NetSuite Announces Q1 09 REsults - 2nd Quarter of Profitability in Company HIstory

Tuesday, 05 May 2009 04:42

On a GAAP basis, net loss for the first quarter of 2009 was US$3.7 million, or US$(0.06) per share, as compared to US$2.0 million, or US$(0.03) per share, in the first quarter of 2008.

 Non-GAAP net income for the first quarter of 2009 was US$1.0 million, or US$0.02 per share, as compared to a non-GAAP net loss of US$420,000, or US$(0.01) per share, for the first quarter of 2008.

 Items presented on a non-GAAP basis exclude expenses related to stock-based compensation and the amortization of intangible assets. A reconciliation of GAAP net income/(loss) to non-GAAP net income/(loss) is provided below in a table immediately following the Condensed Consolidated Statements of Operations, along with an explanation of why these non-GAAP financial measures are useful to investors and how they are used by management.

 “We delivered results that not only met our goals, but also indicate that NetSuite continues to take market share and execute on our strategic initiatives of moving up market and extending the NetSuite platform,” said Zach Nelson, CEO of NetSuite. “In particular, our growth of non-GAAP profitability from the prior quarter was impressive.”

 
NetSuite's First Quarter 2009 Highlights Include:

• Appointed former New York Stock Exchange President Catherine Kinney to its board of directors.

• Announced the SuiteCloud Ecosystem, a comprehensive offering of on-demand products, development tools and services designed to help customers and commercial software developers take advantage of the significant economic benefits of cloud computing. SuiteCloud includes the SuiteCloud Developer Network (“SDN”), a developer program for independent software developers (“ISVs”), and SuiteApp.com, a single-source online marketplace where ISVs, customers and solution providers can find applications to meet business-process or industry needs.

• Launched the NetSuite Multi-Channel Retail Management Suite, a new vertical suite for North American retailers that allows retailers to easily manage multiple locations with a sophisticated point of sale (“POS”) system, seamlessly integrate new or existing Ecommerce operations, provide a great customer experience across all channels, and gain real-time visibility and business intelligence across their companies.

• Launched a new program for Sage software customers interested in switching from their current Sage products in order to experience the productivity benefits of NetSuite and cloud computing.

• Extended the “Business ByNetSuite” program to offer current SAP customers the opportunity to cut costs by 50 per cent or more.

About NetSuite

NetSuite Inc. is a leading vendor of on-demand, integrated business management software suites for mid-sized businesses and divisions of large companies. NetSuite enables mid-market companies to manage core business operations in a single system, which includes accounting/ERP, customer relationship management (“CRM”), and Ecommerce. NetSuite’s patent-pending “real-time dashboard” technology provides an easy-to-use view into up-to-date, role-specific business information.