Company Completes Financial Review and Restatement and Files Form
10-Q and Form 10-K with the SEC MatrixOne, Inc. (NASDAQ: MONEE), a
leading provider of collaborative product lifecycle management
(PLM) solutions for the value chain(TM), today announced results
for its third quarter ended April 2, 2005 as well as its fourth
quarter and fiscal year ended July 2, 2005. The Company also
announced that the financial review conducted under the direction
of the Audit Committee of the Company's Board of Directors has been
completed. Further, the Company has completed the related
restatements of its financial statements from fiscal 1999 through
the second quarter of fiscal 2005 and filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q for the
quarter ended April 2, 2005 and its Annual Report on Form 10-K for
the fiscal year ended July 2, 2005. Financial Results for Third and
Fourth Quarter of Fiscal 2005 For the third quarter ended April 2,
2005, total revenues were $27.0 million, compared to $27.7 million
in the same period last year. For the third quarter, net loss was
$6.5 million, or $0.13 per share, compared to a net loss of $2.4
million, or $0.05 per share, in the same period last year. For the
third quarter ended April 2, 2005, adjusted net loss(1), which
excludes amortization of intangible assets of $0.3 million, was
$6.2 million, or $0.12 per share. There were no adjustments to net
loss for the third quarter ended April 3, 2004. For the fourth
quarter ended July 2, 2005, total revenues were $32.5 million,
compared to $29.6 million in the same period last year. For the
fourth quarter, net loss was $11.7 million, or $0.23 per share,
compared to net income of $0.9 million, or $0.02 per share, in the
same period last year. Net loss for the fourth quarter ended July
2, 2005 includes expenses related to the financial review and
restatement of $4.2 million, or $0.08 per share. For the fourth
quarter ended July 2, 2005, adjusted net loss(1), which excludes
amortization of intangible assets of $0.3 million, was $11.4
million, or $0.22 per share, compared to adjusted net income(1),
which excludes restructuring gains of $0.1 million, of $0.8
million, or $0.02 per share, in the same period last year. For the
fiscal year ended July 2, 2005, total revenues were $124.1 million,
compared to $109.6 million in the prior fiscal year. For the fiscal
year ended July 2, 2005, net loss was $20.3 million, or $0.40 per
share, compared to a net loss of $12.4 million, or $0.26 per share,
in the prior fiscal year. Net loss for the fiscal year ended July
2, 2005 includes expenses related to the financial review and
restatement of $4.2 million, or $0.08 per share. For the fiscal
year ended July 2, 2005, adjusted net loss(1), which excludes
amortization of intangible assets of $1.1 million, was $19.2
million, or $0.37 per share. For the fiscal year ended July 3,
2004, adjusted net loss(1), which excludes stock-based
compensation, restructuring charges and asset impairment and
disposal charges of $4.0 million, was $8.4 million, or $0.17 per
share. Financial Review and Restatement Completed The Company also
announced today that the financial review conducted under the
direction of the Audit Committee of the Company's Board of
Directors has been completed. As previously announced, management
and the Audit Committee concluded that errors in revenue
recognition at the Company's Japanese subsidiary required the
Company to restate its previously reported financial results. The
restatement, which affected previously reported financial results
from fiscal 1999 through the second quarter of fiscal 2005, has
also been completed. The revenue adjustments made in the
restatement related to errors in revenue recognition principally at
the Company's Japanese subsidiary and resulted in a change in the
timing of the recognition of revenue previously paid for and
recognized. The Company also made adjustments due to: (a) the
timing of revenue recognition for certain transactions in Europe;
(b) the timing of revenue recognized related to several customer
arrangements that included certain commitments to provide future
software functionality; (c) the recognition as research and
development expense certain third-party development and licensing
arrangements previously capitalized and recognized as cost of
software license revenues; (d) the timing of the recognition of
certain expenses associated with the revenue being adjusted; and
(e) adjustments to certain other asset and liability accounts.
Total revenues for the six month period ended January 1, 2005, as
restated, were $64.7 million compared to $64.7 million as
previously reported. Net loss for the six month period ended
January 1, 2005, as restated, was $2.0 million compared to $2.3
million as previously reported. Total revenues, as restated, for
fiscal 2004 were $109.6 million compared to $109.1 million as
previously reported. Net loss, as restated, for fiscal 2004 was
$12.4 million compared to $16.2 million as previously reported.
Expenses related to the financial review and restatement totaled
approximately $5.0 million. The Company recognized $4.2 million of
expenses related to the financial review and restatement in the
fourth quarter of fiscal 2005 and expects to recognize
approximately $0.8 million of expenses related to the financial
review and restatement in the first quarter of fiscal 2006. Company
Files Form 10-Q and Form 10-K On November 8, 2005, the Company
filed with the Securities and Exchange Commission its Quarterly
Report on Form 10-Q for the quarter ended April 2, 2005 and its
Annual Report on Form 10-K for the fiscal year ended July 2, 2005.
The Company believes that it is now in compliance with the
conditions set forth by the Nasdaq Listing Qualifications Panel
when it granted the Company an additional extension for continued
listing on The Nasdaq National Market until November 8, 2005. The
fifth character "E" will remain appended to the Company's symbol
pending a final determination that the Company is fully compliant
with Nasdaq's filing requirements. The Company anticipates filing,
as soon as practicable, an amended Quarterly Report on Form 10-Q
for the second quarter of fiscal 2005 for the purpose of restating
its condensed consolidated financial statements for the second
quarter of fiscal 2005. The Company will not be filing an amended
Quarterly Report on Form 10-Q for the first quarter of fiscal 2005
as previously stated. Company to Host Live Conference Call and
Webcast on November 9, 2005 The Company's management team will host
a live conference call and webcast at 5:30 p.m. eastern time on
Wednesday, November 9, 2005 to discuss the Company's financial
results for the third quarter ended April 2, 2005 as well as the
fourth quarter and fiscal year ended July 2, 2005. The conference
call may be accessed in the United States by dialing (877) 777-1972
and using passcode "MONE." The conference call may be accessed
outside of the United States by dialing (612) 332-0636 and using
passcode "MONE." The webcast will be accessible from the Company's
website at www.matrixone.com/investor. Key Operational Highlights
The following milestones were completed or announced during the
third and fourth quarters of fiscal 2005: -- MatrixOne recognized
revenue from a number of the world's most innovative companies,
including ARM, a leading provider of power-efficient
microprocessors and related technology and software; Agilent
Technologies' Semiconductor Products Group, a leading supplier of
advanced semiconductor components to the mobile phone, enterprise
storage and networking, and broad optoelectronic markets; Barilla,
the world leader in the pasta market and the largest producer of
bakery products in Italy; Cummins Inc., a leading provider of power
solutions; Fujitsu Network Communications, a leading provider of
customer-focused IT and carrier-class telecommunications solutions
for the service provider and cable television market; Legrand, a
leading provider of products and systems for electrical
installations and information networks; and Lockheed Martin
Corporation, an advanced technology company. -- MatrixOne announced
several new solutions including the release of Matrix 10.6, which
includes advanced capabilities for synchronous product development
across electrical, semiconductor, mechanical and software design,
enabling companies to compress development cycles, improve
information reuse and reduce the possibility of product rework,
ultimately enabling companies to produce better products at a lower
cost. Matrix 10.6 also featured a new business process application
called MatrixOne Designer Central(TM), a comprehensive workgroup
design application that allows product designers and their extended
supply chains to manage the design process and collaborate from one
central application, regardless of the design tools they are using.
-- MatrixOne announced the availability of three new MatrixOne
Accelerators - the MatrixOne Accelerator for Apparel Design and
Development(TM), the MatrixOne Semiconductor Accelerator for Design
to Manufacturing(TM), and the MatrixOne Semiconductor Accelerator
for Enterprise Project Management(TM). Each of the MatrixOne
Accelerators enable companies to efficiently meet the unique
product development challenges of specific industries by bundling
MatrixOne Business Process Applications with specific industry
language and terminology, data models and schema, pre-defined work
processes and reports, and role-based user interfaces to speed
deployment and ease user adoption. -- MatrixOne and Telelogic, the
leading global provider of solutions for advanced systems and
software development, announced the availability of a Customer
Needs Management solution that integrates Telelogic DOORS, the
leading solution for requirements management, with MatrixOne
Product Central(TM), the Company's solution for managing a
portfolio of products, features and configurations throughout the
product lifecycle. Together, MatrixOne and Telelogic are delivering
a solution that closes the gap between requirements definition and
design and provides an enterprise-wide view of product requirements
to all product stakeholders including sales and marketing; product
management; systems and software engineers; electrical, electronic
and mechanical engineers; manufacturing; customers; and suppliers.
-- MatrixOne hosted the MatrixOne Global Customer Conference 2005
(GCC 2005) which was attended by a record number of customers,
prospects and partners from around the world and across every major
vertical market. GCC 2005, themed "Accelerating Return on
Innovation," provided attendees with a unique opportunity to learn
how some of the world's leading-edge companies are leveraging PLM
strategies and solutions from MatrixOne to transform their
businesses and achieve measurable results. Some of the companies
presenting at GCC 2005 included AMR Research, Agilent Technologies,
Boeing Australia Ltd., Johnson & Johnson Consumer Products
Company, LSI Logic, Keppel Corporation, New Balance, Nortel, Possis
Medical, Procter & Gamble, and Sony Ericsson. -- MatrixOne was
highlighted as a PLM market leader in two recent industry research
reports by Massachusetts-based AMR Research and Michigan-based
CIMdata. MatrixOne was awarded high marks in AMR Research's recent
report entitled "The CIO's Guide to the PERFECT Product Launch:
Translating Innovation to Business Benefit," which ranked the
capabilities of 18 PLM vendors. MatrixOne received high rankings in
some of the report's most important areas - including customer
needs management, product data management, portfolio management and
direct material sourcing. MatrixOne was also noted as a mindshare
and market presence leader in CIMdata's annual PLM Market Analysis
Report which provides a perspective on PLM across a variety of
industry and geographic sectors, identifies market trends, reviews
investments in PLM-related software and services during 2004 and
forecasts PLM investments for 2005 through 2009. (1) The Company
uses the financial measure adjusted net income (loss) to supplement
its consolidated financial statements, which are presented in
accordance with accounting principles generally accepted in the
United States ("GAAP"). The presentation of adjusted net income
(loss) is not meant to be a substitute for net income (loss)
presented in accordance with GAAP but rather should be evaluated in
conjunction with net income (loss). The Company's management
believes that the presentation of adjusted net income (loss)
provides useful information to investors because this financial
measure excludes amortization of purchased technology and
intangible assets, which are fixed acquisition-related charges,
restructuring charges, and asset impairment and disposal charges,
which are charges relating to an unusual event, and stock-based
compensation, which is a non-cash charge that ended during the
three month period ended January 3, 2004. For the three and nine
month periods ended April 2, 2005, adjusted net income (loss)
excludes amortization of purchased technology and intangible
assets. For the three month period ended April 3, 2004, there were
no adjustments to net loss. For the nine month period ended April
3, 2004, adjusted net income (loss) excludes restructuring charges,
asset impairment and disposal charges and stock-based compensation.
For the three and twelve month periods ended July 2, 2005, adjusted
net income (loss) excludes amortization of purchased technology and
intangible assets. For the three month period ended July 3, 2004,
adjusted net income (loss) excludes restructuring gains. For the
twelve month period ended July 3, 2004, adjusted net income (loss)
excludes restructuring charges, asset impairment and disposal
charges and stock-based compensation. Management does not consider
amortization of purchased technology and intangible assets,
restructuring charges, asset impairment and disposal charges and
stock-based compensation to be part of the Company's on-going
operating activities or meaningful in evaluating the Company's past
financial performance or future prospects. In addition, adjusted
net income (loss) is a primary financial indicator that the
Company's management uses to evaluate the Company's financial
results and forecast anticipated financial results for future
periods. Amortization of purchased technology and intangible assets
relates to the amortization of identified intangible assets, such
as purchased technology, customer relationships and trademarks and
trade names, purchased through an acquisition. Restructuring
charges and asset impairment and disposal charges are material
costs that were incurred relating to an unusual event to align the
Company's operations and cost structure with market conditions.
Stock-based compensation represents the difference between the
stock option exercise price and the deemed fair value of the
Company's common stock on the date of grant and relates only to the
grant of certain stock options to employees during fiscal 2000 and
1999, which do not require cash settlement. The Company's
definition of adjusted net income (loss) may differ from similar
measures used by other companies and may differ from period to
period. About MatrixOne MatrixOne, Inc. (NASDAQ: MONEE), a leading
global provider of collaborative product lifecycle management (PLM)
software and services, enables companies to accelerate product
innovation to achieve top line revenue growth and improve bottom
line profitability. With world-class PLM solutions and a commitment
to customer success, MatrixOne is focused on helping companies
across the automotive, aerospace & defense, consumer,
machinery, medical device, semiconductor and high-tech industries
solve their most challenging new product development and
introduction problems. More than 800 companies use MatrixOne's
solutions to drive business value and gain a competitive advantage,
including industry leaders such as BAE Systems, Bosch, Comau,
General Electric, Honda, Johnson Controls, Linde AG, NCR, Nokia,
Philips, Porsche, Procter & Gamble, Sony Ericsson,
STMicroelectronics and Toshiba. MatrixOne (www.matrixone.com) is
headquartered in Westford, Massachusetts, with locations throughout
North America, Europe and Asia-Pacific. MatrixOne and the MatrixOne
logo are registered trademarks, and "a leading provider of
collaborative product lifecycle management (PLM) solutions for the
value chain" is a trademark of MatrixOne, Inc. All other trademarks
and service marks are the property of their respective owners. Safe
Harbor Statement under the Private Securities Litigation Reform Act
of 1995 - Forward-looking statements in this release do not
constitute guarantees of future performance. For this purpose, any
statements contained herein that are not statements of historical
fact may be deemed to be forward-looking statements. Without
limiting the foregoing, the words "believes," "anticipates,"
"plans," "expects," "intends," and similar expressions are intended
to identify forward-looking statements. Such statements relate,
among other things, to our expected compliance with Nasdaq
requirements for continued listing and our anticipated filings with
the Securities and Exchange Commission. Such forward-looking
statements are subject to risks and uncertainties that could cause
our actual results to differ materially from those anticipated. The
risks and uncertainties that may affect forward-looking statements
include, among others: the continued listing of our common stock on
the NASDAQ Stock Market. For a more detailed discussion of the
risks and uncertainties of our business, please refer to our
periodic reports and registration statements filed with the
Securities and Exchange Commission, including our Annual Report on
Form 10-K for the fiscal year ended July 2, 2005 and our Quarterly
Report on Form 10-Q for the fiscal quarter ended April 2, 2005. The
forward-looking statements included in this press release represent
our views as of the date of this press release. We anticipate that
subsequent events and developments may cause our views to change.
We assume no obligation to update any forward-looking information
contained in this press release or with respect to the
announcements described herein. -0- *T MATRIXONE, INC. CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share amounts)
Three Months Ended Nine Months Ended
----------------------------------------- April 2, April 3, April
2, April 3, 2005 2004 2005 2004
----------------------------------------- (As Restated) (As
Restated) Revenues: Software license $ 7,789 $ 10,006 $ 35,647 $
27,549 Service 19,227 17,738 55,892 52,445 -------- ---------
-------- --------- Total revenues 27,016 27,744 91,539 79,994
-------- --------- -------- --------- Cost of Revenues: Software
license 653 645 3,067 2,385 Amortization of purchased technology
199 -- 531 -- Service 12,115 11,428 35,688 34,592 --------
--------- -------- --------- Total cost of revenues 12,967 12,073
39,286 36,977 -------- --------- -------- --------- Gross Profit
14,049 15,671 52,253 43,017 -------- --------- -------- ---------
Operating Expenses: Selling and marketing 10,271 9,933 31,974
28,092 Research and development 7,795 5,596 21,530 17,227 General
and administrative 2,738 2,839 8,020 7,854 Amortization of
intangible assets 121 -- 297 -- Stock-based compensation -- -- --
567 Restructuring charges -- -- -- 1,884 Asset impairment and
disposal charges -- -- -- 1,680 -------- --------- --------
--------- Total operating expenses 20,925 18,368 61,821 57,304
-------- --------- -------- --------- Loss from Operations (6,876)
(2,697) (9,568) (14,287) Other Income, Net 498 300 1,253 949
-------- --------- -------- --------- Loss Before Income Taxes
(6,378) (2,397) (8,315) (13,338) Provision for Income Taxes 155 42
263 (5) -------- --------- -------- --------- Net Loss $ (6,533) $
(2,439) $ (8,578) $ (13,333) ======== ========= ======== =========
Basic and Diluted Net Loss Per Share $ (0.13) $ (0.05) $ (0.17) $
(0.28) ======== ========= ======== ========= Shares Used in
Computing Basic and Diluted Net Loss Per Share 51,566 48,394 51,079
48,186 ======== ========= ======== ========= Reconciliation of
Adjusted Net Loss(1): Net Loss $ (6,533) $ (2,439) $ (8,578) $
(13,333) Adjustments: Amortization of purchased technology 199 --
531 -- Amortization of intangible assets 121 -- 297 -- Stock-based
compensation -- -- -- 567 Restructuring charges -- -- -- 1,884
Asset impairment and disposal charges -- -- -- 1,680 --------
--------- -------- --------- Adjusted Net Loss(1) $ (6,213) $
(2,439) $ (7,750) $ (9,202) ======== ========= ======== =========
Adjusted Basic Net Loss Per Share $ (0.12) $ (0.05) $ (0.15) $
(0.19) ======== ========= ======== ========= Adjusted Diluted Net
Loss Per Share $ (0.12) $ (0.05) $ (0.15) $ (0.19) ========
========= ======== ========= Shares Used in Computing Adjusted and
Diluted Basic Net Loss Per Share 51,566 48,394 51,079 48,186
======== ========= ======== ========= (1) The Company uses the
financial measure adjusted net income (loss) to supplement its
consolidated financial statements, which are presented in
accordance with accounting principles generally accepted in the
United States ("GAAP"). The presentation of adjusted net income
(loss) is not meant to be a substitute for net income (loss)
presented in accordance with GAAP but rather should be evaluated in
conjunction with net income (loss). The Company's management
believes that the presentation of adjusted net income (loss)
provides useful information to investors because this financial
measure excludes amortization of purchased technology and
intangible assets, which are fixed acquisition-related charges,
restructuring charges, and asset impairment and disposal charges,
which are charges relating to an unusual event, and stock-based
compensation, which is a non-cash charge that ended during the
three month period ended January 3, 2004. For the three and nine
month periods ended April 2, 2005, adjusted net income (loss)
excludes amortization of purchased technology and intangible
assets. For the three month period ended April 3, 2004, there were
no adjustments to net loss. For the nine month period ended April
3, 2004, adjusted net income (loss) excludes restructuring charges,
asset impairment and disposal charges and stock-based compensation.
For the three and twelve month periods ended July 2, 2005, adjusted
net income (loss) excludes amortization of purchased technology and
intangible assets. For the three month period ended July 3, 2004,
adjusted net income (loss) excludes restructuring gains. For the
twelve month period ended July 3, 2004, adjusted net income (loss)
excludes restructuring charges, asset impairment and disposal
charges and stock-based compensation. Management does not consider
amortization of purchased technology and intangible assets,
restructuring charges, asset impairment and disposal charges and
stock-based compensation to be part of the Company's on-going
operating activities or meaningful in evaluating the Company's past
financial performance or future prospects. In addition, adjusted
net income (loss) is a primary financial indicator that the
Company's management uses to evaluate the Company's financial
results and forecast anticipated financial results for future
periods. Amortization of purchased technology and intangible assets
relates to the amortization of identified intangible assets, such
as purchased technology, customer relationships and trademarks and
trade names, purchased through an acquisition. Restructuring
charges and asset impairment and disposal charges are material
costs that were incurred relating to an unusual event to align the
Company's operations and cost structure with market conditions.
Stock-based compensation represents the difference between the
stock option exercise price and the deemed fair value of the
Company's common stock on the date of grant and relates only to the
grant of certain stock options to employees during fiscal 2000 and
1999, which do not require cash settlement. The Company's
definition of adjusted net income (loss) may differ from similar
measures used by other companies and may differ from period to
period. MATRIXONE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share amounts) Three Months Ended Year Ended
---------------------------------------- July 2, July 3, July 2,
July 3, 2005 2004 2005 2004
---------------------------------------- (As Restated) (As
Restated) Revenues: Software license $ 11,653 $ 11,198 $ 47,300 $
38,747 Service 20,862 18,385 76,754 70,830 -------- --------
-------- -------- Total revenues 32,515 29,583 124,054 109,577
-------- -------- -------- -------- Cost of Revenues: Software
license 1,220 838 4,287 3,223 Amortization of purchased technology
200 -- 731 -- Service 13,784 11,626 49,472 46,218 -------- --------
-------- -------- Total cost of revenues 15,204 12,464 54,490
49,441 -------- -------- -------- -------- Gross Profit 17,311
17,119 69,564 60,136 -------- -------- -------- -------- Operating
Expenses: Selling and marketing 12,664 8,529 44,638 36,621 Research
and development 7,550 5,801 29,080 23,028 General and
administrative 8,010 2,402 16,030 10,256 Amortization of intangible
assets 117 -- 414 -- Stock-based compensation -- -- -- 567
Restructuring charges -- (133) -- 1,751 Asset impairment and
disposal charges -- -- -- 1,680 -------- -------- -------- --------
Total operating expenses 28,341 16,599 90,162 73,903 --------
-------- -------- -------- Income (Loss) from Operations (11,030)
520 (20,598) (13,767) Other Income, Net 527 444 1,780 1,393
-------- -------- -------- -------- Income (Loss) Before Income
Taxes (10,503) 964 (18,818) (12,374) Provision for Income Taxes
1,240 37 1,503 32 -------- -------- -------- -------- Net Income
(Loss) $(11,743) $ 927 $(20,321) $(12,406) ======== ========
======== ======== Basic Net Income (Loss) Per Share $ (0.23) $ 0.02
$ (0.40) $ (0.26) ======== ======== ======== ======== Diluted Net
Income (Loss) Per Share $ (0.23) $ 0.02 $ (0.40) $ (0.26) ========
======== ======== ======== Shares Used in Computing Basic Net
Income (Loss) per Share 51,714 48,596 51,238 48,411 ========
======== ======== ======== Shares Used in Computing Diluted Net
Income (Loss) per Share 51,714 51,445 51,238 48,411 ========
======== ======== ======== Reconciliation of Adjusted Net Income
(Loss)(1): Net Income (Loss) $(11,743) $ 927 $(20,321) $(12,406)
Adjustments: Amortization of purchased technology 200 -- 731 --
Amortization of intangible assets 117 -- 414 -- Stock-based
compensation -- -- -- 567 Restructuring charges -- (133) -- 1,751
Asset impairment and disposal charges -- -- -- 1,680 --------
-------- -------- -------- Adjusted Net Income (Loss)(1) $(11,426)
$ 794 $(19,176) $ (8,408) ======== ======== ======== ========
Adjusted Basic Net Income (Loss) Per Share $ (0.22) $ 0.02 $ (0.37)
$ (0.17) ======== ======== ======== ======== Adjusted Diluted Net
Income (Loss) Per Share $ (0.22) $ 0.02 $ (0.37) $ (0.17) ========
======== ======== ======== Shares Used in Computing Adjusted Basic
Net Income (Loss) Per Share 51,714 48,596 51,238 48,411 ========
======== ======== ======== Shares Used in Computing Adjusted
Diluted Net Income (Loss) Per Share 51,714 51,445 51,238 48,411
======== ======== ======== ======== (1) The Company uses the
financial measure adjusted net income (loss) to supplement its
consolidated financial statements, which are presented in
accordance with accounting principles generally accepted in the
United States ("GAAP"). The presentation of adjusted net income
(loss) is not meant to be a substitute for net income (loss)
presented in accordance with GAAP but rather should be evaluated in
conjunction with net income (loss). The Company's management
believes that the presentation of adjusted net income (loss)
provides useful information to investors because this financial
measure excludes amortization of purchased technology and
intangible assets, which are fixed acquisition-related charges,
restructuring charges, and asset impairment and disposal charges,
which are charges relating to an unusual event, and stock-based
compensation, which is a non-cash charge that ended during the
three month period ended January 3, 2004. For the three and nine
month periods ended April 2, 2005, adjusted net income (loss)
excludes amortization of purchased technology and intangible
assets. For the three month period ended April 3, 2004, there were
no adjustments to net loss. For the nine month period ended April
3, 2004, adjusted net income (loss) excludes restructuring charges,
asset impairment and disposal charges and stock-based compensation.
For the three and twelve month periods ended July 2, 2005, adjusted
net income (loss) excludes amortization of purchased technology and
intangible assets. For the three month period ended July 3, 2004,
adjusted net income (loss) excludes restructuring gains. For the
twelve month period ended July 3, 2004, adjusted net income (loss)
excludes restructuring charges, asset impairment and disposal
charges and stock-based compensation. Management does not consider
amortization of purchased technology and intangible assets,
restructuring charges, asset impairment and disposal charges and
stock-based compensation to be part of the Company's on-going
operating activities or meaningful in evaluating the Company's past
financial performance or future prospects. In addition, adjusted
net income (loss) is a primary financial indicator that the
Company's management uses to evaluate the Company's financial
results and forecast anticipated financial results for future
periods. Amortization of purchased technology and intangible assets
relates to the amortization of identified intangible assets, such
as purchased technology, customer relationships and trademarks and
trade names, purchased through an acquisition. Restructuring
charges and asset impairment and disposal charges are material
costs that were incurred relating to an unusual event to align the
Company's operations and cost structure with market conditions.
Stock-based compensation represents the difference between the
stock option exercise price and the deemed fair value of the
Company's common stock on the date of grant and relates only to the
grant of certain stock options to employees during fiscal 2000 and
1999, which do not require cash settlement. The Company's
definition of adjusted net income (loss) may differ from similar
measures used by other companies and may differ from period to
period. MATRIXONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands) July 2, April 2, July 3, 2005 2005 2004
--------------------------------- (As ASSETS Restated) Current
Assets: Cash and cash equivalents $ 107,677 $ 104,990 $ 118,414
Accounts receivable, net 28,620 29,646 25,862 Prepaid expenses and
other current assets 8,822 8,930 5,963 ---------- ---------
--------- Total current assets 145,119 143,566 150,239 Property and
Equipment, Net 6,096 6,346 7,062 Goodwill 11,929 11,938 -- Other
Intangible Assets 7,645 7,962 -- Other Assets 2,171 2,297 2,077
---------- --------- --------- $ 172,960 $ 172,109 $ 159,378
========== ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities: Accounts payable $ 5,941 $ 4,593 $ 3,862
Accrued expenses 23,034 15,869 14,592 Deferred revenues 37,040
35,579 31,250 ---------- --------- --------- Total current
liabilities 66,015 56,041 49,704 ---------- --------- ---------
Long Term Deferred Revenues 5,163 2,165 1,728 Stockholders' Equity:
Common stock 518 516 487 Additional paid-in capital 227,489 226,776
213,152 Accumulated deficit (128,088) (116,345) (107,767)
Accumulated other comprehensive income 1,863 2,956 2,074 ----------
--------- --------- Total stockholders' equity 101,782 113,903
107,946 ---------- --------- --------- $ 172,960 $ 172,109 $
159,378 ========== ========= ========= *T
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