Keynote posts $9.8 M Q1 revenues
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Keynote posts $9.8 M Q1 revenues

By SiliconIndia   |   Wednesday, 22 January 2003, 08:00 Hrs
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Keynote Systems, Inc. (Nasdaq:KEYN), Wednesday announced revenues of $9.8 million for the first quarter of fiscal 2003. This represents a 1% increase from the preceding quarter, and a 2% increase from the corresponding quarter in fiscal year 2002.


SAN MATEO: The net loss under United States Generally Accepted Accounting Principles (GAAP) for the first quarter of fiscal year 2003 was $2.0 million, or $0.08 per share, compared to a net loss of $53.9 million, or $1.93 per share, for the preceding quarter, and a net loss of $6.2 million, or $0.22 per share, for the corresponding quarter a year ago.

On a GAAP basis, net loss for the first quarter of fiscal year 2003 includes $403,000 for the amortization of intangible assets and stock-based compensation. The GAAP net loss for the preceding quarter included a lease termination charge of $52.0 million related to the Company's headquarters facility, and $524,000 for the amortization of intangible assets and stock-based compensation. The GAAP net loss for the corresponding quarter a year ago included a charge for the cumulative effect of a change in accounting principle of $3.2 million for the write-off of goodwill, and $299,000 for the amortization of intangible assets and stock-based compensation. Excluding these charges the net loss would have been $1.6 million, $1.3 million and $2.7 million for the quarters ended December 31, 2002, September 30, 2002 and December 31, 2001, respectively.

On a GAAP basis, operating loss for the quarter was $4.2 million, $56.8 million and $6.3 million for the quarters ended December 31, 2002, September 30, 2002 and December 31, 2001, respectively. Excluding the lease termination charge and the amortization of intangible assets the loss from operations for the December 31, 2002 quarter compared to the corresponding quarter a year ago was reduced by over $2.2 million or 37% due primarily through expense reductions. Sequentially, compared to the preceding quarter, the loss from operations was reduced by approximately $500,000 or 12%.

On a GAAP basis, cash flow from operations for the first quarter of fiscal year 2003 generated $602,000 compared to $518,000 for the preceding quarter, and utilized $881,000 for the corresponding quarter a year ago. The Company believes that its cash flow from operations and results of operations are important measures of its performance as these measurements reflect the resources available to reinvest in the business, including acquisitions and capital investments or to repurchase stock.

"Our 'Total Performance Management' strategy continues to strike a chord with our customers and partners. We are pleased with the improved performance we have exhibited over the past couple of quarters during this period of sustained challenges in the general economy and particularly the high technology industry," said Umang Gupta, chairman and chief executive officer of Keynote.

"Our application performance management and testing businesses have increased to 31% of total revenue from 20% for the corresponding quarter a year ago and equal to last quarter's 31%. Our acquisition of Enviz, Inc. and our recently introduced products have positioned us to capture a more significant portion of the larger and more rapidly growing testing and APM market, while we continue to refine and expand our core benchmarking offerings."

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