Internet portal technologies company BackWeb Technologies (Nasdaq: BWEB) announced on Monday second quarter results that were in line with a pre-announcement that warned of a weak quarter.
Revenue for the second quarter of 2002 was $1.8 million, compared with $2.3 million reported in the first quarter of 2002. In the past 12 months, each quarterly report BackWeb issued showed a sequential decline in its revenue.
Net loss for the second quarter of 2002 was $5.5 million, or $0.14 per share. This compares with a net loss of $5.7 million, or $0.15 per share in the first quarter.
Pro forma net loss for the second quarter of 2002 was $4.6 million, or $0.12 per share, compared with a net loss of $4.8 million, or $0.12 per share that was reported in the first quarter.
BackWeb Technologies chairman and CEO Eli Barkat said, "We are pleased with the ongoing progress in our new portal strategy, especially with the new customer momentum we saw during the quarter. While we are disappointed with our Q2 revenue results and the overall economic conditions, our pipeline of new portal customer opportunities has increased considerably in the past six months, and we believe our customer adoption rate will continue to increase over the remainder of this year. In addition, our strategic partnerships with IBM, SAP Portals, Pricewaterhouse Coopers and Plumtree Software, will continue to drive expansion of our customer pipeline going forward."
BackWeb continued to reduce its cost structure in the second quarter as it worked to more closely align its operating costs with expected revenue. The company said it reduced overall operating expenses by $300,000 compared with the first quarter, marking the fifth straight quarter that operating expenses have decreased.
The company also announced that it had appointed Michael A. Morgan as its new CFO. Morgan will assume his role effective August 20, 2002. Prior to joining BackWeb, Morgan was the CFO and vice president of finance and administration for Talarian Corporation, a provider of infrastructure software.
BackWeb shares closed on Monday at $0.45 on Nasdaq.
Published by Globes [online] - www.globes.co.il - on 23 July, 2002