Visio Q4 results
PR Newswire - October 28, 1998 16:30
SEATTLE, Oct. 28 /PRNewswire/ -- Visio Corporation (Nasdaq: VSIO) today reported results for the fourth quarter and fiscal year ended September 30, 1998. Revenues for the quarter ended September 30, 1998 were $44.2 million, a 41 percent increase over fourth quarter fiscal 1997 revenues of $31.4 million. Net income for the fourth quarter, excluding a pre-tax acquisition related charge of $1.2 million resulting from the acquisition of Kaspia Systems, Inc., increased 54 percent to $9.8 million compared to net income for the fourth quarter of fiscal 1997 of $6.4 million. Diluted earnings per share, excluding the pre-tax acquisition related charge, for the fourth quarter of fiscal 1998 were $0.31 compared to diluted earnings per share of $0.20 for the fourth quarter of fiscal 1997, and represented an increase of 55 percent.
Revenues for fiscal year 1998 were $166.0 million, a 65 percent increase over fiscal year 1997 revenues of $100.8 million. Net income for the year, excluding pre-tax acquisition related charges of $9.3 million, was $35.0 million and diluted earnings per share were $1.10 compared to net income of $21.3 million and diluted earnings per share of $0.69 for fiscal 1997, excluding pre-tax acquisition related charges of $10.3 million.
Net income for the fourth quarter of fiscal 1998, including the pre-tax acquisition related charge, was $9.0 million and diluted earnings per share were $0.28. Net income for fiscal year 1998, including the pre-tax acquisition related charges, was $28.1 million and diluted earnings per share were $0.89.
The company sold a record 248,000 new seats during the quarter, reaching an installed base of nearly 2.5 million users. "Third party data validates that Visio products represent the number one selling business drawing and diagramming tools in the world as measured by new unit shipments," stated Jeremy Jaech, president and CEO of Visio Corporation. "Our products deliver compelling value to companies all over the world by allowing people in business to create all types of drawings with their PCs."
September quarter revenues were driven by sales from the IT market segment in which Visio products enjoy broad market acceptance. Revenues in this segment increased an impressive 99% in the September 1998 quarter as compared to the same quarter in 1997. In addition, the Visio product family continued to be widely deployed through the volume licensing channel which grew 155% in the September 1998 quarter to $12.5 million, representing 28% of total revenue.
For the September 1998 quarter, international revenues increased 72 percent as compared to the September 1997 quarter to $17.2 million, representing 39 percent of total revenue. International revenues for fiscal 1998 were $67.3 million and represented 41 percent of total revenues, an 89 percent increase over fiscal 1997 revenues.
"In the September quarter we completed the acquisition of Kaspia Systems, Inc. and have since successfully incorporated Kaspia's AutoDiscovery(TM) technology into our recently announced product, Visio(R) Enterprise, which will be available in November," said Jaech. "We're very excited about the expanded depth and value that this product will offer to network administrators, database designers and software engineers. As such, Visio Enterprise is expected to further solidify the company's position as the standard for creating, storing and exchanging graphical information in business."
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