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Press Release Source: Verticalnet, Inc.


Verticalnet Reports Financial Results for the Second Quarter of 2004
Thursday August 5, 4:19 pm ET
Strong Second Quarter Followed by B2eMarkets Acquisition, Increased Go-To-Market Success, and Appointment of Darryl E. Wash to Board of Directors


MALVERN, Pa.--(BUSINESS WIRE)--Aug. 5, 2004-- Verticalnet, Inc. (Nasdaq:VERT - News), a leading provider of supply management solutions, today announced results for its second quarter ended June 30, 2004. In addition to financial results announced today, Verticalnet also provided an update on go-to-market activities, and announced that it had named Darryl E. Wash to the Company`s Board of Directors.
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"We are very pleased with our second quarter results," said Nathanael V. Lentz, President and CEO of Verticalnet. "Financial results exceeded our expectations, we successfully integrated the Tigris business, and demonstrated organic revenue growth. In July, we continued to build on our strategic momentum with the acquisition of B2eMarkets, which we expect to make us a stronger contender for leadership in the supply management market space."

Financial Results

Revenues for the quarter ended June 30, 2004 were $6.5 million, up 200% as compared to the $2.2 million for the quarter ended June 30, 2003, and up 44% as compared to the $4.5 million for the quarter ended March 31, 2004. Verticalnet`s net loss for the quarter ended June 30, 2004 was $1.3 million, or ($0.05) per share, which included $1.1 million of non-cash charges (including depreciation and amortization). This compares to a net loss of $1.2 million, or ($0.09) per share, for the quarter ended June 30, 2003, which included $(0.5) million of non-cash items (including depreciation and amortization). The results for the quarter include the results of the former Tigris business, but do not include the results of B2eMarkets, which was acquired by Verticalnet on July 19, 2004.

As of June 30, 2004, Verticalnet reported cash and cash equivalents of $7.0 million, compared to $7.1 million as of March 31, 2004. Working capital improved to $7.6 million from $7.4 million as of March 31, 2004. Cash provided by operations for the quarter ended June 30, 2004 was $ 0.1 million compared to $1.4 million used by operations for the same period in 2003.

"Results for the second quarter of 2004 came in better than previously stated guidance and our key balance sheet metrics continued to improve," said Gene S. Godick, Verticalnet EVP and CFO. "We grew our revenues from the prior quarter, while keeping expenses at expected levels, which allowed us to improve our cash flow from operations. The addition of the B2eMarkets business makes us increasingly optimistic for the remainder of 2004."

Go-to-Market Activities

Verticalnet saw increasing marketplace success in the second quarter of 2004. During the quarter, Verticalnet signed four new customers and executed follow-on agreements with eleven existing customers. Verticalnet`s pipeline also grew significantly in the second quarter, with proposal volume more than doubling in the second quarter versus the first quarter. Go-to-market success has carried into the third quarter. In July alone, two new customers have signed contracts with Verticalnet, three customers have begun paid pilots, and four new customers have notified the Company that they have selected a Verticalnet solution. Several of these customer wins have occurred since the announcement of the B2eMarkets acquisition and one completed license reflects a combined solution win.

"Bringing Verticalnet, Tigris, and B2eMarkets together creates a powerful combination in the market," Lentz said. "As a combined entity, we have created a company with the scale to compete head-to-head with larger competitors for business with Global 2000 companies. Our customers and prospects are now looking to us to provide complete solutions that include technology, services, and domain expertise across the full supply management lifecycle. Additionally, our growing list of over 70 customers presents many cross-selling opportunities for our sales force, and makes us a more attractive alliance partner for consulting and other technology firms," Lentz continued. "We are now in a strong position to drive even greater value for our customers, which we believe will enable us to grow market share in the competitive supply management space."

New Board Member

Verticalnet also announced today that it has named Darryl E. Wash to its Board of Directors. Mr. Wash is the Managing Partner of Ascend Venture Group LLC, and was a member of B2eMarkets` Board of Directors prior to the Verticalnet-B2eMarkets merger in July. Prior to forming Ascend, Wash was a Managing Director of Peter J. Solomon Company (PJSC), a New York-based private investment bank. Prior to his tenure with PJSC, Wash worked in the Investment Banking Division of Goldman, Sachs & Co. where he was a member of the firm`s Communications and Technology Group. Wash received his M.B.A. from Stanford University`s Graduate School of Business and his undergraduate degree in Economics from the University of California at Berkeley.

"Darryl brings extensive technology and financial experience to the Verticalnet Board of Directors," said Lentz. "With his background in venture capital and investment banking, he will provide critical input as we look to take Verticalnet to the next level of growth. I am looking forward to working closely with Darryl."

Guidance

Today, Verticalnet provided revenue guidance for the remainder of 2004. For the year ending December 31, 2004, Verticalnet expects total revenue of $26 to $29 million, with revenue for the quarter ending September 30, 2004 expected to be in the range of $7 to $8 million. The above guidance includes the expected revenues from B2eMarkets from July 19, 2004 and reflects an anticipated reduction to B2eMarkets` deferred revenues as required as part of purchase accounting under generally accepted accounting principles. The increase in guidance is a result of the additional revenues expected from the B2eMarkets business. Revenue guidance for the portion of the business that existed prior to the B2eMarkets transaction remains unchanged.

"After the completion of the second quarter we were moderately ahead of our internal plans," said Godick. "We expect the traditionally softer third quarter to meet our expectations, followed by a strong fourth quarter, as we begin to realize the revenue synergies of the B2eMarkets transaction and recognize much of the revenue from new customers signed in the second and third quarters."

The Company expects to provide earnings guidance upon the completion of the purchase accounting related to the B2eMarkets acquisition. While Verticalnet expects the B2eMarkets transaction to be accretive to cash flow from operations within two to three quarters, Verticalnet expects expenses to be higher than the levels of the second quarter as a result of the merger and merger integration-related expenses.

"In the coming quarters, the B2eMarkets acquisition should help us increase software and subscription revenues, reduce customer concentration, and improve visibility," added Godick. "We believe that the short term increase in cash used by operations will be more than offset by the growth opportunities for the combined business."

The Company`s forward-looking guidance may be impacted by various economic and other factors. Please see "Cautionary Statement Regarding Forward-Looking Information" below for additional information.

Conference Call Information

Verticalnet will hold a conference call today at 5:00 p.m. EDT to discuss the quarterly results. To join the call, please dial 1-800-510-9834 or 1-617-614-3669 and then enter the pass code 66764955. There will also be a live web broadcast available on the investor relations section of the Company`s website at www.verticalnet.com/company/investors.html.

About Verticalnet

Verticalnet is a leading provider of supply management solutions that enable companies to identify and realize sustained value across the supply management lifecycle. Going beyond traditional spend management and sourcing approaches, Verticalnet`s solutions provide the visibility, insight and process control required to maximize the sustained value realization from supply management. Large enough to help customers attain supply management success worldwide, yet nimble enough to provide individual attention and remain focused on customer priorities, Verticalnet has helped numerous Global 2000 companies take their supply management efforts to the next level through an optimal blend of software, comprehensive services, and deep category knowledge and domain expertise. To learn more, please visit us at www.verticalnet.com.

Cautionary Statement Regarding Forward-Looking Information

This announcement contains forward-looking information that involves risks and uncertainties. Such information includes statements about Verticalnet`s expected third quarter and fiscal year 2004 financial results, increasing market activity, continuing improvement in our financial results and operating cash flow, the combination of the Verticalnet, Tigris and B2eMarkets businesses, generating new or expected business from new and existing customers, growing market share, realizing revenue synergies, increasing revenue, increasing demand for supply management solutions, and revenue guidance, as well as statements that are preceded by, followed by or include the words "believes," "plans," "intends," "expects," "anticipates," "scheduled," or similar expressions. For such statements, Verticalnet claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ from those contained in the forward-looking statements include, but are not limited to, the continued availability and terms of equity and debt financing to fund our business, our reliance on the development of our enterprise software and services business, competition in our target markets, our ability to maintain our listing on the Nasdaq Stock Market, economic conditions in general and in our specific target markets, our ability to use and protect our intellectual property, and our ability to attract and retain qualified personnel, as well as those factors set forth in Verticalnet`s Annual Report on Form 10-K for the year ended December 31, 2003 and Verticalnet`s Form 10-Q for the quarter ended March 31, 2004, which have been filed with the SEC. Verticalnet is making these statements as of August 5, 2004 and assumes no obligation to publicly update or revise any of the forward-looking information in this announcement.

Verticalnet is a registered trademark or a trademark in the United States and other countries of Vert Tech LLC.

-0-

Verticalnet, Inc.
Condensed Consolidated Balance Sheets - Unaudited
(In thousands)


June 30, December 31,
2004 2003
------------ ------------

Assets
Current assets:
Cash and cash equivalents $ 6,966 $ 4,408
Accounts receivable, net 6,181 2,457
Prepaid expenses and other current assets 873 520
------------ ------------
Total current assets 14,020 7,385

Property and equipment, net 1,037 116
Other investments 606 606
Goodwill 4,924 -
Other intangible assets, net 3,442 900
Other assets 472 116
------------ ------------
Total assets $ 24,501 $ 9,123
============ ============


Liabilities and Shareholders` Equity
Current liabilities:
Current portion of long-term debt and
convertible note $ 1,259 $ 757
Accounts payable and accrued expenses 4,045 2,806
Deferred revenues 1,146 992
Other current liabilities - 147
------------ ------------
Total current liabilities 6,450 4,702

Long-term debt 61 -

Shareholders` equity 17,990 4,421
------------ ------------
Total liabilities and shareholders`
equity $ 24,501 $ 9,123
============ ============

Verticalnet, Inc.
Consolidated Statements of Operations - Unaudited
(In thousands, except per share amounts)


Three months ended Six months ended
June 30, June 30,
-------------------- -------------------
2004 2003 (3) 2004 2003 (3)
---------- --------- --------- ---------
Revenues:
Software license $ 180 $ 35 $ 319 $ 274
Services and maintenance 6,355 2,142 10,752 5,334
---------- --------- --------- ---------
Total revenues 6,535 2,177 11,071 5,608
---------- --------- --------- ---------

Cost of revenues:
Cost of software license 44 15 54 43
Cost of services and
maintenance 2,641 482 4,427 1,119
Amortization of acquired
technology and customer
contracts 325 225 650 450
---------- --------- --------- ---------
Total cost of revenues 3,010 722 5,131 1,612
---------- --------- --------- ---------

Gross profit 3,525 1,455 5,940 3,996
---------- --------- --------- ---------

Operating expenses:
Research and development 1,248 903 2,445 2,022
Sales and marketing 1,459 590 2,525 1,248
General and administrative 1,341 867 2,835 2,356
Restructuring reversal - (302) - (309)
Stock-based compensation (1) 450 102 921 193
Amortization of other
intangible assets 246 - 377 -
---------- --------- --------- ---------
Total operating expenses 4,744 2,160 9,103 5,510
---------- --------- --------- ---------

Operating loss (1,219) (705) (3,163) (1,514)

Interest and other expense,
net 33 465 318 849
---------- --------- --------- ---------

Net loss $ (1,252) $ (1,170) $ (3,481) $ (2,363)
========== ========= ========= =========

Net loss per share - basic
and diluted (2) $ (0.05) $ (0.09) $ (0.14) $ (0.17)
========== ========= ========= =========

Weighted average common
shares outstanding - basic
and diluted (2) 25,598 13,676 24,500 13,539


(1) For the three and six months ended June 30, 2004 and 2003, stock-
based compensation expense, net of the effects of cancellations,
is attributable to various expense categories as follows (in
thousands):


Three months ended Six months ended
June 30, June 30,
-------------------- -------------------
2004 2003 2004 2003
---------- --------- --------- ---------
Cost of revenues 133 16 334 34
Research and development 115 1 185 1
Sales and marketing 57 8 127 17
General and administrative 145 77 275 141
---------- --------- --------- ---------
Total $ 450 $ 102 $ 921 $ 193
========== ========= ========= =========

(2) During the periods ended June 30, 2004 and 2003, the dilutive
earnings per share calculation was the same as the basic earnings
per share calculation as all potentially dilutive securities were
anti-dilutive.

(3) Certain prior year amounts have been reclassified for
comparability with the current year`s financial statement
presentation.

Verticalnet, Inc.
Consolidated Statements of Cash Flow - (Unaudited)
(in thousands)


Three Months Ended Six Months Ended
June 30, June 30,
-------------------- -------------------
2004 2003 2004 2003
---------- --------- --------- ---------
Operating activities:
Net loss $ (1,252) $ (1,170) $ (3,481) $ (2,363)
Adjustments to reconcile net
loss to net cash used in
operating activities:
Depreciation and
amortization 662 371 1,211 761
Realized loss (gain) on
investments 35 - 35 (113)
Other non-cash items 451 (913) 1,202 (813)

Change in assets and
liabilities, net of effect
of acquisition:
Accounts receivable (409) 327 (614) 76
Prepaid expenses and other
assets 394 941 480 377
Accounts payable and
accrued expenses 249 (541) 441 (3,329)
Deferred revenues (42) (376) 111 73
---------- --------- --------- ---------
Net cash provided by (used
in) operating activities 88 (1,361) (615) (5,331)
---------- --------- --------- ---------

Investing activities:
Acquisition, net of cash
acquired (112) - (3,826) -
Purchase of short-term
investments (3,000) - (3,000) -
Proceeds from sale of
short-term investments 2,980 - 2,980 979
Proceeds from sale of
available-for sale
investments - - 2 -
Restricted cash - 849 (311) 1,686
Proceeds from sale of
assets - - - 292
Capital expenditures (15) (5) (57) (40)
---------- --------- --------- ---------
Net cash provided by (used
in) investing activities (147) 844 (4,212) 2,917
---------- --------- --------- ---------

Financing activities:
Principal payments on
long-term debt and
obligations under capital
leases (177) - (349) -
Proceeds from issuance of
common stock and
warrants, net (39) - 7,023 -
Proceeds from exercise of
stock options and
warrants 165 80 712 81
---------- --------- --------- ---------
Net cash provided by (used
in) financing activities (51) 80 7,386 81
---------- --------- --------- ---------

Effect of exchange rate
fluctuation on cash and cash
equivalents (1) (9) (1) (2)
---------- --------- --------- ---------

Net increase (decrease) in
cash and cash equivalents (111) (446) 2,558 (2,335)
Cash and cash equivalents
- beginning of period 7,077 6,090 4,408 7,979
---------- --------- --------- ---------
Cash and cash equivalents
- end of period $ 6,966 $ 5,644 $ 6,966 $ 5,644
========== ========= ========= =========

Supplemental disclosure of
cash flow information
Cash paid during the
period for interest $ 11 $ 2 $ 36 $ 189

Supplemental schedule of non-
cash investing and financing
activities
Issuance of common stock
as consideration for the
Tigris acquisition $ - $ - $ 5,740 $ -
Assumption of stock option
plan as consideration for
the Tigris acquisition $ - $ - 2,212 -



--------------------------------------------------------------------------------
Contact:
Verticalnet, Inc.
David Kaplan, 610-695-2310
davidkaplan@verticalnet.com
Top Ergebnis und super Ausblick für das zweite Halbjahr
:laugh: Bis Sep. 04 sehen wir wieder 3 Dollar :laugh:
Zweistellig bis März 05
:p:p:p
An alle Vertical Aktionäre - zieht Euere Verkaufsorders zurück - es wird einen bomben Start an der Nasdaq geben!!!
:laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh::laugh:
Sehe Zahlen und Ausblick auch positiv...

Sell on good news, oder was ?

Unbegreiflich, die Amis...vielleicht spielen auch die Arbeitsmarktdaten eine Rolle, aber dass VERT an so einem Tag so abgestraft wird, ist schon komisch :(
das die firma 3 mio. aktien an private plaziert hat,
scheint einigen nicht zu gefallen. ich finde es in ordnung. wenn wir in die alten fahrwasser zurückkommen,
brauchen die jeden penny, um die durststrecke zu überstehen.
Wird Zeit das die US Wahl kommt damit wieder Ruhe in die Märkte kommt
In FRA wird schon kräftig gekauft obwohl NY noch geschlossen ist - was ist da los????!!


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