Be Incorporated Reports Fourth Quarter Results

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Be Incorporated Reports Fourth Quarter Results

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Be, Incorporated
Wes Saia, 650 462-4116
wes@be.com
Be Incorporated Reports Fourth Quarter Results

MENLO PARK, Calif. - January 20, 2000- Be Incorporated (Nasdaq: BEOS) today reported financial results for the quarter and year ended December 31, 2000.
Net revenues for the fourth quarter of 1999 were $1,035,000, an increase of 34% from $775,000 reported for the third quarter of 1999, and an increase of 237% from $307,000 in the same period in 1998. For the year ended December 31, 1999, the Company reported revenue of $2,656,000, an increase of 122% from $1,199,000 reported in the year ended December 31, 1998.
Excluding non-cash expenses associated with the amortization of deferred compensation and preferred stock accretion, the Company reported a net loss for the fourth quarter of $4.9 million, or $0.14 per share, as compared to a net loss of $3.7 million, or $1.03 per share, for the same period in 1998, and a net loss of $4.5 million, or $0.16 per share in the third quarter of 1999. Including non-cash expenses associated with the amortization of deferred compensation and preferred stock accretion, net loss for the fourth quarter of 1999 was $6.2 million, or $0.18 per share compared to $6.2 million or $1.72 per share for the same period in 1998 and $6.1 million or $0.22 per share for the third quarter of 1999.
Excluding non-cash expenses associated with the amortization of deferred compensation and preferred stock accretion, the Company reported a net loss for the year ended December 31, 1999 of $18.4 million, or $1.04 per share, as compared to a net loss of $13.0 million or $4.08 per share for the year ended December 31, 1998. Including non-cash expenses associated with the amortization of deferred compensation and preferred stock accretion, net loss for the year ended December 31, 1999 was $24.8 million, or $1.41 per share as compared to a net loss of $18.4 million or $5.80 per share reported in the year ended December 31, 1998.
"The past few months have been very exciting for us" commented Jean-Louis Gassée, president and chief executive officer. He added, "During this period, we promoted Steve Sakoman to the position of chief operating officer, announced partnerships with Compaq, National Semiconductor, Opera and Qubit, and shifted our business to aggressively take part in the post-PC revolution of Internet appliances, dedicated systems, and other networked entertainment devices."
"We will be making BeOS 5, the desktop version of BeOS, available for free to promote our technology, maximize our visibility and obtain valuable market feedback while aggressively pursuing Internet appliance opportunities," concluded Jean-Louis Gassée.
Forward Looking Statements
The statements contained in this Press Release may contain "forward-looking statements" including, without limitation, statements regarding the growth of the market for internet appliances and the Company's products intended for the internet appliances market. Actual events or results may differ materially as a result of risks facing Be Incorporated or actual results differing from the assumptions underlying such statements. Such risks and assumptions include, but are not limited to, risks related to competition, market acceptance and market penetration of BeOS, ability to establish and maintain strategic relationships, and the benefit of BeOS to OEM and Internet appliance manufacturers. All forward-looking statements are expressly qualified in their entirety by the "Risk Factors" and other cautionary statements included in the Company's prospectus filed pursuant to Rule 424(b) of the Securities Act of 1933 and other public filings with the Securities and Exchange Commission.
About Be
Founded in 1990, Be Incorporated creates software platforms that enable rich media and web experiences on personal computers and Internet appliances. Be's headquarters are in Menlo Park, California, with offices in Paris and Tokyo. It is publicly traded on the Nasdaq National Market under the symbol BEOS. Be can be found on the web at http://www.be.com.

BE INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 1999 1998 1999 1998 (Unaudited) (Audited) Net revenues $ 1,035 $ 307 $ 2,656 $ 1,199 Cost of revenues 740 299 1,436 2,161 ------- ------- ------- ------- Gross profit (loss) 295 8 1,220 (962) Operating expenses: Research and development 2,138 1,496 7,813 5,792 Sales and marketing 2,380 1,726 8,900 4,496 General and administrative 1,051 632 3,571 2,310 Amortization of deferred stock compensation 1,257 1,169 6,231 3,881 ------- ------ ------- ------- Total operating expenses 6,826 5,023 26,515 16,479 ------- ------ ------- ------- Loss from operations (6,531) (5,015) (25,295) (17,441) Other income, net 372 163 789 580 ------- ------ ------- ------- Net Loss $(6,159) $(4,852) $(24,506) $(16,861) ======= ======= ======= ====== Net loss attributable to common stockholders $(6,159) $(6,154) $(24,798) $(18,423) ======= ======= ======= ======= Basic and diluted net loss per share $ (0.18) $ (1.72) $ (1.41) $ (5.80) ======= ======= ====== ====== Shares used to compute basic and diluted net loss per share 33,949 3,683 17,589 3,178 ======== ======= ======= ====== Net loss per share excluding amortization of deferred compensation and preferred stock accretion $ (0.14) $ (1.03) $ (1.04) $ (4.08) ======= ======= ======= ======= BE INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Audited) December 31, December 31, ASSETS 1999 1998 ---- ---- Current assets: Cash, cash equivalents and short term investments $ 29,129 $ 11,648 Accounts receivable, net 167 477 Prepaid expenses and other 730 327 ------------- ------------- Total current assets 30,026 12,452 Property and equipment, net 562 403 Other assets 1,722 779 ------------- ------------- Total Assets $ 32,310 $ 13,634 ============= ============= LIABILITIES MANDATORILY REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current Liabilities: Accounts payable $ 860 $ 576 Accrued Expenses 1,550 1,094 Technology license obligations 777 688 Deferred revenue 99 392 ------------- ------------- Total current liabilities 3,286 2,750 Technology license obligations 597 779 Mandatorily redeemable preferred stock - 38,005 Total stockholders' equity (deficit) 28,427 (27,900) ------------- ------------- Total Liabilities, Mandatorily Redeemable Preferred Stock and Stockholders' Deficit $ 32,310 $ 13,634 ============== ==============

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