And here we go!!!!
April 6th two for one!
BEAS : BEA SYSTEMS (NASDAQ)
BEA Reports Record Fourth Quarter Financial Results, Announces 2-for-1 Stock Split
BEA Achieves Record Bookings and 21 Percent Sequential Growth in License Revenues
Expanded Sales Channel and Strengthened Management Team Positions Company for Future Growth
SAN FRANCISCO, Calif., Feb. 22 /PRNewswire/ -- BEA USERS CONFERENCE -- BEA Systems, Inc., (Nasdaq: BEAS), the E-Commerce Transactions Company(TM), today announced its 17th straight quarter of record revenues. The company also announced that its Board of Directors has approved a two-for-one stock split, subject to shareholder approval, which will be sought at a special meeting scheduled for April 6, 2000. For its fourth quarter ended January 31, 2000, BEA reported revenues of $149.2 million, up 82 percent from $82.0 million for the same period in the prior year and up 18 percent from $126.5 million in the third quarter of this fiscal year. BEA reported fourth quarter license fees of $94.1 million, up 21 percent from $77.9 million in the third quarter and up 76 percent from $53.6 million in the same period in the prior year. For the fiscal year ended January 31, 2000, BEA reported total revenues of $464.4 million, up 61 percent from $289.0 million reported for the fiscal year ended January 31, 1999. Full details on BEA's reported results are on page four of this release.
On an adjusted basis, excluding acquisition-related expenses, premium paid on early conversion of certain of BEA's 4% Convertible Subordinated Notes due 2005, and employer payroll taxes on gains realized by employees from stock option exercises, and as illustrated in the table below, BEA had operating income for the fourth quarter of $22.3 million, up 273 percent from $6.0 million for the prior year fourth quarter and up 55 percent from $14.4 million in the third quarter of this fiscal year. BEA's net income per share, on a pro forma basis, was $0.09 for the fourth quarter versus $0.02 per share for the prior year fourth quarter and $0.06 for the third quarter of this year. The impact of excluded expenses is summarized on page five of this release. For full details on BEA's reported results, see the financial tables accompanying this release.
(In thousands, except per share data)
For the Three Months For the Fiscal Year
Ended Ended
Jan. 31, Oct. 31, Jan. 31, Jan. 31, Jan. 31,
2000 1999 1999 2000 1999(a)
Current Prior Year Current Prior
Quarter Ago Year Year
Revenues $149,169 $126,454 $82,028 $464,410 $289,042
Operating income (b) $22,319 $14,424 $5,982 $51,371 $22,240
Operating margin
percentage (b) 15.0% 11.4% 7.3% 11.1% 7.7%
Pro forma net
income (b)(c) $17,228 $10,415 $3,996 $37,411 $15,252
Pro forma income
per share (b)(c) $0.09 $0.06 $0.02 $0.22 $0.09
Pro forma shares
outstanding (c) 188,490 172,040 162,640 172,558 162,575
(a) Recast to include the results of WebLogic, Inc., which was acquired
in a pooling of interests transaction on September 30, 1998, and The
Leader Group, Inc., which was acquired in a pooling of interests
transaction on April 30, 1998.
(b) Adjusted to exclude acquisition-related expenses including
amortization of purchased intangible assets, merger-related costs,
and the write-off of acquired in-process research and development;
premium paid on early conversion of certain of BEA's 4% Convertible
Subordinated Notes due 2005, and employer payroll taxes on gains
realized by employees from stock option exercises (see pages five and
six of this release). Including these charges, net income (loss) is
$(13,686), $145, $(3,964), $(19,574) and $(51,582) and income (loss)
per share is $(0.08), $0.00, $(0.03), $(0.13) and $(0.37) in the
periods presented. See page four of this release.
(c) Amounts presented on a pro forma basis, assuming a tax rate of 30
percent, and giving effect to the conversion of all WebLogic
preferred stock into common stock and the issuance of all WebLogic
and Leader Group shares at the beginning of the first period
presented.
For the fiscal year ended January 31, 2000, BEA reported total revenues of $464.4 million, up 61 percent from $289.0 million reported for the fiscal year ended January 31, 1999. On an adjusted basis, excluding acquisition-related expenses, premium paid on early conversion of certain of BEA's 4% Convertible Subordinated Notes due 2005, and employer payroll taxes on gains realized by employees from stock option exercises, BEA had operating income of $51.4 million for fiscal 2000, up 131 percent from operating income of $22.2 million for fiscal 1999. On a pro forma basis, BEA had net income per share of $0.22 for fiscal 2000, compared to net income per share of $0.09 for fiscal 1999. The impact of the excluded acquisition-related costs is summarized in the financial tables on page five.
"Record bookings in Q4 reflected increased demand for BEA products and services, as enterprises turned to the Internet and other strategic applications after solving Y2K issues," stated Bill Coleman, BEA Chairman and CEO. "We have long anticipated a significant increase in demand for BEA solutions after the passing of the Y2K problem, and that is now a reality. In January, we had over 22,000 downloads of the BEA WebLogic(R) free trial, for a total of over 50,000 downloads in Q4, compared to over 36,000 in Q3. Today we announced availability of our BEA WebLogic Commerce Server(TM), which includes our personalization engine. Free trial licenses of these products have been available on our Web site since January 28, and we have already had over 2,000 downloads."
Coleman continued, "All signs point to continued increase in demand for BEA products this year, and to meet that demand, we've significantly bolstered our sales channel and management team. In fiscal 2000, we hired a record number of sales representatives, giving us a 70 percent increase in direct sales capacity for this year. Last year, we established or expanded relationships with key hardware vendors such as Hewlett-Packard, Unisys, and Bull Groupe, key Web-enablement systems integrators such as AnswerThink, C-Bridge, iXL, Razorfish, and Valtech, and hundreds of Web application developers, such as Ariba, Calico Technologies, Extensity, Puma Technology, and Rubric. In addition, we recently expanded our management team to better position us for continued growth. Recent management announcements included promoting Steve Brown to Executive Vice President of Planning and Business Development, recruiting new senior executives including Bill Klein as Chief Financial Officer, Ivan Koon as President of our E-Commerce Application Components Division, and Al Shipp as Vice President of Sales for the Americas. In addition, we appointed Robert Joss, Dean of the Stanford University Graduate School of Business, to our Board of Directors."
Coleman concluded, "The increase in demand in Q4 and so far in our new fiscal year, coupled with our increased direct and indirect sales channel, strengthened management team and the new products we introduced today, give us optimism and confidence for the future."
Key deals during the quarter included British Airways, British Telecom, Corecomm, E*Trade, Hewlett-Packard, KPN Royal Dutch Telecom, MCI, Northwest Airlines, Vattenfall, and Winstar. New BEA customers from around the world this quarter included Britannica.com, eDaycare.com, Global One, Electronic Arts, Lehman Brothers, Manage.com, NexTrade, Skyfox, Supplybase.inc., and X-Drive. New or expanded relationships were also entered into with hardware, systems integrator, and ISV partners such as Blue Martini, Chemdex, Clarify, Documentum, i2 Technologies, iXL, NCR, NEC, Nokia, Nortel, PeopleSoft, Sterling Software, Times Ten Performance Software, and Trilogy Software.
BEA Systems, Inc.
BEA Systems, Inc. (Nasdaq: BEAS) is The E-Commerce Transactions Company powering many of the world's most innovative companies that serve the "e-generation," companies such as Amazon.com, Federal Express, E*Trade, United Airlines, DIRECTV, Qwest, Nokia, and Kaiser-Permanente. The e-generation relies on the Web to conduct their everyday business, demanding richer, more personalized experiences and the guarantee that your Web site is always available -- every minute of every day. BEA's award-winning E-Commerce Transaction Platform, coupled with BEA consulting, education, and support services, helps companies launch reliable e-commerce initiatives quickly. BEA solutions help companies of all sizes build e-commerce infrastructures that leverage existing investments and provide the foundation for running a successful integrated e-business for the e-generation. BEA has more than 50 offices in 24 countries, is headquartered in San Jose, Calif., and is on the Web at www.bea.com .
Investors will have the opportunity to listen to a replay of BEA's earnings release conference call over the Internet through StreetFusion, Inc., at c-call.com or on the investor information page of BEA's Web site at bea.com. The call will be available live on both the StreetFusion and BEA Web sites beginning at 2 p.m. PST, and a replay will be available immediately following completion of the live call and for up to 14 days thereafter. |
