PeopleSoft Reports 3Q Results; Record Revenue Of $624 M, EPS Exceeds Guidance By 7 C
Thursday October 23, 7:27 am ET
PLEASANTON, Calif. -(Dow Jones)- PeopleSoft Inc. (NasdaqNM:PSFT - News) swung to a bottom-line third-quarter loss, including deferred maintenance writedowns, amortization of capitalized software and intangible assets, the write-off of acquired in process research and development, and restructuring charges.
The company, which closed its $1.8 billion merger with J.D. Edwards & Co. in August, reported a loss of $7.3 million, or 2 cents a share, for the three months ended Sept. 30.
For its year-ago third quarter, PeopleSoft earned $44.6 million, or 14 cents a share.
PeopleSoft continues to be dogged by a hostile takeover bid from Oracle Corp. (NasdaqNM:ORCL - News; ORCL) now valued at $7.3 billion and extended until Dec. 31. PeopleSoft shareholders have tendered about 10% of the company's outstanding shares to Oracle.
In a press release Thursday, PeopleSoft said third-quarter pro forma income, excluding purchase accounting adjustments relating to the acquisition of J.D. Edwards, was 17 cents a share.
Third-quarter total revenue rose 32.4% to $624.1 million from $471.2 million, as license revenue increased to $160 million from $121.6 million last year. Professional-services revenue increased to $229 million from $172.7 million and maintenance revenue rose to $234.6 million from $176.9 million.
Analysts surveyed by Thomson First Call (News - Websites) were expecting PeopleSoft to report income of 11 cents a share on revenue of $590.3 million for its third quarter.
On Oct. 6, PeopleSoft raised its third-quarter forecast for the second time in little more than a month, again citing strong sales and its recent acquisition of J.D. Edwards & Co.
The software company said then that it expected third-quarter pro forma income of 10 cents to 11 cents a share on revenue of $575 million to $590 million, including license revenue of $135 million to $150 million. The company said that it expected to report a bottom-line loss of 9 cents to 10 cents a share.
PeopleSoft Inc. - Pleasanton, Calif.
3rd Quar Sept. 30:
2003 2002
Revenue $624,094,000 $471,213,000
Net income a (7,345,000) 44,615,000
Avg shrs (diluted) 357,289,000 315,367,000
Shr earns
Net income a (.02) .14
9 Months:
Revenue 1,581,792,000 1,436,692,000
Net income 67,668,000 125,179,000
Avg shrs (diluted) 333,673,000 321,060,000
Shr earns
Net income .20 .39
Figures in parentheses are losses.
a. Includes purchase accounting adjustments relating to the acquisition of J.D. Edwards, deferred maintenance writedowns, amortization of capitalized software and intangible assets, the write-off of acquired in process research and development, and restructuring charges. Excluding items, the company reported pro forma income of 17 cents a share.
Company Web site: peoplesoft.com
-Jason Philyaw; Dow Jones Newswires; 201-938-5400 |
