Revenues for the quarter were $22.9 million, a 76% increase over revenues of $13.0 million for the first quarter of 2000.
Net loss adjusted to exclude non-cash deferred compensation and goodwill amortization was ($0.63) per share.
Cash and Marketable securities at March 31, 2001 were $168.5 million.
While Q1 was marked by economic uncertainty and slower growth in the technology sector, we remain optimistic and believe that the widespread adoption of true eBusiness is still in its early phase, said Dave Litwack, president and chief executive officer of SilverStream Software. We’ve witnessed a reduction in major IT expenditures this quarter as organizations looked to develop plans that will both enable them to leverage their prior technology investments and build an infrastructure for the future. As SilverStream offers comprehensive eBusiness frameworks that leverage industry standards, we are well positioned to take advantage of the inevitable growth of this market. We believe that eBusiness is just beginning to deliver on its promise and are confident that this sector will continue to prosper.
Craig Dynes, vice president and chief financial officer added, In response to the current economic climate and our greater than expected net loss of ($0.89) per share, or ($0.63) per share on an adjusted basis, we’ve already taken steps to improve efficiency and reduce expenses. In addition to limits on capital spending and a reduction in operating expenses through cost controls, we have to date reduced our global workforce by approximately 11%. We will continue to review our operations and take action to improve our performance. Overall our cost of services and operations will be less in Q2 than in Q1.
SOURCE: COMPANY PRESS RELEASE
