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BEA Reports Record Second Quarter Financial Results BEA Passes $100 Million in License Revenue and Achieves 80 Percent Year over Year Revenue Growth SAN JOSE, Calif., Aug. 15 /PRNewswire/ -- BEA Systems, Inc., (Nasdaq: BEAS), the E-Commerce Transactions Company(TM), today announced its 19th straight quarter of record revenues. For the second quarter ended July 31, 2000, BEA reported revenues of $186.0 million, up 80 percent from $103.2 million for the same period in the prior year. BEA reported record second quarter license fees of $104.2 million, up 22 percent from $85.2 million in the first quarter of this fiscal year. Full details on BEA's reported results are on page four of this release. BEA had pro forma operating income for the second quarter of $25.7 million, up 93 percent from $13.3 million for the first quarter of this fiscal year and up 192 percent from $8.8 million for the prior year second quarter. BEA had pro forma net income for the second quarter of $21.9 million, up 77 percent from $12.4 million for the first quarter of this fiscal year and up 266 percent from $6.0 million for the prior year second quarter. BEA's pro forma net income per share was $0.05 for the second quarter versus $0.02 per share for the prior year second quarter. Pro forma results exclude acquisition-related expenses, premium paid on early conversion of certain of BEA's 4% Convertible Subordinated Notes due 2005, and employer payroll taxes on gains realized by employees from stock option exercises. The impact of excluded expenses is summarized on page five of this release. For full details on BEA's reported results, see the financial tables accompanying this release. (In thousands, except per share data) For the Three Months Ended For the Six Months Ended July 31, Apr. 30, July 31, July 31, July 31, 2000 2000 1999 2000 1999 Current Prior Year Current Prior Quarter Ago Year Year Revenues $186,021 $153,682 $103,212 $339,703 $188,787 Operating income (a) $25,696 $13,288 $8,811 $38,984 $14,628 Operating margin percentage (a) 13.8% 8.6% 8.5% 11.5% 7.7% Pro forma net income (a)(b) $21,870 $12,369 $5,968 $34,239 $9,768 Pro forma income per share (a)(b)(c) $0.05 $0.03 $0.02 $0.08 $0.03 Diluted shares outstanding (b)(c) 421,640 418,310 333,840 419,975 329,700 (a) Adjusted to exclude acquisition-related expenses including amortization of purchased intangible assets, merger-related costs, and the write-off of acquired in-process research and development, premium paid on early conversion of certain of BEA's 4% Convertible Subordinated Notes due 2005, and employer payroll taxes on gains realized by employees from stock option exercises (see pages five and six of this release). Including these charges, net income (loss) is $2,269, $(12,383), $(2,068), $(10,114) and $(6,033) and income (loss) per share is $0.01, $(0.03), $(0.01), $(0.03) and $(0.02) in the periods presented. See page four of this release. (b) Amounts presented on a pro forma basis, assuming a tax rate of 30 percent. (c) Adjusted to reflect two-for-one stock splits effected as stock dividends on December 19, 1999 and April 24, 2000. "Revenue growth and demand for our products continues to accelerate, as companies pursue robust and creative e-business initiatives," stated Bill Coleman, BEA founder, chairman and CEO. "The channel initiative we announced today in a separate release is designed to drive dramatic market share growth through more strategic relationships with leading systems integrators, application services providers and independent software vendors. This strategic partner initiative is a major expansion of our business model. We are significantly increasing the size of our partner-dedicated staff, and we initially plan to invest $15 to $20 million in the initiative this fiscal year. The relationships announced today with partners such as KPMG, Computer Sciences Corporation, marchFirst, Unisys Systems, iXL, Calico, Loudcloud, Manugistics and Moai demonstrate that this program is already successful." Key deals during the quarter included Akamai, British Telecom, CNP Assurances, Consors Discount Broker AG, Credit Suisse First Boston, Deutsche Bank Alex. Brown, DHL, Freddie Mac, Gartner Group, Goldman Sachs, JP Morgan, Morgan Stanley Dean Witter, PR Newswire, Sherwin Williams, Sydney Water, Thomson Financial, Vattenfall, and WW Grainger. New or expanded relationships were also entered into with hardware, systems integrator, ASP and ISV vendors such as AnswerThink, Asera, Atlas Commerce, Buzzsaw.com, Groundswell, Idea Integration, InfoGain, Nortel, Wavve Telecommunications, Xpedior and Ztango. BEA Systems, Inc. |
