Hyperion Reports Fiscal Fourth Quarter and 2001 Results
SUNNYVALE, Calif., July 26 /PRNewswire/ -- Hyperion (Nasdaq: HYSL - news), a leader in business intelligence software, today announced financial results for its fourth quarter and fiscal year ended June 30, 2001.
Total revenues for the quarter were $137.0 million, compared to $143.6 million for the same quarter a year ago. Software license revenue totaled $63.5 million compared to $76.0 million for the same period a year ago, while maintenance and services revenue totaled $73.4 million compared to $67.6 million in the same period a year ago. Excluding restructuring and non-recurring charges, the company reported pro forma net income of $1.8 million or $0.05 per share for the quarter.
Revenues for fiscal year 2001 increased five percent to $516.7 million from $492.4 million for fiscal year 2000. Excluding restructuring and non-recurring charges, pro forma net loss for fiscal year 2001 was $2.9 million, or $0.09 per share, compared to pro forma net income of $30.6 million, or $0.92 per share for fiscal year 2000.
For the fourth quarter of fiscal year 2001, net loss on a GAAP (generally accepted accounting principles) basis, which includes restructuring and non-recurring charges, was $27.9 million or $0.87 per share. The company incurred $42.8 million of restructuring and non-recurring charges, principally related to reductions in headcount and facilities. This compares to net income of $9.1 million, or $0.27 per share, on a GAAP basis in the fourth quarter a year ago. On a GAAP basis, net loss for fiscal year 2001 was $31.1 million or $0.95 per share, compared to net income for fiscal year 2000 of $28.8 million or $0.87 per share.
``We are encouraged by our return to profitability on an operating basis during the fourth quarter in light of these tough economic times,'' said Jeff Rodek, Hyperion's chairman and chief executive officer. ``We are also pleased that we generated $13 million in cash flow from operations for the quarter and finished the quarter with $255 million in the bank. While our results were impacted by continued weakness in the global economy, our customers recognize the value of our software and services as our solutions enable them to measure their performance and drive profitability. Although the restructuring we undertook during the quarter was very difficult because of the impact on our employees and our financial results, we believe these actions were necessary to rebalance Hyperion's cost structure and position us for profitable growth.''
Fourth Quarter Highlights
Developments during the quarter included:
Significant customer wins at Cisco and Wal-Mart. Both companies made
major investments in the Hyperion Business Intelligence Platform.
Other significant customer wins at Arvest Bank Group, Convergys, Genzyme, HCA Healthcare, MBIA Insurance Corporation, and Mirant.
The announcement that Hyperion and Microsoft joined forces to publish the XML for Analysis specification, which will allow open access to multidimensional databases from any platform and is expected to accelerate the adoption of Internet business intelligence software. This agreement underscores Hyperion's commitment to open standards.
A corporate restructuring that included a reduction in workforce and consolidation of facilities as part of a company-wide initiative to align personnel with Hyperion's new strategy, cut costs, improve efficiency and increase performance and profitability.
The release of Japanese and Russian language versions of Hyperion Pillar, which enhances the company's global product offerings.
Conference Call and Webcast
Hyperion executive management will host a conference call at 5:00 p.m. EDT today, to discuss these financial results. The conference call will be webcast live with access through the Hyperion Web site at www.hyperion.com. A replay of the webcast will also be available from the company's Web site. |
