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Vignette's non-GAAP net income for the second quarter 2008 was $1.8 million, a decrease of 73.5% from the second quarter of 2007. Non-GAAP diluted EPS for the quarter was $0.07 versus $0.23 last year. Non-GAAP results exclude purchased in-process research and development, acquisition-related charges, stock option expense, amortisation expense for certain intangible assets and one-time charges and gains.
"We delivered results within guidance, but we are not where we want to be from a license revenue perspective," said Mike Aviles, president and CEO of Vignette. "Services revenue was strong, customer satisfaction is up, and we are encouraged by the positive momentum around new products. We will continue to invest for growth and take action to improve our sales and marketing effectiveness."
New Business
Vignette recognised orders from new and existing customers during the quarter, including Atlantic HealthSystem Inc, Avery Dennison, Banco Itau S.A., Broadcast Interactive Media LLC, The Canberra Hospital,Department of Homeland Security-USCIS, The Investment Company Institute, News Interactive, Fallon Clinic, Forum Corporation, Hanley Wood LLC, HRB Management Inc. and its Affiliates, Hyatt Corporation, The George Washington University, Georgia Technology Authority, My Choice Medical Holdings, Inc., NASA, Petroleo Brasiliero S.A., Seagate Technology, Sepracor Inc., Syniverse Technologies and United Parcel Service.
Products and Innovation
Vignette continued to drive innovation with a number of new products and enhancements to existing releases. The following products and services, geared toward helping organisations deliver more engaging Web experiences, were released during the past several months:
* Vignette Video Servicesis a hosted video management solution that provides capabilities to upload, transcode, manage and deliver video. Vignette Video includes a Flash-based media player that offers the ability to tag and share any segment of a video.
* Vignette Content Management empowers users to streamline the creation and management of Web content and eliminate bottlenecks associated with the delivery and publishing of information. Enhanced features include friendly URLs to increase search engine site rankings and skip-level upgrades to reduce the steps necessary to upgrade from older environments.
* Vignette Portal enables business users to elevate their brand identity and engage in more personalised Web interactions with key audiences. New capabilities include integration with Vignette's High Performance Delivery and Community product lines.
* Vignette Case Managerallows organisations to automate and track important customer transactions, such as mortgage applications and income tax forms, across multiple communications channels including the Web, email, phone and paper. A significant differentiator of Vignette Case Manager is its single, integrated platform for managing business processes and the associated customer interactions. Records of all communications are stored, providing service representatives with access to a complete customer interaction history. The records can be recalled at any time via any channel and acted upon.
* Vignette Collaboration helps organisations drive productivity, improve knowledge management and more efficiently direct business processes that require interaction across disparate geographic and organisational boundaries. The latest release improves usability and performance and provides new social computing capabilities, such as ratings, reviews, tagging and usage analysis.
* Vignette QuickSiteis a new service offering that simplifies the Vignette Content Management implementation process and enables organizations to launch new Web sites faster. QuickSite can deliver a working customer-branded Web site within weeks and educate employees to use superior content management for driving more engaging Web experiences.
* Vignette Rich Media Services now includes a video module that integrates with Vignette Content Management, enabling organisations to manage the workflow and publishing of video and all other Web content from one interface. The latest Rich Media Services release allows video assets to use the same authorisation and security model, share advanced metadata and participate in the same workflow and publishing as other Web content.
Vignette Wins Awards for Web 2.0 Innovation and ROI
Vignette Recommendations was named Best New Web 2.0 Technology by Incisive Media at its Web 2.0 Innovation Awards presentation in London. Vignette Recommendations helps organisations deliver more targeted Web experiences to customers through content recommendations, product recommendations and social search.
Vignette also received a 2008 Technology ROI Award from Nucleus Research. The award recognises NASA's use of Vignette Portal as a single gateway for publishing and sharing information with the general public and NASA's employees. The implementation resulted in a dramatic return on investment for NASA over three years.
Vignette Analyst Day
Vignette held its annual Analyst Day event in Boston during the quarter. Analyst Day provides some of the world's most influential analysts with direct access to Vignette executives and customers. During the event, Vignette highlighted a number of new product and customer success stories. Participating customers included Fox News Digital, Harvard Business School and Vertrue Incorporated. A respected industry analyst commented on the strength of Vignette's customer panels, noting the positive experiences of customers with Vignette products and personnel.
Stock Repurchase Program
In the second quarter, Vignette continued the stock buyback program it began in November 2006, by purchasing an additional 798,000 shares of common stock on the open market at an average price of $12.37.
Q3 2008 Financial Outlook
Vignette currently anticipates third quarter 2008 revenue to be between $43 million and $48 million. Third quarter 2008 GAAP net income is currently expected to be between $(0.21) and $(0.07) per share on a fully diluted basis. The company expects third quarter 2008 non-GAAP net income to be between $0.02 and $0.17 per share on a fully diluted basis. For a discussion of factors that could cause actual results to differ materially from these targets, see 'Forward-Looking Statements' below.
Conference Call Details
Vignette will host a conference call and live Webcast regarding its second quarter financial results on Thursday, July 24, 2008, at 8:00 a.m. EDT. To access the Webcast, visit the Investor Relationssection of Vignette's Web site.
If you are not able to access the live Webcast, dial-in information is as follows:
Dial-in number: (888) 201-0273
International Dial-in: +1 (706) 634-9519
Call title: Vignette Financial Results
The Webcast and conference call will be archived and available for replay from Thursday, July 24, 2008, at 9:00 a.m. EDT to Sunday, August 24, at 11:59 p.m. EDT.
The replay information is as follows:
Toll-free number: (800) 642-1687
International number: (706) 645-9291
Access code: 55205534
Non-GAAP Financial Measures
The Company believes non-GAAP financial measures are useful to investors, because they exclude certain nonoperating or non-recurring charges. The Company's management excludes these non-operating or non-recurring charges when it internally evaluates the performance of the Company's business and makes operating decisions, including internal budgeting, performance measurement and the calculation of bonuses and discretionary compensation. In addition, these non-GAAP measures more closely reflect the essential revenue generation activities of the Company and the direct operating expenses (resulting in or from cash expenditures) needed to perform these revenue generation activities.
A reconciliation of net income calculated in accordance with GAAP, and non-GAAP net income, is provided in the tables immediately following the consolidated statement of operations. The presentation of this additional information is not a substitute for results prepared in accordance with accounting principles generally accepted in the United States.
About Vignette
Vignette helps organisations improve the way they connect online with their key audiences by providing software for building great online experiences and managing the content that fuels those experiences. Vignette pioneered the Web Content Management space more than a decade ago, and today its customers include some of the world's most prominent brands in virtually every industry. Vignette is headquartered in Austin, Texas with operations worldwide. Visit www.vignette.com
Forward-Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements including statements regarding the Company's expectations, beliefs, hopes, intentions or strategies regarding the future. Forward-looking statements include statements regarding Vignette's products, future sales, market growth and competition. All forward-looking statements included in this press release are based upon information available to the Company as of the date hereof, and the Company assumes no obligation to update any such forward-looking statement. Actual results could differ materially from the Company's current expectations. Factors that could cause or contribute to such differences include, but are not limited to, Future Losses, Limited Operating History, Fluctuation of Quarterly Revenues and Operating Results, Acquisition Integration, Competition, Dependence on a Small Number of Large Orders, Lengthy Sales Cycle and Product Implementation, Market Awareness of Our Product, Rapid Changes in Technology and New Products, and other factors and risks discussed in the Company's reports filed from time to time with the Securities and Exchange Commission.
Vignette and the V Logo are trademarks or registered trademarks of Vignette Corporation in the United States and other countries. All other names are the trademarks or registered trademarks of their respective companies.
CONTACT: Pat Kelly, Investor Contact, Chief Financial Officer, Vignette Tel: +1 512 741 4727 e-mail: pat.kelly@vignette.com David Tishgart, Media Contact, Senior Manager, Public Relations, Vignette Tel: +1 512 741 4871 e-mail: david.tishgart@vignette.com Annie Kasmai, Lead Consultant, Catalysis PR Tel: +44 (0)207 107 2476 e-mail: annie.kasmai@catalysis.co.uk Kate Bonner, Lead Consultant, Catalysis PR Tel: +44 (0)20 7107 2477 Tel: +44 (0)20 7107 2470 Tel: +44 (0)7828 642 659 Fax: +44 (0)20 7107 2484 e-mail: kate.bonner@catalysis.co.uk WWW: http://www.catalysis.co.uk
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.
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