Interwoven to Announce Financial Results for Fourth Quarter Ended December 31, 2008 on Thursday, January 29, 2009
06 Janeiro 2009 - 7:00PM
PR Newswire (US)
Interwoven Also Announces Expected Total Revenues in Line with
Previous Guidance and Expected Per Share Results Above Guidance SAN
JOSE, Calif., Jan. 6 /PRNewswire-FirstCall/ -- Interwoven, Inc.
(NASDAQ:IWOV), a global leader in content management solutions,
today announced plans to release fourth quarter financial results
for the period ended December 31, 2008 after the market close on
Thursday, January 29, 2009. The company will hold a conference call
to discuss its results at 2:00 p.m. Pacific Time that day. (Logo:
http://www.newscom.com/cgi-bin/prnh/20071205/INTWOVLOGO) On that
conference call, Interwoven expects to report total revenues in
line with its previous guidance and net income per share above its
previous guidance. Interwoven expects to report total revenues of
$69.5 million to $70.0 million, with license revenues of
approximately $26.5 million. Interwoven also expects to report net
income per share of $0.21 to $0.23 on a GAAP basis and $0.22 to
$0.24 on a non-GAAP basis. The non-GAAP results exclude the
expected amortization of stock-based compensation expense of
approximately $3.0 million, amortization of purchased technology of
approximately $700,000, amortization of intangible assets of
approximately $700,000 and the related tax impact of approximately
$4.0 million. These expected results are based on preliminary
information. Additional information about the company's non-GAAP
financial measures can be found under the caption "Non-GAAP
Financial Information" below. Conference Call Details: Date:
Thursday, January 29, 2009 Time: 2:00 p.m. PT (5:00 p.m. ET) Live
Dial-in #: (877) 879-6174 or (719) 325-4768 Replay Dial-in #: (888)
203-1112 or (719) 457-0820 Replay Passcode: 4243053 A live and
archived webcast of the conference call will be available on
Interwoven's website at http://www.interwoven.com/investors. A
telephonic replay of the call will be available for one week
starting on January 29, 2009 at approximately 5:00 p.m. PT. About
Interwoven Interwoven (NASDAQ:IWOV) is a global leader in content
management solutions. Interwoven's software and services enable
organizations to maximize online business performance and organize,
find, and govern business content. Interwoven solutions unlock the
value of content by delivering the right content to the right
person in the right context at the right time. Over 4,600 of the
world's leading companies, professional services firms, and
governments have chosen Interwoven, including adidas, Airbus,
Avaya, BT, Cisco, Citi, Delta Air Lines, DLA Piper, FedEx, Grant
Thornton, Hilton Hotels, Hong Kong Trade and Development Council,
HSBC, LexisNexis, MasterCard, Microsoft, Samsung, Shell, Qantas
Airways, Tesco, Virgin Mobile, and White & Case. A community of
over 20,000 developers and over 300 partners enrich and extend
Interwoven's offerings. To learn more about Interwoven, please
visit http://www.interwoven.com/. Cautionary Statement Regarding
Forward-Looking Statements This press release contains
forward-looking statements that involve risks and uncertainties.
These forward-looking statements include Interwoven, Inc.'s
preliminary estimates of revenue, net loss per share in accordance
with generally accepted accounting principles and non-GAAP net
income per share for the quarter ended December 31, 2008, which are
subject to further audit and based on current information. The
final results for the fourth quarter of 2008 of Interwoven, Inc.
may differ from the preliminary estimate discussed above due to
factors that include, but are not limited to, risks associated with
final audit of the results and preparation of quarterly and year
end financial statements, the potential release of deferred tax
assets valuation reserves and business and economic risks that
could cause actual future results to differ materially from the
estimates set forth above. Other factors that could cause
Interwoven's actual results to differ materially from its
expectations include the following: our ability to develop new
products, services, features and functionality successfully and on
a timely basis; customer acceptance of our solutions; changes in
customer spending on enterprise content management initiatives; our
ability to cross-sell and up-sell additional products into our
installed base of customers; our ability to successfully acquire
businesses and technologies and to successfully integrate and
operate these acquired businesses and technologies; the timing and
impact of acquisition-related costs or amortization costs for
acquired intangible assets; the success of our strategic business
alliances; intense competition in our markets; changes in key
personnel; the introduction of new products or services by
competitors; and the ongoing consolidation in our markets. These
and other risks and uncertainties associated with Interwoven's
business are described in its most recent Annual Report on Form
10-K, subsequent Quarterly Reports on Form 10-Q and Current Reports
on Forms 8-K, which are on file with the Securities and Exchange
Commission and available through http://www.sec.gov/. Non-GAAP
Financial Information The financial measures indentified as
"non-GAAP" in this press release are financial measures that are
not prepared in accordance with accounting principles generally
accepted in the United States of America ("GAAP"), and consist of
non-GAAP net income per share adjusted for the items discussed
below. Because these non-GAAP financial measures do not reflect all
of the amounts associated with the Interwoven's results of
operations as determined in accordance with GAAP and are not based
on a comprehensive set of accounting rules or principles, these
measures are incomplete and should only be used to evaluate the
Company's results of operations in conjunction with the
corresponding GAAP financial measures. Accordingly, readers are
advised to review and consider carefully the financial information
estimated or prepared in accordance with GAAP contained in this
press release and Interwoven's periodic filings with the Securities
and Exchange Commission. Interwoven believes the presentation of
these non-GAAP financial measures, when taken together with the
corresponding financial measures presented in accordance with GAAP,
provides useful supplemental information regarding the Company's
operating performance for the reasons discussed below. The
Company's management uses these non-GAAP financial measures in
assessing the Company's operating results, as well as when
planning, forecasting and analyzing future periods or determining
incentive compensation. Interwoven believes that these non-GAAP
financial measures also facilitate comparisons of the Company's
performance to prior periods and that investors benefit from an
understanding of these non-GAAP financial measures and how
specific, identified amounts impact different line items in its
consolidated statements of income. As described above, Interwoven
excludes the following items from one or more of its non-GAAP
measures when applicable: Stock-based compensation expense.
Stock-based compensation expense consists of expenses for equity
compensation awards determined in accordance with Statement of
Financial Accounting Standards No. 123R ("SFAS 123R"), Share-Based
Payment. Interwoven excludes stock-based compensation expense from
its non-GAAP financial measures primarily because this expense is
non-cash in nature and not reflective of the Company's ongoing
operating results. When evaluating the performance of its business
and developing short- and long-term plans, Interwoven does not
consider stock-based compensation expense. Interwoven's management
team is held accountable for cash-based compensation, but
Interwoven believes that management is limited in its ability to
project the impact of stock-based compensation and, accordingly, is
not held accountable for its impact on the Company's consolidated
operating results. Although stock-based compensation is necessary
to attract and retain quality employees, Interwoven's consideration
of stock-based compensation places its primary emphasis on overall
shareholder dilution rather than the accounting charges associated
with such awards. In addition, Interwoven believes it is useful to
provide a non-GAAP financial measure that excludes stock-based
compensation expense in order to better understand the long-term
performance of the Company's core business from period to period
and may facilitate comparability of the Company's operating results
with those of other companies. Further, unlike cash compensation,
the value of stock-based compensation is determined using a complex
formula that incorporates factors, such as market volatility, that
are beyond Interwoven's control. In addition, the Company believes
it is useful to investors to understand the impact of SFAS 123R on
its results of operations. Amortization of purchased technology. In
connection with business combinations, Interwoven is required to
allocate a portion of the purchase price to the accounting value
assigned to the technology acquired and amortize this amount over
the estimated useful lives associated therewith. Typically, the
acquired business has itself previously expensed the costs incurred
to develop the purchased technology, and the purchase price
allocated to these intangible assets is not necessarily reflective
of the cost Interwoven would incur in developing them. The Company
eliminates these recurring amortization charges from its non-GAAP
operating results to provide better comparability of pre- and
post-business combination operating results and because doing so
may facilitate comparability of Interwoven's operating results with
those of other companies using internally developed intangible
assets. Amortization of intangible assets. In connection with
business combinations, Interwoven is required to allocate a portion
of the purchase price to the accounting value assigned to the
identified intangible assets acquired and amortize these amounts
over the estimated useful lives of the acquired intangible assets.
The purchase price allocated to these intangible assets and the
amortization expense associated therewith have no direct
correlation to the operation of Interwoven's business. The Company
eliminates these recurring amortization charges from its non-GAAP
operating results to provide better comparability of pre- and
post-business combination operating results and because they have
no direct correlation to the operation of Interwoven's business.
Income tax effect on above items. Interwoven excludes the income
tax effect of the non-GAAP adjustments from net income per share to
assist investors in understanding the income tax provision
associated with these adjustments.
http://www.newscom.com/cgi-bin/prnh/20071205/INTWOVLOGO
http://photoarchive.ap.org/ DATASOURCE: Interwoven, Inc. CONTACT:
Keren Ackerman, +1-408-953-7284, , or Randy Cairns,
+1-408-953-7111, , both of Interwoven, Inc. Web site:
http://www.interwoven.com/
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