SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10–Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended June 30, 2002
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from to
Commission file number 000–26679
ART TECHNOLOGY GROUP, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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04-3141918 |
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification Number) |
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25 First Street, Cambridge, Massachusetts |
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(Address of principal executive offices) |
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02141 |
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(Zip Code) |
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(617) 386-1000
(Registrant’s
telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
As of August 5, 2002 there were 69,934,557 shares of the Registrant’s common stock outstanding.
ART TECHNOLOGY GROUP, INC.
INDEX TO FORM 10-Q
2
ART TECHNOLOGY GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(UNAUDITED)
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June 30, |
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December 31, |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
53,037 |
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$ |
66,250 |
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Marketable securities |
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24,739 |
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14,057 |
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Accounts receivable, net of reserves of approximately $2,238 and $3,539 at June 30, 2002 and December 31, 2001, respectively |
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22,606 |
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30,532 |
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Prepaid expenses and other current assets |
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4,915 |
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5,815 |
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Total Current Assets |
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105,297 |
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116,654 |
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Property and Equipment, Net |
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12,822 |
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16,171 |
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Other Assets |
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1,665 |
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4,663 |
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$ |
119,784 |
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$ |
137,488 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current Liabilities: |
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Current maturities of long-term obligations |
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$ |
1,000 |
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$ |
2,000 |
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Accounts payable |
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3,422 |
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4,160 |
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Accrued expenses |
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20,204 |
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24,718 |
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Deferred revenue |
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16,003 |
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17,628 |
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Accrued restructuring, short-term |
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9,571 |
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13,398 |
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Total Current Liabilities |
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50,200 |
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61,904 |
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Accrued restructuring, less current portion |
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30,731 |
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32,675 |
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Commitments and Contingencies |
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Stockholders’ Equity: |
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Preferred stock, $.01 par value— |
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Authorized—10,000,000 |
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Issued and outstanding – no shares |
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— |
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— |
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Common stock, $.01 par value— |
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Authorized—500,000,000 |
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Issued and outstanding — 69,817,509 shares and 68,982,030 shares at June 30, 2002 and December 31, 2001 respectively |
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698 |
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689 |
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Additional paid-in capital |
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216,727 |
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214,597 |
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Deferred compensation |
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(1,029 |
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(1,558 |
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Accumulated deficit |
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(175,978 |
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(170,379 |
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Accumulated other comprehensive income |
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(1,565 |
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(440 |
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Total Stockholders’ Equity |
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38,853 |
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42,909 |
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$ |
119,784 |
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$ |
137,488 |
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The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
3
ART TECHNOLOGY GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(UNAUDITED)
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Three Months Ended |
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Six Months Ended |
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2002 |
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2001 |
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2002 |
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2001 |
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Revenues: |
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Product license |
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$ |
12,229 |
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$ |
19,083 |
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$ |
24,748 |
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$ |
44,564 |
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Services |
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12,923 |
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16,449 |
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27,727 |
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34,225 |
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Total Revenues |
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25,152 |
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35,532 |
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52,475 |
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78,789 |
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Cost of Revenues: |
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Product license |
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