Aug 20, 2001 : Portal Software Reports Q2 Results

📅 August 20, 2001 - Portal Software, Inc. (portal.com), a developer of customer management and billing software for communications and content service providers, has reported financial results for the quarter ended July 31, 2001.

Revenues for the quarter totaled $44.7 million, compared to revenue of $44.6million for the quarter ended April 30, 2001. Pro forma net loss for thequarter was $19.4 million, or $0.11 per share as compared to a pro forma netloss of $30.6 million or $0.18 per share for the quarter ended April 30,2001. Pro forma amounts exclude certain charges including an acceleratedreduction of $193.4 million in the carrying value of goodwill due toimpairment, a restructuring charge of $41.3 million, amortization ofgoodwill and purchased developed technology of $16.5 million, and thewrite-down of certain private company investments of $4.0 million.
Net loss for the quarter ended July 31, 2001, in accordance with generallyaccepted accounting principles, was $274.6 million or $1.60 per share.
"As a result of current economic conditions, Portal has proactivelyrestructured its business while continuing to invest in our industry-leadingtechnology. We believe that we are strategically positioned to emerge fromthis period of economic and telecom industry transition in an even strongerposition," said John Little, CEO of Portal. "The industry is fundamentallychanging the way companies are doing business and these changes playdirectly to Portal's strengths - fast time to market, flexibility, excellentreturn on investment, and low total cost of ownership."
During the quarter, Portal demonstrated success in winning business withleading service providers around the world. Bezeq International, a leader inthe Israeli communications market, selected Portal based on its ability tosupport all of Bezeq International's voice and data services on a singleplatform. Alestra, telecommunications subsidiary of AT&T and Mexico'sleading provider of broadband, data and voice services selected Portal tolaunch its new web hosting and co-location services. Telstra OnAir,Australia's largest mobile telecommunications provider, selected Portal forits wireless data products and services.
Portal continues to solidify its technology division by developing andenhancing its product offerings. Portal recently announced Infranet Cable &Satellite, an OSS solution designed to support cable and satellite servicesincluding digital TV, pay-per-view, video on demand, interactive TV,high-speed data, content, telephony, and other services.

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