Virage Announces Record Revenues in First Reported Public Quarter
Quarter Closed with over 150 Total Customers Including New Customers BMG Entertainment, LEXIS-NEXIS, Microsoft, RealNetworks, and The WB Television Network
SAN MATEO, Calif.—July 24, 2000—Virage, Inc. [NASDAQ: VRGE], a leading provider of software products and application services that enable video for the Internet, today reported financial results for its first fiscal quarter ending June 30, 2000. Total revenues for the quarter reached a record $1.9 million, showing growth of nearly $800,000 over the same quarter last year. Application services revenues nearly doubled from the prior quarter ending March 31, 2000. Loss from operations, excluding the effect of non-cash, stock-based charges was $6.5 million, or a loss of $0.48 per share (based upon 13.5 million weighted-average shares outstanding). Loss from operations, excluding the effect of non-cash, stock-based charges for the first quarter of the previous year was $2.2 million. In an effort to provide a comparison with analyst models, the net loss per share figures for all periods described above have been presented on a pro forma basis as if all preferred shares were converted to common shares at the time of issuance.
"We are very pleased with the results of our first reported quarter as a public company," stated Paul G. Lego, chairman and CEO of Virage. "In addition to reporting record revenues, we added a significant number of new customers, inked several important strategic partnerships, and significantly broadened our product and service offerings. We opened several new sales territories in the US and Europe, and brought online two state-of-the-art application service facilities in New York City and London. Despite this significant level of investment, we improved gross margins in every major sector of our business versus last quarter, kept operating expenses well below expectations, and reduced our days receivable significantly. Now, with the increased financial resources and visibility we enjoy as a public company, we are well positioned to extend our market leadership as we continue to serve the rapidly growing number of businesses who need to publish, manage and distribute video content on the Internet."
First Quarter Highlights
Record Customer Orders
During the first quarter, Virage continued its strong momentum by adding 27 new customers. The company added over 50 new licensed software or application service customers since January 1, 2000, bringing its total customer base to over 150. New customers include a broad range of leading companies from both the enterprise and media/entertainment markets, including: BMG Entertainment, Healthology, LEXIS-NEXIS, Microsoft, Nortel Networks, RealNetworks, The WB Television Network and WorldNow.
The Company also realized significant additional revenue from its existing customers including: ABCNews, CNET, Lifetime, MGM, ON24, Red Herring and PBS.
Strategic Investments and New Partners
Akamai Technologies, CNET Networks, RealNetworks and THOMSON Multimedia completed private equity investments in Virage totaling $18 million which closed concurrently with Virage's initial public stock offering. In addition, each of these companies entered into a business relationship with Virage, significantly extending the reach and performance of Virage-enabled video applications.
The Company also saw excellent growth in its developer and reseller base in Q1. Virage closed the quarter with over 50 partners who rely on the Virage platform to provide complete solutions for publishing, managing and distributing video on the Internet or enterprise intranets. Industry leaders who became authorized Virage developers or resellers during the quarter included RealNetworks, Sony Broadcast Solutions, and Sun Microsystems.
The Virage Video Application Platform
At the Streaming Media East Conference in New York City in June, Virage announced its Video Application Platform, which enables the encoding, indexing, publishing and syndication of intelligent video streams on the Internet. Based on a scalable and open architecture, the Video Application Platform is comprised of the Virage SmartEncode™ process, the Virage Video Application Server™ and the Virage Internet Video Guide™. The Virage platform is available to customers either as licensed software or as an outsourced application services solution.
Virage Enables Internet Video Syndication
CNET, Healthology and Screaming Media joined a growing list of companies that are relying on the Virage platform and infrastructure to easily distribute on-demand video across the Web while maintaining complete control over their content. Video syndication on the Internet is rapidly becoming an effective way for content owners to generate incremental revenue and extend their brands online. Virage continues to break new ground in this area through efforts such as its Campaign 2000 Video Search Engine, one of the Web's largest video syndication efforts, which makes hundreds of hours of C-SPAN video available on over 30 major destination sites, from ABCNews.com to Yahoo!.
New Product Offerings
In June, the Company launched Video Application Server 2.0, its ground-breaking software that transforms the way streaming video is managed, published and experienced. The Virage Video Application Server™ gives content owners a complete solution for publishing and maintaining dynamic, video-rich web sites. It is designed for high performance and can scale to enterprise- and Internet-wide deployments. As the core component of the Virage Video Application Platform, the Application Server is a packaged and fully supported version of the software that underlies leading Internet video sites hosted by Virage Application Services.
The Company also introduced, in May, the Virage Internet Video Guide™, a powerful new video search engine that provides the most relevant search results for video on the Web. Virage's video search engine provides portals, destination sites and Internet Service Providers (ISPs) a highly relevant search index for video on the Internet, offering users accurate search results and rich information about video on the Web. In addition, Virage announced that RealNetworks, Inc. is now using the Virage Internet Video Guide to offer enhanced video search to millions of Internet users as part of RealPlayer, Real.com Guide and RealJukebox.
In addition, at the National Association of Broadcasters conference (NAB 2000) in April, the Company announced version 4.0 of VideoLogger™, its award-winning video indexing application. Named a best-of-show product by Video Systems magazine and Awesome Product of the Week by NewMedia.com, VideoLogger now supports real-time face and on-screen text recognition through two new Media Analysis software modules. VideoLogger now has over 200 units installed worldwide, and underlies the Virage SmartEncode™ process for creating intelligent, web-ready video streams. VideoLogger 4.0 also introduces full support for MPEG2 and QuickTime, as well as a new memory architecture for enhanced performance in mission-critical video indexing and encoding applications.
Virage Expands Global Operations
During the quarter, the Company made significant investments in the European market, opening its second European sales office, in Munich, Germany, and a state-of-the-art production facility in the UK that will be used to provide Internet video application services to Virage customers throughout Europe. The new facility is co-located at Virage Europe Ltd. headquarters in Pinewood Studios outside London, and is the latest addition to the Virage global infrastructure that includes production facilities in San Mateo and New York City.
About Virage, Inc.
Headquartered in San Mateo, CA, Virage is a leading provider of software products and application services that enable owners of video content to publish, manage and distribute their video assets over the Internet or corporate intranets. Virage application services provide content owners with the complete infrastructure for seamlessly integrating Internet-compliant video into their web sites. Virage VideoLogger™ and Video Application Server™ software set the standard for real-time indexing, publishing and distribution of video across the Internet and corporate intranets. From ABCNews to Yahoo!, Virage has over 150 customers worldwide in a range of markets including media and entertainment, large enterprise, education, government and Internet destinations. Contact Virage at http://www.virage.com/ or (650) 573-3210.
Virage, Inc. Pro Forma Condensed Consolidated Statements of Operations
Virage, Inc. Condensed Consolidated Statements of Operations
Virage, Inc. Condensed Consolidated Balance Sheets
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