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For immediate release
CENTRINITY ANNOUNCES REVENUE AND NET LOSS EXPECTATIONS FOR QUARTER ENDED JUNE 30, 2001
Markham, ON, CANADA - July 26, 2001 - Centrinity Inc. (CTI: TSE), which develops and markets FirstClass Unified Communications and Collaborative Groupware technologies, today announced that it expects revenue for the third quarter of fiscal 2001, ended June 30, to be approximately $4.0 million, unchanged from the previous quarter and approximately 9% higher than the same quarter last year. All figures are in Canadian dollars unless otherwise indicated.
The Company also announced that it expects a net loss for the third quarter of approximately $17 million. The loss includes a $1.2 million foreign currency translation loss and approximately $3.5 million of expenses relating to the write-off of pre-paid expenses and a charge for restructuring. The loss after excluding the effects of currency and the $3.5 million charge reflects the costs of personnel, infrastructure and other expenses that had been put into place prior to management's revision to its outlook for the fiscal year. Centrinity continues to implement and accelerate a plan to bring expenses in line with its revised outlook.
"We continue to work aggressively to align our expenses with our revenue projections, at the same time ensuring we have the resources in place to successfully execute our strategy," said Myles McGovern, president and chief executive officer, Centrinity Inc. "Although overall revenue in the third quarter suffered from delays in spending by enterprise customers, we are pleased with the revenue contribution from the service provider market."
Jane Mowat, executive vice president and chief financial officer, Centrinity Inc., who joined the Company July 16th, will provide further details and guidance for the rest of the fiscal year when the Company releases its complete results on August 16, 2001.
About Centrinity Inc.
Centrinity is a leading provider of unified communications and collaborative software solutions to telecommunications and data service providers, enterprises and learning organizations. Our award-winning software solutions are designed to enhance productivity and efficiency by simplifying and facilitating the management of communications and information among individuals and groups. Centrinity has an installed base of more than 7.4 million users at more than 10,000 organizations in 55 countries. Centrinity is listed under the symbol "CTI" on the Toronto Stock Exchange. Website: www.centrinity.com.
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For more information please contact:
Investor Relations
Lawrence Chamberlain
Manager, Investor Relations
Tel: 905.762.6014
Media Relations
Margaret Williamson
Manager, Public Relations
Tel: 905.762.6234
This release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The company cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the company currently foresees.
FirstClass is a registered trademark of a Centrinity Inc. subsidiary used under license. Centrinity and the Centrinity logo are trademarks of Centrinity Inc. All other trademarks are the property of their respective owners.
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