eMarketing visionary Prime Response total revenues nearly doubled to a record $7.5 million for first quarter 2000, compared with $3.8 million for Q1 1999.
The net loss before preferred stock dividends and participation payments was $5.1 million ($0.43 per share). Excluding non-cash charges for stock based compensation and non-cash sales and marketing expense, the net loss for the quarter was $4.4 million ($0.37), compared with $3.8 million ($0.54) for the same period in 1999. Including the non-cash expenses identified above, participation payments on conversion of preferred stock and preferred dividends, the net loss was $46.3 million ($3.96), compared with $4.4 million ($0.64).
"We are very pleased to report an outstanding quarter where we surpassed revenue growth expectations," said CEO Peter J. Boni. "We significantly increased sales in vertical markets, combining both our direct selling efforts with new and expanded partnerships, alliances, and distribution channels.
Boni continued, "This strong activity contributed to an overall customer base that now exceeds 70 clients worldwide. It was particularly evident in North America, where we increased our customer base by 50 per cent from the previous quarter, growing from 14 to 21 customers. These clients now represent 37 per cent of our total revenue, which increased from 19per cent in the previous quarter. Just as significantly, we recorded more software license revenue in North America in the first quarter alone than for all of 1999, while still increasing international software license revenue 142per cent over last year's comparable period."
New customers in the first quarter 2000 included Warner Music, 1-800-Flowers.com, DLJdirect, CIBC, E-Plus, Max Mobile, Advanced Bank Popular and Advanced Info Services Public Company, Ltd. (AIS). New partnerships during the quarter included MarketSoft, Cap Gemini, and Tata Consultancy Services.
Prime Response is located in Cambridge, MA (corporate headquarters), London (international headquarters), Antwerp, Chicago, Denver, Frankfurt, Melbourne, Minneapolis, Munich, New York, Paris, San Francisco, Singapore and Sydney. Current clients include major consumer-oriented companies in the financial services, communications, retail / e-commerce and transportation, travel and leisure areas such as AirTouch, Allianz, The Associates, British Airways, Credit Suisse, CVS, Deutsche Bank,Wachovia Bank, E*Trade, Fiat, KPN, Mattel Interactive, MediaOne, British Telecom, priceline.com and UPS. Partners include Andersen Consulting, Fair, Isaac, Hewlett Packard, IBM, SAS Institute, and Sun Microsystems.