EMBT, beat expectations and is trading up about 5 points after hours. I held my shares I bought a few weeks ago around 30 1/2 : )
Not much anticipation, but they sure came through!
Embarcadero Technologies Announces Record Fourth-quarter and Fiscal Year 2000 Financial Results
Revenue Growth of 117% over Prior Year and 107% over Prior Year Quarter
SAN FRANCISCO, Calif., Jan 29, 2001 (BUSINESS WIRE) -- Embarcadero Technologies, Inc. (Nasdaq: EMBT chart, msgs), a leading provider of database lifecycle management solutions, today announced financial results for the fourth quarter and fiscal year ended December 31, 2000.
Total revenues for the fourth quarter increased 107 percent to $13.1 million from $6.3 million for the same period last year. Pro forma net income reached $2.9 million in the quarter or $0.10 per share on a fully diluted basis. For the corresponding quarter in 1999, pro forma net income was $2.0 million or $0.09 per share on a fully diluted basis.
Total revenues for the fiscal year increased 117 percent to $40.9 million from $18.9 million last year. Pro forma net income reached $9.1 million for the year or $0.33 per share on a fully diluted basis. In fiscal year 1999, pro forma net income was $6.4 million or $0.30 per share on a fully diluted basis.
"The fourth quarter capped off a strong year for Embarcadero in which we achieved both our growth and profit objectives," said Stephen Wong, Chairman and CEO. "In the quarter, we continued to enjoy solid demand across our product line. We were particularly pleased that we could sustain strong operating profitability while starting to absorb our recent acquisitions. Recent efforts to expand international distribution also started paying off, as we realized record levels of overseas revenues."
In the fourth quarter, license revenues rose 90 percent to $9.0 million from $4.7 million in the corresponding quarter a year ago. Maintenance revenues grew 156 percent to $4.1 million from $1.6 million for the same quarter last year.
Fourth quarter pro forma operating income increased 100 percent to $3.9 million from $2.0 million in same quarter last year. For the fiscal year, pro forma operating income increased 100 percent to $13.1 million from $6.5 million in the prior year. Pro forma operating margins were 30 percent and 32 percent for the quarter and year ended December 31, 2000, respectively.
Pro forma reported numbers exclude the following items: a one-time deemed preferred stock dividend in the first quarter, amortization of deferred stock-based compensation, amortization of goodwill and other intangible assets and a one time $7.2 million charge in the fourth quarter for purchased in-process research and development.
Actual net loss available to common stockholders and loss per share for the fourth quarter and year ended December 31, 2000 were $5.8 million and $0.22 and $9.0 million and $0.36, respectively. This compares to net loss available to common stockholders and loss per share of $0.5 million and $0.02 for the fourth quarter of 1999, and net income available to common stockholders of $2.2 million and fully diluted earnings per share of $0.10 for the year ended December 31, 1999.
In February 2000, the company converted from an S corporation to a C corporation effective as of January 1, 2000. As a C corporation, the company now incurs federal and state tax liabilities, which in prior years were paid by the shareholders of the S corporation. Fiscal year 2000 net income available to common stockholders and earnings per share are adversely affected by a $3.8 million increase over the prior year in the Company's provision for taxes.
Highlights of Embarcadero's Fiscal Year 2000
-- Initial Public Offering completed on April 20, 2000
-- Achieved annual revenue growth of 100% or greater for the
third consecutive year
-- Added over 2,000 new customers
-- Expanded international presence and product portfolio via
strategic acquisitions:
- Embarcadero Europe, Limited is now a wholly owned
subsidiary, following the October acquisition, becoming
Embarcadero's principal sales and marketing arm in Europe.
- In November, Embarcadero expanded its product offerings to
include visual application modeling for Java and C++
development with the acquisition of Advanced Software
Technologies, Inc. in Littleton, CO, developer of the
award winning GDPro product line.
- The Company announced in November that it will be entering
the database performance testing and analysis market with
technology acquired through the purchase of
EngineeringPerformance, Inc. a Toronto based company.
-- Earned a number of awards and honors including:
- ER/Studio "Best of Show" Award, SQL Server Magazine
- Best Team Development Tool (GDPro), JavaPro Magazine
- Named to Deloitte & Touche Fast 500
- Included in 100 Emerging Companies to Watch, ComputerWorld
- Top Performing IPO of 2000, with over 300% growth in stock
price, CommScan Analytics as quoted in CBS MarketWatch
Conference Call Information
Embarcadero will be discussing its fourth quarter and fiscal year 2000 results, along with its outlook for 2001, on a conference call today at 2:00 PM PST. A simultaneous Web cast of the conference call will be available on both Embarcadero and StreetFusion's websites at www.Embarcadero.com under the "Investor Relations" section and www.Streetfusion.com. The Web cast will remain archived until February 28, 2001 for replay.
About Embarcadero Technologies
Embarcadero Technologies, Inc. (Nasdaq: EMBT chart, msgs), is a leading provider of software solutions that enable organizations to build and manage e-business applications and their underlying databases. Thousands of customers, including over 85 percent of the Fortune 100, use Embarcadero products to design, develop and administer their mission-critical database applications. Embarcadero, based in San Francisco, CA, was named as one of the fastest growing technology companies in the Deloitte & Touche Fast 500. For more information, call 415/834-3131 or visit embarcadero.com. |
