Informix Announces First Quarter Results; Year-Over-Year Pro Forma EPS Triples; Web & Business Intelligence Revenues Grow 140
MENLO PARK, Calif.--(BUSINESS WIRE)--April 19, 2000--Informix(R)
Corporation (Nasdaq:IFMX), the technology leader in the software
infrastructure for the i.Economy, today reported results for the first
quarter ended March 31, 2000.
Revenue for the quarter was $250.9 million, compared with $227.5
million for the first quarter of 1999, an increase of 10.3 percent.
Pro forma net income for the quarter, excluding $50.0 million in
non-recurring charges primarily associated with the Ardent(TM)
Software acquisition, was $27.0 million compared with pro forma net
income of $7.9 million in the first quarter of 1999. Pro forma
earnings per share tripled to $0.09 in Q1 2000 from $0.03 in Q1 1999.
Growth was fueled by revenue increases in both the Web and
Business Intelligence sectors. The Web business surged 352 percent
from the previous year with more than 40 new web-specific customers.
Business Intelligence increased 42 percent from the previous year with
more than 80 new Business Intelligence customers.
Commenting on the company's performance, President and Chief
Executive Officer Jean-Yves Dexmier said, "The increasing demand for
our Web and Business Intelligence solutions and engines demonstrates
that we are well-positioned to meet the expanding needs of current and
prospective customers. The i.Economy market is exploding and we are at
the right place, at the right time with the right products."
All geographies showed revenue increases over Q1 of 1999.
Performance was particularly strong in Europe, which posted revenues
of $81.7 million, an increase of 15 percent over Q1 of 1999, and
Asia/Pacific with revenues of $30.2 million, an increase of 16 percent
compared with the previous year. North America posted revenues of
$123.6 million, a 6 percent increase from Q1 1999. Latin America, with
$15.5 million in revenues, enjoyed an 8 percent increase over Q1 1999.
"We are pleased with the direction that our European and
Asia/Pacific teams are taking in the new wireless, multimedia, and Web
economies. We intend to focus on increasing our growth rate in North
America and realizing the full potential of our business combination
with Ardent," said Dexmier.
Significant events during the quarter included:
-- The completion of the acquisition of Ardent Software, the
technology and market share leader in data integration for
business intelligence applications,
-- The launch of i.Sell(TM) v2.0, the complete end-to-end, e-commerce
solution,
-- The launch of Visionary(TM) 2.0, the internet-enabled graphical
development and deployment environment for creating visually rich,
intuitive, analytic application for corporate decision-makers,
-- The continued acceptance of Foundation.2000(TM) since its general
availability last September, with the engine surpassing its 100th
customer early in Q1,
-- The announcement of Linux-based extensions for Foundation.2000,
Cloudscape(TM) 3.0, and Ardent DataStage(R). Ardent DataStage is
the first data integration product with availability on the Linux
platform, and
-- The unveiling of Informix's new "Way Ahead" advertising and
awareness campaign around the globe.
About Informix
Based in Menlo Park, CA, Informix Software is the technology
leader in software infrastructure solutions for the Internet. Informix
is the first and only company to integrate e-commerce and business
intelligence on a true Internet infrastructure. Informix provides a
complete, fast and simple way to bring businesses to the Web,
personalize content management, and analyze information real-time.
This, with Informix's highly scaleable Web engines and media asset
management capabilities, gives Informix's customers a unique
competitive advantage. For more information, contact the sales office
nearest you or visit Informix's Web site at www.informix.com.
Note to Editors: The following are trademarks of Informix
Corporation or its affiliates, one or more of which may be registered
in the U.S. or other jurisdictions: Informix(R), Ardent(TM),
i.Sell(TM), Visionary(TM), Foundation.2000(TM), Cloudscape(TM) and
DataStage(R).
Safe Harbor statement
This public announcement contains forward-looking statements which
are subject to numerous risks and uncertainties. These forward-looking
statements include those as to:
-- Market acceptance of Informix's products,
-- The extent to which Informix can become a leading provider of
software products and solutions to particular segments of the
software market,
-- The company's ability to benefit from anticipated opportunities in
business-to-business, e-commerce, media asset management and data
warehousing market sectors,
-- The company's ability to realize the anticipated benefits of its
acquisition of Ardent Software,
-- The extent to which the company can sustain or replicate the
announced financial results, and
-- The extent to which the Web and business intelligence sectors of
the market for the company's products and solutions continue to
grow.
Any statements contained herein -- including without limitation
statements to the effect that Informix or its management "believes,"
"expects," "anticipates," "plans," "may," "will," "projects,"
"continues," "intends," or "estimates," or statements concerning
"potential," or "opportunity" or other variations thereof or
comparable terminology or the negative thereof -- that are not
statements of historical fact should be considered forward-looking
statements as a result of certain risks and uncertainties. These risks
and uncertainties could cause actual results and events to differ
materially from historical or anticipated results and events.
Investors and potential investors should review carefully the
description of the risks and uncertainties which, together with other
detailed information about Informix Corporation, is contained in the
periodic reports that the company files from time to time with the
Securities and Exchange Commission.
These risks and uncertainties include, but are not limited to: the
intense competition in the company's businesses and the effect of the
competition on the pricing of the company's products and services;
rapid changes in the company's businesses due to, among other things,
evolving technological standards; the effect of potential or actual
slower growth in the market on sales of the company's products and
solutions; the risk that the company will not realize the benefits of
its recent acquisition of Ardent Software or future acquisitions or
investments in other businesses; the continued, anticipated
development of the Internet and demand for Web-based products and
solutions; the continued anticipated growth of the data warehousing
market; the company's dependence upon proprietary technology;
fluctuations in quarterly results and the seasonal trends in the
company's business; the company's dependence upon and ability to
attract and retain qualified employees; the ability of the company's
senior management to meet the company's business objectives and
develop new business; the company's international operations and
foreign currency fluctuations; and the ability of the company to
develop and market new products for which there is demand in the
market.
This public announcement contains information that is accurate as
of April 19, 2000, the date of the public announcement. The company
disclaims any obligation to update or correct the information as a
result of financial, business or any other developments occurring
after April 19, 2000.
Informix Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
Three Months Ended
March 31, 2000 March 31, 1999
Net Revenues:
Licenses $ 119,279 $ 115,517
Services 131,605 112,014
Total revenue 250,884 227,531
Costs and expenses:
Cost of software distribution 12,585 10,942
Cost of services 48,732 51,164
Sales and marketing 98,798 89,281
Research and development 43,355 44,850
General and administrative 20,244 20,397
Total costs and expenses 223,714 216,634
Income from operations before
non-recurring charges 27,170 10,897
Other income - net 6,644 388
Income before income taxes and
non-recurring charges 33,814 11,285
Income taxes 6,763 3,920
Income before non-recurring charges 27,051 7,365
Preferred stock dividends (87) (303)
--------- ---------
Income applicable to common
stockholders, excluding
non-recurring charges 26,964 7,062
Merger and restructuring costs 50,034 (578)
--------- ---------
Net income (loss) applicable to
common stockholders $ (23,070) $ 7,640
Income per common share before
non-recurring charges $ 0.09 $ 0.03
Shares used in per share calculation
before non-recurring charges 307,524 269,912
Net income (loss) per common share
Basic $ (0.08) $ 0.03
Diluted $ (0.08) $ 0.03
Shares used in per share calculation
Basic 283,615 245,698
Diluted 283,615 269,912
Diluted income per common share,
excluding non-recurring charges and
amortization of purchased intangibles $ 0.10 $ 0.04
Informix Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
ASSETS March 31, December 31,
2000 1999
Current assets:
Cash and cash equivalents $ 201,364 $ 170,118
Short-term investments 102,085 102,469
Accounts receivable - net 249,062 266,647
Deferred income taxes 5,544 5,544
Other current assets 28,043 38,056
Total current assets 586,098 582,916
Property and equipment - net 68,320 68,581
Software costs - net 48,047 45,722
Long-term investments 20,425 17,272
Intangible assets - net 73,438 77,537
Other assets 16,256 16,536
Total assets $ 812,584 $ 808,564
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 36,916 $ 30,694
Accrued expenses 54,073 61,456
Accrued employee compensation 49,322 70,875
Income taxes payable 28,938 21,885
Deferred revenue 163,050 156,182
Advances from customers and financial
institutions 26,585 34,302
Accrued restructuring and merger costs 31,812 5,959
Other current liabilities 1,518 3,878
Total current liabilities 392,214 385,231
OTHER NON-CURRENT LIABILITIES 1,510 1,420
STOCKHOLDERS' EQUITY:
Convertible preferred stock -- --
Common stock; par value 2,800 2,756
Shares to be issued for litigation
settlement 61,228 61,228
Additional paid-in-capital 654,345 632,743
Accumulated deficit (288,106) (265,123)
Treasury stock (3,100) (3,163)
Accumulated other comprehensive loss (8,307) (6,528)
--------- ---------
Total stockholders' equity 418,860 421,913
Total liabilities and stockholders' equity $ 812,584 $ 808,564
*T
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CONTACT:
Informix Corporation
Melora Foley, 650/926-6443 (Editorial)
melora.foley@informix.com
Bill O'Kelly, 650/926-6025 (Investor Relations)
bill.okelly@informix.com |
