Am I the only person who has noted that the company reported earnings, losing only 7 cents in operating earnings per share?
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J.D. EDWARDS & COMPANY
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended
July 31, Nine Months Ended
July 31,
1998 1999 1998 1999
Revenue:
License fees
$ 98,122 $ 74,949 $242,536 $211,752
Services
141,480 157,120 384,313 474,845
Total revenue
239,602 232,069 626,849 686,597
Costs and expenses:
Cost of license fees 11,199 7,505 30,503 20,217
Cost of services 91,283 101,778 246,430 307,845
Sales and marketing 68,334 89,198 180,195 241,958
General and administrative 20,639 21,233 57,289 71,109
Research and development 22,399 27,096 62,977 78,807
Subtotal 213,854 246,810 577,394 719,936
Income (loss) from operations excluding acquired in-process research and development and amortization of intangibles 25,748 (14,741) 49,455 (33,339 )
Amortization of intangibles — 3,234 — 3,584
Acquired in-process research and development — 24,000 — 26,141
Operating income (loss) 25,748 (41,975 )
49,455 (63,064 )
Other income (expense):
Interest income 3,970 4,485 11,378 15,441
Interest expense (72 )
(150 )
(736 )
(770 )
Foreign currency losses and other, net (991 )
(998 )
(1,666 )
22
Income (loss) before income taxes 28,655 (38,638 )
58,431 (48,371 )
Provision for (benefit from) income taxes 10,602 (5,416 )
21,619 (9,017 )
Net income (loss) $ 18,053 $(33,222 )
$ 36,812 $(39,354 )
Net income (loss) per common share:
Basic --
Excluding acquired in-process research and development and amortization of intangibles $ 0.18 $ (0.07 )
$ 0.38 $ (0.11 )
Acquired in-process research and development and amortization of intangibles $ — $ (0.24 )
$ — $ (0.27 )
Net income (loss) per share $ 0.18 $ (0.31 )
$ 0 .38 $ (0.38 )
Diluted -- (1)
Excluding acquired in-process research and development and amortization of intangibles $ 0.16 $ (0.07 )
$ 0.34 $ (0.11 )
Acquired in-process research and development and amortization of intangibles $ — $ (0.24 )
$ — $ (0.27 )
Net income (loss) per share $ 0.16 $ (0.31 )
$ 0 .34 $ (0.38 )
Shares used in computing per share amounts:
Basic 100,522 106,181 96,970 104,875
Diluted 110,867 106,181 109,503 104,875
The impact of the charges for acquired in-process research and development ("IPR&D") costs and the amortization of intangibles on net loss and diluted net loss per share are as follows:
Three Months Ended
Nine Months Ended
July 31, 1999 July 31, 1999
Before acquired IPR&D and amortization
of intangibles After acquired IPR&D and amortization
of intangibles Before acquired IPR&D and amortization
of intangibles After acquired IPR&D and amortization
of intangibles
Loss from operations $(14,741
)
$(41,975
)
$(33,339
)
$(63,064
)
Other income (expense), net 3,337
3,337
14,693
14,693
Provision for (benefit from) income taxes (4,219
) (5,416
) (6,899
) (9,017
)
Net loss $ (7,185
) $(33,222
) $(11,746
) $(39,354
)
Net loss per share (1) $ (0.07
) $ (0.31
) $ (0.11
) $ (0.38
)
Shares used in computing net loss per share 106,181 106,181 104,875 104,875 |
