Net Perceptions said it expects to report a net loss of between $3.4 million and $3.8 million, or ($0.12) to ($0.14) per share before the amortization of intangibles, stock compensation expense and restructuring related charges. These results compare with revenues of $3.2 million for the first quarter ended March 31, 2001, and a net loss of $11.9 million or ($0.44) per share, before the amortization of intangibles, stock compensation expense and restructuring related charges. The company expects that cash and short-term investments as of March 31, 2002 will exceed $69.5 million.

"Unfortunately, the transactions we thought would close during the quarter slipped into future periods," said Don Peterson, Net Perceptions president and chief executive officer. "We had a good quarter in terms of getting new customers into our engagement process, and we remain optimistic that we will achieve improved financial results in future quarters."

The company will provide more information related to the quarter at its regular quarterly conference call scheduled for April 23, 2002.

About Net Perceptions

Net Perceptions (Nasdaq:NETP) is a software and services company that provides solutions for more intelligent customer interaction that drive demand, grow revenue and increase profitability. Founded in 1996, Net Perceptions is headquartered in Minneapolis and has offices in the United States and in Europe. Customers include market leaders such as Brylane, GUS (Great Universal Stores), JC Penney, 3M and Smith and Hawkin. For more information visit http://www.netperceptions.com or call 800/466-0711.

Net Perceptions and the Net Perceptions logo are registered trademarks of Net Perceptions, Inc. All other trademarks are the property of their respective owners. This press release contains "forward-looking statements" within the meaning of the federal securities laws, including statements concerning business strategies and their intended results, and similar statements concerning anticipated future events and expectations that are not historical facts. The forward-looking statements in this press release reflect management's best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Additional information concerning potential factors that could effect future financial results are detailed from time to time in the company's filings with the U.S. Securities and Exchange Commission.