Revenue for the fourth quarter of fiscal 2001 totaled $5.6 million compared with $8.1 million for the same period in fiscal 2000. Net loss for the fourth quarter of fiscal 2001 was $(6.5) million compared with a net loss, before the accretion of preferred stock, of $(2.6) million for the same period in fiscal 2000. Net loss per share was $(0.22) per share for the fourth quarter of fiscal 2001 compared with a comparable pro forma (see Note 1 to Consolidated Statements of Operations) net loss per share, before the accretion of preferred stock, of $(0.11) per share for the same period in fiscal 2000.
Total revenue for the fiscal year ended June 30, 2001 was $32.3 million, up 28% from $25.2 million for the fiscal year ended June 30, 2000. Net loss, before the accretion of preferred stock, for the fiscal year ended June 30, 2001 was $(12.8) million compared with $(15.8) million for the same period in fiscal 2000. On a pro forma per share basis, before the accretion of preferred stock, net loss per share was $(0.45) per share for the fiscal year ended June 30, 2001 compared with $(0.71) per share for the same period in fiscal 2000.
As previously announced, the ongoing uncertainty in the general economy and its effect on the manufacturing sector had a significant impact on our business, commented Tim Harvey, president of SynQuest, Inc. While we entered the quarter with higher expectations, we were challenged by prolonged sales cycles and further IT budget reductions, creating a more difficult sales environment than we anticipated. In light of the current economic environment, we have taken measures to align expenses with anticipated revenue, including the approximately 16% reduction in our global workforce announced on July 12, 2001, and a better allocation of people and resources toward near-term revenue opportunities.
We are also accelerating the repositioning of SynQuest as a company that specializes in providing supply chain planning software for Fortune 1000 companies with complex logistics networks. Within this ideal client profile, we are focusing on specific problems within target industries, namely automotive and industrial manufacturers, where we have unique solutions that optimize service and maximize financial performance. Additionally, we believe we have developed a more effective and focused sales strategy that is clearly aligned with our target market and the demands in today’s marketplace.
In spite of the current market slowdown, we remain positive on our long-term outlook for growth. While it is very difficult to predict when market conditions will improve, we continue to believe that the market opportunity for supply chain planning is still very large and untapped, and we plan to continue to aggressively pursue it. We believe that our unique value proposition, financial optimization technology and rapid implementation abilities, combined with a strong focus on supply chain planning for key markets, will position us favorably to capitalize on this growth opportunity when market conditions improve, concluded Harvey.
SOURCE: COMPANY PRESS RELEASE
