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EXHIBIT 99.2
ALLAIRE REPORTS YEAR 2000 FINANCIAL RESULTS
NEWTON, MA - JANUARY 16, 2001 - Allaire Corporation (Nasdaq: ALLR), a leading
provider of software for companies building their businesses on the Web, today
reported financial results for the year ended December 31, 2000.
Revenue for the fourth quarter was $30.1 million, an increase of 64% from
revenue of $18.3 million for the same period in 1999. These revenue results
compare to $29.3 million for the quarter ended September 30, 2000.
The company reported an adjusted net loss, which excludes stock based
compensation, amortization of goodwill and other intangibles and merger costs,
for the fourth quarter of $6.2 million, or ($0.23) per share, compared to
adjusted net income of $542,000, or $0.02 per share, for the same period in
1999. Reported net loss for the fourth quarter was $7.0 million, or ($0.26) per
share, compared to net income of $248,000, or $0.01 per share, for the same
period in 1999.
Revenue for the year ended December 31, 2000 increased 116% to $119.3 million
from $55.2 million in 1999. Adjusted net loss for the year ended December 31,
2000 was $7.2 million, or ($0.26) per share, compared to an adjusted net loss of
$2.3 million, or ($0.10) per share, in 1999. Reported net loss for the year
ended December 31, 2000 was $8.9 million, or ($0.33) per share, compared to a
net loss of $5.5 million, or ($0.24) per share, in 1999.
For comparison purposes, all reported earnings per share are based on pro forma
shares outstanding which gives effect retroactively to the conversion of
preferred stock and other restricted stock changes that occurred upon Allaire's
initial public offering.
ALLAIRE TO MERGE WITH MACROMEDIA
Allaire Corporation and Macromedia, Inc. (NASDAQ: MACR) today announced a
definitive merger agreement. The combined company will enable Web professionals
to efficiently build the look of a Web site and the application logic behind it
creating the best possible user experience across multiple devices.
The merger is valued at approximately $360 million on a fully-diluted basis. In
the merger, Macromedia will exchange 0.2 shares of its stock and $3 in cash for
each Allaire share. The merger will be accounted for as a purchase combination
and is expected to be accretive in Macromedia fiscal year 2002. The transaction
is subject to certain closing conditions, including regulatory approvals and the
approval of the Allaire shareholders, and is expected to close by the second
calendar quarter of 2001. In connection with the merger agreement, Allaire has
granted Macromedia an option to acquire 19.9 percent of Allaire's stock,
exercisable in certain circumstances.
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CONFERENCE CALL
Allaire will hold a conference call today to discuss financial results for its
year ended December 31, 2000 and the merger with Macromedia at 5:30pm Eastern
Time. A live Webcast of the conference call can be accessed at our IR site at
http://investor.allaire.com. A replay of the conference call will be available
on the Web site until January 19, 2001. The replay number for domestic callers
is 1-888-203-1112 and the replay number for International callers is
1-719-457-0820. The pass code for both is 642818.
ABOUT ALLAIRE
Allaire brings e-business innovation within everyone's reach. Technology
professionals worldwide rely on Allaire's software products to rapidly and
cost-effectively build their business on the Web. With a proven software
foundation and a worldwide partner network, Allaire has enabled thousands of
companies to deliver innovative Internet business solutions. Headquartered in
Newton, Mass., with over 550 employees, Allaire has offices in North America,
Europe and Asia Pacific and can be found on the World Wide Web at
www.allaire.com.
# # #
ColdFusion is a U.S. registered trademark and Allaire, JRun, Allaire Spectra and
HomeSite are trademarks of Allaire Corporation. Sun, Sun Microsystems, the Sun
logo, Java, J2EE, JavaOne, and Java Community Process, Enterprise JavaBeans and
all Java-based marks are trademarks or registered trademarks of Sun
Microsystems, Inc. in the United States and other countries. All other company
names, brand names and product names are trademarks of their respective
holder(s).
This press release contains forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform Act of 1995.
For this purpose, the statements concerning industry outlook, the anticipated
closing date of the merger with Macromedia, possible benefits of the merger with
Macromedia, the company's future financial results, market share, and
technological improvements and benefits, and any statements using the terms
"believes," "anticipates," "expects," "plans," "appears" or similar expressions,
are forward-looking statements. The forward-looking statements involve a number
of risks and uncertainties. Important factors that could cause actual results to
differ materially from those indicated by such forward-looking statements
include, but are not limited to, Allaire's limited operating history,
fluctuations in our quarterly results, the risk that the proposed merger with
Macromedia will not close, our ability to gain market acceptance of our
products, ability to introduce new or enhanced products consistent with our
plans and on the schedule we plan, market response to our new marketing plans
and investments, whether we accurately diagnosed and understand the factors
impacting our results for the third quarter 2000, competition, Allaire's ability
to integrate any acquisitions, and other risks listed from time to time in our
reports and registration statements filed with the Securities and Exchange
Commission, which factors are incorporated herein by reference These reports
include: (1) our prospectus filed with the Securities and Exchange Commission in
January 1999; (2) the Management Discussion and Analysis section of our 1999
report on Form 10-K filed on March 30, 2000; and (3) the Management Discussion
and Analysis section of our Q3 2000 report on Form 10-Q filed on November 14,
2000. Allaire cannot guarantee any future results, levels of activity,
performance or
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achievement. Allaire undertakes no obligation to update any of our
forward-looking statements after the date of this press release.