Dallas, TX --
April 22, 2004i2 Technologies, Inc. (OTC: ITWO), a leading provider of closed-loop supply chain management solutions, today announced results for its first quarter, ended March 31, 2004.
Total revenue for the first quarter was $83.6 million, as compared to $97.7 million in the previous quarter and $157.9 million in the first quarter of 2003.
License revenue in the first quarter was $12.4 million. This compares to $14.8 million of license revenue in the fourth quarter of 2003 and $19.1 million in the first quarter of 2003.
Development services revenue was $6.6 million in the first quarter, consistent with the $6.7 million in the prior quarter and a decrease from the $9.3 million in the first quarter of 2003.
Contract revenue recognized in the quarter was $6.0 million, as compared to $13.9 million in the prior quarter and $56.6 million in the first quarter of 2003. Contract revenue reflects amounts deferred as a result of the Company’s July 2003 restatement.
Total costs and operating expenses for the first quarter of 2004 were $107.7 million, which includes approximately $10.0 million for an accrual the Company has taken for costs associated with a potential resolution of the SEC investigation and an additional charge of $2.4 million for legal expenses related to the pending class action and derivative litigation and the SEC investigation. This compares to $141.6 million in total costs and operating expenses in the fourth quarter of 2003, which included a $42.0 million accrual related to the potential settlement of the class action and derivative litigation, and $2.5 million for legal fees related to the pending class action and derivative litigation and SEC investigation. Total costs and operating expenses in the first quarter of 2003 were $110.1 million, which included $4.0 million of legal and audit fees related to the company’s re-audits and investigations. Operating loss for the first quarter of 2004 totaled $24.1 million.
The net loss for the first quarter totaled $30.0 million, or ($0.07) loss per diluted share. This compares to a net loss of $49.0 million, or ($0.11) loss per diluted share in the fourth quarter of 2003 and net income of $41.3 million, or $0.09 earnings per diluted share, for the first quarter of 2003.
Cash use in the first quarter totaled $19.7 million. The Company finished the quarter with $289.7 million in total cash and investments.
i2 Planet
i2 will host an analyst meeting from its annual i2 Planet conference next week in San Diego. i2 Planet San Diego is a three-day interactive forum for the exchange of ideas and best practices in supply chain management, featuring presentations and networking opportunities with executives from some of the world’s most successful and innovative companies. i2 management will address analysts and investors from the event on Wednesday April 28. A live web cast of the analyst meeting will be available beginning at 4:30 p.m. Eastern via the Company’s website at www.i2.com/investors.
Earnings Conference Call Information
The i2 management will host a live conference call and Webcast with investors today, April 22, 2004 at 5:00 p.m. Eastern to discuss the first quarter financial results. Investors and other interested parties may access the call via web cast through the Company’s web site at www.i2.com/investors. A telephone replay of the event will also be available for approximately 24 hours following the call. To access the replay, dial 800-475-6701 and enter pass code 728796.
About i2
A leading provider of closed-loop supply chain management solutions, i2 designs and delivers software that helps customers optimize and synchronize activities involved in successfully managing supply and demand. i2’s global customer base consists of some of the world’s market leaders – including seven of the Fortune global top 10. Founded in 1988 with a commitment to customer success, i2 remains focused on delivering value by implementing solutions designed to provide a rapid return on investment. Learn more at www.i2.com.
i2 is a registered trademark of i2 Technologies US, Inc. and i2 Technologies, Inc.
For further information, please contact:
Melanie Ofenloch
i2 Corporate Communications
469-357-3027
melanie_ofenloch@i2.com
Barry Sievert
Shelton Investor Relations for i2
972-239-5119 ext 134
bsievert@sheltongroup.com
