Vignette Corporation (NASDAQ: VIGN) today announced total revenue
for the third quarter 2008 was $41.9 million, a decrease of 3.8%
from the third quarter of 2007. GAAP net loss for the quarter was
$4.3 million, versus a profit of $3.0 million in the same period
last year. GAAP net loss for the quarter included $2.6 million in
restructuring charges incurred during the quarter. EPS for the
quarter was $(0.19) versus $0.11 last year. Vignette used $0.5
million of cash in its operating activities during the quarter.
Vignette's non-GAAP net income for the third quarter 2008 was $1.2
million, a decrease of 78.8% from the third quarter of 2007.
Non-GAAP diluted EPS for the quarter was $0.05 versus $0.21 last
year. Non-GAAP results exclude acquisition-related charges, stock
option expense, amortization expense for certain intangible assets,
restructuring charges (benefits) and one-time charges and gains.
�Vignette is well positioned with a strong balance sheet that will
allow us to continue investing in new products during these
turbulent economic times,� said Mike Aviles, president and CEO of
Vignette. �2008 has been a year of innovation for Vignette,
including a renewed vertical focus in key areas such as media and
entertainment. We are getting positive feedback from our customers
and remain confident that we have the right focus to drive future
growth.� New Business Vignette recognized orders from new and
existing customers during the quarter, including Academy of Art
Institute, Allegheny County Sanitary Authority, American Express
Travel Services, Analog Devices, Baystate Health, Collaborative
Data Solutions, Department of Homeland Security-USCIS, Euro RSCG
Worldwide, Health Management Associates, Inc., Pillar
Administration, TechTarget, The Ohio National Life Insurance
Company, TNL PCS S.A., U.S. Department of Labor and WesCorp.
Products and Innovation Over the last year, Vignette has made
significant strides in expanding and strengthening its product
portfolio. The company continues to make progress with its
strategic focus on innovation and delivering a new generation of
Web infrastructure solutions to support video-centric,
collaborative and social Web experiences, which have become
critical to today�s enterprise-class companies. Vignette�s key
product announcements included the following: Vignette Media is one
of the first solutions of its kind�a content management platform
specifically built for companies in the telecommunications, media
and entertainment space. Such companies must create, manage and
publish huge volumes of dynamic and sophisticated multimedia
content to a variety of platforms, from desktops to cell phones.
The product provides customers with simpler tools while reducing
the training requirements needed. Customers and analysts have
responded enthusiastically to Vignette Media. Vignette Community
Applications is an enterprise-class social media platform that
helps companies rapidly build communities, enable participation and
encourage online interaction to increase loyalty, improve demand
generation, give customers a voice, and speed innovation. Vignette
is one of the only enterprise software companies that can deliver
robust social media capabilities with the combination of Vignette
Community Applications, Vignette Community Services, Vignette
Recommendations and Vignette Video Services. Together, these
products enable organizations to build powerful social sites,
launch compelling campaigns, and create innovative product sites.
Customer Recognition In the third quarter, Vignette customers were
recognized by industry experts for deploying various Vignette
solutions. National Instruments and QAD Inc. were recognized by the
Web Marketing Association�s Web Awards for their Vignette-powered,
public-facing Web sites. QAD was honored with the Manufacturing
Excellence Award while National Instruments was recognized for an
Outstanding Website. Vignette Village Vignette�s annual global user
conference, Vignette Village, was recently hosted in Austin, Texas
from October 20 to 22. The three-day user conference attracted
customers and partners from more than 20 countries for intensive
training, seminars, workshops and idea exchanges. The event also
included presentations by major Vignette customers such as Fox News
Digital. Stock Repurchase Program In the third quarter, Vignette
purchased an additional 396,177 shares of common stock on the open
market at an average price of $12.22, bringing the total cash used
on the share repurchase program to $120 million. Q4 2008 Financial
Outlook Vignette currently anticipates fourth quarter 2008 revenue
to be between $42 million and $47 million. Fourth quarter 2008 GAAP
net income is currently expected to be between $(0.15) and $(0.01)
per share on a fully diluted basis. The company expects fourth
quarter 2008 non-GAAP net income to be between $0.01 and $0.14 per
share on a fully diluted basis. For a discussion of factors that
could cause actual results to differ materially from these targets,
see 'Forward-Looking Statements' below. Conference Call Details
Vignette will host a conference call and live Webcast regarding its
third quarter financial results on Thursday, October 30, 2008, at
5:00 p.m. EDT. To access the Webcast, visit the Investor Relations
section of Vignette's Web site. If you are not able to access the
live Webcast, dial-in information is as follows: Dial-in number:
(888) 201-0273 International Dial-in: +1 (706) 634-9519 Call title:
Vignette Financial Results The Webcast and conference call will be
archived and available for replay from October 30, 6:00 p.m. EDT to
November 30, 11:59 p.m. EDT. The replay information is as follows:
Toll-free number: (800) 642-1687 International number: (706)
645-9291 Access code: 67959428 Non-GAAP Financial Measures The
Company believes non-GAAP financial measures are useful to
investors, because they exclude certain non-operating or
non-recurring charges. The Company's management excludes these
non-operating or non-recurring charges when it internally evaluates
the performance of the Company's business and makes operating
decisions, including internal budgeting, performance measurement
and the calculation of bonuses and discretionary compensation. In
addition, these non-GAAP measures more closely reflect the
essential revenue generation activities of the Company and the
direct operating expenses (resulting in or from cash expenditures)
needed to perform these revenue generation activities. A
reconciliation of net income calculated in accordance with GAAP,
and non-GAAP net income, is provided in the tables immediately
following the consolidated statement of operations. The
presentation of this additional information is not a substitute for
results prepared in accordance with accounting principles generally
accepted in the United States. About Vignette Vignette provides
software and services that deliver the Web�s most dynamic user
experiences. The Vignette Web Experience brings rich media and
engaging content to life for the world�s greatest brands. Vignette
is headquartered in Austin, Texas with operations worldwide. Visit
www.vignette.com. Forward-Looking Statements The statements
contained in this press release that are not purely historical are
forward-looking statements including statements regarding the
Company�s expectations, beliefs, hopes, intentions or strategies
regarding the future. Forward-looking statements include statements
regarding Vignette�s products, future sales, market growth and
competition. All forward-looking statements included in this press
release are based upon information available to the Company as of
the date hereof, and the Company assumes no obligation to update
any such forward-looking statement. Actual results could differ
materially from the Company�s current expectations. Factors that
could cause or contribute to such differences include, but are not
limited to, Future Losses, Limited Operating History, Fluctuation
of Quarterly Revenues and Operating Results, Acquisition
Integration, Competition, Dependence on a Small Number of Large
Orders, Lengthy Sales Cycle and Product Implementation, Market
Awareness of Our Product, Rapid Changes in Technology and New
Products, and other factors and risks discussed in the Company�s
reports filed from time to time with the Securities and Exchange
Commission. In addition, unfavorable changes in economic conditions
may affect the Company's current expectations. Vignette and the V
Logo are trademarks or registered trademarks of Vignette Corp. in
the United States and other countries. All other names are the
trademarks or registered trademarks of their respective companies.
VIGNETTE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) in thousands, except share and per share data � � �
September 30, 2008 � December 31, 2007 ASSETS Current assets: Cash
and cash equivalents $ 107,507 $ 94,201 Short-term investments
36,267 53,976 Accounts receivable, net of allowance of $580 and
$2,133, respectively 28,053 37,229 Prepaid expenses and other
current assets � 6,614 � 5,336 � Total current assets 178,441
190,742 Property and equipment, net 6,695 6,673 Long-term
investments 5,811 33,521 Goodwill 121,141 115,808 Other intangible
assets, net 12,818 17,500 Other assets 12,473 13,889 � � � � Total
assets $ 337,379 $ 378,133 � LIABILITIES AND SHAREHOLDERS� EQUITY
Current liabilities: Accounts payable and accrued expenses $ 29,991
$ 38,155 Deferred revenue 35,683 36,047 Other current liabilities �
4,855 � 4,398 � Total current liabilities 70,529 78,600 Long-term
liabilities, less current portion � 2,535 � 2,701 � Total
liabilities 73,064 81,301 Shareholders� equity: Common stock, $0.01
par value; 500,000,000 shares authorized; 23,770,382 and 25,797,102
shares issued and outstanding at September 30, 2008 and December
31, 2007, respectively (net of treasury shares of 7,510,886 and
5,015,639 as of September 30, 2008 and December 31, 2007,
respectively) 238 258 Additional paid-in capital 2,655,408
2,681,677 Accumulated other comprehensive income 2,520 2,701
Retained earnings � (2,393,851 ) � (2,387,804 ) � Total
shareholders� equity 264,315 296,832 � � � � Total liabilities and
shareholders� equity $ 337,379 $ 378,133 VIGNETTE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) in
thousands, except per share data � � Three Months Ended September
30, � � Nine Months Ended September 30, 2008 � 2007 2008 � 2007
Revenue: Product license $ 7,633 $ 8,038 $ 27,314 $ 38,014 Services
34,243 � 35,509 105,076 � 101,140 � � Total revenue 41,876 43,547
132,390 139,154 Cost of revenue: Product license 328 428 1,340
1,113 Amortization of acquired technology 1,310 1,254 3,856 3,762
Services 14,682 � 14,338 46,236 � 46,325 � � Total cost of revenue
16,320 � 16,020 51,432 � 51,200 � � Gross profit 25,556 27,527
80,958 87,954 Operating expenses: Research and development 8,356
7,318 25,732 22,945 Sales and marketing 14,039 14,064 45,174 43,491
General and administrative 4,804 4,833 14,255 14,811 Business
restructuring (benefit) charges 2,625 43 2,386 (117 ) Amortization
of intangible assets 869 � 846 2,518 � 2,538 � � Total operating
expenses 30,693 � 27,104 90,065 � 83,668 � � Income (loss) from
operations (5,137 ) 423 (9,107 ) 4,286 Other income, net 792 �
2,894 4,195 � 8,411 � � Income (loss) before provision for income
taxes (4,345 ) 3,317 (4,912 ) 12,697 Provision for income taxes - �
274 1,135 � 830 � Net income (loss) $ (4,345 ) $ 3,043 $ (6,047 ) $
11,867 � Basic net income (loss) per share $ (0.19 ) $ 0.11 $ (0.25
) $ 0.42 � � Diluted net income (loss) per share $ (0.19 ) $ 0.11 �
$ (0.25 ) $ 0.42 � � Shares used in computing basic net income
(loss) per common share 23,074 27,155 23,768 27,988 Shares used in
computing diluted net income (loss) per common share 23,074 27,429
23,768 28,286 About Non-GAAP Financial Measures The Company
provides non-GAAP measures for net income, operating income and net
income per share data as supplemental information regarding the
Company�s core business operational performance. The Company
believes that these non-GAAP financial measures are useful to
investors because they exclude certain non-operating or
non-recurring charges. The Company�s management excludes these
non-operating or non-recurring charges when it internally evaluates
the performance of the Company�s business and makes operating
decisions, including internal budgeting, performance measurement
and the calculation of bonuses and discretionary compensation. In
addition, these non-GAAP measures more closely reflect the
essential revenue generation activities of the Company and the
direct operating expenses (resulting in or from cash expenditures)
needed to perform these revenue generating activities. Accordingly,
management excludes amortization of acquired technology,
stock-based compensation related to employee stock options,
business restructuring charges (benefits), amortization expense for
certain acquired intangible assets and one-time charges and gains.
The Company believes that providing the non-GAAP measures that
management uses is useful to investors for two primary reasons.
First, it provides a consistent basis for investors to understand
the Company�s financial performance on a trended basis across many
historical periods, particularly given the adoption of SFAS 123R at
the beginning of fiscal year 2006 and the changes it has introduced
for calculating stock-based compensation expenses relative to prior
periods. Second, it allows investors to evaluate the Company�s
performance using the same methodology and information as that used
by the Company�s management. Non-GAAP measures are subject to
material limitations as these measures are not in accordance with,
or a substitute for, US GAAP and therefore the Company�s definition
or interpretation may be different from similar non-GAAP measures
used by other companies and independent financial analysts.
However, the Company�s management compensates for these limitations
by providing the relevant and detailed disclosure of the items
excluded in the calculation of non-GAAP net income and net income
per share, which should be supplementaly considered when evaluating
the Company�s results. In addition, items such as amortization
expense for certain intangible assets, stock compensation charges,
business restructuring charges (benefits) and one-time charges and
gains that are excluded from non-GAAP net income and earnings per
share can have a significant impact on earnings. Management
compensates for these limitations by evaluating the non-GAAP
measure together with the most directly comparable GAAP measure.
The Company has historically provided non-GAAP measures to
investors to supplement its GAAP results in order to help investors
evaluate the company's core operating performance the way
management does. VIGNETTE CORPORATION RECONCILIATION OF UNAUDITED
GAAP OPERATING INCOME (LOSS), NET INCOME (LOSS) AND NET INCOME
(LOSS) PER SHARE TO NON-GAAP OPERATING INCOME, NET INCOME AND NET
INCOME PER SHARE (Unaudited) in thousands, except per share data �
� Three Months Ended September 30, � Nine Months Ended September
30, 2008 � 2007 2008 � 2007 GAAP Operating Income (Loss) $ (5,137 )
$ 423 $ (9,107 ) � $ 4,286 Amortization of acquired technology
1,310 1,254 3,856 3,762 Stock option expense (a) 873 690 2,169
1,710 Business restructuring charges (benefits) 2,625 43 2,386 (117
) Amortization of intangible assets 869 846 � 2,518 � 2,538
Adjusted Operating Income $ 540 $ 3,256 $ 1,822 � $ 12,179 � GAAP
Net Income (Loss) $ (4,345 ) $ 3,043 $ (6,047 ) $ 11,867
Amortization of acquired technology 1,310 1,254 3,856 3,762 Stock
option expense (a) 873 690 2,169 1,710 Business restructuring
charges (benefits) 2,625 43 2,386 (117 ) Amortization of intangible
assets 869 846 2,518 2,538 Gain on sale of patent (100 ) - (100 )
(263 ) Purchase accounting credit - (54 ) � - � (150 ) Adjusted Net
Income $ 1,232 $ 5,822 $ 4,782 � $ 19,347 � GAAP Net Income (Loss)
Per Share (diluted) $ (0.19 ) $ 0.11 $ (0.25 ) $ 0.42 Adjusted Net
Income Per Share (diluted) $ 0.05 $ 0.21 $ 0.20 $ 0.68 � � Shares
used in computing net income (loss) per share: Diluted 23,340
27,429 23,975 28,286 Supplemental Disclosure (a) For the three
months ended September 30, 2008 and September 30, 2007 the company
excluded stock option expense of $873 thousand and $690 thousand,
respectively, in its non-GAAP results which was attributable to the
following cost categories: Cost of revenue services $55 thousand
and $62 thousand, respectively; Research and development $143
thousand and $95 thousand, respectively; Sales and marketing $201
thousand and $195 thousand, respectively; and General and
administrative $474 thousand and $338 thousand, respectively. For
the nine months ended September 30, 2008 and September 30, 2007 the
company excluded stock option expense of $2,169 thousand and $1,710
thousand, respectively, in its non-GAAP results which was
attributable to the following cost categories: Cost of revenue
services $149 thousand and $151 thousand, respectively; Research
and development $376 thousand and $223 thousand, respectively;
Sales and marketing $359 thousand and $397 thousand, respectively;
and General and administrative $1,285 thousand and $939 thousand,
respectively. The Company provides non-GAAP measures for net
income, operating income and net income per share data as
supplemental information regarding the Company�s core business
operational performance. The Company believes that these non-GAAP
financial measures are useful to investors because they exclude
certain non-operating or non-recurring charges. The Company�s
management excludes these non-operating or non-recurring charges
when it internally evaluates the performance of the Company�s
business and makes operating decisions, including internal
budgeting, performance measurement and the calculation of bonuses
and discretionary compensation. In addition, these non-GAAP
measures more closely reflect the essential revenue generation
activities of the Company and the direct operating expenses
(resulting in or from cash expenditures) needed to perform these
revenue generating activities. Accordingly, management excludes
amortization of acquired technology, stock-based compensation
related to employee stock options, business restructuring charges
(benefits), amortization expense for certain acquired intangible
assets, and one-time charges and gains. The Company believes that
providing the non-GAAP measures that management uses is useful to
investors for two primary reasons. First, it provides a consistent
basis for investors to understand the Company�s financial
performance on a trended basis across many historical periods,
particularly given the adoption of SFAS 123R at the beginning of
fiscal year 2006 and the changes it has introduced for calculating
stock-based compensation expenses relative to prior periods. And
second, it allows investors to evaluate the Company�s performance
using the same methodology and information as that used by the
Company�s management. Non-GAAP measures are subject to material
limitations as these measures are not in accordance with, or a
substitute for, US GAAP and therefore the Company�s definition or
interpretation may be different from similar non-GAAP measures used
by other companies and independent financial analysts. However, the
Company�s management compensates for these limitations by providing
the relevant and detailed disclosure of the items excluded in the
calculation of non-GAAP net income and net income per share, which
should be supplementaly considered when evaluating the Company�s
results. In addition, items such as amortization expense for
certain intangible assets, stock compensation charges, business
restructuring charges (benefits) and one-time charges and gains
that are excluded from non-GAAP net income and earnings per share
can have a significant impact on earnings. Management compensates
for these limitations by evaluating the non-GAAP measure together
with the most directly comparable GAAP measure. The Company has
historically provided non-GAAP measures to investors to supplement
its GAAP results in order to help investors evaluate the company's
core operating performance the way management does.
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