Content Management Results, Q3/02
Last quarter, Q2, content management results came in very late.
Maybe because it was summer, maybe because rather a bad season overall.
By the time we received all the figures, we were well into Q3, so we skipped the report.
Q3 is starting to show the heaviness of the ‘incumbents’ with Vignette and Interwowen performing poorly. In contrast, a relatively smaller company, Filenet, is boasting best results to day, with a refreshing profit margin, while Documentum is laughing its way to the bank.
Filenet may owe its success to the acquisition of Egrail earlier this year, and Documentum has acquired four companies in 2002.
Documentum reported total revenue of $56.3 million, exceeding estimates between $54.7 and $56 million, a 24 percent increase over revenue of $45.3 million for the same period a year ago and a 4 percent increase over the second quarter of fiscal 2002.
Net income for the third quarter of 2002 was $2.0 million, compared to net loss of $7.8 million reported for the same period a year ago and net loss of $473,000 for the second quarter of fiscal 2002. Earnings per share for the third quarter of 2002 was $0.05 per share, compared to loss per share of $0.20 for the same period a year ago and loss per share of $0.01 in the second quarter of
fiscal 2002.
The company reports 63 new customers and five orders over $1 million, with one order representing approximately 13 percent of total revenue.
FileNet declared revenues of $83.1 million, compared with $80.6 million in the same period a year ago. The company's net profit for the quarter was $1.4 million, compared with a $2.2 million loss in last year's third quarter.
The company’s license revenue increased from $26.9 million to $30.5 millio last year, and it increased its cash position by nearly $8 million in the quarter, closing with $176.3 million in cash and investments.
Filenet positive trend was identifiable already last quarter, when analyst Andrew Warzecha by MetaGroup said “ FileNET's Q2 earnings provided some surprising results about how quickly it has been able to leverage its eGrail Web content management (WCM) acquisition into revenue (>$1M). Given the WCM market's current softness, any traction is noteworthy, but the fact that 70% of the deals are with non-FileNET clients is remarkable. By 2004, FileNET will be well established as one of the leading ECM providers.”
For Stellent, revenues for the six-month period ended Sept. 30, 2002 were $32.6 million with license revenues representing approximately 62%, and service revenues 38%, of the total gross revenue for the quarter. Stellent’s net loss for the quarter ended Sept. 30, 2002 is $8.9 million, or $0.40 per share.
For BroadVision, revenues for the third quarter of 2002 were $27.2 million, compared with revenues of $29.4 million for the second quarter ended June 30, 2002.
License revenue for the third quarter of 2002 increased 4% to $10.8 million from $10.3 million in the second quarter of 2002. Pro forma net loss for the third quarter of 2002 declined to $2.3 million, or $0.07 per share, from a pro forma net loss of $13.7 million, or $0.43 per share, in the second quarter of 2002.
Interwoven's revenues went down from $43.8 million to $30 million, - including a decrease in license revenues from $20.7 million to $12.4 million – and losses went up from $39.1 million in last year's third quarter to $86.6 million this year.
Vignette’s revenues dropped from $70.5 million in last year's third quarter to $32.7 million this year, due to a major decrease in license revenues falling from $40.3 million to $11.4 million. Losses decreased to $34.2 million net loss from $147.9 million same period last year
The table is indeed starting to turn.
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