PeopleSoft Announces Solutions to Address Corporate Accountability
Products Aimed at Restoring Investor Confidence
NEW ORLEANS--(BUSINESS WIRE)--Aug. 26, 2002--At Connect 2002, PeopleSoft Inc. (Nasdaq:PSFT - News) today introduced two new products that can help companies address growing public concern over potential financial mismanagement and corporate fraud. PeopleSoft Investor Portal will provide financial information, key performance indicators, industry benchmarks and modeling tools to help inform and educate investors. PeopleSoft Global Consolidations will allow companies to connect disparate accounting systems for faster, more accurate reporting.
"In order to restore investor confidence, CFOs across industries need to go beyond regulatory compliance and provide additional disclosure of financial and non-financial information," said Alan Landis, research director, Working Council for Chief Financial Officers. "As pressure to disclose intensifies, many CFOs are looking for automated solutions to improve external transparency to investors."
Investor Portal to Deliver Unprecedented Access and Insight
PeopleSoft Investor Portal will provide performance evaluation tools that go beyond standard financial and business reports. Investors can evaluate a company's historical, current and potential performance, key performance indicators and performance comparisons to market benchmarks. PeopleSoft Investor Portal will enable companies to offer their shareholders direct access to a single, consistent source of financial and non-financial information. As a result, shareholders will have the ability to gain deeper insight into company performance.
Global Consolidations Give Management Better Information, Faster
Global Consolidations will replace multiple reporting systems with a single system that runs on any platform, dramatically reducing the time and effort required to consolidate and report company results. Consolidated statutory reporting can now be handled quickly and easily, facilitating compliance with global and local accounting requirements. PeopleSoft Global Consolidations will also integrate with business planning, budgeting and performance data, so customers can have a complete financial picture for management reporting.
"More than 70 percent of investors believe that questionable accounting is widespread, yet, in reality, only a small percentage have violated accounting standards," said Renee Lorton, senior vice president and general manager of PeopleSoft Financial Management Solutions. "This perception has made restoring investor confidence the top priority in boardrooms around the world. PeopleSoft is delivering solutions that will help companies regain investor trust."
Investor Portal and Global Consolidations will be available in the fourth quarter.
About PeopleSoft
PeopleSoft (Nasdaq:PSFT - News) is the world's leading provider of application software for the real-time enterprise. PeopleSoft pure Internet software enables organizations to reduce costs and increase productivity by directly connecting customers, suppliers, partners and employees to business processes on-line, in real time. PeopleSoft's integrated, best-in-class applications include Customer Relationship Management, Supply Chain Management, Human Capital Management, Financial Management and Application Integration. More than 4,800 organizations in 140 countries run on PeopleSoft software. For more information, visit us at www.peoplesoft.com.
Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. Factors that may bear on the accuracy of these predictions include economic conditions in the U.S. and abroad, the ability to complete and deliver products and services within currently estimated time frames and budgets, market response to product announcements, and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. Please refer to the Company's periodic reports to shareholders (Forms 10-K and 10-Q) for more information on the risk factors that could cause actual results to differ.
Note to Editors: PeopleSoft and the PeopleSoft logo are registered trademarks. All other company and product names may be trademarks of their respective owners.
--------------------------------------------------------------------------------
Contact:
PeopleSoft Inc.
Dee Anna McPherson, 925/694-4112
deeanna_mcpherson@peoplesoft.com
or
Porter Novelli
Dave Faupel, 404/995-4525
dave.faupel@porternovelli.com |
