Exhibit 99.1
Plumtree Software Exceeds Guidance for Third Quarter 2004;
Annual User Conference Scheduled October 11 Through 14, 2004
SAN FRANCISCO--(BUSINESS WIRE)--Oct. 6, 2004--Plumtree Software
(Nasdaq:PLUM) today announced that it expects to exceed the third
quarter revenue guidance it provided on July 15, 2004, as well as
narrow the projected loss per share as compared to previously provided
guidance for the third quarter of 2004.
Plumtree now expects revenues for the third quarter ended
September 30, 2004, to be between $21.5 million and $22.5 million with
net loss per share expected to be between ($0.09) and ($0.12) per
share, calculated in accordance with generally accepted accounting
principals (GAAP). Non-GAAP net loss per share for the quarter ended
September 30, 2004 is expected to be between ($0.06) and ($0.09). On
July 15, 2004, the Company provided guidance of revenues between $19
million and $20 million with a GAAP and non-GAAP loss between ($0.14)
and ($0.17) and ($0.11) and ($0.14) per share, respectively.
The Company attributed the strong results to a number of factors,
including early adoption of the newly released Java version of its
product; a very strong quarter of public sector sales; and the
positive contributions from new management personnel added over the
past few quarters. During the third quarter the Company recorded three
deals of greater than $1 million on both its .NET and newly released
Java portal products.
Use of GAAP and Non-GAAP Results
Non-GAAP net loss excludes charges for amortization of deferred
stock-based compensation, amortization of acquired technology, and
assumes an effective tax rate of 30% on net loss, if any. A
reconciliation of these non-GAAP results to GAAP results is included
in the table below.
Range
- ----------------------------------------------------------------
Expected GAAP net loss per share (.09) (.12)
- ------------------------------------------------- ------- ------
Add back: Amortization of stock-based
compensation and acquired
technology .02 .02
- ------------------------------------------------- ------- ------
Add back: Taxes .01 .01
- ------------------------------------------------- ------- ------
Expected non-GAAP net loss per share (.06) (.09)
- ------------------------------------------------- ------- ------
Plumtree's management believes that a presentation of operating
costs and expenses excluding amortization of deferred stock-based
compensation, amortization of acquired technology, and assuming a
fixed effective tax rate, provides a meaningful basis for evaluating
our underlying cost and expense levels. Presentation of non-GAAP net
income and earnings per share information provides greater
comparability of Plumtree's financial results against historical
results as well as those of other enterprise software companies and
financial models of securities analysts.
ODYSSEY CONFERENCE
Plumtree has announced this revised guidance in conjunction with
its annual user conference, Odyssey, scheduled to take place October
11-14 in Hollywood, Florida. Hundreds of attendees, including
customers, analysts, and partners are expected at the event, which
will feature over 72 sessions in six tracks. Sessions will be led by
customers, partners, and Plumtree product experts, complete with a
wide range of customer-led roundtables. Keynote speakers include
Bennett L. Gaines, VP and Chief Information Officer, Cinergy; Gene
Phifer, VP and Distinguished Analyst, Gartner, Inc.; Thomas C.
Halbouty, VP and Chief Information Officer, Pioneer Natural Resources;
and Daniel Weiler, Professor, Centre of Technology of Education,
Luxembourg.
REGULAR EARNINGS CONFERENCE CALL
Plumtree will release its third quarter 2004 results on October
20, 2004, at approximately 8:00 a.m. ET (5:00 a.m. PT). A conference
call with company management will be held following the announcement
at 8:30 a.m. ET (5:30 a.m. PT). The Company will not provide further
comment on the third quarter results until the conference call on
October 20, 2004.
Details of the conference call are as follows:
DATE: Wednesday, October 20, 2004
TIME: 8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
DIAL IN: Domestic: 800-857-3793
International: 630-395-0019
Passcode: Plumtree
REPLAY
DIAL IN: Domestic: 800-925-2063
International: 402-998-0601
Passcode: Plumtree
The conference call will also be simulcast over
www.plumtree.com/ir. Please go to this site 15 minutes before the
start of the call to register, and to install any necessary audio
software. For those who cannot listen to the live broadcast, a replay
will be available shortly after the call.
Additional investor information can be accessed at
www.plumtree.com/ir.
About Plumtree Software
Plumtree Software is the Enterprise Web leader. Plumtree's mission
is to create a comprehensive Web environment for employees, customers
and partners across the enterprise to interact with different systems
and work together. Plumtree's Enterprise Web solution consists of
integration products for bringing resources from traditional systems
together on the Web, shared services such as collaboration, content
management and search for building new Web applications, and a portal
platform for delivering these Web applications to broad audiences.
Plumtree's independence and its Web Services Architecture allow this
solution to span rival platforms and systems, helping to maximize
customers' return on their existing technology investments. With
offices in more than a dozen countries, Plumtree has licensed its
products to over 640 customers, including Boeing, Ford Motor Company,
Procter & Gamble and the U.S. Navy.
Safe Harbor Statement and Caution
This press release contains forward-looking statements within the
meaning of the Federal securities laws. These forward-looking
statements include statements regarding our expected GAAP and Non-GAAP
revenues, and GAAP and Non-GAAP loss per share for the third quarter
of 2004. These forward-looking statements are subject to numerous
risks and uncertainties and actual results may vary materially
following review of the financial statements for the third quarter of
2004 by our independent auditors. Our business and operating results
are subject to risks associated with an uncertain general economic
environment; adverse conditions in worldwide IT spending trends;
failure to expand our customer base; the impact of increasing
competition; the length and complexity of Plumtree's sales cycle; the
success of major version releases; and those other risks and
uncertainties contained in the Company's most recent Annual Report
filed with the Securities and Exchange Commission ("SEC") on Form
10-K, and all subsequent SEC filings. Copies of filings made with the
SEC are available through the SEC's electronic data gathering analysis
retrieval system (EDGAR) at www.sec.gov. We caution you not to place
undue reliance upon any such forward-looking statements, which speak
only as of the date such statements are made. We cannot guarantee any
future operating results, activity, performance or achievement.
CONTACT: Plumtree Software
Carilu Dietrich, 415-399-7047 (Press)
Carilu.Dietrich@plumtree.com
or
Market Street Partners
Joann Horne, 415-445-3233 (Investor)
Joann@marketstreetpartners.com