Man, SEBL certainly isn't looking to hot...stinky!
"SAN MATEO, Calif.--(BUSINESS WIRE)--Oct. 17, 2002--Siebel Systems, Inc. (Nasdaq:SEBL - News), a leading provider of multichannel eBusiness applications software, today announced results for the quarter ended September 30, 2002.
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Revenues for the third quarter of 2002 were $357.2 million, compared to $437.9 million for the same period in 2001, a decrease of 18 percent. Revenues from license fees for the third quarter of 2002 were $126.8 million, compared to $193.5 million for the same period in 2001, a decrease of 34 percent. Revenues from maintenance, consulting, and other services were $230.3 million, compared to $244.4 million for the same period in 2001, a decrease of 6 percent. Net loss, including a restructuring charge of $109.4 million and a special charge related to the repurchase (settlement) of certain outstanding stock options of $54.9 million, was $92.1 million, or $0.19 per share, compared with net income of $35.2 million, or $0.07 per share, for the third quarter of 2001.
Net income from ongoing operations, before the restructuring charge of $109.4 million and the special charge related to the repurchase (settlement) of certain outstanding stock options of $54.9 million, was $13.1 million, or $0.03 per share, compared with net income of $35.2 million, or $0.07 per share, for the third quarter of 2001, representing decreases of 63 percent and 57 percent, respectively.
The restructuring charge includes severance costs related to a reduction in force of $22.0 million, and facilities consolidation and related costs of $87.4 million. The company anticipates recording an additional facilities restructuring charge in the fourth quarter of approximately $140.0 million to $165.0 million related to further facilities consolidation scheduled to occur during the quarter. This will result in total restructuring costs of $250.0 million to $275.0 million.
The special charge related to the repurchase of certain outstanding options resulted from the repurchase of certain out-of-the-money stock options at $1.85 per share. This resulted in the repurchase and cancellation of 28.1 million options for total consideration of $52.0 million, consisting of 5.47 million shares of fully vested stock valued at $31.5 million, and $20.5 million of cash. The company also incurred $2.9 million of employer payroll taxes and professional fees in connection with the repurchase.
The company's cash, cash equivalents, and short-term investments were $2.1 billion at September 30, 2002, an increase of $61 million and $411 million from June 30, 2002 and from December 31, 2001, respectively. The company had 72 days sales outstanding in accounts receivable at September 30, 2002." |
