MANH ( $27-$26) Reports Record Software Sales of $9.4 Million
Software Sales Up 65% From Prior Year $13 Million of Cash Generated during the Quarter
ATLANTA, July 19 /PRNewswire/ -- Manhattan Associates, Inc., (Nasdaq: MANH - news), a global leader in providing supply chain execution and collaborative commerce solutions, today announced record results for the second quarter ended June 30, 2001. These results mark the seventh consecutive quarter Manhattan Associates has met or exceeded the First Call consensus earnings per share estimates of the financial analysts covering the Company.
Key quarterly financial highlights for Manhattan Associates include:
Software fees for the second quarter ended June 30, 2001 were a record $9.4 million, an increase of 65% over the second quarter of 2000.
Services revenue for the second quarter ended June 30, 2001 was a record $23.9 million, an increase of 24% over the second quarter of 2000.
Adjusted net income for the second quarter of 2001, which excludes the amortization of acquisition-related intangibles, was $.18 per fully diluted share -- an increase of 38% over last year after excluding $.02 EPS contribution from unusually large hardware revenue.
Cash flow from operations was a record $12.5 million in the quarter, contributing to an increase in cash and short-term investments of $13 million from March 31, 2001.
Days Sales Outstanding (DSO) declined to 69 days at June 30, 2001 from 75 days at March 31, 2001, reflecting the general health of accounts receivable and overall customer satisfaction.
``We are very pleased with our results for this quarter,'' said Richard Haddrill, Manhattan Associates' CEO and president. ``Despite the economic slowdown, we added key new customers and grew our core revenues to record levels, while continuing to enhance our product suite. We have also worked hard to further strengthen our already strong balance sheet as evidenced by the significant increase in our cash and the decrease in DSO.''
Key achievements in the quarter for Manhattan Associates include the
following:
* Signed key new customers including Kmart Corporation; Guitar Center,
Inc.; ARAMARK Uniform and Career Apparel, Inc.; S.P. Richards Company;
Harley Davidson; Trans World Entertainment Corporation and Genesco,
Inc.
* Gained more momentum for the infolink(TM) solution with the addition of
six new customers since March 31, 2001, and estimated bookable revenues
between $700,000 and $1 million.
* Continued to expand globally with international revenue at 17% of total
revenue for the quarter ended June 30, 2001, compared to 11% of total
revenue for the quarter ended June 30, 2000.
* Completed the integration of Logistics PRO's Transportation Management
System (TMS) functionality into core PkMS. The added TMS functionality
provides users with new capabilities such as full truckload rating,
enhanced LTL rating and shopping functionality and support for new
parcel services.
* Announced the release of PkMS(TM) Pronto, an integrated warehouse and
transportation management system that leverages Microsoft(R)
technologies and is specifically designed for small- to mid-size
warehouses.
* Entered into a joint strategic, technical, marketing and business
development alliance with Sun Microsystems. Manhattan Associates and
Sun will collaborate on sales, marketing, business development and
porting Manhattan Associates' N-Tier product to Sun.
* Signed a corporate alliance with Rapistan, a division of Siemens
Dematic, the world's leading supplier of logistics and factory
automation systems. This alliance will ensure
greater coordination between the two organization's sales and marketing
teams as well as promote close alignment between technical teams,
resulting in tighter integration and ongoing upgradeability across the
two companies' product lines.
* Hosted the company's 7th Annual Users Conference, "Momentum 2001:
Partnering for Success", in Atlanta, attracting nearly 750 supply chain
and technology professionals worldwide, which is a 36% increase in
attendance over last year's event.
For the quarter ended and six months ended June 30, 2001, total revenue was $36.1 million and $72.2 million respectively, and earnings per share was $0.16 and $0.30 per fully diluted share, respectively.
Business Outlook for 2001
The following statements are based on current expectations for the third and fourth quarters of 2001 regarding Manhattan Associates earnings per share. These statements are forward-looking, and actual results may differ materially. These statements do not reflect the potential impact of any mergers, acquisitions or other business combinations that may be completed after the date of this release. Manhattan Associates will keep its earnings release publicly available on its Web site (www.manh.com ). Prior to the start of Manhattan Associates' Quiet Period discussed below, the public can continue to rely on the expectations published in its earnings release as being its current expectations on matters covered, unless Manhattan Associates publishes a notice stating otherwise. Towards the end of each fiscal quarter, Manhattan Associates will have a ``Quiet Period'' when Manhattan Associates and its representatives will not comment concerning previously published financial expectations, and we disclaim any obligation to update during the Quiet Period. The public should not rely on previously published expectations during the Quiet Period. Manhattan Associates' Quiet Period at the end of the third quarter is expected to run from September 15, 2001 until the earnings are released the third or fourth week of October 2001.
For the quarter ending September 30, 2001, Manhattan Associates currently expects to achieve earnings, excluding the amortization of acquisition-related intangibles, in the range of $0.18 to $0.21 per fully diluted share. For the quarter ending December 31, 2001, Manhattan Associates currently expects to achieve earnings, excluding the amortization of acquisition-related intangibles, in the range of $0.20 to $0.23 per fully diluted share. These expectations assume that current general market conditions will improve modestly over the balance of the year.
About Manhattan Associates, Inc.
Manhattan Associates, Inc. is a global leader in providing supply chain execution and collaborative commerce solutions. These solutions leverage state-of-the-art technologies, innovative practices and the company's domain expertise to enhance performance, profitability and competitive advantage. Manhattan Associates has licensed more than 800 customers representing 1,100 facilities worldwide, which include some of the world's leading manufacturers, suppliers and retailers. For more information about Manhattan Associates, telephone 770.955.7070 or visit www.manh.com .
The company's Q2 conference call regarding this press release is being held today, July 19, 2001, at 4:30 p.m. EDT. Investors are invited to listen to a live webcast of the conference call through the investor relations section of the Manhattan Associates web site, manh.com . To listen to the live webcast, please go to the Web site at least 15 minutes early to download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call by dialing 800-633-8284, reservation number 19315082, or via manh.com . The phone replay will be available for two weeks after the call and the Internet broadcast will be available until Manhattan's next earnings release. |
