IINT
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Net income for the third quarter, excluding a $0.1 million tax
benefit for utilization of net operating loss carryovers and other tax
credits, was $3.4 million, or $0.10 per share (diluted), compared to
net income (on a comparable basis) of $1.7 million, or $0.05 per share
(diluted), in the same period last year. Net income for the nine
months ended September 30, 1999, excluding the after-tax benefit of
$23.3 million from the sale of Indus' investment in TenFold
Corporation in the second quarter 1999 and a $1.4 million tax benefit
for utilization of net operating loss carryovers and other tax
credits, increased to $8.4 million, or $0.24 per share (diluted),
compared to net income (on a comparable basis) of $4.9 million, or
$0.14 per share (diluted) in the same period last year.
Bill Grabske, Chairman and Chief Executive Officer of Indus,
stated: "Our solid performance in the quarter is the result of our
continued focus on delivering innovative best-of-breed products and
services to meet the demanding needs of our customers. Software
license fees exceeded our quarterly targets while continuing to be
affected by a general industry slowdown. The services and maintenance
revenues growth resulted primarily from new consulting and
implementation projects for existing customers. We are pleased that we
met our earnings target while making our initial investment in
myindus.com, our recently announced eBusiness initiative focused on
next generation Internet applications, portals and web-based content
solutions for the EAM market.
"myindus.com adds a broad new framework for eBusiness that will
guide concentrated investment for our new Internet-based products and
solutions. As a key component of our broader eBusiness initiatives
that will leverage our existing products, service and support
capabilities, myindus.com positions us to rapidly deliver new product
and service solutions that address the explosive growth of web-based
EAM content and electronic user communities. It is clear that
capital-intensive industries will increasingly rely on solutions that
can deliver seamless web access, products and services, and
myindus.com will allow Indus to leverage its EAM leadership into the
increasingly important new world of eBusiness," said Bill Grabske.
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Other Highlights of the Quarter
-- New business initiatives including an alliance with Chevron
PipeLine Company (CPL), a wholly-owned subsidiary of Chevron
Corporation, to deliver an integrated pipeline management system
for the oil and gas industry using the Indus Solution Series
VMACS (Volumetric Management and Customer Service) software and
services solution.
-- Nine successful customer go lives during the quarter bringing the
total for the year to nearly 50 customers globally. Customers
within multiple industries, from around the world, are achieving
success with the Indus Solution Series(TM), including:
-- The Australian Northern Territory's Power and Water
Authority (PAWA) rolled out its enterprise-wide asset
management (EAM) and maintenance project -- WIMS -- using
the Indus Solution Series and Curator(TM).
-- The Hanford Department of Energy and Detroit Edison are
using the recently certified Indus/PeopleSoft integrated
energy transmission and distribution enterprise software
solution for streamlining asset management and supply chain
business processes across the utilities sector.
-- Omaha Public Power District, one of the largest publicly
owned electric utilities in the United States, is
implementing the Indus Knowledge Warehouse as its business
intelligence technology solution.
*T
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Highlights of last week's IndusWorld Expo 99, the most successful
and well-attended in Indus' history, included enhanced functionality
for the Indus Solution Series and new strategic alliances with Ariba
and PricewaterhouseCoopers. Attendees also previewed an early version
of the myindus.com portal, leading to enrollment of more than 50
customers in the Charter Member Program, an advisory group that will
shape the design and content of upcoming myindus.com releases.
Stock Repurchase Program
During the third quarter, the Company's Board of Directors
approved a stock repurchase program for up to two million shares of
the Company's common stock. Under its stock repurchase program, the
Company repurchased 395,500 shares as of September 30, 1999. The
Company believes that, at current price levels, Indus stock represents
an attractive investment opportunity and will continue the current
stock repurchase program.
Indus International, Inc. is the world's leading provider of
Eenterprise Asset Management solutions. The Indus Solution Series(TM)
of products and services enables its customers to reduce cost,
increase capacity, ensure regulatory compliance and improve their
overall return-on-investment and competitiveness. Indus Solution
Series(TM) includes unique capabilities for capital intensive
industries such as Energy, Telecommunications, Process Manufacturing,
and the Public sector. Headquartered in San Francisco, the Company
provides software and services to over 300,000 users in more than 40
countries. Please visit Indus International's website at
indusinternational.com....
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