CLICKACTION ANNOUNCES Q1 2002 RESULTS
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Company Expects Cash Flow Breakeven in Q2 2002;
Reaffirms its Projected 2002 EPS of $0.09 to $0.11 and
Provides Quarterly EPS Projections
PALO ALTO, Calif. (April 25, 2002) - ClickAction,
Inc. (Nasdaq: CLAC), a leading provider of email marketing automation solutions, today announced financial results for the quarter ended March 31, 2002.
Revenues for Q1 2002 were $2.2 million compared to $3.0 million in Q4 2001 and $5.3 million in Q1 2001. ClickAction realized a net loss from continuing operations in Q1 2002 of $1 million, or $0.08 a share, compared to a net loss from continuing operations in Q4 2001 of $137,000, or $0.01 a share, and a net loss from continuing operations in Q1 2001 of $350,000, or $0.03 a share. ClickAction's Q1 2002 results include a one-time non-cash expense of $240,000 related to a settlement of claims announced in the Company's proxy statement for the 2002 annual meeting. Excluding this expense, the Q1 2002 net loss would have been $760,000, or $0.06 per share.
During Q1 2002, deferred revenue increased from $110,000 to $857,000 due primarily to the adoption of a subscription revenue recognition model for a particular contract. The subscription model has a cascading effect with the bulk of revenue being recognized toward the end of the contract. ClickAction expects to reach cash flow breakeven in Q2 2002.
"During the first quarter of 2002, we successfully reduced costs, secured new EMA and acquisition contracts and renewed several long-term client contracts," said George Grant, president and CEO for ClickAction. "ClickAction has been and will continue to focus our sales and marketing efforts on growing our revenue and enhancing our market reach. We continue to improve our day-to-day operations in a tough market environment."
As previously announced, the Company expects revenues for 2002 to be in the range of $15 to $18 million and EPS to be in the range of $0.09 to $0.11. The Company expects the low range of EPS in the next three quarters to be approximately -$0.03 in Q2, $0.07 in Q3 and $0.13 in Q4 with amortization of deferred revenue expected to comprise 16% of Q3 revenue and 22% of Q4 revenue. As previously announced, for 2003, the Company expects revenue to be in the range of $21 million to $24 million and EPS to be in the range of $0.17 to $0.20.
A live conference call to discuss ClickAction's 2002 first quarter results is scheduled for 2 p.m. PT on Thursday, April 25, 2002, and is accessible at
www.clickaction.com or by dialing
1- 888-881-4892.
About ClickAction
ClickAction, Inc. is a leading provider of email marketing automation products and services. ClickAction Email Marketing Automation (EMA) helps marketers design, deploy and manage personalized email campaigns that maximize the lifetime value of each customer. ClickAction EMA saves time, generates revenues and reduces costs by providing a highly scalable outbound and inbound messaging, one-to-one publication, powerful rule-based segmentation, real-time tracking and detailed reporting, all integrated in a Web-based solution. 100% Java-based, ClickAction EMA is built for easy deployment and integration with industry-leading third party applications. ClickAction EMA products and services range from fully hosted ASP applications to licensable, enterprise-class software. ClickAction products have a proven track record of success in a variety of industries including retail, catalog, brand and publishing. In addition to ClickAction EMA, the company offers interactive, campaign, acquisition and rich media services. ClickAction is a member of TRUSTe, an independent, non-profit organization whose mission is to build users' trust and confidence in the Internet.
For more information on ClickAction products and services,
visit
www.clickaction.comor call 1-800-473-3141.
Forward Looking Statements
Some of the statements included in this press release are "forward-looking statements." These forward-looking statements include, but are not limited to, statements about our plans, projections, expectations and intentions, and other statements that are not historical facts. When used in this press release, the words "anticipates," "believes," "projects," "expects," "intends," "will" and "may" or the negative of these terms or similar expressions are generally intended to identify forward-looking statements. Such statements are based on current expectations that involve a number of uncertainties and risks. Such uncertainties and risks include, but are not limited to, the development of new products and services, the enhancement of existing products and services, the dependence on principal customers and partners, competitive pricing pressures, timing of orders received, introduction of competitive products and services having technological and/or pricing advantages, the overall dynamics of the industry, including the extent of industry consolidation, and general economic conditions. In addition, the financial projections included in this press release were developed by management of the Company. Although management believes that the assumptions utilized by it in developing such projections are reasonable, projections are necessarily speculative. Unanticipated events and circumstances are likely to occur. Actual results realized during any future period are likely to vary from the projections and the variations may be material and adverse. Such projections are presented as of the date of this press release and are subject to change without notice. For further information, refer to the risk factors included in the Company's Annual Report on Form 10-K for the year ended December 31, 2001 as filed with the Securities and Exchange Commission.