MINNEAPOLIS, Apr 28, 2003 (BUSINESS WIRE) -- Net Perceptions,
Inc. (Nasdaq:NETP) today reported revenue of $616 thousand for the
quarter ended March 31, 2003 and loss of $2.4 million, or ($0.09) per
share. Included in results for the period was a restructuring charge
of $1.2 million related primarily to the closure of operations in
three satellite offices. In the same period last year the Company
reported $1.1 million in revenue and a loss of $3.5 million, or
($0.13) per share.
Commenting on the results, Don Peterson, President and CEO of Net
Perceptions said, "As previously announced, we have engaged US Bancorp
Piper Jaffray Inc. to assist us in exploring possible strategic
alternatives. At the same time we have continued to reduce our
operating expenses while retaining key staff members who know our
technology and products, and service our existing and prospective
customers."
Net Perceptions completed the quarter with approximately $61.5
million in cash and short-term investments. The Company is not
providing revenue guidance for the second quarter of 2003 but
anticipates total operating expenses of approximately $1.8 million.
Conference Call
There will be a conference call to discuss Net Perceptions'
financial results for the quarter ended March 31, 2003 on Monday April
28, 2003 beginning at 4:00 pm (CST). The call will be broadcast live
over the internet at http://www.netperceptions.com under "Investor
Relations." The call will also be available for replay on Net
Perceptions' web site under "Investor Relations - Audio Archives"
through close of business on May 5, 2003. The press release is also
available on the Net Perceptions web site under "News Releases."
About Net Perceptions
Net Perceptions (Nasdaq: NETP) is a software and services company
that provides solutions for intelligent customer interaction that
drive demand, grow revenue and increase profitability. Founded in
1996, Net Perceptions is headquartered in Minneapolis, Minnesota.
Customers include market leaders such as 3M, Brylane, Great Universal
Stores, J.C. Penney, J&L Industrial Supply and Half.com. 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.
NET PERCEPTIONS, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
(in thousands)
----------------------------------------------------------------------
March 31, December 31,
2003 2002
(unaudited)
----------------------------------------------------------------------
Assets
Current assets:
Cash and cash equivalents $30,262 $39,729
Short-term investments 31,273 23,230
Accounts receivable, net 136 389
Prepaid expenses and other current assets 603 627
----------------------------------------------------------------------
Total current assets 62,274 63,975
Property and equipment, net 396 1,096
Other assets 700 725
----------------------------------------------------------------------
Total assets $63,370 $65,796
----------------------------------------------------------------------
Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses $1,160 $1,522
Deferred revenue 821 750
Accrued restructuring costs 5,212 4,672
----------------------------------------------------------------------
Total current liabilities 7,193 6,944
Deferred Rent 167 510
----------------------------------------------------------------------
Total liabilities 7,360 7,454
----------------------------------------------------------------------
Commitments and contingencies
Stockholders' equity:
Common stock 2 2
Additional paid-in capital 275,122 275,053
Accumulated other comprehensive income 120 122
Accumulated deficit (219,234) (216,835)
----------------------------------------------------------------------
Total stockholders' equity 56,010 58,342
----------------------------------------------------------------------
Total liabilities and
stockholders' equity $63,370 $65,796
----------------------------------------------------------------------
NET PERCEPTIONS, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited)
----------------------------------------------------------------------
Three Months Ended
March 31,
2003 2002
----------------------------------------------------------------------
Revenues:
Product $138 $43
Service and maintenance 478 1,097
----------------------------------------------------------------------
Total revenues 616 1,140
Cost of revenues:
Product - 123
Service and maintenance 216 770
----------------------------------------------------------------------
Total cost of revenues 216 893
Gross Margin 400 247
Operating Expenses:
Sales and marketing 706 1,481
Research and development 665 1,960
General and administrative 436 742
Restructuring related charges 1,200 367
Amortization of intangibles - 28
----------------------------------------------------------------------
Total operating expenses 3,007 4,578
----------------------------------------------------------------------
Loss from operations (2,607) (4,331)
Other income (expense):
Interest income 216 780
Interest expense 0 (11)
Other income (expense) (8) 90
----------------------------------------------------------------------
Total other income (expense), net 208 859
----------------------------------------------------------------------
Net loss $(2,399) $(3,472)
----------------------------------------------------------------------
Net loss per share:
Basic and diluted $(0.09) $(0.13)
Shares used in computing basic and diluted
net loss per share 27,365 27,161
----------------------------------------------------------------------
SOURCE: Net Perceptions, Inc.
Net Perceptions, Inc., Minneapolis
Tom Donnelly, 952/842-5400
tdonnelly@netperceptions.com
or
Terri Reden, 952/842-5067
treden@netperceptions.com
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