7/24/2002 - Marimba, Inc. (Nasdaq: MRBA), the Software Change-Management Company, today announced its financial results for the second quarter ended June 30, 2002.
Second-quarter 2002 revenues were $9.0 million, compared with $8.1 million for first quarter of 2002 and with $12.2 million for the second quarter of 2001. GAAP net loss for the second quarter of 2002 was $5.3 million, or a diluted net loss per share of 22 cents. This compared with a net loss of $3.9 million, or 16 cents per diluted share, sequentially and with a net loss of $3.7 million, or 16 cents per diluted share, for the same quarter a year ago. Excluding $508,000 of amortization expense for deferred stock compensation and a non-recurring charge of $1.9 million related to a previously announced agreement to settle patent litigation, pro forma net loss for the second quarter of 2002 was $2.9 million, or a diluted net loss per share of 12 cents. This compared with a pro forma net loss of $3.4 million, or 14 cents per diluted share, sequentially and with a pro forma net loss of $2.4 million, or 10 cents per diluted share, for the same quarter a year ago. At June 30, 2002, the company's cash and total investments were $59.4 million.
"We clearly made progress during the second quarter," said RichWyckoff, president and CEO of Marimba. "We achieved a modest increase in revenues despite a difficult IT spending environment, we released a new Windows migration product offering, and we increased our cash and investments. We have also recently taken actions to enhance our financial future by reducing Marimba's cost structure and settling expensive litigation."
Marimba also announced today the appointment of Andrew Chmyz, as acting vice president of finance and chief financial officer, effective August 1st. He succeeds Mark Garrett, who will return to Documentum as its chief financial officer, the same position he held there from 1997 through 1999. Chmyz has more than 13 years corporate finance and accounting experience and has been running Marimba's accounting, sales operations and investor relations functions since earlier this year. Chmyz will report to Wyckoff and will be responsible for all corporate financial operations. Marimba is not initiating a search for another CFO at this time.
As previously announced, subject to court approval, Marimba has settled its pending patent dispute with Beck Systems, Inc. for a total consideration of approximately $3.6 million, consisting of both cash and stock. As a result of the settlement, Marimba's income statement for the second quarter of 2002 included a charge of $1.9 million under cost of license. In the third quarter of 2002, Marimba plans to record an intangible asset of approximately $1.7 million, which it plans to amortize ratably over the next five years. All payments under this settlement are expected to occur during the third quarter of 2002.
Marimba has scheduled a conference call for today at 1:45pm PT (4:45pm ET) to discuss its financial results for the second quarter 2002 and its outlook. Anyone wishing to participate may do so by calling 719-867-0640 approximately 10 minutes prior to the start of the call. This teleconference will be Webcast live and archived for one week at http://www.marimba.com/investor/conference_call.html. In addition, a telephone replay will be available for one week at 719-457-0820, code #444515.
Marimba, Inc., the Software Change-Management Company, is headquartered in Mountain View, Calif. Marimba's Desktop/Mobile Management, Server Management, and Embedded Management product families allow Global 2000 companies to better manage their IT resources, increase operational efficiency and reduce IT costs. Additional information is available at www.marimba.com
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbors created by these sections. These forward-looking statements include statements regarding actions to reduce Marimba's cost structure, a change in management, payments in connection with the settlement of a patent dispute, and a related recording of an intangible asset by Marimba in its third quarter of 2002. The results expected by the forward-looking statements in this announcement are subject to a number of risks and uncertainties, including: the ability of Marimba to effectively manage its costs and expenses at expected levels against uncertain revenue expectations, unanticipated costs and expenses that Marimba may need to incur, court approval of Marimba's settlement with Beck Systems, Inc. in their patent dispute, changes in the required accounting treatment of intangible assets, and general economic, technological and market conditions. Actual results may differ materially from the results anticipated by these forward-looking statements due to the factors listed above and other factors. The matters discussed in this announcement also involve risks and uncertainties described from time to time in Marimba's filings with the Securities and Exchange Commission (SEC). In particular, see the Risk Factors described in Marimba's most recently filed Annual Report on Form 10-K, as submitted to the SEC and as may be updated or amended with future filings or submissions. Marimba undertakes no obligation to release publicly any updates or revisions to any forward-looking statements contained in this announcement that may reflect events or circumstances occurring after the date of this announcement.
Marimba is a registered trademark of Marimba, Inc. in the U.S. and/or certain other countries. Other product, trademark, company or service names mentioned herein are the property of their respective owners.
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