President
 and Chief Executive Officer.  "Specifically,
 
     *  Discovery Software license revenue increased by 64%;
 
     *  Discovery Research Services revenues, including LeadQuest(R) library
        sales and funded research, increased by 124%;
 
     *  Software Consulting Services experienced phenomenal growth due to
        substantial contracts with Bristol-Myers Squibb and with Bayer AG.
 
     We have a strong pipeline in all areas of our business and we anticipate
 continued expansion as we finalize additional contracts with several major
 pharmaceutical companies in the second and subsequent quarters."
     "Tripos' strong financial performance now encompasses two consecutive
 quarters and all aspects of our business.  The investment strategy initiated
 by Tripos management over two years ago and completed in mid-2000 was based on
 our strong belief that informatics underpins all aspects of discovery research
 and confers true advantages to companies that employ it effectively.  Our
 financial results prove the success of this message and strategy in the
 marketplace.  The company anticipates continued positive market reaction to
 its innovative product offerings as well as renewals of existing contracts and
 collaborative agreements for both new technology development and for
 customization of its existing proprietary technologies.  On this basis, we are
 very comfortable with the analysts' estimates for performance in 2001,"
 continued Dr. McAlister.
 
     Web Cast Information
     Tripos, Inc. (Nasdaq:   TRPS) will host a web cast to discuss its quarterly
 financial results, business highlights and outlook for 2001. The call will be
 broadcast live over the Internet today, Thursday, April 19th, at 10:00 a.m.
 EDT/9:00 a.m. CDT. Participating will be John P. McAlister, President and
 Chief Executive Officer of Tripos.
     To listen to the live web cast, or the replay, please go to
 http://www.tripos.com.
 
     About Tripos Inc.
     Tripos is a leading provider of discovery research software and services
 to pharmaceutical, biotechnology, and other life science companies worldwide.
 The company's products and services aim to greatly accelerate the discovery of
 new drugs while reducing the costs associated with the drug discovery process.
 Tripos' products include proprietary discovery software tools to manage,
 analyze and share biological and chemical information; systems integration and
 other software consulting services; diverse chemical libraries; and discovery
 research for the synthesis, characterization and optimization of new chemical
 compounds that are active in biological systems.  This press release and
 further information about Tripos can be found on the World Wide Web at
 http://www.tripos.com.
 
     This press release may contain certain statements that are forward-looking
 and involve risks and uncertainties. Words such as "expects," "anticipates,"
 "projects," "estimates," "intends," "plans," "believes," variations of such
 words and similar expressions are intended to identify such forward-looking
 statements. These statements are based on current expectations and projections
 made by management and are not guarantees of future performance. Therefore,
 actual events, outcomes and results may differ materially from what is
 expressed or forecast in such forward-looking statements. Tripos has
 identified certain factors that could cause actual results to differ
 materially from the forward-looking statements in its Annual Report on Form
 10-K, its Quarterly Reports on Form 10-Q, and its Current Report on Form 8-K.
 Tripos undertakes no obligation to update any forward-looking statements
 contained herein.
 
                                  Tripos, Inc.
                        Condensed Results of Operations
                     (in thousands, except per share data)
                                   Unaudited
 
                                                         Three Months Ended
                                                 Mar 31, 2001   Mar 31, 2000
     Consolidated Statements of Operations
       Net Sales
         Software Licenses                              2,334          1,424
         Support                                        1,970          1,929
         Software Consulting Services                   3,058            124
         Hardware                                         799            733
         Discovery Research Services                    1,767            788
           Total net sales                              9,928          4,998
     Operating Costs and Expenses
       Cost of sales                                    1,571          1,189
       Sales and marketing                              2,636          2,584
       Research and development                         3,439          2,295
       General and administrative                       1,477          1,222
           Total costs and expenses                     9,123          7,290
     Income (loss) from operations                        805         (2,292)
     Other income (expense), net                          321            167
     Income (loss) before income taxes                  1,126         (2,125)
     Income tax expense                                   394              0
     Net income (loss)                                    732         (2,125)
     Preferred stock dividend expense                     111             66
     Net income (loss) allocable to common shareholders   621         (2,191)
     BASIC INCOME (LOSS) PER SHARE                       0.09          (0.32)
     DILUTED INCOME (LOSS) PER SHARE                     0.07          (0.32)
     BASIC SHARES OUTSTANDING                           7,198          6,800
     DILUTED SHARES OUTSTANDING                         8,450          6,800
 
 
     Key Consolidated Balance Sheet Information   Mar 31,2001    Dec 31,2000
       Working Capital                                 19,410         17,122
       Total assets                                    58,743         57,186
       Total shareholders' equity                      25,926         23,957
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X78478583
 
 SOURCE  Tripos, Inc.