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WebEx posts $40.3 M Q4 revenue
By siliconindia
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Wednesday, 05 February 2003, 20:30 IST
SAN JOSE: WebEx Communications, Inc. (Nasdaq:WEBX), the leader in Web infrastructure for business communications, Wednesday posted revenues were $40.3 million for the fourth quarter, a 56% increase from $25.9 million in the fourth quarter of 2001.
The company reported a $7.4 million operating profit excluding equity-based compensation expense in the fourth quarter of 2002, compared to a corresponding operating profit of $0.5 million in the fourth quarter of 2001. Net income was $4.6 million or $0.11 per diluted share, excluding equity-based compensation expense and assuming a 40% tax rate, in the fourth quarter of 2002, compared to a corresponding income of $0.4 million or $0.01 per diluted share in the fourth quarter of 2001. GAAP net income, which includes the equity-based compensation and uses the actual effective tax rate of 3%, was $6.9 million or $0.16 per diluted share, in the fourth quarter of 2002 compared to a net loss of $1.5 million or ($0.04) per diluted share for fourth quarter of 2001.
For fiscal year 2002, revenues were $139.9 million, a 72% increase from $81.2 million in fiscal year 2001. The company reported a $19.5 million operating profit excluding equity-based compensation expense in fiscal year 2002, compared to a corresponding operating loss of $14.1 million in 2001. Net income was $ 11.9 million or $0.28 per diluted share, excluding equity-based compensation expense and assuming a 40% tax rate, in fiscal year 2002, compared to a corresponding loss of $ 13.9 million or ($0.38) per diluted share in 2001. GAAP net income, which includes the equity-based compensation and uses the actual effective tax rate of 3%, was $16.4 million or $0.39 per diluted share in fiscal year 2002 compared to a net loss of $27.6 million or ($0.76) per diluted share for fiscal year 2001.
"We are pleased with the growth and operational excellence we have achieved during the year as WebEx continued to grow with increasing profitability in this tough economic environment," said Subrah Iyar, Chairman and CEO of WebEx Communications. "In 2002 our solid financial position allowed us to increase our investments in sales and marketing and also strengthen our executive team, helping us to extend our market leadership. Our investments in technology also continued at a record pace, enabling us to expand our offerings for the comprehensive communications needs of our customers."
In Q4 2002, WebEx continued its worldwide growth of new customers across wide segments of the economy including: TIAA-CREF Institute, Roadway Corporation, PacificCare Health Systems, JDS Uniphase, MeadWestvaco and ABC radio networks.