These results are very strong. The company and its executives continue buying their own stock--a very good long-term sign.
Visio Corporation Reports Strong Second Quarter 1999 Results
PR Newswire - April 21, 1999 16:30
Total Installed Base Surpasses 3.0 Million Users
SEATTLE, April 21 /PRNewswire/ -- Visio Corporation (Nasdaq: VSIO) today reported results for the second quarter of fiscal 1999. Revenues for the quarter ended March 31, 1999 were $51.4 million, a 28 percent increase over second quarter fiscal 1998 revenues of $40.1 million. Net income for the second quarter of fiscal 1999 increased 24 percent to $10.7 million compared to net income for the second quarter of fiscal 1998 of $8.6 million, excluding a charge for acquired technology, net of taxes, in the fiscal 1998 quarter. Diluted earnings per share for the second quarter of fiscal 1999 were $0.34 compared to diluted earnings per share for the second quarter of fiscal 1998 of $0.27, excluding a charge for acquired technology, net of taxes, in the fiscal 1998 quarter, and represented an increase of 26 percent.
For the six months ended March 31, 1999, revenues were $99.5 million, a 28 percent increase from revenues of $77.6 million for the comparable period in fiscal 1998. Net income for the six-month period was $20.7 million, or $0.66 per diluted share, compared to net income of $16.0 million, or $0.51 per diluted share, excluding a charge for acquired technology, net of taxes, reported during the same period in fiscal 1998.
Net income during the quarter and six months ended March 31, 1998 including the charge for acquired technology was $3.3 million and $10.7 million respectively. Diluted earnings per share during the quarter and six months ended March 31, 1998 including the charge for acquired technology was $0.11 and $0.34.
"During the March quarter we surpassed a new installed base milestone of three million users," said Jeremy Jaech, president and CEO of Visio Corporation. "This achievement offers continued evidence of the broad acceptance of Visio(R) technology as the desk top standard for business drawing and diagramming."
In the March 1999 quarter, volume licensing revenue of $17.5 million increased 99% over the prior year quarter, and represented 34% of total revenue. Revenue for the distribution channel was $31.7 million, representing a 13 percent increase over the March 1998 quarter.
"We are successfully delivering product to our customers however they want to purchase," said Jaech. "Sales of packaged product through the traditional distribution channel for individual end users remains our largest channel at 62% of total revenues, our corporate customers continue to drive growth in the sale of volume licenses through purchases at the department and enterprise level, and the launch of our eVisio(TM) site in the March quarter for purchase of customized software on the internet is off to a promising start."
International revenue of $21.3 million represented 42 percent of total revenue in the March 1999 quarter. Strength of sales in Japan resulted in revenue for rest-of-world region of $7.9 million or 15 percent of total revenue.
During the quarter, the Company repurchased 383,000 shares of its common stock for approximately $10 million under the Company's stock repurchase program. Announced during the March quarter, the repurchase program allows for a total of up to 2 million shares to be repurchased over a two-year period. |
