MatrixOne, Inc. (NASDAQ: MONEE), a leading provider of
collaborative product lifecycle management (PLM) solutions for the
value chain(TM), today announced financial results for the first
quarter ended October 1, 2005. For the first quarter ended October
1, 2005, total revenues were $25.4 million, compared to $28.7
million in the same period last year. For the first quarter, net
loss was $7.2 million, or $0.14 per share, compared to a net loss
of $2.5 million, or $0.05 per share, in the same period last year.
For the first quarter ended October 1, 2005, adjusted net loss(1),
which excludes amortization of intangible assets and stock-based
compensation charges of $0.8 million, was $6.4 million, or $0.12
per share. For the first quarter ended October 2, 2004, adjusted
net loss(1), which excludes amortization of intangible assets of
$0.2 million, was $2.3 million, or $0.05 per share. Net loss and
adjusted net loss for the first quarter ended October 1, 2005
includes expenses of $1.4 million, or $0.03 per share, related to
the Company's recently completed financial review and restatement.
Total current and long-term deferred revenues as of October 1, 2005
were $45.6 million, compared to $32.2 million and $42.2 million as
of October 2, 2004 and July 2, 2005, respectively. During the three
month period ended October 1, 2005, the Company deferred software
license, professional services and maintenance and customer support
services revenues related to delivery of software and commitments
to provide software functionality to certain customers aggregating
approximately $3.4 million and deferred software license and
maintenance and customer support services revenues related to a
software license transaction that included extended payment terms
related to a transaction aggregating approximately $2.4 million. In
addition, the year-over-year increase in deferred revenues also
reflects the impact of certain matters related to the Company's
recently completed financial review and restatement. The following
milestones were completed or announced during the first quarter of
fiscal 2006: -- The Company received orders from a number of the
world's most innovative companies, including Conexant, a worldwide
leader in semiconductor solutions for broadband communications and
the digital home; Faurecia, a tier-1 automotive supplier
headquartered in France; Keppel Offshore & Marine, a leader in
offshore rigs, shipbuilding and ship conversion and repair; Swift
& Company, the world's second-largest processor of fresh beef
and pork products; and Ortho-Clinical Diagnostics, a Johnson &
Johnson company and a leading provider of high-value diagnostic
products and services for the global health care community. -- The
Company was positioned by Gartner, Inc. in the visionary quadrant
of the Gartner Magic Quadrant for Product Life Cycle Management.
Gartner defines PLM as "creating and executing product strategy
across a product value chain, from product ideas through service,"
and its 2005 Magic Quadrant for PLM report is a review of this
market and the companies that comprise it. Companies are evaluated
by Gartner based on completeness of vision and ability to execute.
According to Gartner, "visionaries" are vendors who have a clear
vision of market direction and are focused on preparing for that,
but can still improve in terms of optimizing service delivery. The
positioning reflects the Company's history and leadership in
providing innovative, practical solutions to its customer base and
the market. -- The Company was awarded a patent from the United
States Patent and Trademark Office for an "Interface Definition
Language Compiler" invented by Mr. Dave Tewksbary, the Company's
Vice President of Advanced Research. The compiler is software code
that enables the Company to support multiple customer environments
without writing additional code for more effortless deployments and
greater cost savings. The code enables the Company's solutions to
interact with several computer architectures and codes, including
Extensible Markup Language (XML), Enterprise Java Beans (EJB) and
Remote Method Invocation (RMI). -- The Company received
certification by Autodesk(R) for an integration between Autodesk
Inventor(R) and the MatrixOne(R) PLM platform as part of the
Company's newly released MatrixOne Designer Central(TM), a
comprehensive design data management application that allows a
company's product designers to collaborate with each other and with
their suppliers in a single system-regardless of the design tools
being used by each partner. Autodesk Inventor is the world's best
selling 3-D mechanical design software. Company to Host Live
Conference Call and Webcast As previously announced, the Company's
management team will host a live conference call and webcast at
5:30 p.m. eastern time today to discuss the financial results as
well as management's outlook for the business. The conference call
may be accessed in the United States by dialing (800) 230-1096 and
using passcode "MONE". The conference call may be accessed outside
of the United States by dialing (612) 288-0329 and using passcode
"MONE". The conference call will be simultaneously webcast on the
Company's Investor Relations website, which can be accessed at
www.matrixone.com/investor. A replay of the webcast will be
available two hours after the call. (1) The Company uses the
financial measure adjusted net income (loss) to supplement its
consolidated financial statements, which are presented in
accordance with accounting principles generally accepted in the
United States ("GAAP"). The presentation of adjusted net income
(loss) is not meant to be a substitute for net income (loss)
presented in accordance with GAAP but rather should be evaluated in
conjunction with net income (loss). A full reconciliation of
adjusted net loss to net loss is provided below. The Company's
management believes that the presentation of adjusted net income
(loss) provides useful information to investors because this
financial measure excludes amortization of purchased technology and
intangible assets, which are fixed acquisition-related charges and
stock-based compensation. For the three month period ended October
1, 2005, adjusted net income (loss) excludes amortization of
purchased technology and intangible assets and stock-based
compensation. For the three month period ended October 2, 2004,
adjusted net income (loss) excludes amortization of purchased
technology and intangible assets. Management does not consider
amortization of purchased technology and intangible assets to be
part of the Company's on-going operating activities, and does not
consider amortization of purchased technology and intangible
assets, or stock-based compensation to be meaningful in evaluating
the Company's past financial performance or future prospects. In
addition, adjusted net income (loss) is a primary financial
indicator that the Company's management uses to evaluate the
Company's financial results and forecast anticipated financial
results for future periods. Amortization of purchased technology
and intangible assets relates to the amortization of identified
intangible assets, such as purchased technology, customer
relationships and trademarks and trade names, purchased through an
acquisition. Pursuant to the Company's adoption of Statement of
Financial Accounting Standards No. 123(R) "Share-Based Payments" in
the first quarter of fiscal year 2006, stock-based compensation
reflects the fair value of all share-based payments to employees,
including stock options and stock issued under certain employee
stock purchase plans. The Company's definition of adjusted net
income (loss) may differ from similar measures used by other
companies and may differ from period to period. About MatrixOne
MatrixOne, Inc. (NASDAQ: MONEE), a leading global provider of
collaborative product lifecycle management (PLM) software and
services, enables companies to accelerate product innovation to
achieve top line revenue growth and improve bottom line
profitability. With world-class PLM solutions and a commitment to
customer success, MatrixOne is focused on helping companies across
the automotive, aerospace & defense, consumer, machinery,
medical device, semiconductor and high-tech industries solve their
most challenging new product development and introduction problems.
More than 800 companies use MatrixOne's solutions to drive business
value and gain a competitive advantage, including industry leaders
such as BAE Systems, Bosch, Comau, General Electric, Honda, Johnson
Controls, Linde AG, NCR, Nokia, Philips, Porsche, Procter &
Gamble, Sony Ericsson, STMicroelectronics and Toshiba. MatrixOne
(www.matrixone.com) is headquartered in Westford, Massachusetts,
with locations throughout North America, Europe and Asia-Pacific.
MatrixOne and the MatrixOne logo are registered trademarks, and "a
leading provider of collaborative product lifecycle management
(PLM) solutions for the value chain" is a trademark of MatrixOne,
Inc. All other trademarks and service marks are the property of
their respective owners. Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995 - Forward-looking
statements in this release do not constitute guarantees of future
performance. For this purpose, any statements contained herein that
are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the foregoing, the
words "believes," "anticipates," "plans," "expects," "intends," and
similar expressions are intended to identify forward-looking
statements. Such forward-looking statements are subject to risks
and uncertainties that could cause our actual results to differ
materially from those anticipated. The risks and uncertainties that
may affect forward-looking statements include, among others: the
continued listing of our common stock on the NASDAQ Stock Market.
For a more detailed discussion of the risks and uncertainties of
our business, please refer to our periodic reports and registration
statements filed with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the fiscal year ended
July 2, 2005 and our Quarterly Report on Form 10-Q for the fiscal
quarter ended April 2, 2005. The forward-looking statements
included in this press release represent our views as of the date
of this press release. We anticipate that subsequent events and
developments may cause our views to change. We assume no obligation
to update any forward-looking information contained in this press
release or with respect to the announcements described herein. -0-
*T MATRIXONE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts) Three Months Ended
--------------------------- October 1, October 2, 2005 2004
------------- ------------- (As Restated) Revenues: Software
license $6,347 $11,174 Service 19,073 17,508 -------------
------------- Total revenues 25,420 28,682 -------------
------------- Cost of Revenues: Software license 447 965
Amortization of purchased technology 199 133 Service (1) 11,240
11,440 ------------- ------------- Total cost of revenues 11,886
12,538 ------------- ------------- Gross Profit 13,534 16,144
------------- ------------- Operating Expenses: Selling and
marketing (1) 9,395 9,887 Research and development (1) 7,134 6,338
General and administrative (1) 4,664 2,621 Amortization of
intangible assets 116 70 ------------- ------------- Total
operating expenses 21,309 18,916 ------------- ------------- Loss
from Operations (7,775) (2,772) Other Income, Net 723 332
------------- ------------- Loss Before Income Taxes (7,052)
(2,440) Provision for Income Taxes 133 51 -------------
------------- Net Loss $(7,185) $(2,491) =============
============= Basic and Diluted Net Loss Per Share $(0.14) $(0.05)
============= ============= Shares Used in Computing Basic and
Diluted Net Loss Per Share 51,771 50,295 =============
============= ------------------------------------------
--------------------------- (1) The following summarizes the
allocation of stock-based compensation included in the costs and
expenses noted above: Cost of service revenue $132 Selling and
marketing 168 Research and development 132 General and
administrative 88 ------------- Total stock-based compensation $520
============= ------------------------------------------
--------------------------- Reconciliation of Adjusted Net Loss(1):
Net Loss $(7,185) $(2,491) Adjustments: Amortization of purchased
technology 199 133 Amortization of intangible assets 116 70
Stock-based compensation 520 -- ------------- -------------
Adjusted Net Loss(1) $(6,350) $(2,288) ============= =============
Adjusted Basic and Diluted Net Loss Per Share $(0.12) $(0.05)
============= ============= Shares Used in Computing Pro Forma
Basic and Diluted Net Loss Per Share 51,771 50,295 =============
============= (1) The Company uses the financial measure adjusted
net income (loss) to supplement its consolidated financial
statements, which are presented in accordance with accounting
principles generally accepted in the United States ("GAAP"). The
presentation of adjusted net income (loss) is not meant to be a
substitute for net income (loss) presented in accordance with GAAP
but rather should be evaluated in conjunction with net income
(loss). A full reconciliation of adjusted net loss to net loss is
provided below. The Company's management believes that the
presentation of adjusted net income (loss) provides useful
information to investors because this financial measure excludes
amortization of purchased technology and intangible assets, which
are fixed acquisition-related charges and stock-based compensation.
For the three month period ended October 1, 2005, adjusted net
income (loss) excludes amortization of purchased technology and
intangible assets and stock-based compensation. For the three month
period ended October 2, 2004, adjusted net income (loss) excludes
amortization of purchased technology and intangible assets.
Management does not consider amortization of purchased technology
and intangible assets to be part of the Company's on-going
operating activities, and does not consider amortization of
purchased technology and intangible assets, or stock-based
compensation to be meaningful in evaluating the Company's past
financial performance or future prospects. In addition, adjusted
net income (loss) is a primary financial indicator that the
Company's management uses to evaluate the Company's financial
results and forecast anticipated financial results for future
periods. Amortization of purchased technology and intangible assets
relates to the amortization of identified intangible assets, such
as purchased technology, customer relationships and trademarks and
trade names, purchased through an acquisition. Pursuant to the
Company's adoption of Statement of Financial Accounting Standards
No. 123(R) "Share-Based Payments" in the first quarter of fiscal
year 2006, stock-based compensation reflects the fair value of all
share-based payments to employees, including stock options and
stock issued under certain employee stock purchase plans. The
Company's definition of adjusted net income (loss) may differ from
similar measures used by other companies and may differ from period
to period. MATRIXONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands) October 1, July 2, 2005 2005 ------------
------------ ASSETS Current Assets: Cash and cash equivalents
$100,501 $107,677 Accounts receivable, net 25,995 28,620 Prepaid
expenses and other current assets 10,777 8,822 ------------
------------ Total current assets 137,273 145,119 Property and
Equipment, Net 5,714 6,096 Goodwill 11,877 11,929 Other Intangible
Assets, Net 7,330 7,645 Other Assets 2,162 2,171 ------------
------------ $164,356 $172,960 ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts
payable $4,825 $5,941 Accrued expenses 18,808 23,034 Deferred
revenue 39,235 37,040 ------------ ------------ Total current
liabilities 62,868 66,015 ------------ ------------ Long Term
Deferred Revenue 6,410 5,163 Stockholders' Equity: Common stock 518
518 Additional paid-in capital 228,010 227,489 Accumulated deficit
(135,273) (128,088) Accumulated other comprehensive income 1,823
1,863 ------------ ------------ Total stockholders' equity 95,078
101,782 ------------ ------------ $164,356 $172,960 ============
============ *T
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