Interwoven Announces Q2 2004 Results

"This past quarter we returned to profitability for the first time since 2001, added 82 new companies to our stellar customer list, and continued to develop and deliver innovative, award-winning ECM products," said Martin Brauns, chairman and CEO of Interwoven.

Interwoven reported total revenues of $39.5 million for the second quarter of 2004, an increase of 6% sequentially from the $37.4 million posted in the quarter ended March 31, 2004, and an increase of 51% from total revenues of $26.2 million for the same period last year. Net loss for the second quarter of 2004, calculated in accordance with generally accepted accounting principles, was $15.6 million, or $0.39 per share, as compared to a net loss of $7.2 million, or $0.28 per share, for the same period last year. The net loss for the second quarter of 2004 included restructuring charges of $11.8 million primarily for excess facilities. On a pro forma basis, Interwoven reported net income of $723,000 for the second quarter of 2004, or $0.02 per share compared to a pro forma net loss of $4.3 million, or $0.17 per share, in the second quarter last year. Pro forma net income (loss) excludes restructuring charges, amortization of stock-based compensation and intangible assets and, in 2003, a charge for in-process research and development.

For the six months ended June 30, 2004, Interwoven reported total revenues of $76.9 million, an increase of 48% from the $51.8 million for the same period last year. Net loss for the six months ended June 30, 2004, calculated in accordance with generally accepted accounting principles, was $22.6 million, or $0.56 per share, as compared to a net loss of $16.3 million, or $0.64 per share, for the same period last year. On a pro forma basis, Interwoven reported net income of $140,000 for the six months ended June 30, 2004, or break-even on a per share basis, compared to a pro forma net loss of $11.4 million, or $0.45 per share, last year. Pro forma net income (loss) excludes restructuring charges, amortization of stock-based compensation and intangible assets and, in 2003, a charge for in-process research and development.

A reconciliation of net loss calculated in accordance with generally accepted accounting principles and pro forma net income (loss), is provided in the tables immediately following the consolidated statements of operations below. These pro forma measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from pro forma measures used by other companies. Interwoven believes that the presentation of pro forma results provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. Readers of Interwoven's consolidated financial statements are advised to review and carefully consider the financial information prepared in accordance with generally accepted accounting principles contained in this press release and Interwoven's periodic filings with the Securities and Exchange Commission.

"This past quarter we returned to profitability for the first time since 2001, added 82 new companies to our stellar customer list, and continued to develop and deliver innovative, award-winning ECM products," said Martin Brauns, chairman and CEO of Interwoven. "Although some license orders slipped out of the quarter, many of which have subsequently closed, I am proud to have hit our overall financial and operating goals."

About Interwoven
Interwoven, Inc. is the world's next-generation enterprise content management company. Interwoven's patented, award-winning ECM platform integrates the six pillars of content management: collaboration, e-mail management, document management, Web content management, digital asset management, and records management. Allied with the leading enterprise application providers, the Interwoven ECM platform provides complete, end-to-end content management for more than 2,900 organizations worldwide including Air France, Citibank, Ford, General Electric, Jones Day, Pfizer, Procter & Gamble, and Yamaha. For more information visit www.interwoven.com.

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