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Organic, Inc. Reports Third Quarter 2000 Results
Company Reports Positive Sequential Growth Despite Negative Industry Trends, Revenues Increase to $37.4 Million, Balance Sheet Remains Strong
SAN FRANCISCO, Oct 26, 2000 /PRNewswire via COMTEX/ -- Organic, Inc. (Nasdaq: OGNC chart, msgs), a leading international Internet professional services company focused on the customer to business market reported financial results today for the third quarter ended September 30, 2000.

Revenues for the third quarter rose to $37.4 million, an increase of approximately 1% from $37.2 million reported for the second quarter of 2000, and an increase of 53% versus the third quarter of 1999. This was also the third consecutive quarter of sequential growth since the Company went public in February.

Gross margin for the quarter was 45.2%, down compared with results in second quarter 2000. However, gross margin was up significantly versus the third quarter a year ago. Total headcount was 1,223 at the end of the third quarter, an increase of three employees from June 30th. Professional services headcount grew to 855 at the end of the third quarter, up 39 from second quarter 2000.

"Our revenues increased despite very difficult market conditions and as others in our sector reported sequential declines," said Jonathan Nelson, co- founder, Chairman and Chief Executive Officer of Organic, Inc. "We are committed to profitable growth and creating further momentum in our business. During the quarter, we had a number of successes and added 20 new clients, including Target and Bell ActiMedia, to our enviable client roster. In total we performed work for 70 clients. Additionally for the third quarter, approximately 12% of our revenues were from engagements with clients outside the U.S., and 92% of our revenues came from our Global 1000 client base, many of them household, blue-chip names. As a result, our dot-com exposure over the past few quarters has declined from 25% of our revenues to only 8%."

"We remain committed to executing on our strategy of becoming the pre- eminent international professional services company focused on the new digital demand chain," said Jonathan Nelson. "To further our vision of integrating customer acquisition, conversion and retention through our multi-service line offering, we are expanding our business development organization and streamlining our client services efforts."

"As we are improving our overall operations, we are also continuing to attract outstanding talent. For example, we`re very pleased that Ray Britt has joined our team as Chief Strategy Officer this month. Ray will concentrate his efforts on helping to implement demonstrable return on investment strategies for our clients," added Mr. Nelson.

"We continue to execute some of the largest and most complex engagements in our industry," said Michael Hudes, President. "During the quarter, we launched DaimlerChrysler`s `Model Year 2000` campaign in North America and re- launched Washington Mutual`s mortgage site, which won the Silver NewMedia INVISION Award for creativity, innovation and best practices. We also re- launched Target.com. We continue to win new engagements and extend our existing relationships with these so-called `old economy` or brick and mortar companies."

"Managing our billable headcount while increasing productivity is critical to our success and was a focus area in the third quarter," said Sue Field, Chief Financial Officer. "We moderated hiring which resulted in only a small net addition of billable employees and a net decrease in our non-billable headcount. In fact, September was the best month ever measured in terms of billable employee utilization."

"Even with our efforts to curb hiring, revenue shortfalls versus plan combined with regularly scheduled semi-annual merit increases and new office staffing levels, all contributed to a decline in gross margins for the third quarter versus the second quarter 2000. Our selling, general and administrative expenses increased by less than 2% sequentially as we re- examined all elements of our cost structure. Near-term profitability continues to be a major company-wide goal," she said.

"Focused collections activities resulted in accounts receivables` Days Sales Outstanding falling to 47 days as of September 30, 2000 from 60 days last quarter. Our net accounts receivable balance fell by approximately 20%, from $24.4 million at the end of the second quarter to $19.2 million at the end of the third quarter 2000. The Company`s cash on hand of $83.0 million as of September 30, 2000 was better than expected," she continued.

Pro forma net loss (excluding stock compensation and other stock-based charges and a one-time investment loss) for the third quarter of 2000 was $4.5 million, or diluted net loss per share of $0.05, compared with pro forma net loss (excluding stock compensation and other stock-based charges) of $4.8 million, or diluted net loss per share of $0.07, for third quarter 1999. Before pro forma adjustments, net loss for the third quarter of 2000 was $16.5 million, or diluted net loss per share of $0.19.

Following are some of the major highlights for the third quarter ending September 30, 2000:

20 New Clients Including:

-- Target -- Partnered with Target to build out an evolution of the
company`s current e-commerce site, target.com
-- Bell Canada -- Selected by Bell ActiMedia, a wholly owned subsidiary of
Bell Canada, to build its newest online business
-- Major Pharmaceutical Company
-- International Governmental Agency

Awards:
-- Washington Mutual Mortgage site (http://www.wamumortgage.com) awarded
the Silver NewMedia INVISION Award in the Application Service
Category -- The new Washington Mutual Mortgage site was created by
Organic.

Offices:
-- Boston -- Opened an office in Boston to meet the needs of New England`s
Internet economy. Mark Milne, a former OrderTrust Inc. and AT&T
executive, has been named managing director.
-- International -- These offices represented approximately 12% of total
third quarter revenues.

Technology Alliances:
-- IBM Web Integrator Program -- Partnered with IBM`s Web Integrator
Initiative to take advantage of new solutions for building e-businesses
and enhancing online commerce for its clients.
-- CommercialWare/Broadvision -- Strategic alliance formed between Organic
and CommercialWare that leverages CommercialWare`s order management,
fulfillment, and customer service modules, and BroadVision`s Retail
Commerce application to provide customized e-commerce solutions for
retailers.
-- RealNetworks -- Strategic agreement with RealNetworks in which Organic
will license RealNetworks` software and participate in accompanying
technical training and support for RealNetworks` products to ensure
Organic remains at the forefront for developing innovative digital
media applications.
-- Net Perceptions -- Alliance that offers new opportunity for businesses
to capture greater product and customer knowledge and act on it to
improve the bottom line.

Management Additions / Key Officers:
-- Ray Britt -- Chief Strategy Officer -- Brings over 17 years of
strategic consulting experience to Organic. Mr. Britt was formerly
Senior Vice President of Business Operations and Development of Peapod,
a major online grocery service, and also was a consultant with Andersen
Consulting and Mercer Management. At Organic, Mr. Britt will help
market, consult and implement return on investment performance
practices within the Company`s digital demand chain offerings.
-- Dan Lynch -- Promoted to Chief Officer of Global Business
Development -- Mr. Lynch was formerly Organic`s Vice President,
Customer Service and Fulfillment. In his new role, Mr. Lynch will lead
the global business development efforts for Organic, focusing on
accelerating the growth of the company`s multi-service line new
business opportunities.

Organic will host a conference call at 5:30pm Eastern time today, Thursday October 26th. A live broadcast of the call will be available through Organic`s Website (http://www.organic.com). An archived copy of the call will remain available on Organic`s Website for approximately two weeks.

About Organic, Inc.

Organic, Inc., a leading international Internet professional services firm which targets the customer-to-business market, is built around a "buyer driven" service model that encompasses both traditional business-to-business and business-to-consumer engagements. Founded in 1993 and based in San Francisco, Organic (http://www.organic.com) has a history as an industry innovator, having developed the Apache Web server and worked on the design of some of the Internet`s earliest Web sites, including Yahoo!. The company`s C2B(SM) Internet professional services include strategic consulting and research, site design, software engineering and technical program management, online marketing services including media buying and management, public relations and customer service and fulfillment consulting and transaction management. Organic has performed work for over 250 clients, and has gained significant experience by working with both the Global 1000 and emerging Internet companies. The company`s clients include DaimlerChrysler, British Telecommunications plc, Tommy Hilfiger, Blockbuster, Washington Mutual and Federated Department Stores, Inc. Organic has offices in the U.S., Canada, Asia, Europe and Latin America.

ORGANIC, ORGANIC and leaf design, and C2B are service marks or registered service marks of Organic, Inc. or its subsidiaries in the United States and in other countries. Other trademarks and service marks referenced are marks of their respective owners.

Forward-Looking Statement Disclaimer

Safe Harbor Statements Under the Private Securities Litigation Reform Act of 1995: This release contains, in addition to historical information, forward-looking statements, including, but not limited to, the company`s anticipated rate of growth with respect to staffing levels, implementation of the company`s initiatives to enhance productivity within its service lines, and projected results of operations for future quarters. Forward-looking statements are subject by their nature to risks and uncertainties, and actual results could differ materially from those set forth in the forward-looking statements. Risks and uncertainties include but are not limited to those related to the number and size of projects from new clients and additional projects from existing clients, the number and size of projects completed in a given period, the growth and types of projects within the company`s service lines, economic conditions, changes in competition, the cost and expansion of the company`s infrastructure and new offices and other factors described from time to time in the company`s reports filed with the Securities and Exchange Commission, including the company`s Quarterly Report on Form 10-Q for the quarter ended June 30, 2000. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. The company is not undertaking to update any information in the foregoing reports until the effective date of its future reports required by the securities laws.


- 3 tables to follow -


ORGANIC, INC.
Unaudited Pro Forma Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999


Revenues $37,351 $24,427 $103,726 $51,781

Operating expenses:
Professional services 20,480 16,098 54,972 29,929
Selling, general and
administrative 22,595 13,044 64,737 26,018

Total operating
expenses 43,075 29,142 119,709 55,947

Pro forma operating loss (5,724) (4,715) (15,983) (4,166)

Minority interest in
operations of
consolidated subsidiary 52 (66) 128 (39)

Investment loss (90) 0 (90) 0

Interest income
(expense), net 1,125 (26) 2,759 (11)

Pro forma net loss
before taxes (4,637) (4,807) (13,186) (4,216)

Income tax (benefit)
expense (147) 26 265 64

Pro forma net
loss (A) (B) $(4,490) $(4,833) $(13,451) $(4,280)

Pro forma diluted net
loss per share
(A) (B) (C) $(0.05) $(0.07) $(0.16) $(0.06)

Shares used in computing
pro forma diluted
net loss per share (C) 85,102,416 71,358,964 82,927,961 70,322,872

Note: The above unaudited pro forma condensed consolidated statements of operations exclude the effects of the following (in thousands):


(A) During the three and nine months ended September 30, 2000,
amortization of deferred stock-based compensation and a warrant
related to operating expenses was $11,867 and $46,839, respectively.
During the three and nine months ended September 30, 1999,
amortization of deferred stock-based compensation and a warrant
related to operating expenses was $8,558 and $11,457, respectively.

(B) During the three months ended September 30, 2000, one-time investment
write-off on software product of $117. During the nine months ended
September 30, 2000, one-time investment losses on software product,
long-term investment and sale of property of $117, $312 and $41,
respectively.

(C) Includes Organic`s preferred stock and warrant, which converted to
common stock upon the closing of Organic`s initial public offering, as
if the conversion occurred as of the beginning of the period, or date
of issuance if later, for the three months ended September 30, 1999
and nine months ended September 30, 2000 and 1999.


ORGANIC, INC.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)

Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999

Revenues $37,351 $24,427 $103,726 $51,781

Operating expenses:
Professional services 20,480 16,098 54,972 29,929
Selling, general and
administrative 22,595 13,044 64,737 26,018
Fixed asset write-off 117 -- 117 --
Stock compensation
and other stock-based
charges 11,867 8,558 46,839 11,457

Total operating
expenses 55,059 37,700 166,665 67,404

Operating loss (17,708) (13,273) (62,939) (15,623)

Minority interest in
operations of
consolidated subsidiary 52 (66) 128 (39)

Investment loss (90) -- (443) --

Interest income
(expense), net 1,125 (26) 2,759 (11)

Net loss before taxes (16,621) (13,365) (60,495) (15,673)

Income tax (benefit)
expense (147) 26 265 64

Net loss $(16,474) $(13,391) $(60,760) $(15,737)

Basic and diluted net
loss per share $(0.19) $(9.36) $(0.84) $(13.76)

Weighted average common
shares outstanding -
basic and diluted 85,102,416 1,429,927 72,455,249 1,143,427


ORGANIC, INC.
Condensed Consolidated Balance Sheets
(in thousands)


September 30, December 31,
2000 1999
(unaudited) (audited)
ASSETS
Cash and cash equivalents and short-term
investments $82,956 $8,385
Accounts receivable, net 19,151 18,769
Costs in excess of billings 7,300 5,248
Other current assets 3,422 1,592

Total current assets 112,829 33,994

Property and equipment, net 32,159 10,759
Net deferred bank facility charge 11,596 16,134
Other assets 5,267 3,377

Total assets $161,851 $64,264

LIABILITIES AND STOCKHOLDERS` EQUITY
Accounts payable $1,979 $3,232
Current portion of long-term debt 324 13,450
Current portion of obligations under capital
leases 35 44
Deferred revenue 12,124 12,152
Other current liabilities 17,515 9,796

Total current liabilities 31,977 38,674

Long-term debt, net of current portion 136 381
Obligations under capital leases, net of current
portion 76 97

Total liabilities 32,189 39,152

Minority interest in consolidated subsidiary 203 334
Total stockholders` equity 129,459 24,778

Total liabilities and stockholders` equity $161,851 $64,264






Net Perceptions Announces Fourth Quarter, 2001 Guidance
MINNEAPOLIS, Oct 25, 2000 (BUSINESS WIRE) -- Net Perceptions, Inc. (Nasdaq: NETP chart, msgs) announced in a conference call yesterday that it has developed internal sales goals for the quarter beginning on October 1, 2000, that range from $8 million to $9 million, and for the full year 2001 of $45 million to $60 million, reflecting compound quarterly growth of 15% to 20% on a sequential basis.

The company also provided guidance for anticipated pro forma operating or cash-based results. Non-cash charges associated with amortization of intangibles and stock compensation expense are noted separately.

For the fourth quarter of 2000 the company said it expects:


-- License gross margins to remain relatively flat, with a modest
improvement in service and maintenance gross margins,
resulting in blended gross margins that will be up modestly on
a sequential basis over the third quarter.

-- Expenses on an operating basis to be relatively flat with the
third quarter, due in part to a $500,000 cash charge
associated with its restructuring that was announced last
week.

-- To record an additional non-cash restructuring charge of about
$500,000, bringing the total non-cash charges, which include
amortization of intangibles and stock compensation expense, to
approximately $8.4 million for the fourth quarter.

-- Sales and marketing expenses as a percent of total revenue to
be down 4% to 5%, research and development expenses to be down
10% to 12% and general and administrative expenses to be down
2% to 3% compared to the third quarter.

-- Total cash used for the quarter to be $10 million to $12
million including capital expenditures.

Looking forward into 2001, the company said it expects:

-- To aggressively strive for profitability and is now targeting
the fourth quarter of 2001.

-- Product gross margins to remain in the 94% to 96% range.
Service and maintenance gross margins are expected to improve
2% to 3% sequentially over the next five quarters.

-- Goals for operating expenses, as a percent of total revenue,
over the next five quarters will be to reduce general and
administrative costs to the 13% to 17% range, to reduce sales
and marketing to the 45% to 50% range, and to reduce R&D to
the 23% to 28% range.

-- Total cash used for the year to be approximately $18 million
to $23 million.

-- Non-cash charges to be about $7.8 million dollars per quarter.

-- Weighted average shares outstanding to grow by approximately
50,000 shares per quarter over the next five quarters.

"We`ve covered a lot of ground in the last four years and are proud of the progress we`ve made," said Tom Donnelly, Net Perceptions chief financial officer. "Looking forward, with our more aggressive focus on large multi-channel retailers and Fortune 1000 companies, and the changes we`re making to align with those business needs, we plan to aggressively regain the traction we had through the first two quarters of 2000."

About Net Perceptions


Net Perceptions, a leading provider of precision merchandising and personalization infrastructure software, is the innovator and preeminent supplier of software solutions that allow companies to translate knowledge into profitable business action. Its Commerce Solutions and Knowledge Solutions products enable companies to capitalize on business information and optimize product assortments, pricing, customer relationships and intellectual capital. Customers include market leaders such as Best Buy, Hudson`s Bay, JC Penney, J.P. Morgan, Kmart, Procter and Gamble and Walgreen`s. The company is based in the United States and has offices in six other countries. For more information visit http://www.netperceptions.com or call 800-466-0711.

Net Perceptions and the Net Perceptions logo are registered trademarks of Net Perceptions, Inc. All other trademarks are the property of their respective owners. This news release contains forward-looking statements that involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the company`s limited operating history, delays in product development, development of the Internet market, changes in product pricing policies, competitive pressures, and the risk factors detailed from time to time in the company`s periodic reports and registration statements filed with the U.S. Securities and Exchange Commission.
Contact:


Net Perceptions, Inc., Minneapolis
Tom Donnelly
Chief Financial Officer
952-842-5400
[e-mail]
or
Jacqueline Hanson
Director, Corporate Communications
952-842-5063
[e-mail]